RBI relaxes norms to utilise foreign currency account balance
Quotes

RBI relaxes norms to utilise foreign currency account balance

Last Updated: Tuesday, January 22, 2013, 22:10
 
 Comment 0
 
RBI relaxes norms to utilise foreign currency account balance
Mumbai: Relaxing the norms for exporters, the Reserve Bank on Tuesday dispensed with the condition of fully utilising EEFC (Exchange Earner's Foreign Currency) balance before accessing the market for purchasing foreign exchange.

The decision, RBI said, was being taken to remove operational difficulties faced by the account holders and the banks.

"It has been decided to dispense with the stipulation... that 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," RBI said in a notification.

RBI said the instructions would also apply to the Resident Foreign Currency (RFC) Domestic and Diamond Dollar accounts.

An EEFC is an account maintained in foreign currency with a bank dealing in foreign exchange.

PTI



First Published: Tuesday, January 22, 2013, 22:10


Comments


comments powered by Disqus
India`s top ten billionaires
India`s top ten billionaires
Pradhan Mantri Jan Dhan Yojana - In Pics
Pradhan Mantri Jan Dhan Yojana - In Pics
Apple Smartwatch unveiled
Apple Smartwatch unveiled
Apple iPhone 6, iPhone 6 plus
Apple iPhone 6, iPhone 6 plus
Samsung Galaxy Tab 4 Nook
Samsung Galaxy Tab 4 Nook

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved