Ans. Any debit from or credit to a non-resident’s account in India as a result of a transaction with a resident will attract the provisions of Foreign Exchange Management Act, 1999 (FEMA) and hence, the provisions contained in the circular shall apply.

Response

No. An individual is eligible to have only one 'Basic Savings Bank Deposit Account' in one bank.

Ans: 50%

The GAH will have access to the same order book of NDS-OM as the Primary Members. GAH will be in a better position to control their orders (place/modify/cancel/hold/release) and will have access to real time live quotes in the market. Since notifications of orders executed as well as various queries are available online to the GAH, they are better placed to manage their positions. Web based interface that leverages on the gilt accounts already maintained with the custodian Banks/PDs therefore provides an operationally efficient system to retail participant.

The data should include end-to-end transaction details and information pertaining to payment or settlement transaction that is gathered / transmitted / processed as part of a payment message / instruction. This may, interalia, include - Customer data (Name, Mobile Number, email, Aadhaar Number, PAN number, etc. as applicable); Payment sensitive data (customer and beneficiary account details); Payment Credentials (OTP, PIN, Passwords, etc.); and, Transaction data (originating & destination system information, transaction reference, timestamp, amount, etc.).

Ans. A tokenised card transaction is considered safer as the actual card details are not shared with the merchant during transaction processing.

Before appointment of an audit firm as SCA/SA of the RBI Regulated Entity, there should be a time gap of minimum one year between this appointment and completion of the assignment of any non-audit works given to the same audit firm in that RBI Regulated Entity or completion of any audit/non-audit works in other RBI Regulated Entities in the Group. This stipulation shall be applicable prospectively, i.e. from FY 2022-23. Therefore, if an audit firm is involved in some non-audit work with the Entity and/or any audit/non-audit work in other RBI Regulated Entities in the Group and completes or relinquishes the said assignment prior to the date of appointment as SCA/SA of the Entity for FY 2021-22, the said audit firm would be eligible for appointment as SCA/SA of the Entity for FY 2021-22.

It is reiterated that the time gap between any non-audit works by the SCAs/SAs for the Entities or any audit/non-audit works for its Group Entities should be at least one year after completion of the audit assignment as SCA/SA.

Ans. Charges, if any, levied on cash withdrawals shall not exceed 1% of the transaction amount.

Borrower are free to raise their funding needs from any source at any level.

Ans. RTGS offers many advantages for funds transfer:

• It is a safe and secure system for funds transfer.

• RTGS transactions / transfers have no amount cap set by RBI.

• The system is available on all days on 24x7x365 basis. There is real time transfer of funds to the beneficiary account.

• The remitter need not use a physical cheque or a demand draft.

• The beneficiary need not visit a bank branch for depositing the paper instruments.

• The beneficiary need not be apprehensive about loss / theft of physical instruments or the likelihood of fraudulent encashment thereof.

• Remitter can initiate the remittances from his / her home / place of work using internet banking, if his / her bank offers such service.

• The transaction charges have been capped by RBI.

• The transaction has legal backing.