TMI BlogSee regulation 4 - Exchange Earner's Foreign Currency (EEFC) Account SchemeX X X X Extracts X X X X X X X X Extracts X X X X ..... ecified for the purpose of sub-paragraph (1), namely: 2 (i) inward remittance through normal banking channel, other than the remittance received pursuant to any undertaking given to the Reserve bank or which represents foreign currency loan raised or investment received from outside India or those received for meeting specific obligations by the account holder. (ii) payments received in foreign exchange by a 100 per cent Export Oriented Unit or a unit in (a) Export Processing Zone or (b) Software Technology Park or (c) Electronic Hardware Technology Park for supply of goods to similar such unit or to a unit in Domestic Tariff Area; 7 and also payments received in foreign exchange by a unit in Domestic Tariff Area ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... :- (i) A portion of inward remittance/payment received by the recipient in foreign exchange subject to the provisions of paragraph (1); (ii) Interest earned on the funds held in the account; (iii) Recredit of unutilised foreign currency earlier withdrawn from the account; (iv) Amount representing repayment by the account holder's importer customer, of loan/advances granted in terms of clause (iv) of Paragraph 3. 8 (v) representing the disinvestment proceeds received by the resident account-holder on conversion of shares held by him to ADRs / GDRs under the Sponsored ADR / GDR Scheme approved by the Foreign Investment Board of Governme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n into foreign currency and for recredit to the account. (ii) Authorised dealer may issue cheque books of separate series with the superscription EEFC Account to the account holders maintaining such accounts, and also satisfy himself while honouring the cheques that the payment made by the account holder by issue of a cheque is permissible under these Regulations. 12 [ (iii) Resident individuals are permitted to include resident close relative(s) as a join holder(s) in their EEFC account on 'former or survivor' basis. However, such resident Indian close relative(s), shall not be eligible to operate the account during the life time of the resident account holder. Explanation : For th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .e.f. 30/11/2006), before it was read as, (1) 3 An entity or a person specified in column 1 of the Table below may credit to the EEFC Account an amount upto the limit specified in column 2 thereof from out of the foreign exchange earnings specified in sub-paragraph(1A) namely; Entity/person Limit (per cent) 1. A Status Holder Exporter(as defined in EXIM Policy in force) 100 2. A resident in India for professional Services rendered in his individual capacity 100 3. 100 per cent Export Oriented Unit/s. Unit/s in EPZs/STPs/EHTPs 9 100 4. Any oth ..... X X X X Extracts X X X X X X X X Extracts X X X X
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