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March 2012

A.P. (DIR Series) Circular No. 73, dated 21-1- 2012 — Opening of Diamond Dollar Accounts (DDAs)

By Gaurang Gandhi, Chartered Accountant

Reading Time 1 mins

Presently, banks are permitted to open and maintain Diamond Dollar Accounts (DDA) of eligible firms and companies, subject to certain terms and conditions.

This Circular requires banks to submit a statement giving the data on the DDA balances maintained by them on a fortnightly basis within 7 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.

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