Wednesday, June 29, 2011

Diamond Dollar Account (DDA)

Diamond Dollar Account (DDA)
  1. 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 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 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.
  2. They may be allowed to open not more than five Diamond Dollar Accounts with their banks.
  3.  Eligible firms and companies may apply for permission to their AD Category – I banks in the format prescribed.

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