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Monday, October 8, 2007

Exchange Earner's Foreign Currency (EEFC) Account- Liberalisation-FEMA

Dear All,

Exchange Earner's Foreign Currency (EEFC) Account- Liberalisation

The Reserve Bank of India vide its AP DIR Circular No.13 dated 6th October 2007 has amended Regulation 4 of Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2000. the said Regulations is deals with opening and maintaining in India a Foreign Currency Account known as Exchange Earner's Foreign Currency (EEFC) Account with an authorised dealer subject to the terms and conditions of the Exchange Earner's Foreign Currency Account Scheme specified in the Schedule to the above mentioned Notification.

Interest Earning on EEFC Account Balance - As per current amendment:
In view of the recent global and domestic developments and with a view to give an opportunity to small and medium enterprises to manage the challenges in the global markets , it has been decided, in consultation with Government of India, to permit all exporters to earn interest on EEFC accounts to the extent of outstanding balances of US $ 1 million per exporter. This is a purely temporary measure and valid upto October 31, 2008 and would be subject to further review.
No Interest Earning on EEFC Account Balance - before amendment:
Currently, EEFC accounts are permitted to be maintained in the form of non-interest bearing current accounts. It will now be possible for account holders to maintain outstanding balances to the extent of US $ 1 million in the form of term deposits up to one year maturing on or before 31st October 2008. The rate of interest may be determined by the banks themselves.
Alagar
09884731993

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