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of <h1>Exporters Can Now Earn Interest on EEFC Accounts Up to $1 Million Until October 2008 Under FEMA 1999.</h1> The circular issued on October 6, 2007, informs Authorized Dealer Category - I banks about the liberalization of Exchange Earner's Foreign Currency (EEFC) Accounts. It permits exporters to earn interest on EEFC accounts for outstanding balances up to US $1 million per exporter, valid until October 31, 2008, subject to review. Previously, EEFC accounts were non-interest bearing, but now balances can be maintained as term deposits up to one year. The interest rate is determined by the banks. Amendments to relevant regulations will be issued separately. The circular is issued under the Foreign Exchange Management Act, 1999.
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