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RBI relaxes norms to utilise foreign currency account balance

Last Updated: Tuesday, January 22, 2013, 22:10

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.

50% of the balances in EEFC a/c to be converted into rupee: RBI

Last Updated: Wednesday, May 16, 2012, 22:44

The Reserve Bank on Wednesday directed banks to consider conversion of 50 percent of exporters earning in foreign currency (EEFC) into rupee, provided the contract is booked before May 10.