Foreign currency accounts for residents outline EEFC, RFC(D) and RFC features, permitted credits and permitted debits. Resident individuals may open EEFC, RFC(D) and RFC foreign currency accounts with an Authorised Dealer bank. EEFC is a non interest current account for exchange earners to retain export proceeds, advance remittances for export, loan repayments from foreign importers, ADR/GDR conversion proceeds, professional earnings in foreign currency, interest on account funds and re credit of unutilised withdrawals; permitted debits include permissible current or capital transactions, cost of goods, customs duty and trade related loans. RFC(D) is a non interest current account for foreign exchange received while abroad and certain gifts, export earnings and insurance receipts. RFC accounts (current/savings/term) hold foreign employer benefits, conversion of specified assets, permitted gifts/inheritance, certain insurance receipts and balances on change of residential status, with interest as de regulated by the AD bank.
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.
Foreign currency accounts for residents outline EEFC, RFC(D) and RFC features, permitted credits and permitted debits.
Resident individuals may open EEFC, RFC(D) and RFC foreign currency accounts with an Authorised Dealer bank. EEFC is a non interest current account for exchange earners to retain export proceeds, advance remittances for export, loan repayments from foreign importers, ADR/GDR conversion proceeds, professional earnings in foreign currency, interest on account funds and re credit of unutilised withdrawals; permitted debits include permissible current or capital transactions, cost of goods, customs duty and trade related loans. RFC(D) is a non interest current account for foreign exchange received while abroad and certain gifts, export earnings and insurance receipts. RFC accounts (current/savings/term) hold foreign employer benefits, conversion of specified assets, permitted gifts/inheritance, certain insurance receipts and balances on change of residential status, with interest as de regulated by the AD bank.
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