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RBI demands transparency on DDA!

2016-04-09


Recently the RBI has given direction under the Reporting Mechanism to all thoseAD Category –I banks by referring the Master Direction on Reporting under Foreign Exchange Management Act, 1999, as updated from time to time. This is the step closer to act transparent!

All those concern banks have been advised to submit quarterly reports giving details of the name and address of the firm or company in whose name the Diamond Dollar Account is opened, along with the date of opening or closing the Diamond Dollar Account. These banks are also directed to submit fortnightly statements giving data on DDA balances maintained by them to the Reserve Bank at the abovementioned address.

With a view to liberalizing the procedure, it has now been decided to dispense with the abovementioned statements with immediate effect. AD banks may however, maintain the above database at their own end and make available the same as and when called upon by the Reserve Bank of India.