| Date: |
14-08-2002
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| Notification No: |
RBI A P D (Series)Circular No 11/2002
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
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| Subject: |
Exchange Earners’ Foreign Currency (EEFC) Account Scheme – Amendment
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Exchange Earners� Foreign Currency (EEFC) Account Scheme � Amendment
A.P.
(DIR Series) Circular No. 11 dated 14th August 2002
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 (copy enclosed).
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).
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