FOREIGN EXCHANGE MANAGEMENT

With the transition to a market-based system for determining the external value of the Indian rupee the foreign exchange market in India gained importance in the early reform period.

Notifications

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Date : Sep 10, 2015
Exchange Earners’ Foreign Currency (EEFC) Account-Discontinuation of Statement pertaining to trade related loans and advances

RBI/2015-16/173
A.P. (DIR Series) Circular No.11

September 10, 2015

To

All Category - I Authorised Dealer Banks

Madam / Sir,

Exchange Earners’ Foreign Currency (EEFC) Account-
Discontinuation of Statement pertaining to trade related loans and advances

Attention of Authorized Dealers Category –I (AD Category –I) banks is invited to A.P. (DIR Series) Circular No.78 dated February 14, 2003 in terms of which transactions relating to loans/ advances from EEFC account may be reported by the AD banks on a quarterly basis to the Regional Office of Reserve Bank.

2. With a view to liberalizing the procedure, it has now been decided to dispense with the above-mentioned statement with immediate effect.

3. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the FEMA, 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.

Yours faithfully,

(A K Pandey)
Chief General Manager

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