Financial Daily from THE HINDU group of publications
Monday, Jan 12, 2004
Financial Daily from THE HINDU group of publications Monday, Jan 12, 2004 |
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Info-Tech
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Software Money & Banking - RBI & Other Central Banks Tech EOUs can park full earnings in EEFC account K.R. Srivats
New Delhi , Jan. 11 THE Reserve Bank of India (RBI) has permitted Export Oriented Units (EOUs) units in Software Technology Parks and Electronic Hardware Technology Parks to credit up to 100 per cent of their export earnings in Exchange Earners Foreign Currency (EEFC) account. Till now such units were allowed to credit up to 70 per cent of their export earnings to the EEFC account. Informed sources said the new norm has come into effect from January 7 and suitable amendment to this effect has been made to the FEMA Regulations by the central bank.
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