Financial Daily from THE HINDU group of publications
Saturday, Feb 15, 2003
Financial Daily from THE HINDU group of publications Saturday, Feb 15, 2003 |
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RBI & Other Central Banks Money & Banking - Forex Industry & Economy - Exports & Imports RBI eases credit ceiling under EEFC accounts Our Bureau
MUMBAI, Feb. 14 THE Reserve Bank of India has lifted the ceiling on credit granted by exporters to their overseas buyers from their EEFC accounts. In a circular to authorised dealers, the RBI has said that this relaxation was being granted under the Exchange Earners' Foreign Currency (EEFC) account scheme. Currently, exporters are permitted to grant trade-related loans/advances not exceeding $3 million from their EEFC account to their overseas importers. This relaxation would involve necessary amendments to the Foreign Exchange Management Regulations, 2000, which were to be issued separately, said the circular. The relaxation shall be effective up to June 30, 2003, subject to further review. The transactions relating to loans/advances from EEFC accounts might be reported by the authorised dealer on a quarterly basis, starting with the quarter ending March 31, 2003 to the RBI, the circular said.
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