Opening of Diamond Dollar Accounts - Liberalisation

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..... h a track record of at least 3 years in import / export of diamonds / coloured gemstones / diamond and coloured gemstones studded jewellery / plain gold jewellery, and having an average annual turnover of Rs 5 crore or above during preceding three licensing years, are allowed to open Diamond Dollar Accounts (DDA). The request for opening of DDA is considered by the Reserve Bank on a case-to-case basis, subject to the provisions of the prevailing Foreign Trade Policy of the Government of India. 2. With a view to liberalising the procedure, it has been decided to delegate powers to AD Category - I banks to permit such firms and companies to open and maintain DDA with AD Category - I banks, subject to the following terms and conditions: .....

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..... of gold from overseas / nominated agencies and repayment of USD loans availed from the bank. * Transfer to rupee account of the exporter. The above transactions are subject to the provisions of the Foreign Trade Policy of Government of India, issued from time to time. 3. The exporter firm / company shall make an application in the format annexed to the AD Category - I bank for opening of the DDA. AD Category - I banks should assess the track record of the firm / company at the end of every licensing year (April-March). In case any firm / company fails to meet the eligibility criteria, the account may be closed immediately. 4. AD Category - I banks shall submit a monthly report to the Chief General Manager-in-Charge, Foreign Excha .....

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..... coloured gemstones studded jewellery /plain gold jewellery, and having an average annual turnover of Rs 5 crore or above during preceding three licensing years. 2. We wish to open a current account/s under the Diamond Dollar Account Scheme with your bank in accordance with the provisions of (mention the relevant paragraph) of the Foreign Trade Policy (period e.g. 2004-2009) of the Government of India read with the Handbook of Procedures (mention the relevant Volume No.) issued by Ministry of Commerce Industry, Government of India. 3. The relevant particulars are furnished below: 1. Name of the Firm / Company : 2. Address of the Registered Office : 3. Principal business : 4. IE Code No. : 5. Annual Turnover of the last th .....

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