N. S. Toor Solutions for Chapter: Foreign Exchange Operations, Exercise 9: FOREIGN EXCHANGE - OBJECTIVE TYPE QUESTIONS

An Exchange Earners' Foreign Currency (EEFC) account can be opened as:

What is the maximum amount that can be deposited in Exchange Earners' Foreign Currency (EEFC) account?

Which type of loan can be allowed on the security of balances in EEFC account? 

What type of amount can be deposited in EEFC accounts?
(a) realization of export proceeds from abroad through authorised channels.
(b) remittance from abroad representing loans obtained.
(c) foreign exchange payment received by Domestic tariff area for supplying goods to units in SEZ.

Funds lying in EEFC account can be used by the account holder for:
(a) repayment of pre-shipment credit.
(b) giving trade-related loans outside India.
(c) giving advances to overseas importers.

International Bank Limited has opened a current account under Resident Foreign Currency Deposit Scheme for a returning Indian Mr. Suresh Chander, who expired 4 months back. The legal heirs claim interest on the balance in the current account:

Foreign currency fluctuation risk is born by the customer in respect of:

A non-resident Indian is required to pay income tax at the rate of $30\%$ of interest on such deposit for balance on account of local funds and $20\%$ of interest on foreign inward remitted funds, in case of which of the following accounts?