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 submitted.
Besides, the shipyards also need to furnish Advance
Bank Guarantee (ABG) for all milestone payments and Integrity Pack
Bank Guarantee (IPBG).
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.
