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of <h1>India Amends Exim Policy to Allow Diamond Dollar Accounts for Gems and Jewellery Sector; Eligibility Criteria Specified</h1> The Government of India has amended the Exim Policy, 2002-2007, allowing firms in the gems and jewellery sector to use Diamond Dollar Accounts (DDA) for business transactions. Eligible firms must have a minimum three-year track record in diamond or jewellery trade and an average annual turnover of Rs. 5 crore over the past three licensing years. The DDA scheme, which is optional, permits the use of dollars for importing/purchasing diamonds and gold, and repaying bank loans. Non-DDA holders can also transact with DDA holders, converting dollar payments into rupees within seven days. This aims to facilitate trade and export obligations.
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