Exchange Earner's Foreign Currency (EEFC) Account .

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....ed to A.P. (DIR Series) Circular No.15 dated November 30, 2006 in terms of which all foreign exchange earners were permitted to retain 100% of their forex earnings in EEFC account with any AD in India. 2.  On a review of the Scheme, it  has been decided as under :- a)  50% of the balances in the EEFC accounts should be converted forthwith into rupee balances and credited to th....

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....in assets in  foreign currency, as India is still not fully convertible on Capital Account.  Accordingly, EEFC account holders henceforth will be permitted to access the forex market for purchasing foreign exchange only after utilising fully the available balances in the EEFC accounts.  ADs may, accordingly, obtain a declaration while selling foreign exchange to their constituents. ....