on Exchange Earners Foreign Currency (EEFC) Account (updated as on February 1, 2007)1. What is an EEFC Account?
Exchange Earners’ Foreign Currency Account (EEFC) is an account maintained in foreign currency with an Authorised Dealer, i.e a bank 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 permissible credits and debits.5. What are the permissible credits into this account? i) Inward remittance through normal banking channel, other than remittances received on account of foreign currency loan or investment received from abroad or 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 Te
