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of <h1>RBI Lowers Eligibility Criteria for Diamond Dollar Accounts: Track Record and Turnover Requirements Reduced Under FEMA 1999.</h1> The circular issued by the Reserve Bank of India (RBI) modifies the eligibility criteria for opening Diamond Dollar Accounts (DDAs) by firms and companies dealing in diamonds and precious metal jewelry. The track record requirement is reduced from three years to two years, and the average annual turnover requirement is lowered from Rs. 5 crores to Rs. 3 crores over the preceding three licensing years. Authorized Dealer Category-I banks are instructed to follow these revised criteria and adhere to the Foreign Trade Policy. Other conditions from the previous circular remain unchanged. The circular is issued under the Foreign Exchange Management Act, 1999.
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