Exchange earner foreign currency conversion required for available EEFC balances, excluding amounts earmarked for outstanding hedges. The Reserve Bank directed conversion of a portion of EEFC account balances into rupee balances to be credited to rupee accounts per account holder directions; the conversion applies only to the available EEFC balance after netting off amounts earmarked for outstanding forward and option contracts booked before the earlier notification. Authorised Dealer Category I banks must implement the conversion, notify their constituents, and note that the directions are issued under FEMA and do not affect other statutory permissions.
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.
Exchange earner foreign currency conversion required for available EEFC balances, excluding amounts earmarked for outstanding hedges.
The Reserve Bank directed conversion of a portion of EEFC account balances into rupee balances to be credited to rupee accounts per account holder directions; the conversion applies only to the available EEFC balance after netting off amounts earmarked for outstanding forward and option contracts booked before the earlier notification. Authorised Dealer Category I banks must implement the conversion, notify their constituents, and note that the directions are issued under FEMA and do not affect other statutory permissions.
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