Realisation of Revenue on Court”s order
Subject : Bank Guarantee-Realisation of revenue in terms of Bank Guarantee to be effected on receipt of Court”s Order – Regarding
It has been observed that in some cases, difficulty was being experienced to execute judgements delivered by various Courts in favour of the Department as banks are not prepared to honour their guarantees and pay up in terms of bank guarantees unless certified copies of the Court”s judgements are made available to them. The matter was taken up with the Reserve Bank of India through Deptt. of Banking. A copy of the Circular No. BC-185/21.04.009-93 dated 21.10.1993 issued by the Reserve Bank of India to all Commercial Banks in this regard is sent herewith for your information and guidance.