Foreign inward remitt received for credit of closed eefc a/c
Querist : Anonymous
A firm maintained EEFC account with X bank. Due to inefficient services of X bank, it was closed and a new EEFC A/c opened with bank Y. However, INR current account is still maintained with X Bank . After closure of EEFC account, inward remittance is received at X bank mentioning the EEFC account number that was maintained with them. I X Bank is requested to convert it and credit it to the INR A/C.They refuse on the ground that Funds receivd for EEFC A/c. cannot be credited to INR A/c. The were given alternate account number with Y Bank, but here also request was not accedded on the ground that since the account number with Y bank would differ it cannot be credited to other EEFC account with Bank Y. The remittance was sent back,causing great hardship and loss. The amount is yet to be received back.
was the action of X bank jusitified ? What are the instructions/guidelines of RBI/FEDAI in this regard.
Kindly help.
Thanks
Regards
Querist : Anonymous
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