EEFC account credit entitlement increased, expanding permitted portion of eligible inward remittances and requiring non interest bearing accounts. The circular increases the proportion of eligible inward remittances that may be credited to EEFC accounts for specified exporters and other residents, effective immediately for remittances received on or after the circular date. All EEFC accounts must be maintained as non interest bearing Current Accounts, no credit facilities may be made available against EEFC balances, and existing credit facilities must be withdrawn on expiry. Other terms of the Scheme remain unchanged, and the directions are issued under the Foreign Exchange Management Act with penalties for non compliance.
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 account credit entitlement increased, expanding permitted portion of eligible inward remittances and requiring non interest bearing accounts.
The circular increases the proportion of eligible inward remittances that may be credited to EEFC accounts for specified exporters and other residents, effective immediately for remittances received on or after the circular date. All EEFC accounts must be maintained as non interest bearing Current Accounts, no credit facilities may be made available against EEFC balances, and existing credit facilities must be withdrawn on expiry. Other terms of the Scheme remain unchanged, and the directions are issued under the Foreign Exchange Management Act with penalties for non compliance.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
