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of <h1>Exporters Can Deposit 100% of Foreign Earnings in EEFC Accounts to Cut Transaction Costs Under FEMA.</h1> An Exchange Earners' Foreign Currency (EEFC) Account is a foreign currency account maintained with an authorized bank, allowing foreign exchange earners, such as exporters, to deposit 100% of their foreign exchange earnings. This account eliminates the need to convert foreign currency into local currency and vice versa, reducing transaction costs. It is a facility under the Foreign Exchange Management Act (FEMA) designed to benefit those dealing in foreign exchange by providing a cost-effective solution for managing their foreign currency earnings.
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