Foreign Currency Accounts: Deposits

18/12/2009 23:27

 

Overseas Foreign Currency A/c –

               RBI permits exporters to open foreign currency a/c in foreign countries to hold export proceeds for making payment for   goods imported.

Diamond Dollar A/c –

               Exporters/importers dealing in rough & polished diamonds.

EEFC A/c (Exchange Earners Foreign Currency A/c) –

                any resident of India, an earner of FC can open to credit up to 50% of inward payment received. Units in SEZ, Software Technology Park, and Export processing zone can credit up to 70% and Status Account holders can deposit up to 100% of inward remittance. It is a non-interest bearing a/c like current a/c.