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| September 5, 1998 |
RBI okays transactions involving EEFC fundsThe Reserve Bank of India has issued necessary notification under the Foreign Exchange Regulation Act permitting residents to accept foreign exchange by way of payment for services rendered or goods sold in India from other resident Indians if such payments are made out of funds held in their Exchange Earners' Foreign Currency accounts.The Reserve Bank had on August 20, 1998 permitted use of funds in the EEFC accounts for all business-related payments abroad as well as in India including payments of airfare and hotel expenditure, the RBI release stated.
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