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of <h1>RBI Relaxes Reporting for Diamond Dollar Accounts; Banks to Maintain Internal Records Under FEMA 1999 Amendments.</h1> Authorized Dealer Category-I banks are no longer required to submit quarterly and fortnightly reports on Diamond Dollar Accounts (DDA) to the Reserve Bank of India (RBI). Instead, banks should maintain this data internally and provide it to the RBI upon request. Amendments reflecting these changes have been made to the Foreign Exchange Management Regulations, 2015, and updates to relevant Master Directions are in progress. These changes are issued under the Foreign Exchange Management Act, 1999, and do not affect other legal permissions or approvals that may be necessary.
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