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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI Updates: SEZ Units Can Open Foreign Currency Accounts with Authorized Dealers in India, EEFC Provision Removed.</h1> The Reserve Bank of India issued a circular to authorized dealers in foreign exchange regarding the opening, holding, and maintaining of Foreign Currency Accounts by units in Special Economic Zones (SEZs). This follows amendments to the Foreign Exchange Management Regulations, allowing SEZ units to maintain such accounts with authorized dealers in India, subject to specific conditions. Additionally, a provision related to the Export Earners' Foreign Currency (EEFC) Account for SEZ units has been removed. The circular is issued under the Foreign Exchange Management Act, 1999, and authorized dealers are instructed to inform their relevant clients.
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