NEW DELHI (PTI):In a significant move to full convertibility of the Indian rupee in the current account finance minister Dr.Manmohan Singh on Feb.28 announced further liberalized access to foreign exchange for all Current account business transactions and also for travel education and medical expenses.
He said currently exporters and other foreign exchange earners were permitted to retain up to 15% of foreign exchange receipts in an account designated in foreign currency It has now been proposed to increase the percentage of retention allowed from 15 to 25%.
AS a special sop for 100% export-oriented units and units in export processing zones as well as units in electronic hardware technology parks and software technology parks the retention allowed would be 50%.
Article extracted from this publication >> March 4, 1994
