Is it beneficial to have an EEFC account?

Hi,

Should I open an EEFC (Exchange Earners’ Foreign Currency) account for remitting & receiving payments (from Hotforex) or my regular (savings/current) account with a bank is enough? is the transaction cost cheaper with EEFC account?

Thanks.

Why do you want to land yourself in trouble? And if the bank will ask you for what purpose you are remitting and transferring foreign currency what will you tell them?

Eefc account is only for export and import companys. A resident indian can open an eefc account with foreign currency which he received for his service to the NRI s or foreigners and gifts.The same fema rules apply for eefc account also.