Diamond Dollar Account eligibility and operation: export-linked US dollar current accounts with specified credits, debits and operational limits. The Diamond Dollar Account Scheme permits eligible exporter firms and companies to open US dollar current accounts with AD Category I banks subject to eligibility under the Foreign Trade Policy, prohibition on interest, CRR/SLR applicability, prohibition on intra account transfers, and a limit on the number of accounts. Permissible credits are export realizations and US dollar export finance; permissible debits cover payments for diamonds, gemstones, specified jewellery, imported gold, loan repayments and transfers to rupee accounts. Banks must vet eligibility annually and report openings/closings monthly to the Reserve Bank of India.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Diamond Dollar Account eligibility and operation: export-linked US dollar current accounts with specified credits, debits and operational limits.
The Diamond Dollar Account Scheme permits eligible exporter firms and companies to open US dollar current accounts with AD Category I banks subject to eligibility under the Foreign Trade Policy, prohibition on interest, CRR/SLR applicability, prohibition on intra account transfers, and a limit on the number of accounts. Permissible credits are export realizations and US dollar export finance; permissible debits cover payments for diamonds, gemstones, specified jewellery, imported gold, loan repayments and transfers to rupee accounts. Banks must vet eligibility annually and report openings/closings monthly to the Reserve Bank of India.
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