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2 B BIRC, EEFC & FORWARD CONTRACTS, TCs
What does BIRC stand for in the context of foreign exchange facilities for individuals?
BIRC stands for Basic Import Remittance Certificate, issued by authorised dealers to evidence outward remittances made for import of goods into India.
What does BIRC stand for in foreign exchange terminology?
Bank Identified Rate Card used for quoting exchange rates.
What is an EEFC account and who is eligible to open one?
An Exchange Earners' Foreign Currency (EEFC) account is a current account held in foreign currency, eligible to be opened by any person resident in India who earns foreign exchange, including exporters, professionals, and returning NRIs.
Who is classified as a 'person resident in India' eligible for EEFC account?
Persons earning foreign exchange while residing in India.
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