EEFC account liberalisation permits eligible exporters and professionals to retain full foreign receipts, enabling use for foreign exchange needs. Liberalisation of the Exchange Earners' Foreign Currency (EEFC) Account Scheme permits individual professionals to retain up to 100 percent of foreign earnings in EEFC accounts and classifies exporters into two tiers allowing either full or half retention of foreign receipts; Authorised Dealers may open and maintain EEFC accounts for eligible residents without referring applications to the Reserve Bank, and banks may operate customary facilities such as cheques, all under amendments to FEMA notifications and an administrative corrigendum.
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Provisions expressly mentioned in the judgment/order text.
EEFC account liberalisation permits eligible exporters and professionals to retain full foreign receipts, enabling use for foreign exchange needs.
Liberalisation of the Exchange Earners' Foreign Currency (EEFC) Account Scheme permits individual professionals to retain up to 100 percent of foreign earnings in EEFC accounts and classifies exporters into two tiers allowing either full or half retention of foreign receipts; Authorised Dealers may open and maintain EEFC accounts for eligible residents without referring applications to the Reserve Bank, and banks may operate customary facilities such as cheques, all under amendments to FEMA notifications and an administrative corrigendum.
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