Financial System

Indian Economic System(HCS)

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Diamond-Dollar account is an account

Which can be maintained by an individual in a bank in the form of diamonds or dollars

Maintained by Indian Government with US Federal Bank in the form of diamonds

Maintained with Indian banks by NRIs

Maintained by a diamond Exporter in the form of retaining his dollar earnings

Explanation:

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.

By: Abhipedia

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