CIR. NO.34/2002-03-RB, DT. 31/10/2002
- Document type
- Circular
- Reference no.
- C
- Dated
- Category
- A.P. (DIR Series) Circulars
Exchange Earners' Foreign Currency (EEFC) Account Scheme
Exchange Earners' Foreign Currency (EEFC) Account Scheme
2. Authorised dealers may, therefore, permit exporters to repay packing credit advances, whether availed of in Rupee or in foreign currency, from balances in their EEFC account to the extent exports have actually taken place.
3. While allowing utilisation of this facility, authorised dealers should advise exporters to adhere to the current exchange control requirements for exports and ensure compliance specifically, with regard to realisation of export proceeds in accordance with paragraph C.10 of Annexure to A.P. (DIR Series) Circular No.12 dated September 9, 2000.
4. Authorised Dealers may please bring the contents of this Circular to the notice of their constituents concerned.
5. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the FEMA 1999 (42 of 1999).
Yours faithfully,
Grace Koshie)