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WorksheetsIDBI-FX-LU4-RFC,RFC (D) EEFC
Total questions: 15
Worksheet time: 5mins
Mr. Anand had purchased Forex exchange in the form of Currency notes and TCs for USD 4000/- for his visit to California. He returns to India with unspent forex of USD 2000/- and wants to retain for his next trip. Advise him.
Can retain without surrendering as per RBI guidelines in RFC (D) account
Should surrender to AD within 180 days from date of return
Can not bring back any forex unspent abroad
One of the pre-requisites for opening Resident Foreign currency account is.........
Has to be currently a NRI
Must be a foreign citizen
Must be an erstwhile NRI who has come back to India for good
Keeping foreign currency without surrendering after making a trip overseas is a serious violation of the ............... Act
NI
RBI
FEMA
Acronym EEFC account stands for..........
Exchange Eligibility Foreign currency account
Exchange Earners' Foreign Currency Account
Exchange Earners' Fixed currency Account
EEFC account can be opened for............
any resident receiving remittance from abroad
Units located in Special economic zones
Only 100% Export Oriented Units (EOUs)
Maximum amount that can be held in EEFC account is.............. percent of Forex earned.
75%
100%
90%
RFC accounts are meant for..........
A resident in India who wants to convert his Rupee earnings into Foreign currency
a foreigner who comes for permanent settlement in India
a resident in India who has sources of income/assets in Foreign currency
For opening RFC account by an erstwhile NRI, the minimum stay abroad is.......
24 months
12 months
6 months
RFC accounts can be opened in the form of..............
Demand and Term deposits
Only SB accounts
Only Term deposit accounts
Mr. Ram, Director of M/s Ram Industries had availed forex from your branch for USD 8000 in the form of Currency notes, TCs and preloaded forex card out of the Rupee balance in the company account. On his return he requests you to open a Foreign currency account for the unspent forex of USD 1300/- in the name of his company. How will you respond?
Can open RFC (D) in the company's name
Can not open RFC (D) account as it can be opened only by individuals
Can open RFC (D) account as the rupee source is from the company's account
Joint accounts with resident relative/s can be opened under EEFC scheme provided the operational instructions are on ..............
E or S basis
No joint account permitted
F or S basis
RFC (D) account can not be credited with forex in the form of currency notes, TCs etc acquired as...............
exchange for rupees from a foreign visitor to India
business/service earnings/gifts abroad
business/service earnings/gifts from a visitor from abroad
Maximum period for which RFC Term deposit is opened in our Bank is.......... years
10
5
3
EEFC account can be opened in the form of...............
Both demand and Term deposit
SB, TD only
Current account only
An export bill for USD 50,000/- was realised on 30.05.23 and the exporter requested you to keep the entire amount in EEFC account on 06.06.23. Till when the amount be held in EEFC account by the exporter?
01.07.23
30.06.23
31.07.23
