Types and Features of FCY Accounts

Foreign Currency Accounts (FCY Accounts) are vital enablers of smooth cross-border trade for Indian exporters and businesses. Regulated by the Reserve Bank of India under FEMA, these accounts allow exporters to hold, manage, and utilise their foreign currency earnings effectively. For global investors, corporates, and bankers engaged with India, understanding FCY account types and their rules is key to managing trade transactions, foreign exchange exposures, and compliance. This quiz takes you through the essentials of FCY accounts in India, from basic concepts to specialised structures such as EEFC, RFC, and FCNR

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Who is eligible to open a Diamond Dollar Account (DDA)?

The maximum portion of foreign exchange export earnings allowed to be credited to EEFC account for general exporters is:

Can balances in NRE/FCNR (B) accounts be credited to an RFC Account when an NRI becomes resident again?

Which statement is correct about crediting proceeds to an EEFC account?

Which of the following is a non-interest bearing account meant for retaining foreign exchange earnings in India?

A Resident Foreign Currency (Domestic) Account – RFC(D) allows retention of foreign exchange acquired in which of the following forms?

What is the primary purpose of a Resident Foreign Currency (RFC) Account?

Which of the following correctly describes an FCNR (B) Account?

Balances in an EEFC Account must be converted into Rupees by:

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