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September 2012

A. P. (DIR Series) Circular No. 12 dated 31st July, 2012

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Exchange Earner’s Foreign Currency (EEFC) Account, Diamond Dollar Account (DDA) & Resident Foreign Currency (RFC) Account – Review of Guidelines.

This circular permits EEFC/DDA/RFC account holders to credit 100% of their foreign exchange earnings to the respective accounts. However, the sum total of the accruals in the account during a calendar month will have to be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments.

As a result, balances outstanding in the said accounts as on 31st July, 2012 together with balances accruing on and from 1st August, 2012 to 31st August, 2012, will have to be converted into Rupee balances on or before close of business on 30th September, 2012. Similar procedure will have to be followed for accruals to the respective accounts in subsequent months.

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