Diamond Dollar Account scheme allows eligible jewellery firms to use dollar accounts for specified imports and transactions. The amendment permits firms with at least three years' trade record and the prescribed average turnover to operate designated Diamond Dollar Account Scheme dollar accounts on an optional basis; others may retain rupee accounts. Dollars in such accounts, from bank finance and export proceeds, are usable only for import/purchase of rough diamonds, purchase of cut and polished diamonds, coloured gemstones and plain gold jewellery locally, import/purchase of gold and repayment of dollar loans, and transfer to the exporter's rupee account. Non-DDA holders may supply cut and polished diamonds to DDA holders, receive dollar payment and convert to rupees within seven days; such supplies count toward export obligations or replenishment licences.
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 allows eligible jewellery firms to use dollar accounts for specified imports and transactions.
The amendment permits firms with at least three years' trade record and the prescribed average turnover to operate designated Diamond Dollar Account Scheme dollar accounts on an optional basis; others may retain rupee accounts. Dollars in such accounts, from bank finance and export proceeds, are usable only for import/purchase of rough diamonds, purchase of cut and polished diamonds, coloured gemstones and plain gold jewellery locally, import/purchase of gold and repayment of dollar loans, and transfer to the exporter's rupee account. Non-DDA holders may supply cut and polished diamonds to DDA holders, receive dollar payment and convert to rupees within seven days; such supplies count toward export obligations or replenishment licences.
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