Status-holders to get 100% EEFC credit
By Our Banking Bureau | 02 Apr 2002
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Mumbai: The Reserve Bank of India (RBI) has said status-holder exporters will be eligible to credit up to 100 per cent of their Exchange Earners Foreign Currency (EEFC) accounts, as against the existing limits of 50 per cent, with effect from 1 April 2002.
This follows the announcement in the Exim Policy to extend special facilities to exporters with a proven track record and who are certified as status-holders. Such exporters will also have an extended period of one year from the date of shipment to realise export proceeds.
Under the existing regulations, a period of six months was available for the realisation of export proceeds, an RBI press release said. The facilities for status-holder exporters are with a view to simplify procedures and reduce transaction costs.
Exporters will also have the freedom to directly dispatch the shipping documents to their importer clients outside India without prior permission from the RBI.
