RBI-Opening of Diamond Dollar Accounts (DDAs) Change in periodicity of the reporting
March, 14th 2012
RBI/2011-12/440 A.P. (DIR Series) Circular No. 92
March 13, 2012
All Category - I Authorised Dealer Banks
Madam / Sir,
Opening of Diamond Dollar Accounts (DDAs) Change in periodicity of the reporting
Attention of Authorized Dealer Category I (AD Category-I) banks is invited to para 4 ofA.P. (DIR Series) Circular No. 51 dated February 13, 2009in terms of which AD Category - I banks are required to submit a monthly report to the Reserve Bank of India, giving details of the name and address of the firm / company in whose name the Diamond Dollar Account is opened, along with the date of opening / closing the Diamond Dollar Account, by the 10th of the following month to which it relates.
2. With a view to further rationalizing the reporting mechanism, it has now been decided that AD Category-I banks should submitquarterly reports instead of monthly reportsto the Chief General Manager-in-Charge, Foreign Exchange Department, Reserve Bank of India, Trade Division, Amar Building, Mumbai 400 001, giving details of the name and address of the firm / company in whose name the Diamond Dollar Account is opened, along with the date of opening / closing the Diamond Dollar Account with effect from the quarter ended March 2012, by the 10th of the month following the quarter to which it relates.
4. The directions contained in this circular have been issued under sections 10(4) and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
(Dr. Sujatha Elizabeth Prasad) Chief General Manager