GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

SCHEDULE II

Regulation - FEMA - [See Sub-regulation (E) of Regulation 4] Diamond Dollar Account (DDA) Scheme 1. Firms and companies may open and maintain DDA with AD Category-I banks, subject to the following terms and conditions:- a) The exporter should comply with the eligibility criteria stipulated in the Foreign Trade Policy of the Government of India, issued from time to time. b) The DDA shall be opened in the name of the exporter and maintained in US Dollars only. c) The account shall only be in the f .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ounts, with banks in India or abroad, are not eligible to open Diamond Dollar Accounts. 2. Permissible Credits:- i. Amount of pre-shipment and post-shipment finance availed in US Dollars. ii. Realisation of export proceeds from shipments of rough, cut, polished diamonds and diamond studded jewellery. iii. Realisation in US Dollars from local sale of rough, cut and polished diamonds. 3. Permissible Debits:- i. Payment for import/ purchase of rough diamonds from overseas/ local sources. ii. Paymen .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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. APPLICATION FOR OPENING DIAMOND DOLLAR ACCOUNT/S To, The Branch Manager/ (name & address of AD bank/branch) Dear Sir, We are dealing in purchase/ sale of rough or cut and polished diamonds / p .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version