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Diamond Account

1. The Reserve Bank of India is dispensing with the requirement for authorized dealer category 1 banks to submit quarterly and fortnightly statements reporting on diamond dollar account balances and activity. 2. Instead, authorized banks will now be required to maintain internal databases on diamond dollar accounts and make this data available to the RBI upon request. 3. The changes aim to liberalize reporting procedures and have been incorporated in amendments to relevant regulations and master directions.

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Jagadeesh Yathirajula
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118 views2 pages

Diamond Account

1. The Reserve Bank of India is dispensing with the requirement for authorized dealer category 1 banks to submit quarterly and fortnightly statements reporting on diamond dollar account balances and activity. 2. Instead, authorized banks will now be required to maintain internal databases on diamond dollar accounts and make this data available to the RBI upon request. 3. The changes aim to liberalize reporting procedures and have been incorporated in amendments to relevant regulations and master directions.

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Jagadeesh Yathirajula
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We take content rights seriously. If you suspect this is your content, claim it here.
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RESERVE BANK OF INDIA

Mumbai - 400 001


RBI/2015-16/ 346

March 23, 2016

A.P. (DIR Series) Circular No.54


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-inCharge, 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.

3. 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.

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.

Yours faithfully,

(A. K. Pandey)
Chief General Manager

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