RBI/2015-16/346
A.P. (DIR Series) Circular No.54
March 23, 2016
To
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.
- 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.
- Necessary amendments have been incorporated in the Foreign Exchange
Management (Foreign currency Accounts by a Person Resident in India),
Regulations 2015, which have been notified vide
Notification No. FEMA 10 (R)
/2015-RB dated January 21, 2016. The Master Direction No 16 on Export of Goods
and Services and Master Direction No 18 on Reporting under Foreign Exchange
Management Act, 1999 are being updated to reflect the changes.
- 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.
Yours faithfully,
(A. K. Pandey)
Chief General Manager
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