RELATING TO BANK ACCOUNT

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Vishnu Agarwal

Vishnu Agarwal (Querist)
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11 July 2008

WHAT IS THE EEFC A/C. AND FOR WHICH IT IS CREATED?

CA. Ramesh P Choudhary

CA. Ramesh P Choudhary (Expert)
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11 July 2008 EEFC A/c means "Exchange Earners Foreign Currency" accounts".

Beneficiaries of inward remittances in convertible foreign currencies such as exporters of goods and services can open and maintain accounts in India expressed in foreign currency and titled "Exchange Earners Foreign Currency" accounts and credit to such accounts 50% of the remittances. In case of 100% Export Oriented Units, units located in Export Processing Zones or in Software Technology Parks or in Electronic Hardware Technology Parks, amounts up to 70% of the remittances can be credited to such accounts.

Authorised Dealers (ADs) may also allow credits to EEFC accounts in the following cases –

Up to 50% to 70% of the inward remittances, as the case may be, received towards export advance in freely convertible currencies.

Up to 50% of the payments received by exporters by debit to US $ Escrow accounts maintained in India as also under the foreign currency debt repayment route, towards value of goods exported by them.

Vishnu Agarwal

Vishnu Agarwal (Querist)
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12 July 2008

what is the benefit we get If we credit 50% or &70% to this account?

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