Indian Reserve Bank ( RBI ) has today issued notification and relaxed the restriction it had imposed on 10th May 2012 . This relaxatation is based on the feedback received from the Indian Exporters & Banker as the guidelines issued in May was giving lot of operational inconvenience .
New Rule
ΓΌ 100% Export proceeds will now be allowed to be Credited to EEFC Account ( as it was before May 2012 )
(Condition :- Export proceeds Credited in EEFC A/c if remain unutilized in the same Month has to be sold completely before the end of the next Month end )
This new guidelines will remove the administrative inconvenience Indian Exportes were facing for selling 50% Export proceeds compulsorily on the day of Credit and also the compliance of ensuring Nil EEFC Balance before any USD Buying
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