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EEFC stands for Exchange Earners' Foreign Currency account. It is a type of foreign currency account that is maintained by Indian residents who have foreign exchange earnings. These earnings can come from various sources such as exports, overseas remittances, and foreign currency deposits. The account can be used to hold and manage foreign currency assets, and the funds in the account can be used for various purposes such as foreign trade, foreign investment, and foreign travel. The funds in the account are not subject to certain foreign exchange regulations in India, making it more flexible than other types of foreign currency accounts.
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