Resident Foreign Currency Accounts (RFCA) can Retain 100 percent of Foreign Earning in EEFC Account

[RBI Circular No. 08 dated 18^th July 2012]

Sub: Exchange Earner's Foreign Currency (EEFC) Account

Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to A.P.

(DIR Series) Circular No. 124 dated May 10, 2012.

2. On a review, it is advised that the provisions contained in the aforesaid Circular will not apply to the Resident Foreign Currency Accounts.

3. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned.

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