EEFC account reporting requirement dispensed; banks need not file quarterly loan statements but must observe other approvals. Authorized Dealer Category I banks are no longer required to submit quarterly statements for loans and advances from Exchange Earners' Foreign Currency (EEFC) accounts; this procedural reporting requirement is dispensed with immediately, while the directions are issued under statutory foreign exchange powers and remain without prejudice to permissions or approvals required under other laws.
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Provisions expressly mentioned in the judgment/order text.
EEFC account reporting requirement dispensed; banks need not file quarterly loan statements but must observe other approvals.
Authorized Dealer Category I banks are no longer required to submit quarterly statements for loans and advances from Exchange Earners' Foreign Currency (EEFC) accounts; this procedural reporting requirement is dispensed with immediately, while the directions are issued under statutory foreign exchange powers and remain without prejudice to permissions or approvals required under other laws.
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