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
1800 345 1000 (For domestic dialing within India only)
Siliguri
1800 345 5000(For domestic dialing within India only)
Sms “Service” to 9980033333 and we will provide assistance to you within 24 hours. The bank assures to pay 100, on failure of establishing contact within 24 hours*.
(*Terms and Condition apply) in case of unresolved grievances email us at: head.services@sc.com
Yours Sincerely,
Rajeev Challsgankar
Head – SME Banking, South Asia
