Status Holder
exporters, credit to EEFC account
A.P. (DIR Series) (2001-2002) Circular No. 34, dated 1-4-2002
Attention
of authorised dealers is invited to the provisions contained in the Schedule to
the Reserve Bank Notification No FEMA10/2000-RB dated May 3, 2000, permitting
the residents to maintain Exchange Earners’ Foreign Currency (EEFC) account
with authorised dealers in India.
2. It has
now been decided that the exporters with proven track record who have been
certified as “Status Holder Exporters” in terms of the EXIM Policy, may be
permitted to credit amount upto 100% of their eligible receipts of foreign
exchange to their Exchange Earners’ Foreign Currency (EEFC) account.
3. It is
clarified that the facility will be available in respect of the foreign
exchange received by the exporters on or after April 1, 2002, till further
notice.
4. Necessary
amendment to the Foreign Exchange Management Regulations is being notified separately.
5. Authorised
Dealers may bring the contents of this circular to the notice of their
constituents concerned.
6. 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).