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Indian Currency

D) Soiled, Mutilated and Imperfect Banknotes

All Bank notes including Mahatma Gandhi (New) series notes with writing or colour/ oil stains on them continue to be legal tender, provided they are decipherable. Such notes can be deposited or exchanged in any bank branch.

However, a claim in respect of bank notes which carries any extrinsic words or visible representations intended to convey or capable of conveying any message of a political or religious character or furthering the interest of any person or entity will be rejected as per Reserve Bank of India (Note Refund) Rules, 2009 [As amended by Reserve Bank of India (Note Refund) Amendment Rules, 2018].

FAQs on Non-Banking Financial Companies

Liquid Asset requirement

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.

Retail Direct Scheme

Investment and Account holdings related queries

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.

Domestic Deposits

IV. Advances against shares and debentures

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.

Indian Currency

E) Counterfeits/Forgeries

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

External Commercial Borrowings (ECB) and Trade Credits

K. MISCELLANEOUS

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.

All you wanted to know about NBFCs

D. Definition of deposits, Eligible / Ineligible Institutions to accept deposits and Related Matters

No. These societies are formed for salaried employees and hence they can accept deposit only from their own members and not from general public. It may be noted that Salary Earners’ Societies do not fall under the regulatory purview of the Reserve Bank and fall under the purview of Registrar of Cooperative Societies.

Foreign Investment in India

III. Investment in other securities

Answer: Investment made by an Investment Vehicle into an Indian company or an LLP will be indirect foreign investment for the investee company or the LLP, as the case may be, if either the Sponsor or the Manager or the Investment Manager (i) is not owned and not controlled by resident Indian citizens or (ii) is owned or controlled by persons resident outside India.

FAQs on Non-Banking Financial Companies

Extent of regulations over NBFCs accepting public deposits and not accepting public deposits

The NBFCs accepting public deposits shall furnish to RBI Certificate from the Auditors regarding solvency of the company in repayment of the deposits as and when the claims arise; Balance Sheet and the Auditors’ Reports submitted to the Board of Directors as also to the Shareholders of the company; Statutory Annual Return on deposits in the First Schedule; Quarterly Return on liquid assets; Half-yearly Return on prudential norms; and a copy of the Credit Rating once a year alongwith one of the Half-yearly Returns on prudential norms as at (v) above.

Retail Direct Scheme

Investment and Account holdings related queries

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.

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Page Last Updated on: December 10, 2022

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