EEFC account non-interest rule and increased retention thresholds reshape foreign currency account limits under FEMA. The amendment requires that the EEFC Account be opened, held and maintained only as a non-interest bearing current account, and substitutes the Schedule's earlier retention ceilings-'up to 35 per cent' and 'up to 25 per cent'-with higher ceilings of 'up to 70 per cent' and 'up to 50 per cent', thereby modifying the permissible form and quantitative limits for foreign currency accounts by residents.
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Provisions expressly mentioned in the judgment/order text.
EEFC account non-interest rule and increased retention thresholds reshape foreign currency account limits under FEMA.
The amendment requires that the EEFC Account be opened, held and maintained only as a non-interest bearing current account, and substitutes the Schedule's earlier retention ceilings-'up to 35 per cent' and 'up to 25 per cent'-with higher ceilings of 'up to 70 per cent' and 'up to 50 per cent', thereby modifying the permissible form and quantitative limits for foreign currency accounts by residents.
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