11.11.2008 - India: RBI eases commodity derivative deal norms
From Business-standard.com: Banks allowed to issue guarantees or LCs for payment obligations. The Reserve Bank of India has allowed banks to issue guarantees or standby letters of credit in support of payment obligations for commodity derivative deals overseas. Earlier, banks were only allowed to remit funds towards the payment obligations of the commodity importers (primarily oil and metals) for their derivative transactions overseas..... Full Article: Source