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of <h1>Diamond Dollar Accounts limited to eligible exporters with strict conditions on credits and debits</h1> Under FEMA regulations, firms and companies may open Diamond Dollar Accounts with authorized banks subject to specific conditions. Exporters must meet Foreign Trade Policy eligibility criteria and maintain accounts in US Dollars only as current accounts without interest. Maximum five accounts permitted per exporter. Permissible credits include export proceeds from diamonds and jewellery, while debits cover import payments for diamonds, gemstones, and gold. Account holders cannot maintain other foreign currency accounts except EEFC accounts. Banks must assess eligibility annually and submit monthly reports to Reserve Bank of India.
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