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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI Amends EEFC Account Scheme: Inward Remittances for Specific Obligations Restricted Under FEMA Sections 10(4) & 11(1).</h1> The Reserve Bank of India issued an amendment to the Exchange Earners' Foreign Currency (EEFC) Account Scheme, modifying the Foreign Exchange Management Regulations, 2000. The amendment, effective from February 27, 2002, changes the eligibility for crediting inward remittances to EEFC accounts. Specifically, remittances received through normal banking channels for specific obligations cannot be credited to these accounts. Authorised dealers are instructed to inform their clients of this change. The amendment is issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999.
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