Chapter 01 - Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 (From Regulation 1 to SCHEDULE II)
Diamond Dollar Account scheme restricts eligible exporters to foreign currency current accounts with limited credits, debits and compliance obligations. The Diamond Dollar Account (DDA) Scheme allows eligible exporter firms and companies to open up to five non interest bearing US Dollar current accounts with AD Category I banks, subject to Foreign Trade Policy eligibility, CRR/SLR requirements and prohibition on intra DDA transfers. Permissible credits are limited to US Dollar pre and post shipment finance and export or local sale realisations of diamonds and diamond studded jewellery; permissible debits include payments for rough and cut diamonds, coloured gemstones, specified jewellery and gold imports, loan repayments in US Dollars and transfers to the exporter's rupee account. Banks must assess eligibility annually and applicants must make specified declarations and comply with DDA rules.
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 scheme restricts eligible exporters to foreign currency current accounts with limited credits, debits and compliance obligations.
The Diamond Dollar Account (DDA) Scheme allows eligible exporter firms and companies to open up to five non interest bearing US Dollar current accounts with AD Category I banks, subject to Foreign Trade Policy eligibility, CRR/SLR requirements and prohibition on intra DDA transfers. Permissible credits are limited to US Dollar pre and post shipment finance and export or local sale realisations of diamonds and diamond studded jewellery; permissible debits include payments for rough and cut diamonds, coloured gemstones, specified jewellery and gold imports, loan repayments in US Dollars and transfers to the exporter's rupee account. Banks must assess eligibility annually and applicants must make specified declarations and comply with DDA rules.
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