What changed
Previously, AD Category-I banks had to submit monthly reports on Diamond Dollar Accounts by the 10th of the following month. Now, reporting is quarterly, with the first report due for the quarter ended March 2012, submitted by April 10, 2012. All other terms from earlier circulars remain unchanged.
What it means for you
This reduces compliance burden for banks handling Diamond Dollar Accounts, cutting reporting frequency by two-thirds. Banks can streamline internal processes and allocate resources more efficiently. However, data accuracy and timeliness remain critical as RBI still expects detailed information on account openings and closings.
What you must do
- Update internal reporting schedules for Diamond Dollar Accounts from monthly to quarterly.
- Ensure first quarterly report for quarter ended March 2012 is submitted by April 10, 2012.
- Continue to collect and verify all required details: firm/company name, address, account opening/closing dates.
- Send reports to Chief General Manager-in-Charge, Foreign Exchange Department, Trade Division, RBI, Amar Building, Mumbai.
Who it affects
AD Category-I banks handling Diamond Dollar Accounts, Firms and companies with Diamond Dollar Accounts
When does the new quarterly reporting start?
The quarterly reporting starts with the quarter ending March 2012. The first report must be submitted by April 10, 2012.
What details must be included in the quarterly report?
The report must include the name and address of the firm or company, and the date of opening or closing of the Diamond Dollar Account.
Are any other terms from previous circulars changed?
No, all other terms and conditions from A.P. (DIR Series) Circular No. 51 dated February 13, 2009 and Circular No. 13 dated October 29, 2009 remain unchanged.