In order to curb Rupee volatility the Reserve Bank of India on Thursday said that all foreign exchange earners including exporters, should convert into rupee balances and credited to the rupee accounts as per the directions of the account holder.
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.
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