Ans. The following facilities are available to persons other than individuals:

1. Donations up-to one per cent of their foreign exchange earnings during the previous three financial years or USD 5,000,000, whichever is less, for- (a) creation of Chairs in reputed educational institutes, (b) contribution to funds (not being an investment fund) promoted by educational institutes; and (c) contribution to a technical institution or body or association in the field of activity of the donor Company.

2. Commission, per transaction, to agents abroad for sale of residential flats or commercial plots in India up to USD 25,000 or five percent of the inward remittance whichever is less.

3. Remittances up to USD 10,000,000 per project for any consultancy services in respect of infrastructure projects and USD 1,000,000 per project, for other consultancy services procured from outside India.

4. Remittances up to five per cent of investment brought into India or USD 100,000 whichever is less, by an entity in India by way of reimbursement of pre-incorporation expenses.

5. Remittances up to USD 250,000 per financial year for purposes stipulated under Para 1 of Schedule III to FEM (CAT) Amendment Rules, 2015. However, all residual current account transactions undertaken by such entities are otherwise permissible without any specified limit and are to be disposed off at the level of AD, as hitherto. It is for the AD to satisfy themselves about the genuineness of the transaction.

Anything in excess of above limits requires prior approval of the Reserve Bank of India.

Yes.  A duplicate Government security may be issued if the holding was in the form of SC and GPN. However, no duplicate Government security will be issued for Bearer Bonds/Prize Bonds. Further, no duplicate Government security will be issued in case of matured loans and the redemption proceeds will be paid to the investor after following the procedure for issuing duplicate Government security.

On receipt of a complaint, it is scrutinized to assess whether it is a maintainable or a non-maintainable complaint (as explained in Question 14). If found non-maintainable, the complaint is closed, and a suitable communication is issued to the complainant.

For a maintainable complaint, the RBI Ombudsman endeavors to promote resolution by agreement between the complainant and the RE. If an amicable settlement of the complaint is arrived at between the parties, the same is recorded and signed by both the parties. As the parties have agreed to the settlement by affixing their signature on it, it becomes binding on both the parties and no formal Award is issued by the Ombudsman.

If the matter is not resolved through settlement (facilitation or conciliation or mediation) the Ombudsman, after allowing the parties a reasonable opportunity (and based on records placed before him, principles of banking law and practice, directions, instructions and guidelines issued by RBI from time to time and such other factors which in his opinion are relevant for deciding the complaint), may pass an Award (directing the Regulated Entity for specific performance) or reject the complaint (if the RE is found to have adhered to the extant norms and practices in vogue). The outcome of the complaint is communicated to both the complainant and the RE.

Ans. The modes for periodic updation of KYC for individuals are as under:

1. It can be undertaken at the branch of the RE with which customer maintains the account or any other branch of the same RE; or
2. RE can obtain a self-declaration when there is “no change in KYC information” and also when there is “change only in address details”, through customer’s email-id/ mobile number registered with the RE, ATMs, digital channels (such as online banking / internet banking, mobile application of RE), letter, etc. However, the declared address shall be verified by the RE through positive confirmation within two months; or
3. Aadhaar OTP based e-KYC in non-face-to-face (NF2F) mode and V-CIP;
4. RE is also mandated to update customer’s KYC records based on the update information/ notification, if any, received from CKYCR for the customer concerned.

Ans.: Yes, it is mandatory. Here the person authorised to fill the form owns the responsibility of information furnished and declares its accuracy including CIN number. It is a final check for all the details which are filled-up in the Part- A to D of ITES survey schedule.

Ans: Currently, there are 14 participants in the wholesale CBDC pilot, which includes banks and non-banks.

Ans. Customers should observe the following Do’s and Don’ts to keep their transactions at ATMs / WLAs safe and secure :

• Customer should conduct the ATM / WLA transaction in complete privacy.

• Only one card holder should enter and access the ATM / WLA kiosk at a time.

• The card holder should not lend his / her card to anyone.

• The card holder should not write the PIN on the card.

• The card holder should not share the PIN with anyone.

• The card holder should not let anyone see the PIN while it is being entered at the ATM.

• The card holder should never use a PIN that could be easily guessed.

• The card holder should never leave the card in the ATM / WLA.

• The card holder should register his / her mobile number with the card issuing bank for getting alerts for transactions at ATMs / WLAs. Any unauthorized card transaction in the account, if observed, should be immediately reported to the card issuing bank.

• The card holder should be vigilant and check if any extra device/s is / are attached to the ATMs / WLAs. The device/s may be put in place to capture customer data fraudulently; if found, the security guard / bank / WLA entity should be informed immediately.

• The card holder should keep an eye on suspicious movement/s of people around the ATMs / WLAs. He / She should be careful of strangers trying to engaging him / her in conversation or offering assistance / help in operating the ATM.

• The card holder should remember that bank officials never ask for card details or PIN over telephone / email. So, he / she should not respond to any such communication from anyone indicating that they represent his / her bank.

Ans : No. There is no value limit on the amount of individual transactions that can be collected by ECS Debit.

Ans. Yes, under Section 15 (2) of the PSS Act, the Reserve Bank may disclose any document or information obtained by it to any person to whom the disclosure of such document or information is considered necessary for protecting the integrity, effectiveness or security of the payment system, or in the interest of banking or monetary policy or the operation of the payment systems generally or in the public interest.

• Exclusive series for retail investors would be launched in the second half of the current fiscal year (around October 2013).

No. There is no value limit on the amount of individual transactions that can be collected by ECS Debit.

Taking personal jewellery out of India is governed by Baggage Rules framed under Export-Import Policy by the Government of India. No approval of Reserve Bank is required in this case.

In terms of sub-section 4, of Section (6) of the Foreign Exchange Management Act, 1999, a person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such person when he was resident outside India or inherited from a person who was resident outside India.

RBI will issue securities only in demat (SGL) form. It will credit the securities to the CSGL account of the bank/PD .

Yes. Whenever the due dates fall on Saturday/Sunday/non-business working day/holidays banks are permitted, to pay interest on NRE and FCNR(B) deposits at the originally contracted rate for the intervening period between the due date and date of payment so that no interest loss is suffered by the depositors.III. Advances

Yes. Companies, which are under the investigation by the Enforcement Directorate or are in the Reserve Bank’s caution/defaulters list, are not eligible to make investment under the automatic route.

The various quantity conditions available are as under:

1. Normal: By default the amount type will be Normal. A Normal order can get partly traded.
2. Disclosed: Disclosed Amount is the part of order amount (In Rs. Crore) which the User is willing to disclose to the market. This is an optional field.
3. All or None (AON): By selecting this option, a User specifies that all of the order should be traded in full i.e. no partial trades, should be allowed. This is an optional field.

The various time conditions available are as under:

4. Day: Under this time condition, order would remain valid throughout the validity of the trading session. It will be available for trade till session close. By default Time Condition - Day is selected.
5. IOC (Immediate or Cancel): If a User wishes his order to be traded immediately, then he could select IOC. Under this condition, when an IOC order is placed, the order would seek for an immediate match, if found it results into a trade; else the IOC order would get cancelled.
6. GTT (Good Till Time): Here while placing an order, the User could mention the time up to which the order would be valid and available for trade. Once the User specified order expiry time has been reached the order would get cancelled.

Ans: The FAQs on “Legal Entity Identifier (LEI) for Large Value Transactions in Centralised Payment Systems” on the RBI website at /en/web/rbi/faq-page-2?ddm__keyword__26256231__FaqDetailPage2Title_en_US=Legal Entity Identifier (LEI) for Large Value Transactions in Centralised Payment Systems can be referred to.

Ans. The salient features of Gift PPIs are as follows:

1. Maximum value of each such prepaid gift instrument shall not exceed ₹10,000/-;

2. Are not reloadable;

3. Cash-out or fund transfer is not permitted. However, the funds may be transferred ‘back to source account’ (account from where Gift PPI was loaded) after receiving consent of the PPI holder;

4. Shall be revalidated (including through issuance of new instrument) as and when requested by the PPI holder; and

5. The Additional Factor of Authentication (AFA) / Two Factor Authentication (2FA) for transactions using Gift PPIs is not mandatory.