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Diamond Dollar Account (DDA) Reporting Mechanism

FEMA - 54 - Dated:- 23-3-2016 - 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 gi .....

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serve 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 .....

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