EEFC account restrictions require reduction of retained foreign receipts, limit account types, and bar credit facilities secured by balances. Authorised dealers must ensure EEFC balances are reduced to fifty percent of amounts held as of 11 August 2000, with excess converted into rupees or sold forward and compliance reported to the Reserve Bank. From 14 August 2000 retention ceilings for crediting eligible inward remittances to EEFC accounts are lowered for export oriented/specialised units and for other residents. EEFC accounts are limited to current or savings form for individuals and current accounts for others; term deposits must convert at maturity. No new fund or non fund credit may be granted against EEFC balances, existing facilities to run to maturity without extensions.
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Provisions expressly mentioned in the judgment/order text.
EEFC account restrictions require reduction of retained foreign receipts, limit account types, and bar credit facilities secured by balances.
Authorised dealers must ensure EEFC balances are reduced to fifty percent of amounts held as of 11 August 2000, with excess converted into rupees or sold forward and compliance reported to the Reserve Bank. From 14 August 2000 retention ceilings for crediting eligible inward remittances to EEFC accounts are lowered for export oriented/specialised units and for other residents. EEFC accounts are limited to current or savings form for individuals and current accounts for others; term deposits must convert at maturity. No new fund or non fund credit may be granted against EEFC balances, existing facilities to run to maturity without extensions.
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