Amounts specified to open
the Accounts are:
- inward remittance through normal banking channel;
- payments received in foreign exchange by a 100% EOU or a
Unit in EPZ or STP or EHTP for supply of goods to similar such unit or to a unit in
Domestic Tariff Area;
- payments received by an exporter from an account maintained
with an authorized dealer for the purpose of counter trade;
- advance remittance received by an exporter towards export of
goods or services;
- payments received for export of goods and services from
India
Permissible credits
The following are the credits allowed into
the Account:
- remaining portion of inward remittance / payment received by
the recipient in foreign exchange left after opening of the account;
- interest earned on the funds held in the account;
- re-credit of unutilized foreign currency earlier withdrawn
from the account; or
- amount representing repayment by the account holder’s
importer customer, of loan/advances granted
No other payment received in foreign
exchange by the account holder from any other person resident in India can be credited to
an EEFC account.
Permissible debits
The following are the debits allowed into
the Account:
- payment outside India towards a permitted current and
capital account transactions;
- payment in foreign exchange towards cost of goods purchased
from a 100% EOU or a Unit in EPZ or STP or EHTP;
- payment of applicable customs duty;
- trade related loans/advances, not exceeding US $ 3 million
to importer customer outside India.
- payment in foreign exchange to person resident in India for
supply of goods / services including payments for air fare and hotel expenditure.
Rate of Interest
The banks will determine the rates of
interest after considering the rates prevailing in the international markets.
The rates of interest offered by various
Banks in India differ.
It is beneficial to ascertain the best of
the rates offered by various banks before investing with any particular Bank.
Click Here for Interest Rates offered by various Banks and an
analysis of the same.
Loans against balances
held in the account
Loans in foreign exchange may be granted to
the account holders against security of funds held in the accounts.
Cheque books
Authorized dealer may issue cheque books of
separate series with the superscription "EEFC Account" to the account holders
maintaining such accounts.
For any information regarding the Exchange
Earner’s Foreign Currency (EEFC) Account Scheme, please visit
the FAQ section |
