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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Rule: Forex Earners Must Convert 50% of EEFC Account Balances to Rupees Within Two Weeks.</h1> The circular addresses changes to the Exchange Earner's Foreign Currency (EEFC) account scheme. Authorized Dealer Category I banks are informed that foreign exchange earners must now convert 50% of their EEFC account balances into rupees, a change from the previous allowance to retain 100% in foreign currency. This conversion must occur within two weeks. Future forex earnings can only retain 50% in non-interest-bearing EEFC accounts, with the rest converted to rupees. The EEFC is designed to reduce transaction costs, not to maintain foreign currency assets. These rules also apply to Resident Foreign Currency and Diamond Dollar Accounts.
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