Section 17(2) in Foreign Exchange Management (Export of Goods and Services) Regulations, 2015
(2)In case a guarantee is required to be given prior to post award approval, the same may be issued by an authorized dealer bank/ a person resident in India being an exporting company, for performance of a project outside India, or for availing of credit facilities, whether fund-based or non-fund based, from a bank or a financial institution outside India in connection with the execution of such project, provided that the contract/ Letter of Award stipulates such requirements.Explanation. - For the purpose of this Regulation, 'approving authority' means the EXIM Bank of India or the authorised dealer
