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April 2012

A.P. (DIR Series) Circular No. 92, dated 13- 3-2012 — Opening of Diamond Dollar Accounts (DDAs) — Change in periodicity of the reporting.

By Gaurang Gandhi, Chartered Accountant

Reading Time 1 mins

Presently, banks are required to submit a monthly report to RBI, 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, by the 10th of the following month to which it relates.

This Circular has reduced the periodicity of reporting from monthly basis to quarterly basis with effect from the quarter ending March 31, 2012. As a result, banks are required to submit 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 by the 10th of the month following the quarter to which it relates.

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