EEFC retention limit reduced; existing balances partly converted and future forex access conditioned on exhausting EEFC funds. Circular requires conversion of half of existing EEFC balances into rupee accounts within a short timeframe with compliance reporting; limits future retention in non interest EEFC accounts to half of forex receipts while the remainder must be surrendered for conversion; obliges utilisation of EEFC balances before purchasing additional foreign exchange and extends these rules to Resident Foreign Currency and Diamond Dollar accounts.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
EEFC retention limit reduced; existing balances partly converted and future forex access conditioned on exhausting EEFC funds.
Circular requires conversion of half of existing EEFC balances into rupee accounts within a short timeframe with compliance reporting; limits future retention in non interest EEFC accounts to half of forex receipts while the remainder must be surrendered for conversion; obliges utilisation of EEFC balances before purchasing additional foreign exchange and extends these rules to Resident Foreign Currency and Diamond Dollar accounts.
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