EEFC account interest permission withdrawn; accounts now limited to non-interest-bearing current accounts and banks must notify customers. With effect from November 1, 2008, EEFC accounts are restricted to being opened and maintained only as non-interest bearing current accounts, withdrawing the prior temporary permission for exporters to earn interest; Authorised Dealer Category I banks must notify their constituents and ensure accounts are maintained in the prescribed non-interest-bearing form under the relevant foreign exchange law.
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Provisions expressly mentioned in the judgment/order text.
EEFC account interest permission withdrawn; accounts now limited to non-interest-bearing current accounts and banks must notify customers.
With effect from November 1, 2008, EEFC accounts are restricted to being opened and maintained only as non-interest bearing current accounts, withdrawing the prior temporary permission for exporters to earn interest; Authorised Dealer Category I banks must notify their constituents and ensure accounts are maintained in the prescribed non-interest-bearing form under the relevant foreign exchange law.
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