Diamond Dollar Account scheme permits eligible exporters to hold non interest US Dollar current accounts under specified credit, debit and reporting rules. Amendments create a Diamond Dollar Account (DDA) Scheme allowing eligible exporter firms and companies to open US Dollar current accounts with Authorized Dealer Category I banks, non interest bearing and limited to five accounts per exporter; balances are subject to CRR and SLR. Credits are limited to specified export realisations and US Dollar finance, debits cover permitted payments for diamonds, gemstones, specified jewellery, gold imports, loan repayments and transfers to the rupee account, with all transactions governed by the Foreign Trade Policy. Banks must verify eligibility annually and report monthly to the Reserve Bank.
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 permits eligible exporters to hold non interest US Dollar current accounts under specified credit, debit and reporting rules.
Amendments create a Diamond Dollar Account (DDA) Scheme allowing eligible exporter firms and companies to open US Dollar current accounts with Authorized Dealer Category I banks, non interest bearing and limited to five accounts per exporter; balances are subject to CRR and SLR. Credits are limited to specified export realisations and US Dollar finance, debits cover permitted payments for diamonds, gemstones, specified jewellery, gold imports, loan repayments and transfers to the rupee account, with all transactions governed by the Foreign Trade Policy. Banks must verify eligibility annually and report monthly to the Reserve Bank.
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