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May 2016

A. P. (DIR Series) Circular No. 54 dated March 23, 2016

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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Diamond Dollar Account (DDA) – Reporting Mechanism

Presently, banks are required to submit to RBI: –
1. Quarterly reports giving details of the name and address of the firm / company in whose name a Diamond Dollar Account is opened, along with the date of opening / closing the said Account.

2. Fortnightly statements giving data on DDA balances maintained by them.

This circular states that, with immediate effect, the above two reports / statements are not required to be submitted to RBI. However, banks are required to maintain the said database at their end and submit the same to RBI whenever called upon to do.

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