EEFC A/C

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Manish Dwivedi (Querist)
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25 June 2009 What is EEFC A/c? What purpose does it serves? How to proceed during the course of Audit in case of EEFC A/c in a Company?

Sanjeev Jain

Sanjeev Jain (Expert)
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25 June 2009 EEFC A/c stands for Exchange Earning Foreign Currency Account.
the main purpose of this account is to keep all the foregin currency in that account.
if you wanna see the ptransaction of this account, what you have to do: -
01. Ask for BRS
02. See the Foreign Client
03. Verify their transaction with the co.
04. Observe their Perodic payment or their term of settlement.
05. reconcile this account with the collection of FOREX recd during the year.