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of <h1>RBI Eases Rules: Authorized Banks Can Open Diamond Dollar Accounts for Eligible Jewelry Firms with 3-Year Track Record.</h1> The circular issued by the Reserve Bank of India details the liberalization of the Diamond Dollar Account (DDA) scheme, allowing authorized dealer banks to open and maintain DDAs for eligible firms in the diamond and jewelry sector. Eligible firms must have a three-year track record in diamond or jewelry import/export and a minimum annual turnover of Rs 5 crore. DDAs can only be in US Dollars, with specific permissible credits and debits. Firms cannot hold more than five DDAs and must comply with the Foreign Trade Policy. Banks must report DDA details monthly to the Reserve Bank. Amendments to relevant regulations are forthcoming.
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