Opening of Diamond Dollar Accounts (DDAs). - FEMA - 73

RBI/2011-12/378 A. P. (DIR Series) Circular No.73 January 31, 2012 To All Category I Authorised Dealer Banks Madam / Sir, Opening of Diamond Dollar Accounts (DDAs) Attention of Authorised Dealer Category - I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 51 dated February 13, 2009 delegating powers to AD Category I banks to open and maintain DDAs by eligible firms and companies subject to certain terms and conditions. 2. It has now been decided that AD Category - I banks should submit a statement giving the data on the DDA balances maintained by them on a fortnightly basis as per format annexed , within seven days of close of the fortnight to which it relates, to the Chief General Manager-in-Charge, Foreign Exchange Department, Reserve Bank of India, Trade Division, 5th Floor, Amar Building, Mumbai 400001. 3. The other terms 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. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 5. 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, (Rashmi Fauzdar) Chief General Manager ANNEX [Annex to A.P. (DIR Series) Circular No.73 dated January 31, 2012] Statement showing balances in Diamond Dollar Account on daily basis during the fortnight ended ......................... Name of the Bank : A.D. Code No. : Date Balances (in USD Million) Balances (in Rupee equivalent in Crore) Signature of Authorised official Stamp Date :