8 Responses to Revised RBI Guideline relating to EEFC, RFC and DDA Accounts for conversion into Rupees

  1. Anand karukapallil says:

    Is there any guidelines as to which rate is to be used for reinstatement of balance in EEFC account at the period end.
    For eg. Fedai rates as on 31st March

    • Jigar Patel, CFA (USA), MBA-Finance (USA), CPA (USA), CA (India) says:

      If you are thinking just for accounting, you may take the RBI reference rate or Customs rate. Any difference would be considered as foreign exchange fluctuation for the next year when you actually move the funds. Thanks.

  2. Shabana says:

    Is there an exception in case of rfc account (balances to be converted to INR) for certain ctg of person. Like pension etc.

    • Jigar Patel, CFA (USA), MBA-Finance (USA), CPA (USA), CA (India) says:

      I do not understand your question. Please elaborate. The funds in RFC account are kept in foreign currency (USD/GBP,EUR, etc.). Thanks.

  3. vishal says:

    Can you please tell me can I purchase polish goods in DDA and same goods can I sell in dda

    • Jigar Patel, CFA (USA), MBA-Finance (USA), CPA (USA), CA (India) says:

      Please check with your bank where you have DDA account and your CA. Thanks.

  4. suresh jakhar says:

    Dear Sir

    Our company have an EEFC account, kindly guide us for accounting entries to be pass for receipt of foreign currency and utilisation of such amount.
    We are confuse in entries to be pass for exchange rate diffrence.


    Suresh Jakhar

  5. Urmi Gupta/Patel says:

    I am US citizen holding NRO accounts in India. I would like to transfer all my NRO Fd to NRE FD. While My all Nro Fds are made by US Dollar and tax paid money. Now what tax liability I suppose to have while transffering my NRO FD to NRE FD. I am not finding any CA in Kota who can Issue the 15A and 15cb. what should I do? Please answer me.

    Urmi Gupta

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