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100% foreign exchange earnings can be credited to Exchange Earner's Foreign Currency (EEFC) Account, clarifies RBI
December 29, 2009: RBI has today clarified that all categories of foreign exchange earners are allowed to credit up to 100 per cent of their foreign exchange earnings to their EEFC Account. As such, it will be in order for the Authorised Dealers to allow SEZ developers to open, hold and maintain EEFC Account and to credit up to 100 per cent of their foreign exchange earnings.
A person resident in India is permitted to open and maintain with an authorized dealer in India a Foreign Currency Account known as Exchange Earner's Foreign Currency (EEFC) Account. Currently, EEFC accounts are permitted to be maintained in the form of non-interest bearing current accounts.
Reserve Bank of India has decided on 6th October 2007 to permit all exporters to earn interest on EEFC accounts to the extent of outstanding balances of US $ 1 million per exporter. But with effect from November 01, 2008, all EEFC accounts shall only be permitted to be opened and maintained in the form of non-interest bearing current accounts.
Exchange Earner's Foreign Currency (EEFC) Account will no longer earn interestt... Click here
For RBI notification dated 6th October 2007 on EEFC Account... Click here
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