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TMI BlogSee regulation 4 - Exchange Earner's Foreign Currency (EEFC) Account SchemeX X X X Extracts X X X X X X X X Extracts X X X X ..... ragraph (1), namely: 2 (i) inward remittance through normal banking channel, other than the remittance received pursuant to any undertaking given to the Reserve bank or which represents foreign currency loan raised or investment received from outside India or those received for meeting specific obligations by the account holder. (ii) payments received in foreign exchange by a 100 per cent Export Oriented Unit or a unit in (a) Export Processing Zone or (b) Software Technology Park or (c) Electronic Hardware Technology Park for supply of goods to similar such unit or to a unit in Domestic Tariff Area; 7 and also payments received in foreign exchange by a unit in Domestic Tariff Area for supply of goods to a unit in Special Economic Zone (SEZ) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the funds held in the account; (iii) Recredit of unutilised foreign currency earlier withdrawn from the account; (iv) Amount representing repayment by the account holder's importer customer, of loan/advances granted in terms of clause (iv) of Paragraph 3. 8 (v) representing the disinvestment proceeds received by the resident account-holder on conversion of shares held by him to ADRs / GDRs under the Sponsored ADR / GDR Scheme approved by the Foreign Investment Board of Government of India. 3. Permissible debits to the EEFC account. Following debits may be made to an EEFC Account, namely:- (i) Payment outside India towards a current account transaction in accordance with the provisions of the Foreign Exchange Management (Current Account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iduals are permitted to include resident close relative(s) as a join holder(s) in their EEFC account on 'former or survivor' basis. However, such resident Indian close relative(s), shall not be eligible to operate the account during the life time of the resident account holder. Explanation : For the purpose of this sub-regulation, 'close relative' means relative as defined in Section 6 of the Companies Act, 1956. ] 1 5 . Deleted ------------------------- Note: 1. Has been inserted vide Notification No. 037/2001 dated 27/2/2001 , Now deleted vide Notification No. 063/2002 dated 21/6/2002 2. Has been substituted vide Notification No. 051/2002 dated 27/2/2002 , before it was read as, inward remittance through normal banking cha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esident in India 50 Provided that the Reserve Bank may, on an application made to it and on being satisfied that it is necessary to do so, grant permission to hold higher percentage of inward remittance/payments in foreign exchange in the EEFC account. Explanation : For the purpose of category(2) in column 1,'professional' shall mean: i. Director on Board of overseas company ii. Scientist/Professor in Indian University/Institution iii. Economist iv. Lawyer v. Doctor vi. Architect vii. Engineer viii. Artist ix. Cost/Chartered Accountant x. Any other person rendering professional services in his individual Capacity, as may be specified by the Reserve Bank from time to time. 12. Inserted vide Notification No. FEMA/239/2012-RB, dated 25 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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