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Exchange Earners� Foreign Currency (EEFC) Account Scheme
A.P.
(DIR Series) Circular No. 78 dated 14th February 2003
Attention
of authorised dealers is invited to para 3(iv) of Schedule to Notification
No.FEMA.10/2000-RB dated 3rd May 2000. Exporters are presently
permitted to grant trade related loans/ advances not exceeding USD 3 million
from their EEFC Account to their overseas importer customer subject to
compliance with Notification No. FEMA.3/ 2000-RB dated 3rd May 2000
viz. the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange)
Regulations, 2000.
2. As a measure of relaxation to the EEFC
Account Scheme, it has been decided to remove the ceiling of USD 3 million.
Accordingly, it will be in order for authorised dealers to permit their exporter
constituents to extend trade related loans/ advances to overseas importers out
of their EEFC balances without any ceiling. This relaxation shall be effective
upto June 30, 2003, subject to review.
3. The transactions relating to loans/advances
from EEFC Accounts may be reported by the authorised dealer on a quarterly
basis, starting with the quarter ending March 31, 2003 as per the format
annexed, to the concerned Regional Office of Reserve Bank.
4. Necessary amendments to the Foreign Exchange
Management Regulations, 2000 are being issued 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).
ANNEXURE
[A.P.
(DIR Series) Circular No. 78 dated February 14, 2003]
STATEMENT
SHOWING THE DETAILS OF TRADE RELATED LOANS AND ADVANCES BY EXPORTERS TO OVERSEAS
IMPORTERS FROM EEFC ACCOUNT
(Quarter
ending_____________________)
Name
of the Bank, branch
A.D.
Code No.:
|
Name
and address of the EEFC account holder
|
Name
and address of overseas importer customer
|
Amount
of loan/ Advance
|
Schedule/
Mode of repayment
|
Remarks
|
|
|
|
|
Month
and Year
|
Amount
of Principal
|
Amount
of Interest (if any)
|
|
|
|
|
|
|
|
|
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Signature
of Authorised official
Stamp
Date:
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