Bank Promotion Study

Bank Promotion Study (BPS) provides bank staff all the online study material for JAIIB Exam, CAIIB Exam and for promotion exam to various cadre in bank from officer scale 1 to scale 5 in various PSBs, private banks and RRBs including interview tips.

EEFC Accounts

Exchange Earners Foreign Currency Account ( EEFC)

Exchange Earners Foreign Currency account is an account maintained in foreign currency with an authorized dealer that is a bank which deals in foreign exchange (FOREX). It is a facility provided to the foreign exchange earners which includes exporters also to credit 100% of their foreign exchange earnings to the account. By this account holders do not have to convert foreign exchange into Rupees and vice versa which minimizes the transaction cost.

All categories of foreign exchange earners such as individuals companies who are resident in India, may open EEFC account. EEFC account can be held in the form of a current account. No interest is payable on EEFC account. 100% foreign exchange earnings can be credited to the EEFC account provided that the sum total of the accruals in the account during a calendar month should be converted into Indian Rupees (INR)  on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments. Cheque facility is available for operation of EEFC account.

The permissible credits in the EEFC account are:

Inward remittance through normal banking channels, other than remittance received on account of foreign currency loan or investment received from abroad or received for meeting specific obligations by the account holder.

Payment received in foreign exchange by 100% export oriented unit or a unit in export processing zone or software technology park or hardware technology park for supply of goods to such similar unit or to a unit in Domestic Tariff Area (DTA).

Payments received in FOREX by a unit in DTA for supply of goods to a unit in the Special Economic Zone (SEZ).

Payment received by an exporter from an account maintained with an authorized dealer for the purpose of countertrade.

Advance remittance received by an exporter towards export of goods or services.

Payment received for export of goods and services from India, out of funds representing repayment of credit state in US dollar held in the account of the bank for Foreign Economic Affairs in Moscow (Russia) with an authorized dealer in India.

Professional earnings including directors free, consultancy fees, lecture fees, honorarium and similar other earnings received by a professional by rendering services in his Individual capacity.

Re-credit of unutilized foreign currency earlier withdrawn from the account.

Amount representing repayment by the account holder’s importer customer, of loan advance granted, to the exporter holding such account.

The disinvestment proceeds received by the resident account holder on conversion of shares held by him to ADR / GDR under the sponsored ADR/ GDR scheme approved by Foreign Investment Promotion Board (FIPB) of the Government of India.

Permissible debits in EEFC account are:

Payment outside India towards permissible current account transaction in accordance with the provisions of Foreign Exchange Management (Current Account Transactions) Rules, 2000 and permissible Capital Account Transaction in accordance with the Foreign Exchange Management permissible capital account transaction regulations 2000.

Payment in foreign exchange towards cost of goods purchased from a 100% Export Oriented Unit (EOU) or a unit in Export Processing Zone or Software Technology Park or Electronic Hardware Technology Park.

Payment of customs duty in accordance with provisions of the Foreign Trade Policy of the Central Government for the time being in force.

Trade related loans/advances extended by an exporter holding such account to his importer customer outside India, subject to compliance with the Foreign Exchange Management (Borrowing and Lending in Foreign Exchange) Regulations, 2000.

Payment in foreign exchange to a person resident in India for supply of goods/ services including payments for airfare and Hotel expenditure.

Some other important points about EEFC accounts.

Foreign exchange earnings received through an international credit card for which the reimbursement has been made in foreign exchange may be regarded as a remittance through normal banking channel and it can be credited to the EEFC account.

There is no restriction on withdrawal of funds held in EEFC account in rupees. However the amount withdrawn in Rupees shall not be eligible for conversion into foreign currency and for Re-credit to the EEFC account.

EEFC account holders are permitted to access the forex market for purchasing foreign exchange only after utilizing fully the available balances in the EEFC account.

Accordingly authorized dealers are required to obtain a declaration, while selling foreign exchange to their constituents.

EEFC account balances can be hedged. The balances in the account sold forward by the account holder has to remain earmarked for delivery. However the contracts can be rolled over.

Resident individuals have been permitted to include resident close relatives as defined in Companies Act 1956 (amended in 2013) as a joint holder in his EEFC bank account. However they shall not be eligible to operate the account during the lifetime of the resident account holder.


  1. Bihar BSEB Board 10th Model Paper 2021 – Bihar School Examination Board (BSEB) has released latest question paper. If you want to download all the subject of BSEB Board 10th Model Paper 2021. You may download by given link below.Bihar Board 10th Model Paper 2021.If you want to get all the update of BSEB Board then you may visit our site regularly.Bihar Board 10th Model Paper 2021 Bihar School Education Board (BSEB) has released the Bihar Board Model Paper PDFs 2020-21 for Matric (Class 10) and Intermediath Previous Question Paper Aspirants Of Class 10th Can Easily Understand the Ratio of the Easy and Diffsy and Difficult Question Asked From Each Unit of the Subject.

    1. IEEE Final Year projects Project Centers in India are consistently sought after. Final Year Students Projects take a shot at them to improve their aptitudes, while specialists like the enjoyment in interfering with innovation. For experts, it's an alternate ball game through and through. Smaller than expected IEEE Final Year project centers ground for all fragments of CSE & IT engineers hoping to assemble. Final Year Projects for CSE It gives you tips and rules that is progressively critical to consider while choosing any final year project point.

      JavaScript Online Training in India

      JavaScript Training in India

      The Angular Training covers a wide range of topics including Components, Angular Directives, Angular Services, Pipes, security fundamentals, Routing, and Angular programmability. The new Angular TRaining will lay the foundation you need to specialise in Single Page Application developer. Angular Training

  2. Karnataka board will release the 2nd PUC result 2021 one month after the conclusion of examinations. Students can check their Karnataka 2nd PUC result PUC Result 2021 Students can also make use of the direct link given on this page to download their PUC results 2021.

  3. Gujarat Board 10th Model Paper 2022 Available Students you can Download in Pdf format form this web page below given links. Gujarat Board Regular and Private Students Prepare their Exam from these Sample Papers, Students have to Register for Appearing in Public Exam 2022. So if you are also among those students who have Registered them self as a Regular or Private Student are Suggested to Download GSEB 10th Model Paper 2022 these GSEB SSC Sample Paper 2021 must Prepare all Subjects. Model Papers are very help full Material that is Provided by the official education Board.

  4. This customization let us plug any openings we found. web site

  5. After all of this... think of an asking cost for your home that is manor townhomes lake elsinore ca

  6. We believe in making sure that your CSGO playing experience is top-notch. We do exactly that with the range of accounts we provide for purchase on our platform csgo prime accounts

  7. I was surfing the Internet for information and came across your blog. I am impressed by the information you have on this blog. It shows how well you understand this subject. loginhelp

  8. Positive site, where did u come up with the information on this posting?I have read a few of the articles on your website now, and I really like your style. Thanks a million and please keep up the effective work. loginhelp

  9. You’ve got some interesting points in this article. I would have never considered any of these if I didn’t come across this. Thanks!. ufabet เว็บตรง

  10. CSGO prime accounts are accounts with prime status upgrades. However, you will not get a prime status to elevate when creating a steam account. You can have full entry to CSGO except for the prime status as it is free to play the game on the Steam store. However, you can play additional modes in csgo like Deathmatch, Wingman, Competitive, War Games, Danger zone, and Retakes to increase your Private Rank.

    GMT News24

  11. i was just browsing along and came upon your blog. just wanted to say good blog and this article really helped me. 토토사이트

  12. Data Warehouse is a collection of your data that helps you make important decisions in your company, and it was in the 1980s when the concept of Data Warehouse has come into the picture and has evolved to help business intelligence. data warehouse architecture The data from marketing, finance, sales, and other applications relating to a company does get saved in this and which let a company formulate them as per their need, and as the data is already saved, it goes with the comparison of older data already existing and then makes them reliable by keeping only the data which is required.

  13. Wow, cool post. I'd like to write like this too - taking time and real hard work to make a great article... but I put things off too much and never seem to get started. Thanks though.
    best online mortgage companies