| Date: |
31-10-2002
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| Notification No: |
RBI A P D (Series)Circular No 34/2002
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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
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Exchange Earners' Foreign Currency (EEFC) Account Scheme
A.P.
(DIR Series) Circular No. 34 dated 31st October 2002
In
terms of IECD Circular No. 9/ 04.02.02/ 2002-03 of date Reserve Bank has
liberalised the facility for liquidation of Rupee Packing Credit and
Pre-shipment Credit in foreign currency by permitting repayment of such advances
by exporters from out of their EEFC funds and/or rupee resources.
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).
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