RBI-Diamond Dollar Account (DDA) Reporting Mechanism
March, 28th 2016
RBI/2015-16/346 A.P. (DIR Series) Circular No.54
March 23, 2016
All Category-I Authorised Dealer Banks
Madam / Sir,
Diamond Dollar Account (DDA) – Reporting Mechanism
Attention of Authorized Dealer Category – I (AD Category –I) banks is invited to Part IX, Para 1(e) of the Master Direction on Reporting under Foreign Exchange Management Act, 1999, as updated from time to time, in terms of which AD Category-I banks have been advised to submit quarterly reports 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 to Chief General Manger-in- Charge, Foreign Exchange Department, Reserve Bank of India, Trade Division, Amar Building, Mumbai – 400 001. Further, in terms of Part IX, Para 1(f) of the Master Direction ibid, AD Banks are also required to submit fortnightly statements giving data on DDA balances maintained by them to the Reserve Bank at the abovementioned address.
2. With a view to liberalizing the procedure, it has now been decided to dispense with the abovementioned statements with immediate effect. AD banks may however, maintain the above database at their own end and make available the same as and when called upon by the Reserve Bank of India.
4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the FEMA, 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.