EEFC Statements to RBI from ADs Dropped
[RBI Circular No. 11 dated 10th September 2015]
Sub: 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.