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Payment From Exchange Earners' Foreign Currency (EEFC) account -Rule 6

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.... of the remitter, rule 4 or rule 5 of Current account transaction rules, 2000 shall not apply. [ Sub-Rule (1) ] Exception of Sub Rule (1) are specified under Sub-rule(2) • Following drawal of foreign exchange from the Exchange Earners Foreign Currency (EEFC) account on which Rule 4 of Current account Transaction rules, 2000 apply for the purpose specified in items 10 and 11 of....

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....ing one per cent of their foreign exchange earnings during the previous three financial years or US$ 5,000,000, whichever is less, for,- • (a) creation of Chairs in reputed educational institutes; • (b) to funds (not being an investment fund) promoted by educational institutes; and • (c) to a technical institution or body or association in the field ....

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