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Remittances Connected with Exports : Exporters are permitted to retain upto 25% (50% in the case of EOUs located in EPZI Software Technology Parks/Electronics Hardware Technology Parks) of the receipts from export of goods in a foreign currency account with an authorised dealer in India. This account is known as Exchange Earners Foreign Currency (EEFC) account. According to the Monetary Policy (announced on October 22, 1997), Exporters are allowed to retain 50% of their exchange earnings in the EEFC account as against the earlier 25%. The account may be maintained in any permitted currency and in any form (current, savings without cheque facility or term deposit account). The balances in these accounts may be utilised for all bonafide payments of the account holder. Exporters maintain foreign Currency Accounts are not allowed to maintain EEFC accounts.
Risk as an Importer : The position is entirely opposite of what it is for the exporter. If the importer is billed in rupees, he does not stand to loss at all whether the foreign
Developing the Ideas through Discussions: Discussion concerning a problem often produces useful information. Various new ideas can be developed through such as exercise. Hence a re
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Prescribed Period: The amount representing the full export value of the goods exported shall be realised and be paid to the authorised dealer when it is due. The amount should be
Objective After studying this unit, you should be able to: 1. Explain the meaning of credit risk; 2. Describe various types of policies issued by ECGC; 3. Explain t
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CENTRAL EXCISE FORMALITIES : It is a common practice all over the world that the exports are not to bear the burden of indirect taxes. Export goods are either exempted from such t
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Is it considered acceptable or bad form to use one e-newsletter address list to send a new newsletter from the same company but since it is a new e-newsletter, the recipients had n
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