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This is an archive article published on August 12, 2000

RBI asks banks to furnish details of exporters funds abroad

MUMBAI, AUG 11: ``An estimated US $ two billion is lying unused abroad in the exchange earners foreign currency account (EEFC),'' a senior...

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MUMBAI, AUG 11: “An estimated US $ two billion is lying unused abroad in the exchange earners foreign currency account (EEFC),” a senior RBI official said here today.

Though no circular had been issued today in this regard, banks had been asked to indicate EEFC balances, the official added. Dealers were expecting the RBI to come out with a circular on Monday asking the exporters to bring back their unused export proceeds parked abroad.

This move by the apex bank follows persistent queries from forex dealers whether it was contemplating to ask the exporters to bring in their unused funds lying abroad.

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The official was of the opinion that channelising these funds into the country would shore up dollar supplies in the market, thus bring a semblance of orderliness to it after the rupee was down by 22 paise against the greenback today.

The rupee today opened at Rs 45.87/95 against the previous close of Rs 45.86/88 and touched a high of Rs 46.08/10. After the forex dealers got in touch with the RBI on the issue of repatriating funds parked abroad, the rupee climbed up to Rs 45.78/80 before finally closing at Rs 45.79/81.

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