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Collection of Instruments

3. My bank charges me a large sum of money for cheque collection. Is there any remedy? +

Local cheque collection charges are decided by the concerned bank from time to time and communicated to customer through their CCP as part of the Code of Bank’s Commitment to Customers.

Banks cannot charge more than the following for outstation cheques:

Up to and including Rs.5,000 – Rs.25 per instrument + service tax; Above Rs.5,000 and up to and including Rs.10,000 – not exceeding Rs.50 per instrument + service tax; Above Rs.10,000 and up to and including Rs.1,00,000 – not exceeding Rs.100 per instrument + service tax; Above Rs.1,00,000 – left to the banks to decide. No additional charges such as courier charges, out of pocket expenses, etc., should be levied.

It may be noted, no outstation cheque collection charges to be levied if the collecting bank and the paying bank are located within the jurisdiction of the same CTS grid even though they are located in different cities.

3. What are the Government Securities Regulations, 2007? +

Government Securities Regulations, 2007 (G S Regulations) have been framed by the RBI to carry out the purposes of the G S Act.

Q3. Who can sponsor IDF-MFs and IDF-NBFCs? +

Ans : IDF-MFs can be sponsored by banks and NBFCs. Only banks and Infrastructure Finance companies can sponsor IDF-NBFCs.

3. How can the ATS be accessed ? +

A link to ATS has been provided in the RBI website http://www.rbi.org.in.

Q 3. What are the entry point norms for NBFC-Factor ? +

Ans, Every company registered under Section 3 of the Companies Act 1956 seeking registration as NBFC-Factor shall have a minimum Net Owned Fund (NOF) of Rs. 5 crore. Existing companies seeking registration as NBFC-Factor but do not fulfil the NOF criterion of Rs. 5 crore may approach the Bank for time to comply with the requirement.

Q.3. Whether retail and wholesale trade can be classified under MSME ? +

The Ministry of Micro, Small and Medium Enterprises vide Office Memorandum (OM) No. 5/2(2)/2021-E/P & G/Policy dated July 2, 2021 has allowed Udyam registration for retail and wholesale trade. Detailed guidelines are available in our circular FIDD.MSME & NFS.BC.No.13/06.02.31/2021-22 dated July 07, 2021.

3. As per the framework, unallocated proceeds of green deposits can be invested in liquid instruments with maturity up to one year only. What are these "liquid instruments"? Is there a requirement that temporary allocation of proceeds is only for a period of one year? Will there be any penalty if the REs are not able to allocate the proceeds of green deposits?

The liquid instruments are Level 1 High Quality Liquid Assets as per the extant guidelines.
The REs can temporarily park proceeds of green deposits, pending allocation towards green activities/ projects, in liquid instruments with maximum maturity upto one year (This will have to be specified under the Financing Framework).
The framework does not envisage any penalty for non-allocation of proceeds towards green activities/ projects; however, it shall be subject to supervisory review.

3. As the ‘Principal’ (Face Value) would change in the secondary market trades , the methodology for accounting the change in the ‘Principal’ (Face Value) due to Inflation Indexation needs to be clearly spelt out. +

Ans: IIBs classified under AFS and HFT may be valued at clean price quoted in the market at the time of acquisition. At the time of subsequent mark to market, the clean price quoted in the market as available from trades/quotes or clean price provided by FIMMDA may be treated as market value. Once this market value has been determined, the standard accounting procedures as applicable to HFT/AFS may be applied.

3.Who is an authorized dealer? +

An authorized dealer is normally a bank specifically authorized by the Reserve Bank under Section 10(1) of FEMA,1999, to deal in foreign exchange or foreign securities.

3. What is the maximum deposit amount insured by the DICGC ? +

Each depositor in a bank is insured upto a maximum of ₹ 5,00,000 (Rupees Five Lakhs) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank's licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.

Q.3. What is the funds availability schedule for the beneficiary? +

Ans The remitting bank transmits the funds transfer message to RBI so as to reach NCC, before the cut off time for the settlement, the receiving bank’s account is credited by RBI at the destination centre and beneficiary gets credit on the same day.

3. Whether capital protection will be provided? +

Yes, capital protection will be provided by paying higher of the adjusted principal and face value (FV) at redemption.
If adjusted principal goes below FV due to deflation, the FV would be paid at redemption and thus, capital will get protected.

3. Are there any risks in investing in SGBs? +

There may be a risk of capital loss if the market price of gold declines. However, the investor does not lose in terms of the units of gold which he has paid for.

3. কে একটি PPIজারিকর্তা হতে পারে? +

উত্তর. উত্তর: PPI জারিকর্তা একটি অস্তিত্ব যারা করে / অংশগ্রহণ করে একটি পরিশোধ ব্যবস্থায়, PPI কোন ব্যক্তিকে / সংস্থাকে জারি করার জন্য । যা টাকা সংগ্রহ হয় সেটি ব্যবহার করে ব্যবসায়ীদের পরিশোধ করার জন্য ঐ অস্তিত্ব দ্বারা, যারা ঐ প্রস্তাবটির গ্রহণকারী এবং নিধি স্থানান্তর তরান্বিত / টাকা পাঠানোর পরিষেবা দেয় ।

3. একজন গ্রাহক হিসেবে সুবিধা পাবার ক্ষেত্রে ব্যাংক এটিএম বা ডব্লিউএলএ এর মধ্যে কি কোনো তফাত আছে?

উত্তর. একজন গ্রাহকের জন্য, একটি ডব্লিউএলএ ব্যবহার করা শুধুমাত্র একটি অন্য যেকোন ব্যাংকের এটিএম ব্যবহার করার মতই (ব্যাংক যারা কার্ড জারি করা ব্যাংক নয়) শুধুমাত্র নাগাদ টাকা জমা দেওয়া এবং কয়েকটি মূল্য জড়িত পরিষেবার সঙ্গে থাকা সুবিধাগুলির ক্ষেত্রে ডব্লিউএলএতে অনুমোদিত নয়।

3. কোনো ব্যক্তির কি একটি ব্যাংকে যত খুশি সংখ্যক ‘বেসিক সেভিংস ব্যাংক ডিপোজিট অ্যাকাউন্ট’ থাকতে পারেন? +

না। একজন ব্যক্তির একটি ব্যাংকে মাত্র একটিই ‘বেসিক সেভিংস ব্যাংক ডিপোজিট অ্যাকাউন্ট’ থাকতে পারে।

3. Is LEI required for Central Government or State Governments or Departments and Ministries thereunder ? +

Ans. It is not necessary for Governments or their Departments / Ministries to obtain LEI or mention LEI number for payment transactions in NEFT and RTGS. However, Corporations / Undertakings, including those fully owned by the Government, shall need to obtain LEI. All single payment transactions of ₹50 crore and above of Government Undertakings and Corporations, through NEFT / RTGS, shall include remitter and beneficiary LEI information.

3. Para 2.4 prescribes that the CCO shall have an overall experience of at least 15 years in the banking or financial services out of which minimum 5 years shall be in the Audit / Finance / Compliance / Legal / Risk Management functions. Whether any other category of experience would also be relevant for considering the minimum 5 years-experience? +

The principle behind this requirement is that the identified CCO is a well experienced official so that she/he discharges the mandated functions independently and effectively. Accordingly, in line with the above, Risk Management functions shall also include control functions within the business lines. Therefore, if a regional/zonal/business head had the requisite responsibility/experience on the control functions of the business lines for 5 years or more, she/he shall be eligible for the post of CCO under this condition.

3. Whether A2 reporting has to be undertaken by bank remitting the funds? +

Yes, any underlying transaction by a domestic Indian party, which requires A2 reporting for remittance overseas will require the same in case of a domestic remittance for credit to an SNRR Account.

3. Who can participate as a seller in TReDS ? +

Ans. Only MSMEs can participate as sellers in TReDS.