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Facilities to Status Holder Exporters - Credit to the EEFC account
A.P. (DIR Series) Circular No. 34 dated
1st April 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).
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