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MEANING OF EEFC ACCOUNT, LEGAL BASE AND BASIC CONCEPT, IMPORTANT DEFINITIONS, WHO CAN OPEN AN EEFC ACCOUNT, FEATURES OF EEFC, ACCOUNT TYPE AND INTEREST RULE, HOW MUCH FOREIGN EXCHANGE CAN BE CREDITED, WHY IS EEFC USEF
What does EEFC stand for in the context of foreign exchange facilities?
EEFC stands for Exchange Earners' Foreign Currency account, a facility that allows eligible residents to retain a portion of their foreign exchange earnings in a foreign currency account in India.
What does EEFC account allow exporters to do with their foreign exchange earnings?
Retain foreign exchange earnings in a bank account abroad.
Under which Act and Regulation is the EEFC account governed?
EEFC accounts are governed under the Foreign Exchange Management Act (FEMA) 1999, specifically under FEMA (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015.
Which type of account can an EEFC account be opened as in India?
It can be opened as a current account only.
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