FEMA - HENCEFORTH , 50% OF THE EXCHANGE EARNER'S FOREIGN CURRENCY (EEFC) ACCOUNT IS TO BE CONVERTED INTO INDIAN RUPEES

FEMA - HENCEFORTH , 50% OF THE EXCHANGE EARNER'S FOREIGN CURRENCY (EEFC) ACCOUNT IS TO BE CONVERTED INTO INDIAN RUPEES https://www.taxtmi.com/news?id=3284 Regulators mandate that exchange earners convert a prescribed portion of existing EEFC balances into rupees within a short compliance period and report to the Foreign Exchange Department; for future forex receipts, only a reduced share may be retained in non interest bearing EEFC accounts while the remainder must be surrendered for conversion. EEFC balances must be used up before accessing the forex market, authorised dealers may require a declaration, and similar rules apply to Resident Foreign Currency and Diamond Dollar accounts. en-us Sat, 12 May 2012 12:00:26 +0530 Sat, 12 May 2012 12:22:00 +0530 TaxTMI RSS Generator FEMA - HENCEFORTH , 50% OF THE EXCHANGE EARNER'S FOREIGN CURRENCY (EEFC) ACCOUNT IS TO BE CONVERTED INTO INDIAN RUPEES https://www.taxtmi.com/news?id=3284 Regulators mandate that exchange earners convert a prescribed portion of existing EEFC balances into rupees within a short compliance period and report to the Foreign Exchange Department; for future forex receipts, only a reduced share may be retained in non interest bearing EEFC accounts while the remainder must be surrendered for conversion. EEFC balances must be used up before accessing the forex market, authorised dealers may require a declaration, and similar rules apply to Resident Foreign Currency and Diamond Dollar accounts. News - Sat, 12 May 2012 12:00:26 +0530 https://www.taxtmi.com/news?id=3284