Section 6(4)(iii) in The Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004
(iii)[ The indirect resident individual promoters of the Indian party may issue personal guarantee on behalf of the overseas JV/WOS of the Indian party provided the provisions under Regulation 6 are fulfilled by the Indian party and further provided that: [Inserted by Notification No. G.S.R. 516 (E) dated 8.5.2013 (w.e.f. 28.3.2012)]