What is the benefit of EEFC account?
It is a facility provided to the foreign exchange earners, including exporters to credit 100 percent of their foreign exchange earnings to the account, so that the account holders do not have to convert foreign exchange into Rupees and vice versa, thereby minimizing the transaction costs.
What is Eefc?
Ans. Exchange Earners’ Foreign Currency Account (EEFC) is an account maintained in foreign currency with an Authorised Dealer Category – I bank i.e. a bank authorized to deal in foreign exchange.
Who are eligible for EEFC account?
Who can open an EEFC account? Ans. All categories of foreign exchange earners, such as individuals, companies, etc., who are resident in India, may open EEFC accounts.
Who can maintain EEFC account?
Q 2. Who can open an EEFC account? Ans. All categories of foreign exchange earners, such as individuals, companies, etc., who are resident in India, may open EEFC accounts.
What does the full form of eefc stand for?
This page is all about Full Form, Long Form, abbreviation, acronym and meaning of the given term EEFC. EEFC stands for Exchange Earners Foreign Currency Not able to find full form or full meaning of EEFC May be you are looking for other term similar to EEFC.
What kind of account is an eefc account?
An EEFC is an account maintained in foreign currency with a bank dealing in foreign exchange.
Where does exchange earners foreign currency account ( eefc ) work?
, lives in Kutch, Gujarat, India. An EEFC is an account maintained in foreign currency with a bank dealing in foreign exchange. 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.
Who is eligible to open eefc account in India?
Ans. All categories of foreign exchange earners, such as individuals, companies, etc., who are resident in India, may open EEFC accounts. Q 3. What are the different types of EEFC accounts? Can interest be paid on these accounts? Ans. An EEFC account can be held only in the form of a current account. No interest is payable on EEFC accounts. Q 4.