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Gold Monetization Scheme, 2015

Response: Joint deposit of two or more eligible depositors is allowed under the scheme. The deposit will be credited to a joint deposit account opened in name of such depositors. The existing rules on joint operation of bank accounts including nomination will be applicable.

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.

ಹೌದು. ದಯವಿಟ್ಟು ಮೇಲಿನ ಪ್ರಶ್ನೆಯ [ಪ್ರಶ್ನೆ ಸಂಖ್ಯೆ 13] ಉತ್ತರ ನೋಡಿರಿ.
ಆದರೆ ಬ್ಯಾಂಕು ಹೆಚ್ಚು ಶುಲ್ಕ ವಿಧಿಸದಿದ್ದರೆ ಮತ್ತು ಬಿಡಿಬಿಡಿಎ ಖಾತೆಗಳಲ್ಲಿ ನಿಗದಿ ಪಡಿಸಿದವುಗಳಿಗಿಂತ ಕನಿಷ್ಠ ಬ್ಯಾಲೆನ್ಸ್ ಇಲ್ಲದೆ ಹೆಚ್ಚು ಸೌಲಭ್ಯಗಳನ್ನು ಉಚಿತವಾಗಿ ನೀಡಿದರೆ ಅಂತಹ ಖಾತೆಗಳನ್ನು ಬಿಎಸ್ಬಿಡಿಎ ಎಂದು ಗುರುತಿಸಬಹುದು.

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.

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