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Exchange Earner's Foreign Currency (EEFC) Account, RBI Circular Dated July 31, 2012
Dear Valued Customer,
We refer to the RBI Circular no. RBI/2012-13/151 A. P. (DIR Series) Circular No. 12 Dated - July 31, 2012. As per the above mentioned circular, RBI has now reset the earlier guidelines on EEFC credits.
Salient features of the circular
Effective 1st August 2012, the earlier stipulation has been restored, permitting credit of 100% foreign exchange earnings to the EEFC account subject to The condition that the sum total of the accruals in the account during a calendar month be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments
Effectively, balances outstanding in an EEFC account as on July 31, 2012 and those balances that would accrue in the account with effect from August 1, 2012 shall get converted to Rupee balances on or before close of business on September 30, 2012. Similar procedure will be followed for accruals during the subsequent months.
The above stipulations would also apply to RFC (Domestic) and Diamond Dollar accounts.
Please note the below for the conversion to Rupee balances on or before close of business on September 30, 2012 and for accruals during subsequent months:
- If you have given a standing instruction to the bank, the credits will be applied in accordance to the standing instruction furnished at the prevailing exchange rates
- Alternatively if standing instructions are not in place, bank shall be crediting the rupee account you hold with the bank at the prevailing exchange rates. In absence of rupee account held with the Bank you shall receive a pay order/cheque of the amount
|Region||Phone Banking Numbers|
|Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, Pune||3940 4444/ 6601 4444|
|Allahabad, Amritsar, Bhopal, Bhubaneswar, Chandigarh, Cochin / Ernakulam, Coimbatore, Indore, Jaipur, Jalandhar, Kanpur, Lucknow, Ludhiana, Nagpur, Patna, Rajkot, Surat, Vadodara||3940 4444/ 6601 4444|
|Gurgaon, Noida||011 – 39404444 / 011 - 66014444|
|Jalgaon, Guwahati, Cuttack, Mysore, Thiruvananthpuram, Vishakhapatnam, Mathura, Proddatur, Dehradun, Saharanpur||1800 345 1000 (For domestic dialing within India only)|
|Siliguri||1800 345 5000(For domestic dialing within India only)|
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Head - SME Banking, South Asia
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