Ans. As compounding is based on voluntary admissions and disclosures, there is no provision under the of Foreign Exchange (Compounding Proceedings) Rules, 2024, for an appeal against the order of the Compounding Authority or for a request for reduction of amount imposed or extension of period for payment of the amount imposed.

Ans.: Company has to mention percentage of this service under ‘Offshore product development’ in Q-3 (D) of Part-A and consolidated amount under Q-5 (a-iv) for software products.

The complainant is required to provide the following details

1. Name of the complainant, age and gender;

2. Full postal address of the complainant with personal e-mail ID, mobile number (mandatory to receive notifications), and landline number (if available);

3. Name and address of the branch or office of the RE against which the complaint is filed;

4. Complete facts giving rise to the complaint, including, transaction date and details, the details of the complainant’s account number, debit card or credit card number to the extent that they are relevant to the subject matter of the complaint;

5. Date and details of the representation submitted to the RE for redressal of grievance and reply, if any, received from the RE;

6. The nature and extent of the loss caused to the complainant; and

7. The relief sought; along with

8. Declaration that the complaint is not non-maintainable as per Clause 10 of the RB-IOS 2021.

Note: The complainant shall submit, along with the complaint, copies of the relevant documents supporting the complaint.

Ans. A customer can obtain his KYC Identifier through the following ways:

1. In the process of opening an account, once the customer’s KYC Identifier is generated by CKYCR and provided to the RE, the latter shall share the same with the concerned customer.
2. The customer can also access his KYC Identifier on CKYCR Portal (www.ckycindia.in).

Ans: In terms of Section 26 of the Reserve Bank of India (RBI) Act, 1934, every ₹ bank note shall be legal tender at any place in India in payment or on account for the amount expressed therein and is guaranteed by the Central Government. e₹, being a digital form of the ₹ bank note, is legal tender and is the liability of Reserve Bank of India.

If you have a complaint against only scheduled bank on any of the above grounds, you can lodge a complaint with the bank concerned in writing in a specific complaint register provided at the branches as per the recommendation of the Goiporia Committee or on a sheet of paper. Ask for a receipt of your complaint. The details of the official receiving your complaint may be specifically sought. If the bank fails to respond within 30 days, you can lodge a complaint with the Banking Ombudsman. (Please note that complaints pending in any other judicial forum will not be entertained by the Banking Ombudsman). No fee is levied by the office of the Banking Ombudsman for resolving the customer’s complaint. A unique complaint identification number will be given to you for tracking purpose. (A list of the Banking Ombudsmen along with their contact details is provided on the RBI website).

Complaints are to be addressed to the Banking Ombudsman within whose jurisdiction the branch or office of the bank complained against is located. Complaints can be lodged simply by writing on a plain paper or online at www.bankingombudsman.rbi.org.in or by sending an email to the Banking Ombudsman. Complaint forms are available at all bank branches also.

Complaint can also be lodged by your authorised representative (other than a lawyer) or by a consumer association / forum acting on your behalf.

If you are not happy with the decision of the Banking Ombudsman, you can appeal to the Appellate Authority in the Reserve Bank of India.

Response: For redressal of his/her grievance, the customer must first approach the concerned card-issuer. If the card-issuer does not respond within a period of 30 days after filing of the complaint or rejects the complaint wholly/partly or if the customer is not satisfied with the response/resolution given by the card-issuer, the customer can lodge his/her complaint with the Ombudsman, Reserve Bank through any of the following methods:

i. Online at  https://cms.rbi.org.in.

ii. Physical complaint (letter/post) in the form as specified in Annexure ‘A’ of the Reserve Bank - Integrated Ombudsman Scheme, 2021 to “Centralised Receipt and Processing Centre, 4th Floor, Reserve Bank of India, Sector -17, Central Vista, Chandigarh - 160017”.

Ans. The service charges for the following types of cash withdrawal transactions are to be determined by the banks themselves: (a) cash withdrawal with the use of credit cards. (b) cash withdrawal in an ATM located abroad.

Response:

Sr. No.	Type of Deposit	Principal Repayment on Maturity	Interest Repayment on Maturity
i.	Short Term Bank Deposit (STBD)*	In gold or INR equivalent of the value of deposited gold at time of redemption	In INR with reference to value of gold in terms of Indian Rupees at the time of deposit.
ii.	Medium Term Government Deposit (MTGD)	In gold or INR equivalent of the value of deposited gold at time of redemption	In INR with reference to value of gold in terms of Indian Rupees at the time of deposit.
iii.	Long Term Government Deposit (LTGD)	In gold or INR equivalent of the value of deposited gold at time of redemption	In INR with reference to value of gold in terms of Indian Rupees at the time of deposit.
* with effect from April 05, 2021

In case of all types of deposit, the option of redemption of principal in gold or INR equivalent will be obtained at the time of making the deposit. Further, any premature redemption of MLTGD will only be in INR, while in case of STBD it will be as determined by banks.

Balance enquiry through ATMs should not be counted in the four withdrawals allowed free of charge at ATMs.

Ans : ECS Debit transaction can be initiated by any institution (called ECS Debit User) which has to receive / collect amounts towards telephone / electricity / water dues, cess / tax collections, loan installment repayments, periodic investments in mutual funds, insurance premium etc. It is a Scheme under which an account holder with a bank branch can authorise an ECS User to recover an amount at a prescribed frequency by raising a debit to his / her bank account.

The User institution has to first register with an ECS Centre. The User institution has to also obtain the authorization (mandate) from its customers for debiting their account along with their bank account particulars prior to participation in the ECS Debit scheme. The mandate has to be duly verified by the beneficiary’s bank. A copy of the mandate should be available on record with the destination bank where the customer has a bank account.

Ans. In case of any delay in returning the failed payment, the originating customer is eligible to receive compensation at current repo rate plus 2%.

Before a GAH User can start dealing on the NDS-OM Web Module, the PM has to set certain operational risk controls as well as limits for each GAH/GAH User, since PM will continue to be responsible for the settlement of trades done by such GAHs. Accordingly PMs have the facility to set operational risk controls in respect of their GAHs who would be given access to NDS-OM Web so as to mitigate risk arising out of their GAH trades. Every order inputted by GAH on NDS-OM Web would be subject to validations against each risk control set by PM before being passed on to the common order book of NDS-OM. Risk Management involves PM’s setting risk limits for GAHs before the GAHs can start trading.

Ans. Application for authorisation of a payment system operator is assessed against the criteria specified for a particular payment system. For example, the application for issuance and operation of PPI is assessed against the Policy Guidelines on Issuance and Operation of Pre-paid Payment Instruments in India. Similarly, in case of CCP, the application would be assessed against the backdrop of PFMI policy document issued by RBI. As per section 6 of the PSS Act, the Reserve Bank may make such inquiries as it may consider necessary for the purpose of satisfying itself the capacity, credentials of the participants or for any other valid reason. In case, the entity is already regulated by any other authority, information from such authorities may be called for making the assessment. It may be mentioned that for licensing Indian entities as banks in the recent past, the process entailed calling for due diligence reports from foreign regulators wherever the applicant entity had group entities operating in foreign jurisdictions.

Ans: A timeline of two hours from the batch settlement can be expected, within which beneficiary’s account should be credited.

ECS Debit transaction can be initiated by any institution (called ECS Debit User) which has to receive / collect amounts towards telephone / electricity / water dues, cess / tax collections, loan installment repayments, periodic investments in mutual funds, insurance premium etc. It is a Scheme under which an account holder with a bank branch can authorise an ECS User to recover an amount at a prescribed frequency by raising a debit to his / her bank account. The User institution has to first register with an ECS Centre. The User institution has to also obtain the authorization (mandate) from its customers for debiting their account along with their bank account particulars prior to participation in the ECS Debit scheme. The mandate has to be duly verified by the beneficiary’s bank. A copy of the mandate should be available on record with the destination bank where the customer has a bank account.

Any person resident in India can remit upto USD 5,000 in any one year as a gift to a person residing outside India or as donation to a charitable/educational/religious/ cultural organisation outside India. Remittances exceeding the limit require prior permission from the Reserve Bank.

The franchisers, i.e. ADs Category–I Banks / ADs Category–II / FFMCs are expected to put in place adequate arrangements for reporting of transactions by the franchisees to the franchisers on a regular basis (at least monthly). Regular spot audits of all locations of franchisees, at least once in six months, should be conducted by the franchiser. Such audits should involve a dedicated team and incognito visits should also be used to test the compliance level of the franchisees. A system of annual inspection of the books of the franchisees should also be put in place. The purpose of such inspection is to ensure that the money changing business is being carried out by the franchisees in conformity with the terms of the agreement and prevailing Reserve Bank guidelines and that necessary records are being maintained by the franchisees.

Any person aggrieved by an Award issued under Clause 12 or the decision of the Banking Ombudsman rejecting the complaint for the reasons specified in sub-clause (d) to (g) of Clause 13 of the Banking Ombudsman Scheme 2006 (As amended up to July 1, 2017) can approach the Appellate Authority. The Appellate Authority is vested with a Deputy Governor of the RBI.Other recourse and/or remedies available to him/her as per the law can also be explored. The bank also has the option to file an appeal before the Appellate Authority under the Scheme.

In case the aggregate amount bid is less than the reserved amount all the applicants will be allotted in full and the shortfall amount will be taken to the competitive portion.