Foreign Exchange Management(Foreign Currency Account by a Person Resident in India) (Amendment) Regulations, 2002 - 069/2002 - Foreign Exchange Management
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EEFC account limits updated: resident categories may retain specified portions of foreign earnings in EEFC accounts, with RBI approval for higher retention. Amendment revises EEFC account retention limits for defined resident categories, permitting differentiated proportions of foreign exchange earnings to be credited to EEFC accounts, subject to Reserve Bank approval for higher retention. It clarifies that professional earnings - including director's fees, consultancy fees, lecture fees and honoraria - qualify for credit when rendered in an individual capacity and expands the definition of 'professional' by listing example professions while allowing RBI to specify additional persons.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
EEFC account limits updated: resident categories may retain specified portions of foreign earnings in EEFC accounts, with RBI approval for higher retention.
Amendment revises EEFC account retention limits for defined resident categories, permitting differentiated proportions of foreign exchange earnings to be credited to EEFC accounts, subject to Reserve Bank approval for higher retention. It clarifies that professional earnings - including director's fees, consultancy fees, lecture fees and honoraria - qualify for credit when rendered in an individual capacity and expands the definition of "professional" by listing example professions while allowing RBI to specify additional persons.
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