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.