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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI Relaxes EEFC Account Rules, Allows Exporters to Extend Unlimited Trade Loans to Overseas Importers Until June 30, 2003.</h1> The Reserve Bank of India has announced a relaxation in the Exchange Earners' Foreign Currency (EEFC) Account Scheme, permitting exporters to extend trade-related loans or advances to overseas importers without the previous ceiling of USD 3 million. This change is effective until June 30, 2003, subject to review. Authorized dealers must report these transactions quarterly, starting with the quarter ending March 31, 2003. Amendments to the Foreign Exchange Management Regulations, 2000, will be issued separately. These directions are issued under the Foreign Exchange Management Act, 1999.
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