BANKS CAN OPEN DIAMOND DOLLAR A/Cs WITHOUT NODE

Banks can now open and renew diamond dollar accounts (DDA) without the central bank’s prior approval, the Reserve Bank of India said in a notification. DDAs were opened by companies dealing in purchase or sale of rough/cut & polished diamonds or with a track record of at least three years in import/export of diamonds and colored gemstones and having an average annual turnover of Rs. 5 crore or more in the preceding three licensing years (starting April-March 2010).