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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI Revises EEFC Account Scheme: Balances Cut, Credit Limits Set for Different Entities, Compliance Required by August 23, 2000.</h1> The Reserve Bank of India has revised the Exchange Earners' Foreign Currency (EEFC) Account Scheme. Effective August 14, 2000, authorized dealers must reduce EEFC account balances to 50% of the amounts held as of August 11, 2000, with conversion to rupees required by August 23, 2000. Export-oriented units and specific technology parks can now credit 35% of inward remittances, while other residents can credit up to 25%. EEFC accounts are now limited to current or savings accounts for individuals and current accounts for others. Credit facilities against EEFC balances are discontinued, except for existing contracts. Compliance is mandatory under the Foreign Exchange Management Act, 1999.
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