EEFC account payments exempt from current account rules, subject to specified exceptions and approval requirements for listed remittances. Payments from an Exchange Earners' Foreign Currency (EEFC) account are generally not subject to Rules 4 and 5 of the Current Account Transaction Rules, 2000, under Sub rule (1); however, Sub rule (2) specifies exceptions whereby drawals for certain purposes listed in Schedule II and Schedule III (including specified remittance categories) remain governed by the relevant rules and may require ministerial approval or be subject to prescribed conditions.
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Provisions expressly mentioned in the judgment/order text.
EEFC account payments exempt from current account rules, subject to specified exceptions and approval requirements for listed remittances.
Payments from an Exchange Earners' Foreign Currency (EEFC) account are generally not subject to Rules 4 and 5 of the Current Account Transaction Rules, 2000, under Sub rule (1); however, Sub rule (2) specifies exceptions whereby drawals for certain purposes listed in Schedule II and Schedule III (including specified remittance categories) remain governed by the relevant rules and may require ministerial approval or be subject to prescribed conditions.
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