Residents are permitted to hold foreign currency up to USD 2,000 or its equivalent or credit to their RFC(Domestic) Account without any limit provided the foreign exchange was - acquired by him while on a visit to any place outside India by way of payment for services not arising from any business in or anything done in India; or acquired by him, from any person not resident in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obligation, or acquired by him by way of honorarium or gift while on a visit to any place outside India; or acquired by him from an authorised person for travel abroad and represents the unspent amount thereof.

Ans: After crediting the account of the beneficiary, the beneficiary bank shall advise the beneficiary of the funds received. The remitter’s name shall be printed in the Account Statement / Pass Book of the beneficiary.

There is an optional field with tag 7495 in NEFT payment message that enables inclusion of additional sender-to-receiver information. Destination banks should capture and store this information in their CBS / other systems as appropriate, to be provided to the customer on request.

If the beneficiary specified in the sender's payment instruction fails to get payment through the NEFT system for some valid reasons, the originating bank shall provide the description “NEFT-Return” in the pass book / account statement of the originator whose NEFT transaction is returned.

The franchiser, i.e. AD Category–I Bank / AD Category–II / FFMC may appoint franchisees within a distance of 100 kilometres from their controlling branches concerned.

However, this distance criterion is relaxed in case of a recognised group/ chain of hotels appointed as franchisees, provided the headquarters of the group/ chain of hotels falls within a distance of 100 kilometres of the controlling branch of the franchiser concerned.

Further, in case of areas declared as hilly areas (as defined by the respective State Governments/ Union Territories) and the North-Eastern States, the distance restriction given in point (i) above is not applicable.

Ans. 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.

Further, a resident individual can also acquire property and other assets overseas under LRS.

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 added to the amount available for competitive auction.

Yes. The Banking Ombudsman may reject a complaint at any stage if it appears to him that a complaint made to him is:not on the grounds of complaint referred to abovecompensation sought from the Banking Ombudsman is beyond ₹ 20 lakh (₹ Two Million).requires consideration of elaborate documentary and oral evidence and the proceedings before the Banking Ombudsman are not appropriate for adjudication of such complaintthe complaint is without any sufficient causethe complaint that it is not pursued by the complainant with reasonable diligencein the opinion of the Banking Ombudsman there is no loss or damage or inconvenience caused to the complainant.

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

Banks have freedom to fix the rate of interest chargeable on loans and advances against FCNR(B) deposits to the depositors without reference to their own Prime Lending Rate irrespective of repayment made in Rupees or Foreign Currency.

• Settlement cycle of IIBs will be T+1, like fixed rate conventional bonds.

Core activity means activities carried by an Indian party, which constitutes at least 50% of its average turnover in the previous accounting year.