What is an EEFC account? Exchange Earners Foreign Currency Account is called an EEFC account. An EEFC account is like a current account maintained in foreign currency with a bank authorized to deal in foreign exchange. However, there is no interest given on this type of account.
What is OFAC? OFAC stands for Office of Foreign Assets Control. It is administrated by the Treasury Department of the United States. OFAC carries out economic sanctions (penalty or rules) which are imposed by the U.S on Foreign Countries. The program may freeze assets of sanctioned countries and may restrict services to sanctioned countries. It can also restrict payment of funds to the person or entities named in the SDN list (Specially Designated Nationals and Blocked Persons List).
How understanding of USD to INR CASH, TOM, SPOT & FORWARD rates can benefit an Exporter or Importer?
When it comes to USD to INR exchange, there are four types of exchange rates differentiated by settlement date. With an understanding of these rates, you can save a lot of money & hedge your currency exposure.
What Is a Currency Forward Contract? A currency forward contract can be defined as buying or selling a specific currency at a specified future price for delivery on a specified future date.
Booking a currency forward contract hedge your adverse currency movement risk, but by adopting the following strategies, you may earn good profits out of it.
What is the Fx Retail platform? It is a platform developed by Clear Corp Dealing Systems India Pvt Ltd. a subsidiary of Clearing Corporation of India Limited in association with RBI. It was launched on 1st July 2019 and started doing transactions on August 5th, 2019. The platform provides sale & purchase of USD/INR pair by retail customers of banks for delivery-based Cash, TOM, SPOT, and Forward transactions up to 13 months.
Amount of foreign currency one can take abroad on private visit: Any resident India can take up to USD 250000 or equivalent in a financial year under liberalized remittance scheme by RBI. USD 250000 as on 15.08.2021 are equivalent to Rs. 1,85,61,500. There is no limit on number of travels but in any case, the limit should not exceed USD 250000 per financial year.
... benefit an Exporter, Importer
Currency Forward Contract
10 Powerful Strategies For Exporters