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Domestic Deposits

IV. Advances against shares and debentures

42. Which of the bills should not be discounted by banks? +

The bills covering payment of electricity charges, customs duty, hire purchase/ lease rental installments, sale of securities and other types of financial accommodation should not be discounted by banks.

Retail Direct Scheme

Investment and Account holdings related queries

42. What other fees/ charges are applicable? +

No fee will be charged for opening and maintaining the Retail Direct Gilt (RDG) account with RBI. No fee will be charged by RBI at the time of submission of bids in primary auctions. However, applicable payment gateway charges will have to be borne by the investor while funding his/her purchases.

Indian Currency

E) Counterfeits/Forgeries

1. What is a forged note? +

A suspected forged note, counterfeit note or fake note is any note which does not possess the characteristics of genuine Indian currency note.

FAQs on Non-Banking Financial Companies

Liquid Asset requirement

42. The companies have been advised to obtain prior approval of the Regional Office of the Reserve Bank of India if it is intended to lodge the securities with a bank branch at a place other than the place of its Registered Office. Please explain the purpose behind it. +

Most of the companies are unitary entities. They function from the place of their Registered Office. Some of the large sized companies as also some others may intend to keep the securities at metropolitan centres for operational advantages. The place where the securities are held could be outside the jurisdiction of the concerned Regional Office of RBI because the jurisdictional areas are decided on the basis of place of location of the Registered Office of the companies. In such cases, it is imperative for the Regional Offices to know the place where the securities are being kept.

External Commercial Borrowings (ECB) and Trade Credits

K. MISCELLANEOUS

42. When ECB is partially converted into equity, should the remaining ECB amount comply with all the ECB guidelines? +

Yes. The part conversion of ECB into equity will be freely permitted only when the part amount remaining as ECB complies with all the applicable ECB norms.

Core Investment Companies

Core Investment Companies (CICs)

42. Are Core Investment Companies (CICs) permitted to invest in Liquid Fund Schemes (Mutual Funds) with maturity of less than 91 days? +

Ans:. Yes. As per the present directions for CICs, they are permitted to make investments in money market instruments, including money market mutual funds. Since Liquid Funds are also mutual funds with the underlying being money market instruments; CICs are permitted to invest their surplus funds in Liquid Fund Schemes also.

Domestic Deposits

IV. Advances against shares and debentures

43. Whether banks can invest in fixed deposits of non-financial companies? +

There is no prohibition on banks’ placing of funds with non-banking non-financial companies under their Public Deposit Schemes. However, investment in the Public Deposit Scheme of such companies should be classified by banks as loans/ advances in their balance sheet and returns submitted under the Banking Regulation Act, 1949 and the Reserve Bank of India Act 1934.

Retail Direct Scheme

Investment and Account holdings related queries

43. When will the securities be credited in my Retail Direct Gilt (RDG) account? +

Securities will be credited in your Retail Direct account on the settlement date, which is typically one working day after the trade date/auction date.

Indian Currency

E) Counterfeits/Forgeries

2. How to check whether a note is genuine or not? +

A forged note can be identified on the basis of the security features which are present in a genuine Indian currency note. These features are easily identifiable by seeing, touching and tilting the note.

Foreign Investment in India

III. Investment in other securities

Q.43: What are the restrictions on the investments made by an AIF ? +

Answer: An Alternative Investment Fund (Category III) with foreign investment can make portfolio investment in only those securities or instruments in which an FPI is allowed to invest under the Act, rules or regulations made thereunder.IV. Reporting Delays