<h1>RBI Requires 50% of EEFC Account Balances to Convert to Rupees Within Two Weeks Under New Directive.</h1> The Reserve Bank of India has mandated that 50% of balances in Exchange Earner's Foreign Currency (EEFC) accounts must be converted into Indian Rupees, a change from the previous allowance of retaining 100% in foreign currency. This conversion must occur within two weeks from the issuance of the directive. Future foreign exchange earnings can only retain 50% in non-interest-bearing EEFC accounts, with the remainder converted to rupees. The EEFC scheme aims to reduce conversion costs, not to maintain foreign currency assets. These rules also apply to Resident Foreign Currency Accounts and Diamond Dollar Accounts.