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Part C : RBI/FEMA
Given below are the highlights of certain RBI Circulars and Press Notes
issued by DIPP
Opening of Diamond Dollar Accounts —Liberalisation
Presently, RBI permits opening of Diamond Dollar Accounts (DDA)
on a case-to-case basis, provided the firms/companies interested in opening
the same have :
(i) a track record of at least 3 years in import/ export
of diamonds/coloured gemstones/ diamond and coloured gemstone-studded
jewellery/plain gold jewellery, and(ii) an average annual turnover of Rs. 5 crore or above
during preceding three licensing years.
This Circular permits banks to open such DDA, subject to
the firms/companies opening the same complying with certain terms and
conditions. Application form for opening DDA is also annexed to this Circular.
