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Exchange Earners' Foreign Currency (EEFC) Account Scheme
A.P.
(DIR Series) Circular No. 62 dated 17th December 2002
Attention
of authorised dealers is invited to sub-paragraph No.1 (A)(ii) of the Schedule
to the Reserve Bank Notification No. FEMA 10/ 2000-RB dated 3rd May
2000 as amended from time to time, in terms of which payments received in
foreign exchange by a 100 per cent Export Oriented Unit or a unit in (a) Export
Processing Zone or (b) Software Technology Park or (c) Electronic Hardware
Technology Park are allowed to be credited to Exchange Earner�s Foreign
Currency (EEFC) Account.
2.
It has been decided
that, payments received in foreign exchange by a unit in Domestic Tariff Area (DTA)
for supply of goods to a unit in Special Economic Zone (SEZ) out of its foreign
currency account are to be treated as eligible foreign exchange earnings for the
purpose of credit to the EEFC Account. It will, therefore, be in order for
authorised dealers to credit such payments received in foreign exchange by a
unit in DTA to its EEFC Account.
3.
The facility will be
available in respect of foreign exchange received by the recipients from the
date of this circular.
4.
Necessary amendments to
the Foreign Exchange Management (Foreign Currency Accounts by a person resident
in India) Regulations 2000 are being notified separately.
5.
Authorised dealers may
bring the contents of this circular to the notice of their concerned
constituents.
6.
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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