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Fortnightly Reporting for Diamond Dollar Accounts

Current · Source: Reserve Bank of India · RBI/2011-12/378 · issued 31 Jan 2012 · ~1 min read
Quick answerAD Category-I banks must now submit a fortnightly statement of Diamond Dollar Account balances to RBI within seven days of the fortnight's close, using the prescribed format.
The rule, in the simplest words
How it plays out — a real example

As a forex & trade-finance officer in Indore, Rohan must ensure that our bank submits the fortnightly statement of Diamond Dollar Account balances to RBI on time. He sets up an internal system to capture daily DDA balances in USD million and rupee equivalent, and then submits the statement in the prescribed format to the RBI office within seven days of the fortnight's end.

What changed

RBI has mandated that AD Category-I banks submit a statement of DDA balances on a fortnightly basis, within seven days of the fortnight's end, to the specified RBI office. Previously, banks had delegated powers to open and maintain DDAs without such regular reporting requirements.

What it means for you

Banks handling Diamond Dollar Accounts now face a recurring reporting obligation, increasing compliance workload. This move likely aims to enhance monitoring of foreign exchange flows in the diamond sector, potentially impacting liquidity management and operational processes for lenders.

What you must do

Who it affects

AD Category-I banks, Firms and companies maintaining Diamond Dollar Accounts

❓ Common questions

What is the deadline for submitting the DDA statement?

The statement must be submitted within seven days of the close of the fortnight to which it relates.

Where should the statement be sent?

It should be sent to the Chief General Manager-in-Charge, Foreign Exchange Department, Reserve Bank of India, Trade Division, 5th Floor, Amar Building, Mumbai – 400001.

Does this circular change any other terms for DDAs?

No, all other terms and conditions from the earlier circulars (A.P. DIR Series Circular No. 51 dated Feb 13, 2009, and No. 13 dated Oct 29, 2009) remain unchanged.

📜 Read the original circular — full text as issued by RBI
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
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2011-12/378 · issued 31 Jan 2012. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Set up internal systems to capture daily DDA balances in USD million and rupee equivalent for fortnightly reporting.
📜 Compliance
  • Submit the statement in the annexed format to the Chief General Manager-in-Charge, Foreign Exchange Department, Trade Division, RBI, Mumbai, within seven days of each fortnight's end.
  • Notify all relevant constituents and customers about this new reporting requirement.
  • Ensure compliance with existing terms from earlier circulars (A.P. DIR Series Circular No. 51 dated Feb 13, 2009, and No. 13 dated Oct 29, 2009).
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are an IT/Systems lead at a bank this circular applies to (AD Category-I banks, Firms and companies maintaining Diamond Dollar Accounts), your first concrete step on “Fortnightly Reporting for Diamond Dollar Accounts” is: “Set up internal systems to capture daily DDA balances in USD million and rupee equivalent for fortnightly reporting.” (RBI issued this 31 Jan 2012).

  1. Circular: RBI/2011-12/378 -- Fortnightly Reporting for Diamond Dollar Accounts
  2. Issued: 31 Jan 2012
  3. Action required: Set up internal systems to capture daily DDA balances in USD million and rupee equivalent for fortnightly reporting.
  4. Action required: Submit the statement in the annexed format to the Chief General Manager-in-Charge, Foreign Exchange Department, Trade Division, RBI, Mumbai, within seven days of each fortnight's end.
  5. Action required: Notify all relevant constituents and customers about this new reporting requirement.
  6. Action required: Ensure compliance with existing terms from earlier circulars (A.P. DIR Series Circular No. 51 dated Feb 13, 2009, and No. 13 dated Oct 29, 2009).
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6979&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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