How many diamond Dollar accounts can be opened?

How many diamond Dollar accounts can be opened?

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. (ii) They may be allowed to open not more than five Diamond Dollar Accounts with their banks.

What is a diamond dollar account?

Diamond Dollar Account (DDA) scheme allows firms and companies dealing in purchase or sale of rough or cut and polished diamonds or precious metal jewellery with at least three years in import of export of precious metals or jewellery to carry out business through a Diamond Dollar Account.

What companies are not eligible for diamond dollar?

The balances held in the accounts shall be subject to Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) requirements. 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.

Can I open dollar account in India?

A resident of India can open, hold and maintain foreign currency accounts in and outside India. A person resident in India can open a foreign currency account in India with an authorised dealer. It is opened, held and maintained in the form of a current or savings or term deposit account.

What is a RFC account?

An RFC (Resident Foreign Currency) Savings Account is a savings account maintained in foreign currencies – USD and GBP – for NRIs who have returned to India and hold funds in foreign currency.

How does EEFC account work?

Exchange earners’ foreign currency account (EEFC) is an account maintained in foreign currency with an authorised dealer i.e. a bank dealing in foreign exchange. No interest is payable on EEFC accounts. Up to 100% foreign exchange earnings can be credited to the EEFC account.

Can foreign currency be deposited in saving account?

Yes, one can deposit check any currency cheque in his or her bank account. Once cleared by the source bank the amount will be converted to Indian rupees. The forex rates are pre-set by the banks for conversion. Finally, after the conversion, the INR amount will be credited to your bank account.

Is it legal to keep dollars in India?

You can indefinitely retain foreign exchange upto US$ 2,000, in the form of foreign currency notes or travellers’ cheques (TCs) for future use. Any foreign exchange in cash in excess of this sum, is required to be surrendered to a bank within 90 days and TCs within 180 days of return.

What is the use of RFC account?

An RFC Savings Account provides safe parking for your foreign currency funds. It can be funded with any convertible foreign currency. Most important, if you change status to NRI again, this money can be transferred to an NRE/FCNR account.

How long can I maintain RFC account?

one to three years
RFC accounts may be maintained in the form of current, savings (without cheque facility) or term deposit accounts and held singly or jointly only in the names of eligible persons. The term deposit accounts can be maintained for one to three years.

Can I deposit pesos in my bank account?

For one thing, unless you plan to take another trip right away, you’ll likely want to put your foreign currency, from whatever zone or country, into the bank. U.S. banks do not accept deposits of foreign currency into personal savings or checking accounts. A conversion must take place before the deposit can be made.

Who is eligible for EEFC account?

Who can open an EEFC account? Ans. All categories of foreign exchange earners, such as individuals, companies, etc., who are resident in India, may open EEFC accounts.

Can I receive USD in my bank account?

If you want to receive money in USD, it is possible but agencies like Western union would not do it. You will have to remit the money thru a bank. Please note that banks charge a fee for such transaction.

How much cash can I keep at home in India?

Media reports said that the government would set a limit on the amount of cash that can be kept at home. The limit was speculated to be between Rs 3 to15 lakhs.

What is the difference between FCNR and RFC account?

Foreign Currency Non Resident (FCNR) account is a term deposit account that can be maintained by NRIs and PIOs in foreign currency whereas RFC accounts (Resident Foreign Currency) are bank accounts that can be maintained by resident Indians in foreign currency.