RBI had issued the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015 on January 21, 2016 (‘Principal Regulations') which contains regulations pertaining to opening, holding, and maintaining of foreign currency accounts and the limits up to which amounts can be held in such accounts by a person resident in India. In Annexure II of Schedule II of the Principal Regulations, pertaining to ‘application for opening diamond dollar account/s', the application required that firm making such application to have a track record of at least two years in import/ export of diamonds/coloured gemstones/ diamond and coloured gemstones studded jewellery/ plain gold jewellery. Accordingly, the RBI, by way of its Notification dated April 29, 2025, has increased the aforementioned track record from two to three years.
Originally published 29 July 2025
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