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EEFC account repayment permitted for packing credit advances, subject to export realisation compliance and FEMA requirements. The Reserve Bank permits exporters to repay packing credit and pre shipment credit advances, whether in rupee or foreign currency, from balances in their Exchange Earners' Foreign Currency (EEFC) Account to the extent exports have been realised; authorised dealers may allow such repayments but must ensure compliance with exchange control requirements governing export realisation and notify their constituents accordingly.
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Provisions expressly mentioned in the judgment/order text.
EEFC account repayment permitted for packing credit advances, subject to export realisation compliance and FEMA requirements.
The Reserve Bank permits exporters to repay packing credit and pre shipment credit advances, whether in rupee or foreign currency, from balances in their Exchange Earners' Foreign Currency (EEFC) Account to the extent exports have been realised; authorised dealers may allow such repayments but must ensure compliance with exchange control requirements governing export realisation and notify their constituents accordingly.
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