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of <h1>RBI Amends Foreign Exchange Management Rules: Introduces Diamond Dollar Account Scheme for Exporters' Transactions</h1> The Reserve Bank of India has amended the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000. Key changes include the introduction of the Diamond Dollar Account (DDA) Scheme, allowing eligible firms and companies to open DDAs with Authorized Dealer Category-I Banks in India. These accounts are to be maintained in US Dollars and are subject to specific terms, such as a limit of five DDAs per exporter and compliance with the Foreign Trade Policy. The accounts facilitate transactions related to diamond trade, with defined permissible credits and debits, and require monthly reporting to the Reserve Bank of India.
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