RELATING TO BANK ACCOUNT
This query is : Resolved
Vishnu Agarwal
(Querist)
11 July 2008
WHAT IS THE EEFC A/C. AND FOR WHICH IT IS CREATED?
WHAT IS THE EEFC A/C. AND FOR WHICH IT IS CREATED?
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.
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
(Querist)
12 July 2008
what is the benefit we get If we credit 50% or &70% to this account?
what is the benefit we get If we credit 50% or &70% to this account?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Intimation under section 245
- Gift to nri relatives residing in usa
- GST input credit on commercial property
- Section 269ST applicability for capital introduced by partner to his partnership firm
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
