What does ERQ mean in Banking?

Exporters Retention Quota

The purposes of ERQ account balance are below:- a)Business visits abroad. b)Participation in export fairs and seminars. c)Establishment and maintenance of officers abroad. d)Import of row materials, machineries and spares etc. without prior approval of central bank. ERQ means exporters retention Quota. Merchandise exporters are entitled to foreign exchange retention quota of 50% of repatriated F.O.B value in their exports. However for exporters of goods having high import content like naptha, furnace oil and bitumen, ready made garments made of imported fabrics, electronic goods etc. the retention quota is 10%. On the other hand retention quota for exporters of computer software, data entry processing services exporter is 50%.

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