Chapter 01 - Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 (From Regulation 1 to SCHEDULE II)
EEFC account scheme allows residents to retain specified foreign exchange earnings for regulated credits and permissible debits under conditions. The EEFC Account Scheme permits residents to credit up to 100% of specified foreign exchange earnings to an EEFC account with an Authorised Dealer, subject to exclusions. Qualifying receipts include inward banking remittances, export receipts from specified export units, advance export remittances, professional foreign earnings, approved counter trade receipts, specified State Credit repayments, and export/sales receipts of recognised startups or notified entities. Permissible credits include interest, re credits and certain disinvestment proceeds; permissible debits include approved current and capital account payments, payments to specified export units, customs duty, trade related loans, and payments to residents for goods and services. Rupee withdrawals are allowed but cannot be re credited; authorised dealers must ensure cheques are permissible; resident individuals may add resident relatives as non operating joint holders on a former or survivor basis.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
EEFC account scheme allows residents to retain specified foreign exchange earnings for regulated credits and permissible debits under conditions.
The EEFC Account Scheme permits residents to credit up to 100% of specified foreign exchange earnings to an EEFC account with an Authorised Dealer, subject to exclusions. Qualifying receipts include inward banking remittances, export receipts from specified export units, advance export remittances, professional foreign earnings, approved counter trade receipts, specified State Credit repayments, and export/sales receipts of recognised startups or notified entities. Permissible credits include interest, re credits and certain disinvestment proceeds; permissible debits include approved current and capital account payments, payments to specified export units, customs duty, trade related loans, and payments to residents for goods and services. Rupee withdrawals are allowed but cannot be re credited; authorised dealers must ensure cheques are permissible; resident individuals may add resident relatives as non operating joint holders on a former or survivor basis.
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