Exchange Earners' Foreign Currency account lets residents hold foreign earnings and use them for permitted foreign transactions. Exchange Earners' Foreign Currency (EEFC) account is a non interest bearing current account for residents to deposit permissible foreign exchange earnings, including inward remittances, export receipts, professional earnings, re credits and certain repayments; credits via international credit card reimbursement are allowed. Debits may be made for permitted current and capital account transactions, payments to specified export oriented units, trade related loans to overseas importers, and payments in foreign exchange to residents for goods/services. Rupee withdrawals are permitted but withdrawn amounts cannot be reconverted to foreign currency for re credit to the EEFC account.
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.
Exchange Earners' Foreign Currency account lets residents hold foreign earnings and use them for permitted foreign transactions.
Exchange Earners' Foreign Currency (EEFC) account is a non interest bearing current account for residents to deposit permissible foreign exchange earnings, including inward remittances, export receipts, professional earnings, re credits and certain repayments; credits via international credit card reimbursement are allowed. Debits may be made for permitted current and capital account transactions, payments to specified export oriented units, trade related loans to overseas importers, and payments in foreign exchange to residents for goods/services. Rupee withdrawals are permitted but withdrawn amounts cannot be reconverted to foreign currency for re credit to the EEFC account.
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