RBI/2011-12/440
A.P. (DIR Series) Circular No. 92
March 13, 2012
To,
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 of
A.P. (DIR Series) Circular No. 51 dated February 13, 2009
in 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 submit quarterly reports
instead of monthly reports to 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.
3. The other terms and conditions mentioned in the A.P. (DIR Series) Circular
No. 51 dated February 13, 2009 and
A.P. (DIR Series) Circular No.13 dated October 29, 2009
shall remain unchanged.
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.
Yours faithfully,
(Dr. Sujatha Elizabeth Prasad)
Chief General Manager