Your funds from each bank would be insured separately, regardless of the date of closure.

Person going abroad on emigration can draw foreign exchange upto USD100,000 on self- declaration basis from an authorized dealer in India. This amount is only to meet the incidental expenses in the country of emigration. No amount of foreign exchange can be remitted outside India to become eligible or for earning points or credits for immigration. All such remittances require prior permission of the Reserve Bank.

An application from an FFMC/non-bank AD Category-II for renewal of licence shall be made two months before expiry of the licence or such other period as the Reserve Bank may prescribe. Where an application for licence renewal is submitted as above, the licence shall continue in force until the date on which the licence is renewed or the application is rejected, as the case may be. No application from an FFMC/non-bank AD Category-II for renewal of licence shall be made after expiry of the licence.

Ans. Dance troupes, artistes, etc., who wish to undertake cultural tours abroad, should obtain prior approval from the Ministry of Human Resources Development (Department of Education and Culture), Government of India, New Delhi.

Positive Pay System (PPS) for CTS is an additional indicator provided by NPCI to all banks to facilitate the clearing process and pre-empt cheque-related frauds and shall form part of prudent practices followed by banks for payment processing. It has been introduced to augment customer safety in cheque payments and reduce instances of fraud occurring on account of tampering of cheque leaves.

Banks have been advised to enable PPS facility for all account holders issuing cheques for amount of ₹ 50,000 and above. While availing of this facility is at the discretion of the account holder, banks may consider making it mandatory in case of cheques for amounts of ₹ 5,00,000 and above.

One may lodge his/ her complaint at the office of the Banking Ombudsman under whose jurisdiction, the bank branch complained against is situated.

For complaints relating to credit cards and other types of services with centralized operations, complaints may be filed before the Banking Ombudsman within whose territorial jurisdiction the billing address of the customer is located. (Click here for address and area of operation of the Banking Ombudsman)

The minimum amount for bidding will be Rs.10,000 (face value) and in multiples in Rs.10,000.

Banks should pay interest at the originally contracted rate on the deposit amount for the holiday/Sunday/Non-business working day intervening between the date of expiry of the specified term of the deposit and the date of payment of the proceeds of the deposits on the succeeding working day.

No. General permission has been given to authorised dealers to allow such collectivised remittances, on a periodic basis.

Travellers are allowed to purchase foreign currency notes/coins only up to US$ 2000. Balance amount can be taken in the form of traveller’s cheque or banker’s draft. Exceptions to this are (a) travellers proceeding to Iraq and Libya can draw foreign exchange in the form of foreign currency notes and coins not exceeding US$ 5000 or its equivalent; (b) travellers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States can draw entire foreign exchange released in form of foreign currency notes or coins.

• Extant tax provisions will be applicable on interest payment and capital gains on IIBs.

• There will be no special tax treatment for these bonds.

• These securities will be issued in the form of Bonds Ledger Account (BLA).

• The securities in the form of BLA will be issued and held with RBI and thus, RBI will act as central depository.

• A certificate of holding will be issued to the holder of securities in BLA.

Ans. No. The acquirer banks (other than local area banks) may, based on the approval of their Board, provide cash withdrawal facility at PoS terminals. The local area banks shall require the approval of RBI for providing this facility.

Only an Indian Company engaged in financial sector activities can make investment in the financial services sector provided it fulfills the following norms besides complying with the parameters indicated at Answers to the Question Nos. 14 and 28.has earned net profit during the preceding three financial years from the financial services activities;is registered with the appropriate regulatory authority in India for conducting financial services activities;has a minimum net worth of Rs.15 crores as on the date of the last audited balance sheet; andhas fulfilled the prudential norms relating to capital adequacy as prescribed by the concerned regulatory authority in India.

The non-competitive bidder will make payment to the aggregator or facilitator through which he has put the bid and receive his securities from them.

Ans. RTGS system enables participants to initiate and receive payments for inter-bank / non-bank / customer transactions. NEFT system allows members to send and receive transactions of retail nature electronically. Membership to NEFT is, however, relevant to non-bank PPI issuers only.

RTGS system also enables eligible members to post MNSB transactions, do Own Account Transfers (OAT) between current account and settlement account in RTGS. In the context of Q.7 above, MNSB transactions are relevant for Card Networks only.

Ans. i) Payment outside India towards a permissible current account transaction [in accordance with the provisions of the Foreign Exchange Management (Current Account Transactions) Rules, 2000] and permissible capital account transaction [in accordance with the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000].

ii) Payment in foreign exchange towards cost of goods purchased from a 100 percent Export Oriented Unit or a Unit in (a) Export Processing Zone or (b) Software Technology Park or (c) Electronic Hardware Technology Park

iii) Payment of customs duty in accordance with the provisions of the Foreign Trade Policy of the Central Government for the time being in force.

iv) Trade related loans/advances, extended by an exporter holding such account to his importer customer outside India, subject to compliance with the Foreign Exchange Management (Borrowing and Lending in Foreign Exchange) Regulations, 2000.

v) Payment in foreign exchange to a person resident in India for supply of goods/services including payments for airfare and hotel expenditure.

Yes. Cooling period is the time up to which banks wait after receiving provisional credit for the amount of cheque in their Nostro account for possible return of the cheque by the drawee bank under the provisions of the US laws, before giving credit to the customers. Cooling period is dependent on the mode and area of collection and varies from 5-8 days for cheques in New York area and 15-21 days for other cities collected under CLA mode. However, under the FCS mode, banks receive final credit in their Nostro account without any recourse to recall. It does not involve cooling period as this is already factored into by the CBs before releasing the final credit.

No interest shall be paid for deposits made in this scheme.

With effect from February 1, 2017 limits on cash withdrawals from ATMs have been removed. Banks may, at their discretion, have their own operating limits as was the case before November 8, 2016, subject to the overall cash withdrawal limit for an account.

Response

The 'Basic Savings Bank Deposit Account' would be subject to provisions of PML Act and Rules and RBI instructions on Know Your Customer (KYC) / Anti-Money Laundering (AML) for opening of bank accounts issued from time to time. BSBDA can also be opened with simplified KYC norms. However, if BSBDA is opened on the basis of Simplified KYC, the accounts would additionally be treated as “BSBDA-Small account” and would be subject to the conditions stipulated for such accounts as indicated in our circulars RPCD.CO.RCB.AML.BC.No.63/07.40.00/2010-11 dated April 26, 2011 and RPCD.CO.RRB.AML.BC.No.15/03.05.33(E)/2011-12 dated August 8, 2011.

Yes. The complaint can be filed by one’s authorized representative (other than an advocate).

The re-pricing of the swap would be done as given in the illustration at the end of the FAQ.

Ans. Yes, please refer to the Master Directions on Reporting (/en/web/rbi/-/notifications/master-direction-reporting-under-foreign-exchange-management-act-1999-updated-as-on-may-12-2023-lt-span-gt-10202). The registration is required to be done once the AD bank’s approval for the establishment of office is issued.

Ans. The directions are applicable to loans sanctioned on or after April 1, 2022. Accordingly, pricing of the existing loans of NBFC-MFIs i.e., sanctioned prior to April 1, 2022 shall continue to be as per the guidelines applicable as on March 31, 2022. As other REs were already free to decide pricing of loans sanctioned, they are allowed to review and revise interest rates applicable to the existing loans also, subject to compliance with the relevant guidelines.

In the case of banks, especially foreign banks, earlier specifically permitted to store the banking data abroad, they may continue to do so; however, in respect of domestic payment transactions, the data shall be stored only in India, whereas for cross border payment transactions, the data may also be stored abroad as indicated earlier.

Yes. The complaint can be filed through an authorized representative of the complainant (other than an advocate).

Ans. Response to Q.No. 2 may be referred to for the applicable types of transactions.

Ans. The following payments are eligible to be settled through ACU:-

1. for export / import transaction between ACU member countries on deferred payment terms; and

2. not declared ineligible as mentioned under Q.10

Note:- Trade transaction with Myanmar may be settled in any freely convertible currency, in addition to the ACU mechanism.

Ans. Yes. The TReDS could deal with both receivables factoring as well as reverse factoring.

Ans. The IFSC number can be obtained by the remitter (customer) from his / her bank branch. Alternatively, it is available on the cheque leaf of the beneficiary. This code number / bank branch information can be communicated by the beneficiary to the remitting customer. The list of IFSCs is also available on the RBI website at the link https://rbi.org.in/Scripts/Bs_viewRTGS.aspx?Category=5. The list is updated on a fortnightly basis.

The instructions in the circular dated September 7, 2020 is applicable in the case of all borrowers in respect of whom resolution is being undertaken in terms of Part B of the Annex to the circular dated August 6, 2020 on Resolution Framework.

Response: The cardholder shall be provided option to choose any date as the starting or closing day of the billing cycle at least once. Further, card-issuers may provide the option to modify the billing cycle through multiple channels such as helpline, dedicated e-mail-id, Interactive Voice Response (IVR), internet banking, mobile-application and any other modes.

Stock means a Government security registered in the books of RBI for which a Stock Certificate (SC) is issued or which are held at the credit of the holder in the Subsidiary General Ledger (SGL) account maintained in the books of RBI and transferable by registration in the books of RBI.

Ans. Resident individuals (but not permanently resident in India) who have remitted their entire earnings and salary and wish to further remit ‘other income’ may approach RBI with documents through their AD bank for consideration.

Ans: The monthly updates mentioned in the circular specifically relate to the inclusion of new secured assets possessed by the REs, and the removal of the secured assets that have been sold or resolved by the REs.

Ans.: The reference period of an MF survey round is the immediately preceding financial year (April-March).

The requirement is that the companies in the Promoter Group in which the public hold not less than 51 per cent of the voting equity shares shall hold not less than 51 per cent of the total voting equity shares of the NOFHC.[ para 2 (C) (ii) (b) of the guidelines] A company in which public holds 51 per cent need not necessarily be listed. For the purpose of these guidelines, ‘public shareholding’ implies that no person along with his relatives (as defined in Section 6 of the Companies Act, 1956) and entities in which he and / or his relatives hold not less than 50 per cent of the voting equity shares, by virtue of his shareholding or otherwise, exercises ‘significant influence’ or ‘control’ (as defined in Accounting Standard 23) over the company.

Yes, there is an opt in / opt out feature in the apps of the participating banks in India for receiving the remittances from Singapore.

To give time to the banks to make preparatory arrangements, members of the public are requested to approach the bank branches or ROs of RBI from May 23, 2023 for availing exchange facility.

Ans: For transactions up to ₹50,000, the charges are as follows:

1. Originating bank – Maximum ₹5/- per transaction.

2. State Bank of India – ₹20/- per transaction. SBI would share this ₹20/- with NSBL at ₹10 each. NSBL would not charge any additional amount for crediting the beneficiary. if he maintains an account with it.

3. In case the beneficiary does not maintain an account with NSBL then, an additional amount would be charged- ₹50/- for remittances up to ₹5,000/- and ₹75/- for remittance above ₹5,000/-.

4. For transactions above ₹50,000/-, charges prescribed by SBI shall apply. The charges prescribed by SBI is available on the website of SBI under the hyperlink - https://nsbl.statebank/remittance-from-india.

Ans: No. DLG arrangements for credit cards are not permitted.

The RE needs to publish the FF along with opinion of external reviewer on the FF (before implementation of FF) on its website. There is no requirement of publishing FF twice, i.e., one before and another after external review.

Ans: The limits on cash withdrawal at ATMs and for purchase of goods and services are decided by the card issuer. Within these limits, the card holder may set and modify transaction limits for various uses like domestic, international, PoS, ATMs, online transactions, contactless transactions, etc. Cash withdrawal using debit cards and full-KYC prepaid cards at PoS terminals has been allowed by Reserve Bank of India (RBI) whereby, a maximum of ₹2,000 can be withdrawn per transaction within an overall monthly limit of ₹10,000. Cardholders can check with their issuers for details of such facilities provided by them.

Answer: “Capital account transaction" means a transaction which alters the assets or liabilities, including contingent liabilities, outside India of persons resident in India or assets or liabilities in India of persons resident outside India. Please refer to the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 for permitted capital account transactions.

Ans. Normally, in a tokenised card transaction, parties / stakeholders involved are merchant, the merchant’s acquirer, token service provider (card payment network or card issuer), token requestor, issuer and customer. However, an entity, other than those indicated, may also participate in the transaction.

No. An investor can have only one unique investor Id linked to any of the prescribed identification documents. The unique investor ID is to be used for all the subsequent investments in the scheme. For holding securities in dematerialized form, quoting of PAN in the application form is mandatory.

No.