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September 2012

A. P. (DIR Series) Circular No. 8 dated 18th July, 2012

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Exchange Earner’s Foreign Currency (EEFC) Account

This circular states that the provisions of A. P. (DIR Series) Circular No. 124 dated May 10, 2012 will not apply to the Resident Foreign Currency (RFC) Accounts. As a result, the RFC account holder can now retain 100% of his/her foreign exchange earnings in the said account.

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