Ans. A Small PPI (with cash loading facility) can be held for a maximum period of 24 months only. The 24 months shall be counted from the day of opening such a PPI. Within this period of 24 months, it has to be converted into a full-KYC PPI failing which, no further credit in such PPI shall be allowed. However, the PPI holder shall be allowed to use the available balance.

હા,કૃપા કરી ઉપરોકત (પ્રશ્ર્ન ક્રમાંક 13 ) નો ઉત્તર જુઓ. અલબત જો બૅન્ક કોઈ વધારાનો ચાર્જ ન લગાવે અને મિનિમમ બૅલેન્સ વગર બીડીબીડીએ ખાતાંઓ હેઠળ નિર્ધારિત એ સેવાઓ સિવાય મફતમાં વધુ સુવિધાઓ આપે તો એવાં ખાતાં બીએસબીડીએ રૂપમાં વર્ગીકૃત કરી શકાય છે.

Ans : Yes, the banking system too benefits from ECS Credit Scheme such as –

• Freedom from paper handling and the resultant disadvantages of handling, presenting and monitoring paper instruments presented in clearing. Ease of processing and return for the destination bank branches.

• Smooth process of reconciliation for the sponsor banks.

• Cost effective.

There is no restriction on residents holding foreign coins.

• IIBs would be a G-Sec and issued as part of the approved Government market borrowing programme.

• Therefore, IIBs would automatically get SLR status.

Ans. Yes. The PSS Act 2007 does not prohibit foreign entities from operating a payment system in India. The Act does not discriminate/differentiate between foreign entities and domestic entities. (Pl see Sections 4 and 18 of the PSS Act, 2007). Please also see Ans to Q.12.

Such returns which require qualitative or subjective inputs and narrations may be considered for classification as complex returns by the banks and may be taken up for implementation towards the end of the project.

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 USD 2,000, in the form of foreign currency notes or TCs for future use or credit to their RFC(Domestic) Account without any limit.

Yes, the banking system too benefits from ECS Credit Scheme such as – Freedom from paper handling and the resultant disadvantages of handling, presenting and monitoring paper instruments presented in clearing. Ease of processing and return for the destination bank branches. Smooth process of reconciliation for the sponsor banks. Cost effective.

Ans: The remitter and the beneficiary can track status of NEFT transaction by contacting NEFT Customer Facilitation Centre (CFC) of their bank, respectively. Details of NEFT CFCs of banks are available on the websites of the respective banks. The details of CFC of member banks are also available on the website of RBI at /en/web/rbi/-/customer-facilitation-centres-neft-updated-as-on-june-16-2023-2070-1.

For the purpose of faster tracking of transaction, you may need to provide few details related to transaction such as Unique Transaction Reference (UTR) number / transaction reference number, date of transaction, sender IFSC, amount, beneficiary name, beneficiary IFSC, etc., to your bank.