TMI BlogExchange Earner's Foreign Currency (EEFC) Account- Liberalisation of ProcedureX X X X Extracts X X X X X X X X Extracts X X X X ..... f which a person resident in India is permitted to open and maintain with an authorized dealer in India a Foreign Currency Account known as Exchange Earner's Foreign Currency (EEFC) Account subject to the terms and conditions of the Exchange Earner's Foreign Currency Account Scheme specified in the Schedule to the above mentioned Notification (copy attached). 2. With a view to liberalising the procedure further and providing greater flexibility, it has been decided to allow all categories of foreign exchange earners to credit up to 100 per cent of their foreign exchange earnings, as specified in the paragraph 1 (A) of the Schedule, to their EEFC Account with immediate effect. All other terms and conditions of the Scheme will remain unchan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... being satisfied that it is necessary to do so, grant permission to hold higher percentage of inward remittance/payments in foreign exchange in the EEFC account. Explanation : For the purpose of category (2) in column 1, "professional" shall mean: (i) Director on Board of overseas company (ii) Scientist/Professor in Indian University/Institution (iii) Economist (iv) Lawyer (v) Doctor (vi) Architect (vii) Engineer (viii) Artist (ix) Cost/Chartered Accountant (x) Any other person rendering professional services in his individual Capacity, as may be specified by the Reserve Bank from time to time. (1A) Following foreign exchange earnings are specified for the purpose of sub-paragraph (1), namely: i) inward remittance through ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (2) Except to the extent provided in sub-paragraph (1), no payment received in foreign exchange by the accountholder from any other person resident in India, shall be credited to an EEFC account. Explanation : For the purpose of the sub-paragraph (1), payment received through an international credit card for which reimbursement will be provided in foreign exchange may be regarded as a remittance through normal banking channels. 2. Permissible credits to EEFC account - Following credits may be made to an EEFC Account, namely - 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 unut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n exchange to a person resident in India for supply of goods/services including payments for air fare and hotel expenditure. 4. Miscellaneous i) There is no restriction on withdrawal in rupees of funds held in an EEFC account. However, the amount withdrawn in rupees shall not be eligible for conversion 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. - Circular - Trade Notice - Public Notice - Instructions - Office ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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