Saturday, June 16, 2012

Exchange Earner's Foreign Currency (EEFC) Account

The Reserve Bank of India (RBI) has been decided as under: -

  1. 50% of the balances in the EEFC accounts should be converted forthwith into rupee balances and credited to the rupee accounts as per the directions of the account holder.This process may be completed within a fortnight from the date of the circular.
  2. In respect of all future FOREX earnings, an exchange earner is eligible to retain 50% (as against the previous limit of 100%) in non-interest bearing EEFC accounts. The balance 50% shall be surrendered for conversion to rupee balances.


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