EEFC ACCOUNT PDF

If you are a foreign exchange earner and also have payment liability in foreign exchange. The key purpose of the account is to reduce foreign currency transactions costs. The account can be opened only in form of a current account. The Account will be non-interest bearing. It cannot be opened in form of savings account. The chequebook facility is available for the operations of EEFC account.

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Click Here to trade. Temporary Password will be sent to your Mobile No. This website uses cookies.. Read Full Story. All categories of foreign exchange earners, such as individuals, companies, etc. But, a unit located in an SEZ can open a foreign currency account with an authorised dealer in India subject to certain conditions.

An EEFC account can be held only in the form of a current account. Cheque facility is available for operation of the EEFC account.

No interest is payable on EEFC accounts. However, the sum total of the accruals in the account during a calendar month should be converted into rupees before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments.

Foreign exchange earnings received through an international credit card for which reimbursement has been made in foreign exchange may be regarded as a remittance through normal banking channel and the same can be credited to the EEFC account.

There is no restriction on withdrawal in rupees of funds held in an EEFC account. However, the amount withdrawn in rupees will not be eligible for conversion into foreign currency and for re-credit to the account. Source: Reserve Bank of India. Related Tags:. Get notified for Latest News and Market Alerts. Not Now Enable. Email address. Create a Password. Confirm Password. Verify your Details Mobile No. Verification OTP has been sent to registered number.

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ET IN THE CLASSROOM: What is an EEFC Account?

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Exchange Earner's Foreign Currency Account

This website uses information gathering tools such as cookies and other similar technologies. By clicking 'Accept' on this banner or by using this website, you consent to the use of cookies unless you have disabled them. If you do not consent, do not use this website. It is at your, the user's, discretion to proceed with accessing this website. By clicking on Signup, you agree to the Terms and conditions. Click Here to trade. Temporary Password will be sent to your Mobile No.

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What is exchange earners’ foreign currency account

It is a facility provided to the foreign exchange earners, including exporters, to credit per cent of their foreign exchange earnings to the account, so that the account holders do not have to convert foreign exchange into Rupees and vice versa, thereby minimizing the transaction costs. All categories of foreign exchange earners, such as individuals, companies, etc. What are the different types of EEFC accounts? Can interest be paid on these accounts? An EEFC account can be held only in the form of a current account. No interest is payable on EEFC accounts.

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EEFC Account - Valuable Banking Facilities for Exporters

Reduce the cost of international trade and hedge against forex fluctuations. This non-interest bearing account is ideal for companies that receive foreign currency payments or make regular exports traded in foreign currencies. Simply park your foreign currency receivables in this account, and use them to make payments at a later date without the need to convert them to INR. No interest will be earned with this account. We offer extremely competitive foreign exchange conversion rates that help reduce your operational costs.

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