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      Question

      One of the foreign currency accounts that can be opened in India is EEFC. What is the correct full form of EEFC?

      A Exchange Earners Foreign Currency Account Correct Answer Incorrect Answer
      B Exchange Emergency Foreign Currency Account Correct Answer Incorrect Answer
      C Equity and Exchange Foreign Currency Account Correct Answer Incorrect Answer
      D Exchangeable Equity Foreign Currency Account Correct Answer Incorrect Answer
      E Exchange Expenses Foreign Currency Account Correct Answer Incorrect Answer

      Solution

      EEFC is the Exchange Earners’ Foreign Currency Account. 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

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