Diamond Dollar Account

Eligibility	Under the scheme of Government of India, firms and companies dealing in purchase / sale of rough or cut and polished diamonds / precious metal jewellery plain, minakari and / or studded with / without diamond and / or other stones, with a track record of at least 2 years in import / export of diamonds / colored gemstones / diamond and colored gemstones studded jewellery / plain gold jewellery and having an average annual turnover of Rs. 3 crores or above during the preceding three licensing years (licensing year is from April to March) are permitted to transact their business through Diamond Dollar Accounts. Exporter firms and companies maintaining foreign currency accounts, excluding EEFC accounts, with banks in India or abroad, are not eligible to open Diamond Dollar Accounts An exporter firm / company shall be permitted to open and maintain not more than 5 DDAs
Type of Account	Non-interest bearing Current Account
Currency	US Dollar
Permissible Transactions	Credits: Amount of pre-shipment and post-shipment finance availed in US Dollars. Realisation of export proceeds from shipments of rough, cut, polished diamonds and diamond studded jewellery. Realisation in US Dollars from local sale of rough, cut and polished diamonds Debits: Payment for import / purchase of rough diamonds from overseas / local sources. Payment for purchase of cut and polished diamonds, coloured gemstones and plain gold jewellery from local sources. Payment for import/purchase of gold from overseas / nominated agencies and repayment of USD loans availed from the bank
Mandatory conversion	The sum total of the accruals in the account during a calendar month should be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments

( Last modified on Feb 02, 2024 at 04:02:41 PM )

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