The amount, if any, to be paid by the bank to the complainant by way of compensation for any loss suffered by the complainant is limited to the amount arising directly out of the act or omission of the bank or ₹ 20 lakhs (₹ Two Million), whichever is lower.

Each bank or PD will, on the basis of firm orders, submit a single bid for the aggregate amount of non-competitive bids on the day of the auction. The bank or PD will furnish details of individual customers, viz., name, amount, etc. along with the application.

Broadly there are two schemes under which one can set up a JV/WOS abroad, namely automatic route and normal route.

Foreign exchange for travel abroad can be purchased from banks against rupee payment in cash up to Rs.50,000/-. However, if the rupee equivalent exceeds Rs.50,000/-, the entire payment should be made by way of a crossed cheque/banker’s cheque/pay order/demand draft only.

Banks can formulate special fixed deposit schemes specifically for senior citizens offering higher and fixed rates of interest as compared to normal deposits of any size.

Yes. Compensation by way of additional interest will be paid on to the customer for delay in collection beyond the declared collection period as per the bank’s USD Cheque Collection policy and such interest shall be on “step-up basis” for the period of delay. The compensation shall be paid automatically without the customer requesting for the same

The allotment to the non-competitive segment will be at the weighted average price of all allotments to competitive bidders. In case of a yield based auction, the weighted average yield in the auction will be used to arrive at the allotment price for non-competitive bids.

• As IIBs are G-Sec, they can be tradable in the secondary market like other G-Secs. Investors will be able to trade them in NDS-OM, NDS-OM (web-based), OTC market, and stock exchanges.

Resident individuals are permitted to include resident relative(s) [as defined in section 2(77) of the Companies Act, 2013] as joint holder(s) in their EEFC account on ‘former or survivor’ basis.

Ans. Yes. The PSS Act 2007 does not prohibit foreign entities from operating a payment system in India and the Act does not discriminate/differentiate between foreign entities and domestic entities. (Pl see Sections 4 and 18 of the PSS Act, 2007)

Response

The services available free in the 'Basic Savings Bank Deposit Account’ will include deposit and withdrawal of cash; receipt / credit of money through electronic payment channels or by means of deposit / collection of cheques at bank branches as well as ATMs.

The NBFC Ombudsman may award compensation not exceeding rupees 0.1 million to the complainant for causing mental agony and harassment. The NBFC Ombudsman, while passing such award, will take into account the loss of the complainant's time, expenses incurred by the complainant, harassment and mental anguish suffered by the complainant.

As stated earlier, banks have to necessarily approach RBI for unwinding of the swap in case of premature withdrawal of deposits. However, banks may arrange funds from other permitted sources pending unwinding of the swap with RBI.

Ans. No

• Customers can approach any of the authorised banks, including SHCIL for such investment irrespective of whether they hold an account or not with that bank.

Ans. In addition to extant regulatory requirements for authorised non-bank PSPs, supervisory assessments will include compliance with regulatory requirements as laid out in:

Master Directions on Access to Payment Systems;

RTGS System Regulations; and

NEFT Procedural Guidelines.

Ans. Annex I provides only an indicative methodology for assessment of household income, and REs are required to put in place a board-approved policy for household income assessment. References to household expenses and assessment of household profile are only for the purpose of validation of the household income reported by the borrowers.

Ans. Eligibility criteria for the purpose of setting up and operating a TReDS platform is provided in the guidelines (as amended from time to time) for TReDS issued by RBI. These guidelines are available at the following path: www.rbi.org.in → “Payment and Settlement Systems” dropdown →“Guidelines”. RBI’s Press Release dated October 15, 2019 may also be read in this regard. The same can be accessed at the following web links: /en/web/rbi/-/guidelines-for-the-trade-receivables-discounting-system-treds-3504 and /en/web/rbi/-/press-releases/on-tap-authorisation-of-payment-systems-48405

The Ombudsman may award compensation not exceeding rupees 0.1 million to the complainant for mental agony and harassment. The Ombudsman, while giving the compensation, shall take into account the loss of time, expenses incurred by the complainant, harassment and mental anguish suffered by the complainant.

There is no option for cancellation of deposit in this scheme after creation of the Bond Ledger Account.

Ans. Transactions in RTGS happen in real time and it is not possible to match name and account number before affording credit to the beneficiary. Since name in the Indian context is spelt differently and would not really match with that available with the beneficiary bank, the process of affording credit solely based on the account number of the beneficiary has been enabled.

Our Circular Ref. No. DPSS (CO) EPPD No. / 863 / 04.03.01 / 2010-11 dated October 14, 2010 on ‘Electronic payment products – Processing inward transactions based solely on account number information’ (available at https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6043&Mode=0) may be referred to for further details.

If there are multiple lending institutions with exposure to a borrower whose resolution is undertaken in terms of Part B of the Annex to the Resolution Framework, all lending institutions having exposure to such borrower are required to enter into ICA.

Response: Yes, the liability for dues shall rest solely with the principal cardholder and not with the add-on cardholders. However, settlement of dues towards international credit card shall also be governed as per FEMA regulations. Further, the responsibility for making payments in case of business credit cards shall be governed by the terms and conditions agreed upon.

A BLA or Bond Ledger Account means an account with RBI or an agency bank in which the Government securities are held in a dematerialized form to the credit of the holder. The investor in this case receives a Certificate of Holding or Certificate of Investment from RBI/Agency Banks.

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. An investor/trust can buy 4 Kg/20 Kg worth of gold every year as the ceiling has been fixed on a fiscal year (April-March) basis.

Ans. The individual will have to designate a branch of an AD through which all the capital account remittances under the Scheme will be made. The applicants should have maintained the bank account with the bank for a minimum period of one year prior to the remittance.

For remittances pertaining to permissible capital account transactions, if the applicant seeking to make the remittance is a new customer of the bank, Authorised Dealers should carry out due diligence on the opening, operation and maintenance of the account. Further, the AD should obtain bank statement for the previous year from the applicant to satisfy themselves regarding the source of funds. If such a bank statement is not available, copies of the latest Income Tax Assessment Order or Return filed by the applicant may be obtained. He has to furnish Form A-2 regarding the purpose of the remittance and declare that the funds belong to him and will not be used for purposes prohibited or regulated under the Scheme.

Ans: In case of CNP transactions, RBI has mandated providing AFA for domestic transactions. If a transaction has taken place without AFA and the customer has complained that the transaction is not effected by her / him, the issuer bank shall reimburse the loss to the customer without demur. Further, liability of a customer in case of an unauthorised electronic payment transaction is limited as per the provisions of RBI circulars DBR.No.Leg.BC.78/09.07.005/2017-18 dated July 6, 2017, DCBR.BPD.(PCB/RCB).Cir.No.06/12.05.001/2017-18 dated December 14, 2017, and para 17 of Master Directions on PPIs dated August 27, 2021 (updated as on November 12, 2021).

Ans.: If the company’s accounts are not audited before the due date of submission, i.e., July 15, then the MF survey schedule should be submitted based on unaudited (provisional) account.

Yes, going forward, the UPI-PayNow linkage can be expected to cover more banks and financial institutions in India.

No. The exchange facility shall be provided free of cost.

No. The current framework permits green deposits to be denominated in Indian Rupees only.

Ans. Customers have the option to register / de-register their card for a particular use case, i.e., contactless, QR code based, in-app payments, etc.

Answer: The exchange rate for most currencies are determined in the Forex markets, typically against global currencies like the USD, EUR, JPY etc. In the transition phase, when there is no market with direct exchange rates between two currencies (say INR and Sri Lankan Rupee), the exchange rate between the currencies of two trading partner countries, each of which has markets against global currencies, would be derived as a cross currency rate.

Answer:

• OTC derivatives

• For retail users
  • Foreign Exchange Forward
  • Foreign Exchange Swap
  • Currency Swap
  • Purchase of Call and Put Options
  • Purchase of Call and Put Spreads
• For non-retail users: All foreign exchange products permitted to be offered to retail users, covered options, option to undertake / cancel a foreign exchange forward / foreign exchange swap / currency swap / foreign exchange option and any other foreign exchange derivative contract including derivatives having cash instrument(s) and/or permitted derivative(s) as components, but excluding leveraged derivatives and derivatives containing a derivative instrument as underlying other than those specifically permitted.

• Exchange traded derivatives

• Foreign Exchange Future

• Foreign Exchange Option

Ans: The Guidelines are applicable to all transactions meeting the definition of ‘Digital Lending’ as per Digital Lending Guidelines.

Ans. The Compounding Authority passes an order indicating details of the contravention and the provisions of FEMA, 1999 that have been contravened. The compounding amount is indicated in the compounding order. The process of compounding is brought to a conclusion by payment of the compounding amount indicated in the compounding order.

Answer: Resident and Non-resident acquirers can open Escrow Account in INR with an AD bank in India as the Escrow Agent, for acquisition/transfer of capital instruments/convertible notes in accordance with Foreign Exchange Management (Non-Debt Instrument) Rules, 2019 as amended from time to time and subject to the terms and conditions specified under Schedule 5 of Foreign Exchange Management (Deposit) Regulations, 2016, as amended from time to time.

Ans. Yes.  In terms of paragraphs 15, 18 and 27 of Master Direction- Reserve Bank of India (Interest Rate on Deposits) Directions, 2025, banks can levy penalty for premature withdrawal as per the comprehensive policy approved by their Board of Directors. The components of penalty should be clearly brought to the notice of the depositors at the time of acceptance of deposits.

Ans: DLG arrangements are not permitted on the loans which are covered by the credit guarantee schemes administered by trust funds as specified under para 2 of Review of Prudential Norms – Risk Weights for Exposures guaranteed by Credit Guarantee Schemes (CGS) dated September 07, 2022, as amended from time to time.

Ans. Yes, documents as mentioned in reply to Q 5 above shall be submitted by all account holders of a joint account to the RE.

Ans.: Total invoice value must be in Indian Rupees (INR) in actuals (which should also include billing to subsidiary(s)/associate(s) abroad) during the reference period.

The complaints pertaining to the REs not covered under the RB-IOS, 2021 are forwarded to CEPCs of RBI (currently located at 30 RBI Offices) for resolution. Such complaints can also be filed on the portal or address as per details given in Question 16. The complainant would be notified of the same through SMS and e-mail on the mobile number and email id provided at the time of filing the complaint.

Ans: For ease of use, e₹ is available in the same denominations as physical currency. This provides the users with the same familiarity and convenience as with usage of physical currency notes.

In case of the funded facility created on account of invocation of BG/ devolvement of LC, the bank may charge an appropriate rate of interest on the devolved amount taking into account the associated credit risk premium as per the bank’s credit underwriting policy. However, penalty, if any, on that funded facility on account of non-repayment by the borrower within the due date may only be levied in the form of penal charges and not penal interest.

Ans. RBI has mandated minimum number of free transactions at ATMs. Banks may offer more number of free transactions to their customers.

Response: Yes, unless the potential depositor is already a bank’s KYC compliant customer.

Ans. Both types of Small PPIs are reloadable and shall be used only for purchase of goods and services. Their salient features are as follows:

PPIs upto ₹10,000/- (with cash loading facility):

1. The amount loaded during any month shall not exceed ₹10,000/-;

2. The total amount loaded during the financial year shall not exceed ₹1,20,000/-;

3. The amount outstanding at any point of time shall not exceed ₹10,000/-;

4. The total amount debited during any given month shall not exceed ₹10,000/-;

5. These PPIs shall be converted into full-KYC PPIs within 24 months; and

6. Loading / Reloading can be by cash or electronic means.

PPIs upto ₹10,000/- (with no cash loading facility):

1. The amount loaded during any month shall not exceed ₹10,000/-;

2. The total amount loaded during the financial year shall not exceed ₹1,20,000/-;

3. The amount outstanding at any point of time shall not exceed ₹10,000/-;

4. Loading / Reloading shall be from a bank account / credit card / full-KYC PPI; and

5. The Small PPIs (with cash loading facility) existing as on December 24, 2019 can be converted to this PPI, if desired by the PPI holder.

There is no requirement for any initial deposit for opening a BSBDA.

Ans : ECS Credit offers many advantages to the beneficiary –

• The beneficiary need not visit his / her bank for depositing the paper instruments which he would have otherwise received had he not opted for ECS Credit.

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

• Cost effective.

• The beneficiary receives the funds right on the due date.

Ans. Under normal circumstances, the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank must credit the beneficiary's account within 30 minutes of receiving the funds transfer message.

On return from a foreign trip travellers are required to surrender unspent foreign exchange held in the form of currency notes within 90days and travellers’ cheques within 180 days of return. However, they are free to retain foreign exchange upto US$2,000, in form of foreign currency notes or TCs for future use.

GAHs Management  involves PM’s actions like -  create ‘transactional’ users (employees of GAH who can place bids)  and ‘view only’ users (employees of GAH who can only view the bid related queries), modify users, suspend/unlock users, log-off users, obtain and set/reset the login passwords of users, set risk limits, take action on bids submitted by GAHs etc.

A list of returns generally applicable to the banks has been made available in the Approach Paper. However, every bank is required to work on all the RBI returns applicable to it.

Ans: Yes, NEFT can be used to transfer funds from / to NRE and NRO accounts in the country. This, however, is subject to the adherence of the provisions of the Foreign Exchange Management Act, 2000 (FEMA) and Wire Transfer Guidelines.

If a bank goes into liquidation, DICGC is liable to pay to the liquidator the claim amount of each depositor upto Rupees five lakhs within two months from the date of receipt of claim list from the liquidator. The liquidator has to disburse the claim amount to each insured depositor corresponding to their claim amount."

If a bank is reconstructed or amalgamated / merged with another bank: The DICGC pays the bank concerned, the difference between the full amount of deposit or the limit of insurance cover in force at the time, whichever is less and the amount received by him under the reconstruction / amalgamation scheme within two months from the date of receipt of claim list from the transferee bank / Chief Executive Officer of the insured bank/transferee bank as the case may be."

The foreign exchange acquired for any purpose has to be used within 60 days of purchase. In case it is not possible to use the foreign exchange within the period of 60 days it should be surrendered to an authorised dealer.

Under the Scheme, the Reserve Bank permits ADs Category - I , ADs Category - II and FFMCs to enter into agency or franchisee agreements at their option for the purpose of carrying restricted money changing business i.e. conversion of foreign currency notes, coins or travellers' cheques into Indian Rupees.

A franchisee can be any entity which has a place of business and a minimum Net Owned Funds of Rs.10 lakh. Franchisees can undertake only restricted money changing business.

An AD Category-I Bank / AD Category-II / FFMC, as the franchiser, is free to decide on the tenor of the arrangement as also the commission or fee through mutual agreement with the franchisee. The Agency / Franchisee agreement to be entered into should include the following salient features:

1. The franchisees should display the names of their franchisers, exchange rates and that they are authorised only to purchase foreign currency, prominently in their offices. Exchange Rate for conversion of foreign currency into Rupees should be the same or close to the daily exchange rate charged by the AD Category – I Banks / ADs Category - II / FFMC at its branches.

2. The foreign currency purchased by the franchisee should be surrendered only to its franchiser within 7 working days from the date of purchase.

3. The maintenance of proper record of transactions by the franchisee.

4. The on-site inspection of the franchisee by the franchiser should be conducted at least once a year.

Ans. A person resident in India is free to make any payment in Indian Rupees towards meeting expenses, on account of boarding, lodging and services related thereto or travel to and from and within India, of a person resident outside India, who is on a visit to India.

The RBI will allot the bids under the non-competitive segment to the aggregator or facilitator which, in turn, will allocate to the bidders.

The Banking Ombudsman may award compensation not exceeding ₹ 1 lakh (₹ One Hundred Thousand) to the complainant for mental agony and harassment. The Banking Ombudsman will take into account the loss of the complainant's time, expenses incurred by the complainant, harassment and mental anguish suffered by the complainant while passing such award.

This will be notified at the time of announcement of the specific auction for which non competitive bids will be invited.

Savings bank account cannot be opened in the name of Government Department/ Government Scheme, excepting in respect of deposits of Government organizations/agencies listed below: Primary Co-operative Credit Society which is being financed by the bank. Khadi and Village Industries Boards. Agriculture Produce Market Committees. Societies registered under Societies Registration Act, 1860 or any other corresponding law in force in State or a Union Territory. Companies governed by the Companies Act, 1956 which have been licensed by the Central Government under Section 25 of the said Act, or under the corresponding provision in the Indian Companies Act, 1913 and permitted, not to add to their names the word "Limited" or the words "Private Limited". Institutions other than those mentioned in clause (i) above and whose entire income is exempt from payment of income tax under Income-Tax Act, 1961. Government departments/bodies/agencies in respect of grants/ subsidies released for implementation of various programmes/ schemes sponsored by Central Government subject to production of an authorisation from the respective Government departments to open savings bank account. Development of Women and Children in Rural Areas (DWCRA). Self-help Groups (SHGs), registered or unregistered, which are engaged in promoting savings habits among their members. Farmers’ Clubs - Vikas Volunteer Vahini - VVV.

Under the automatic route, a company does not require any prior approval from the regulatory authority for setting up a JV/WOS abroad.

Ans : Domestic/offshore institutional investors, specially insurance and pension funds can invest through units and bonds issued by the IDFs.

• Not as of now.

• The work on web-based platform for primary auction is, however, underway and as and when the same is completed, investors will be able use the same for participating in the primary auction of G-Secs including IIBs.

ECS Credit offers many advantages to the beneficiary – The beneficiary need not visit his / her bank for depositing the paper instruments which he would have otherwise received had he not opted for ECS Credit. The beneficiary need not be apprehensive of loss / theft of physical instruments or the likelihood of fraudulent encashment thereof. Cost effective. The beneficiary receives the funds right on the due date.

With the enactment of the Micro, Small and Medium Enterprises Development (MSMED), Act 2006, for the goods and services supplied by the MSME units, payments have to be made by the buyers as under:

(i) The buyer is to make payment on or before the date agreed on between him and the supplier in writing or, in case of no agreement, before the appointed day. The agreement between seller and buyer shall not exceed more than 45 days.

(ii) If the buyer fails to make payment of the amount to the supplier, he shall be liable to pay compound interest with monthly rests to the supplier on the amount from the appointed day or, on the date agreed on, at three times of the Bank Rate notified by Reserve Bank.

(iii) For any goods supplied or services rendered by the supplier, the buyer shall be liable to pay the interest as advised at (ii) above.

(iv) In case of dispute with regard to any amount due, a reference shall be made to the Micro and Small Enterprises Facilitation Council, constituted by the respective State Government.

To take care of the payment obligations of large corporate borrowers to MSEs, banks have been advised that while sanctioning/renewing credit limits to their large corporate borrowers (i.e. borrowers enjoying working capital limits of ₹10 crore and above from the banking system), to fix separate sub-limits, within the overall limits, specifically for meeting payment obligations in respect of purchases from MSEs either on cash basis or on bill basis.

Banks were also advised to closely monitor the operations in the sub-limits, particularly with reference to their corporate borrowers’ dues to MSE units by ascertaining periodically from their corporate borrowers, the extent of their dues to MSE suppliers and ensuring that the corporates pay off such dues before the ‘appointed day’ /agreed date by using the balance available in the sub-limit so created.(Refer circular IECD/5/08.12.01/2000-01 dated October 16, 2000 reiterated on May 30, 2003, vide circular No. IECD.No.20/08.12.01/2002-03).

Ans. Yes. All entities, irrespective of domestic or foreign, need to obtain license/ approval / authorization from Reserve Bank before commencing payment system operations in the country. The PSS Act indicates that “No person can operate a payment system except under and in accordance with an authorisation issued by the Reserve Bank”. Criteria are also specified for particular payment systems which form part of the respective payment system guidelines / instructions

The form and manner of application for authorisation is available at /documents/87730/30842423/PSSR23022022d57d6e9afaf44d97b9ed577d9d1c7c2b.pdf

Ans. Yes

The complainant is required to give details such as, his/her name and address, the name and address of the branch or office of the NBFC against which the complaint is made, facts giving rise to the complaint supported by documents, if any, the nature and extent of the loss caused to the complainant, the relief sought from the NBFC Ombudsman and a declaration that the complaint is maintainable under Clause 9A of the Scheme.

Ans. The detailed process of application is given in the Master Directions on Access Criteria for Payment Systems issued vide DPSS.CO.OD.No.1846/04.04.009/2016-17 dated January 17, 2017.

All applications for membership to CPS shall have to be submitted to the Chief General Manager, Department of Payment and Settlement Systems (DPSS), Reserve Bank of India (RBI), Central Office, 14th Floor, Central Office Building, Shahid Bhagat Singh Marg, Fort, Mumbai – 400 001.

The application will need to be in the format prescribed in Appendix - 1 “Covering letter for membership to Centralised Payment System”, of Master Directions on Access Criteria for Payment Systems, together with annexures.

Repayment of the deposit will be made after a period of 4 years from the effective date of deposit (ie., date of tender of cash or the date of realization of draft or cheque or transfer through electronic transfer)

Response

There is no requirement for any initial deposit for opening a BSBDA.

• The banks through which these securities have been purchased will provide other customer services.

• Investors can approach the banks for other services such as change of address, early redemption, nomination, lien marking, etc.

Ans. The regulatory framework for microfinance loans is applicable only to REs/ entities as defined under para 2.1⁴ and para 9.2⁵ of the directions. However, it may be prudent for other lenders operating in the microfinance sector to follow these customer-centric directions.

The complainant is required to give details such as,The name and the address of the complainantThe name and address of the branch or office of the System Participant against whom the complaint is made;The facts giving rise to the complaint, supported by documents, if any;The nature and extent of the loss caused to the complainant;The relief sought for; andDeclaration that the complaint is maintainable under Clause 9(3) of the Scheme.

Banks are not required to enter into any ISDA agreement with RBI.

Only such resolution plans which receive a credit opinion of RP4 or better for the residual debt from a CRAs shall be considered for implementation under the Resolution Framework. In case credit opinion is obtained from more than one CRA, all such credit opinions must be RP4 or better.

Ans. List of all authorised Payment System Operators (PSOs), including TReDS, is available at the following path: www.rbi.org.in → “Payment and Settlement Systems” dropdown → “Information Useful to Customer” → “List of Authorised Entities – Payment System Operators”. Following is the web link for accessing the same: /en/web/rbi/-/publications/certificates-of-authorisation-issued-by-the-reserve-bank-of-india-under-the-payment-and-settlement-systems-act-2007-for-setting-up-and-operating-payment-system-in-india-12043

Response: The Reserve Bank has not prescribed any requirement for insurance cover on debit or credit cards. However, in case a card-issuer or a card payment network provides an insurance cover, complimentary or chargeable (with the consent of the cardholder), the card-issuer shall ensure that the relevant nomination details are recorded by the Insurance Company and the availability of insurance is included, along with other information, in every statement. The information shall also include the details regarding the insurance cover, name/address and telephone number of the Insurance Company which will handle the claims relating to the insurance cover. In case of group insurance policy, the contact details of the concerned officials of the card-issuer shall be provided in the statements.

Ans. The registration for a tokenisation request is done only with explicit customer consent through Additional Factor of Authentication (AFA), and not by way of a forced / default / automatic selection of check box, radio button, etc. Customer will also be given choice of selecting the use case and setting-up of limits.

No. They are not covered under the G S Act or the G S Regulations.

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.

The maximum limit will be applicable to the first applicant in case of a joint holding for that specific application.

Ans. The remittances can be made in any freely convertible foreign currency.

Ans.: No. Even if a company’s account closing period is different from reference period (end-March), the MF survey information should be reported for the survey reference period, based on the company’s internal assessment.

The participating banks will be rolling-out an update in their respective UPI apps in a phased manner and the customers will have to update their UPI app so as to enable global remittances feature.

Banks have been instructed to make arrangements to reduce inconvenience to the senior citizens, persons with disabilities, etc., seeking to exchange/deposit ₹2000 banknotes.

Answer: The policy is not aimed at any specific country. This step is part of a sequenced and calibrated path for increased use of the INR in international transactions.

Answer: Regulated financial entities, other entities with a minimum net worth of Rs.500 crore or a minimum turnover of Rs. 1000 crore, as per the latest audited financial statements, and non-residents (other than individuals) are classified as non-retail users. All other types of users are classified as retail users.

Ans: The Guidelines are applicable to ‘digital loans’ offered over any digital platform which meet the definition of ‘Digital Lending Apps/ Platforms’ (DLAs) as per our circular dated September 02, 2022 on Guidelines on Digital Lending.

Ans. The guidance structure for calculating the amount to be imposed on compounding is available at paragraph 5.4 of Directions - Compounding of Contraventions under FEMA, 1999. It may, however, be noted that the guidance structure is only for the purpose of broadly standardizing the amount imposed by the compounding authorities across offices and the actual amount imposed may vary, depending on the circumstances of the case taking into account the factors given in paragraph 5.3 of Directions - Compounding of Contraventions under FEMA, 1999.

Ans. No. As per paragraph 20.2.1 of these Directions, banks cannot accept recurring deposits under FCNR(B) Scheme.

Ans. An RE has the following options to onboard a customer:

(a) Face-to-face onboarding:

• Visit to the branch/ office of the RE;
• using e-KYC authentication (OTP as well as biometric based authentication); undertaking offline verification of proof of possession of Aadhaar Number; obtaining certified copy of the OVD or equivalent e-document thereof; undertaking ‘Digital KYC Process’, as per paragraph 16 of the MD on KYC.
• Video based Customer Identification Process (V-CIP) complying with prescribed standards and procedures.

(b) Non-face-to-face onboarding:

• using Aadhaar OTP based e-KYC authentication;
• using digital channels such as CKYCR, DigiLocker, equivalent e-document, etc., and non-digital modes such as obtaining copy of OVD certified by additional certifying authorities as allowed for NRIs and PIOs.

Ans.: Total invoice value must be in Indian Rupees (INR) in actuals (which should also include billing to subsidiary(s)/associate(s) abroad) as per type of export service.

Banks are required to make their USD Cheque Collection Policy transparent covering all the relevant aspects detailed above. Banks are also required to widely disseminate the policy by displaying at their branches, on their website, etc. A copy of the policy will be available with the Branch for the customers to go through. Banks have been advised to look into and redress customer complaints like delay in collection / receipt of proceeds, etc. Customers may resort to the redressal mechanism put in place by RBI under the Banking Ombudsman Scheme, 2006 for any complaints.

Ans: The feature of providing the requisite change is available in all the e₹ wallets. For example, if one desires to purchase a ₹15 item from a merchant but has only ₹20 denomination available in the e₹ wallet, she/he can enter ₹15 in the amount field while sending the money; ₹15 will automatically be credited to the merchant while the balance ₹5 will be returned to the e₹ wallet.