TMI BlogExchange Earner's Foreign Currency (EEFC) AccountX X X X Extracts X X X X X X X X Extracts X X X X ..... k dealing in foreign exchange. 2. Can the account be in term deposit form? No, the account is a Non-interest bearing current account. 3. Who can open an EEFC account? A person resident in India may open the account. 4. Can one credit the entire foreign exchange earnings in this account? Yes, one can credit 100 percent of his foreign exchange earnings into this account subject to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d with an authorised dealer for the purpose of counter trade. (Counter trade is an arrangement involving adjustment of value of goods imported into India against value of goods exported from India in terms of Reserve Bank guidelines); v) Advance remittance received by an exporter towards export of goods or services; vi) Payment received for export of goods and services from India, out of funds ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived through an international credit card for which reimbursement are provided in foreign exchange may be regarded as a remittance through normal banking channels and can be credited to the EEFC account. 7. What are the permissible debits into this account? i) Payment outside India towards a permissible current account transaction [in accordance to the provisions of the Foreign Exchange M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2000. iv) Payment in foreign exchange to a person resident in India for supply of goods/services including payments for airfare and hotel expenditure. 8. Is there any restriction on withdrawal in rupees of funds held in an EEFC account? No, 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 However, the amount withdrawn in rupees shall not be eligible for c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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