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of <h1>RBI Revises EEFC Account Scheme: 70% Credit for Export Units, 50% for Others; Non-Compliance May Lead to Penalties.</h1> The Reserve Bank of India has revised the Exchange Earners' Foreign Currency (EEFC) Account Scheme, allowing 100% Export Oriented Units and units in Export Processing Zones, Software Technology Parks, and Electronic Hardware Technology Parks to credit 70% of eligible inward remittances to their EEFC accounts, while other residents in India may credit 50%. This change applies to remittances received from the date of the circular. EEFC accounts must be non-interest bearing current accounts, with no credit facilities allowed against balances. Existing credit facilities should be withdrawn upon expiry. Other scheme terms remain unchanged, and non-compliance may result in penalties under the Foreign Exchange Management Act, 1999.
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