CIR. NO. 22/2009-10-RB, DT. 29/12/2009
- Document type
- Circular
- Dated
- Category
- A.P. (DIR Series) Circulars
Exchange Earners Foreign Currency (EEFC) Account-Clarification
Exchange Earners Foreign Currency (EEFC) Account-Clarification
2. We have been receiving queries from various types of foreign exchange earners, particularly from the SEZ developers, about their eligibility to open, hold and maintain EEFC Account. It is therefore, clarified that all categories of foreign exchange earners are allowed to credit up to 100 per cent of their foreign exchange earnings, as specified in the paragraph 1 (A) of the Schedule, to their EEFC Account. As such, it will be in order for the Authorised Dealers to allow SEZ developers to open, hold and maintain EEFC Account and to credit up to 100 per cent of their foreign exchange earnings, as specified in the paragraph 1 (A) of the Schedule.
3. AD Category I banks may bring the contents of this circular to the notice of their constituents and customers concerned.
4. The Directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully,
(Salim Gangadharan)
Chief General Manager-in-Charge