Exchange Earners’ Foreign Currency (EEFC) Account Scheme

AP (DIR Series) (2002-2003) Circular No. 11, Dated 14-8-2002

Exchange Earners’ Foreign Currency (EEFC) Account Scheme - Amendment

Attention of authorised dealers is invited to the Reserve Bank Notification No. FEMA 10/2000-RB, dated 3rd May, 2000 relating to Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2000 which has been amended by Notification No. FEMA 51/2002-RB, dated 27th February, 2002.

2. The aforesaid Notification seeks to amend Schedule to Regulation 4 of Notification No. FEMA 10/2000-RB, dated 3rd May, 2000, by substituting paragraph 1(1)(i) in the Schedule. Accordingly, inward remittances received through normal banking channels for meeting specific obligations by the account holders will not be eligible for credit to their EEFC accounts.

3. Authorised dealers may please bring the contents of this circular to the notice of their constituents concerned.

4. The directions contained in this circular have been issued under section 10(4) and section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).