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of <h1>RBI Eases EEFC Account Rules: Exporters Can Repay Credits in Foreign Currency from EEFC Funds, per FEMA 1999 Sections 10(4) & 11(1).</h1> The Reserve Bank of India has liberalized the Exchange Earners' Foreign Currency (EEFC) Account Scheme, allowing exporters to repay Rupee Packing Credit and Pre-shipment Credit in foreign currency using their EEFC funds or rupee resources. Authorized dealers can permit such repayments from EEFC account balances if exports have occurred. Dealers must ensure exporters comply with current exchange control requirements, particularly regarding export proceeds realization as per specified guidelines. The circular's directives are issued under Sections 10(4) and 11(1) of FEMA 1999. Dealers are instructed to inform relevant constituents of these changes.
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