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FOREIGN EXCHANGE REGULATION ACT, 1973
26. Certain provisions as to guarantee in respect of debt or other obligation
Except with the general or special permission of the Central Government, or the Reserve Bank, no person resident in India shall give a guarantee in respect of any debt or other obligation or liability-(i) of a person resident in India, and due or owing to a person resident outside India, or (ii) of a person resident outside India.
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