Ans: Yes.

Ans. The compounding process is completed within 180 days from the date of receipt of the application complete in all aspects, by the Reserve Bank.

Answer: Yes, INR exposure can be hedged in terms of applicable guidelines depending upon underlying transactions.

Ans. For the purpose of opening an account, RE is required to seek the KYC Identifier from the customer or retrieve the same, if available, from the CKYCR and obtain KYC records by using such KYC Identifier. In such cases, the customer is not required to submit the same KYC records/ information/ any other additional identification documents, unless–

1. there is a change in the information of the customer as existing in the records of CKYCR; or
2. the KYC record or information retrieved is incomplete or is not as per the current applicable KYC norms; or
3. the validity period of downloaded documents has lapsed; or
4. the RE considers it necessary in order to verify the identity or address (including current address) of the customer, or to perform enhanced due diligence or to build an appropriate risk profile of the customer.

Ans.: Office expenses includes all the expenses incurred in running of the office in abroad during the year like internet payment, stationary, etc. If the office has been setup outside India in the reference period (say 2024-25) then that will also be included (in this point).

Ans: e₹ is a digital form of ₹ whereas UPI is a means of payment. In addition to being used for payments, e₹ also serves as a ‘store of value’, i.e., e₹ can be withdrawn from one’s bank account and kept separately in the e₹ wallet.

In the case of P2P and P2M payments made at any CBDC QR, the transactions happen between two e₹ wallets, and are settled instantaneously without passing through user’s bank accounts.

For P2P and P2M payments, the functionality of scanning a UPI QR from an e₹ app has also been enabled. In such cases, the settlement will be based on the UPI settlement timelines.

After a complaint gets successfully registered, it is assigned a complaint number. An acknowledgement indicating this complaint number is sent to the complainant through SMS on the mobile number and through e-mail at the email id provided at the time of filing the complaint. The status of the complaint can be checked by using the mobile number and the complaint number (received on the mobile) through the following link: https://cms.rbi.org.in.

The status of the complaint can also be ascertained by the complainant from the Contact Centre at CRPC, Chandigarh by contacting the toll-free number 14448.

Ans. Though banks are supposed to reverse such transactions on their own, it is always a good practice to lodge a complaint with the card issuing bank or ATM owner bank at the earliest.

Response: Suppose the principal amount is, say 302.86 grams of gold, and the customer has to be paid in gold, a bank can repay 302 grams in gold and 0.86 grams in equivalent amount of INR. It may be noted that the interest on deposit shall be calculated in INR on the value of gold at the time of deposit.

Ans. PPI issuer is responsible for verifying that the bank account pertains to the PPI holder for which it may devise suitable methods of verification.

ATM debit cards may be offered at the time of opening BSBDA and issued if the customer requests for the same in writing. Banks need not  insist that  a customer accepts ATM debit card.

Ans : The ECS Debit User intending to collect receivables through ECS Debit has to submit details of the customers (like name, bank / branch / account number of the customer, MICR code of the destination bank branch, etc.), date on which the customer’s account is to be debited, etc., in a specified format (called the input file) through its sponsor bank to the ECS Centre.

The bank managing the ECS Centre then passes on the debits to the destination banks for onward debit to the customer’s account with the destination bank branch and credits the sponsor bank's account for onward credit to the User institution. Destination bank branches will treat the electronic instructions received from the ECS Centre on par with the physical cheques and accordingly debit the customer accounts maintained with them. All the unsuccessful debits are returned to the sponsor bank through the ECS Centre (for onward return to the User Institution) within the specified time frame.

For further details about the ECS Debit scheme, the ECS Debit Procedural Guidelines – available on the website of Reserve Bank of India at http://www.rbi.org.in/Scripts/ECSUserView.aspx?Id=25 may be referred to.

A person going out of India can take out with him Indian currency notes within the limits given below: a. upto Rs.5000 to any country other than Nepal or Bhutan, and b. any amount in denomination not exceeding Rs.100 to Nepal or Bhutan.

Scheduled commercial banks have been advised in terms of our circular RPCD.SME&NFS. BC.No.102/06.04.01/2008-09 dated May 4, 2009 to put in place a non -discretionary One Time Settlement scheme duly approved by their Boards. The banks have also been advised to give adequate publicity to their OTS policies.

Ans. Yes, the Reserve Bank can refuse to grant authorization under the PSS Act, 2007. However, the Reserve Bank has to give a written notice to such an applicant giving the reasons for refusal and also a reasonable opportunity of being heard {Section 7 (3) of the PSS Act 2007}.

The appellate authority may:Dismiss the appeal; or,Allow the appeal and set aside the Award; or,Remand the matter to the Ombudsman for fresh disposal in accordance with such directions as the Appellate Authority may consider necessary or proper; or,Modify the Award and pass such directions as may be necessary to give effect to the Award so modified; or,Pass any other order as it may deem fit.

The transfer of securities to the clients should be completed within five working days from the date of the auction. This is the responsibility of the aggregator or facilitator.

Ans : The ECS Debit User intending to collect receivables through ECS Debit has to submit details of the customers (like name, bank / branch / account number of the customer, MICR code of the destination bank branch, etc.), date on which the customer’s account is to be debited, etc., in a specified format (called the input file) through its sponsor bank to the ECS Centre.

The bank managing the ECS Centre then passes on the debits to the destination banks for onward debit to the customer’s account with the destination bank branch and credits the sponsor bank's account for onward credit to the User institution. Destination bank branches will treat the electronic instructions received from the ECS Centre on par with the physical cheques and accordingly debit the customer accounts maintained with them. All the unsuccessful debits are returned to the sponsor bank through the ECS Centre (for onward return to the User Institution) within the specified time frame.

For further details about the ECS Debit scheme, the ECS Debit Procedural Guidelines – available on the website of Reserve Bank of India at http://www.rbi.org.in/Scripts/ECSUserView.aspx?Id=25 may be referred to.

Use of the International Credit Cards (ICCs) / ATMs/ Debit Cards can be made for making personal payments like subscription to foreign journals, internet subscription, etc., and for travel abroad in connection with various purposes. Your entitlement of foreign exchange on International Credit Cards (ICCs) is limited by the credit limit fixed by the card issuing authority only. With ICCs you can i) meet expenses/make purchases while abroad ii) make payments in foreign exchange for purchase of books and other items through internet in India. If you have a foreign currency account in India or with a bank overseas, you can even obtain ICCs of overseas banks and reputed agencies. Use of these instruments for payment in foreign exchange in Nepal and Bhutan is not permitted.

Ans: If it is not possible to afford credit to the account of the beneficiary for any reason, destination banks are required to return the transaction (to the originating branch) within two hours of completion of the batch in which the transaction was processed.