Individual residents who receive foreign currency will not be required to convert the funds into rupees, while exporters and corporates are mandated to do so, the Reserve Bank of India (RBI) said.
The RBI had in May directed exporters to convert 50 percent of their earnings in the Exchange Earners Foreign Currency (EEFC) accounts, to protect the rupee from weakening sharply.
(Reporting by Neha Dasgupta and Suvashree Dey Choudhury; Editing by Prateek Chatterjee)
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