For Quick Alerts
For Daily Alerts
All foreign exchange earners must convert 50% of forex into rupee: RBI
|
INR
83.406 | United States Dollar |
RBI further added, an exchange earner is eligible to retain 50% (as against the previous limit of 100%) in non-interest bearing EEFC accounts. The balance 50% shall be surrendered for conversion to rupee balances.
EEFC account holders henceforth will be permitted to access the forex market for purchasing foreign exchange only after utilising fully the available balances in the EEFC accounts.
This facility of EEFC scheme is intended to enable exchange earners to save on conversion/transaction costs while undertaking forex transactions in future.
The RBI move is expected to reduce volatiliy and may help the recovery of the rupee, which has fallen over the past few weeks.
GoodReturns.in
Story first published: Thursday, May 10, 2012, 11:56 [IST]