Exchange Earners Foreign Currency Account (EEFC) Account holders were permitted to retain 100% of their Forex earnings in EEFC Account with any Authorised Dealers in India.
This scheme has been reviewed now and it has been revised as follows :-
1) 50% of the balances lying in the EEFC Account should be transferred to Indian Rupee accounts of the account holders within 15 days from the date of Circular (10/05/2012).
2) For future earnings, only 50% shall be retained in Foreign Currency and the balance 50% shall be converted and transferred to Indian Rupee account
3) 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.
The relevant Circular is reproduced below :-