Dubai's Department of Tourism and Commerce Marketing (Dubai Tourism) confirmed on Tuesday that it has initiated efforts to release Dh250 million in bank guarantees
that have been furnished by tourism-related service providers, following a decision to scrap the requirement to start a travel and tour business in the emirate.
During the meeting in Islamabad, a franchise owner had asked the PCB chairman Ehsan Mani to return their bank guarantee
so they will be able to pay the annual fee.
Another representative responding to Dawn queries said the head office of the SAI was reopened on Friday after negotiations with the FBR officials were held and the bank guarantee
Besides, the shipyards also need to furnish Advance Bank Guarantee
(ABG) for all milestone payments and Integrity Pack Bank Guarantee
Utilising the blockchain for bank guarantees
is believed to reduce risks.
Sibal said that the Group was unable to secure the bank guarantee
as the financial institution which had agreed to furnish it backed out when the Securities and Exchange Board of India ( Sebi) insisted on fixation of the trigger point for enchashing it.
A Bank Guarantee
under UAE law cannot be for an undefined amount and should contain the fixed amount for which the Bank Guarantee
is being provided.
A year and a half ago, REC cancelled the deal since China Sunergy did not renew the bank guarantees
, stipulated by the agreement.
Under a new Afghan-Pakistan Transit Trade Agreement (APTTA), Islamabad has suggested Afghan importers submit bank guarantees
on transportation of goods to the landlocked country.
NORDIC BUSINESS REPORT-11 September 2009-China Sunergy refuses to pay USD50m bank guarantee
to Norwegian REC(C)1994-2009 M2 COMMUNICATIONS http://www.m2.com
Abu Dhabi: The government Wednesday said it will start refunding this month bank guarantee
given by companies and business owners for each worker, a move that is expected to inject an estimated Dh14 billion liquidity into the private sector.