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EEFC Account

Indian exports have surged over the last decade owing to an unprecedented boom in sectors like software, biotechnology, gems, jewellery, textiles etc. As a result of this, the volume of inward remittances has also increased significantly. To shield the firms engaged in regular export and import from the exchange rate fluctuations RBI has allowed parking of foreign currency by exporters in an account designated as Exchange Earners Foreign Currency Account (EEFC). EEFC accounts are Current Accounts held in foreign currency with authorized dealers of foreign exchange in the country.

Benefits

Foreign Cheque Collection Foreign Currency Draft Internet Banking Facility More Useful Facilities

Foreign Cheque Collections Next time your buyer sends a cheque payable any where outside india don't worry. ICICI Bank's reach coupled with its correspondent bank network will ensure that the cheque is credited to your account extra fast. Foreign Currency Drafts With the ICICI Bank EEFC Account you can Get Foreign Currency Drafts in USD,GBP & EURO. Internet Banking Facility ICICI Bank's Internet Banking Facility allows you to view your account from anywhere, anytime. More Useful Facilities

Free monthly account statements Remittances abroad subject to terms and conditions as may be specified by RBI from time to time including the FEMA Regulations 2000 governing EEFC Account and the Foreign Exchange Management Act , 1999.

All the above products and facilities are subject to ICICI Bank formulating and establishing the guidelines, terms and conditions of the account, products and facilities available with the account from time to time, and the adherence by the customer of such guidelines, terms and conditions specified by ICICI Bank from time to time.

Eligibility
A person resident in India may open, hold and maintain the EEFC Account, subject to terms and conditions as may be specified by RBI from time to time including the FEMA Regulations 2000 governing EEFC Account and the Foreign Exchange Management Act, 1999.

Documentation
All the account opening for EEFC accounts will be done at COPS only. The forms has to be stored in the branch itself. All the documents would be scanned through Omnidocs to COPS. The documents required for opening an EEFC account is the same as that required for opening an RCA, wherever an existing RCA account reference is given. Additionally, the proof of status of the client is required.

Common Documents Check list for Account Opening The documents / information required to be scanned / couriered to COPS are as below:

Completely filled-in & signed EEFC Account Opening form. Constitution Document like the board resolution, partnership letter, propreitorship letter etc authorising the EEFC account opening. The Board Resolution / Partnership letter / propreitorship letter should mention the currency in which the account is to be opened. The proof of status (i.e. whether the unit is located in SEZ, STP or EHTP etc.) should accompany the AOF and other documents being sent to COPS. Importer- Exporter Code if applicable. Nomination form, if the customer has given the consent for the same, Nomination form is applicable only to Individual and Sole Proprietors Proof of PAN/ Form 60. NOC from the Lending Bank(s) extending credit facility to the entity / firm, if applicable.

ECGC Export Credit Guarantee Corporation of India Ltd. ( ECGC ) is a Government of India Enterprise which provides export credit insurance facilities to exporters and banks in India. It functions under the administrative control of Ministry of Commerce & Industry, and is managed by a Board of Directors comprising representatives of the Government, Reserve Bank of India, banking , insurance and exporting community. Over the years, it has evolved various export credit risk insurance products to suit the requirements of Indian exporters and commercial banks. ECGC is the seventh largest credit insurer of the world in terms of coverage of national exports.

The present paid up capital of the Company is Rs. 1000 Crores and the authorized capital is Rs. 1000 Crores. ECGC is essentially an export promotion organization, seeking to improve the competitive capacity of Indian exporters by giving them credit insurance covers comparable to those available to their competitors from most other countries. It keeps it's premium rates at the lowest level possible. What does ECGC do

Provides a range of credit risk insurance covers to exporters against loss in export of goods and services

Offers Export Credit Insurance covers to banks and financial institutions to enable exporters to obtain better facilities from them

Provides Overseas Investment Insurance to Indian companies investing in joint ventures abroad in the form of equity or loan

How does ECGC help exporters


Offers insurance protection to exporters against payment risks Provides guidance in export-related activities Makes available information on different countries with it's own credit ratings Makes it easy to obtain export finance from banks/financial institutions Assists exporters in recovering bad debts Provides information on credit-worthiness of overseas buyers

Need for export credit insurance Payments for exports are open to risks even at the best of times. The risks have assumed large proportions today due to the far-reaching political and economic changes that are sweeping the world. An outbreak of war or civil war may block or delay payment for goods exported. A coup or an insurrection may also bring about the same result. Economic difficulties or balance of

payment problems may lead a country to impose restrictions on either import of certain goods or on transfer of payments for goods imported. In addition, the exporters have to face commercial risks of insolvency or protracted default of buyers. The commercial risks of a foreign buyer going bankrupt or losing his capacity to pay are aggravated due to the political and economic uncertainties. Export credit insurance is designed to protect exporters from the consequences of the payment risks, both political and commercial, and to enable them to expand their overseas business without fear of loss.

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