19 January 2012
i am going to apply for IEC code , my bank is suggest to me open current account first because business transaction not possible through saving account, RBI will be rejected your transfer fund but as per application IEC possible from Saving account also. so please suggest me
PLEASE NOTED THAT AFTER OPEN A/C either SAVING OR CURRENT BANK WILL OPEN EEFC ACCOUNT FOR MORE INFO:
Exchange Earners' Foreign Currency Account (EEFC) is an account maintained in foreign currency with an Authorised Dealer i.e. a bank dealing in foreign exchange. It is a facility provided to the foreign exchange earners, including exporters, to credit 100 per cent of their foreign exchange earnings to the account, so that the account holders do not have to convert foreign exchange into Rupees and vice versa, thereby minimizing the transaction costs.
BANK CONVERT IT EEFC ACCOUNT.
All categories of foreign exchange earners, such as individuals, companies, etc. who are resident in India, may open EEFC accounts.
21 January 2012
thanks for valueable information.... but i am not going to start big volume importing business. so i am going with normal account registration.... just tell following information:
1. international payment through saving account is allowed by rbi or not? ( because iec is possible with Saving but bank suggest me it will rejected by RBI) 2. delivery address different than IEC registration address , is it permissible or not?
21 January 2012
refer to appendix-18 in ANF-2A , bank convert it EEFC ACCOUNT, which is already asked by me if you have not understood put up RTI LETTER IN THIS CASE.
DELIVERY ADDRESS MEANS WHICH IS MENTIONED IN YOUR BANK ACCOUNT, IT CAN NOT DISPATCH IN BRANCH OFFICE OF APPLICANT COMPANY., REGARDS,
21 March 2012
today i submit online application to DGFT mumbai so please guide me is there having option sent hard copy by post is yes then please give me some details which documents should be submited and delivery address
CAclubindia
