At the time of making applications, the Promoters/Promoter Group will have to furnish a road map and methodologies they would adopt to comply with all the requirements of the corporate structure indicated in para 2 (C)(ii) and (iii) of the guidelines and realign the business between the entities to be held under the NOFHC [para 2(C)(iv) of the guidelines] within a period of 18 months. After the ‘in-principle approval’ is accorded by RBI for setting up of the bank, the actual setting up of NOFHC and the bank, re-organization of the Promoter Group entities to bring the regulated financial services entities under the NOFHC as well as realignment of business among the entities under the NOFHC have to be completed within a period of 18 months from the date of in-principle approval or before commencement of banking business, whichever is earlier.

Interest on the Bonds will be taxable as per the provisions of the Income-tax Act, 1961 (43 of 1961). The capital gains tax arising on redemption of SGB to an individual has been exempted. The indexation benefits will be provided to long terms capital gains arising to any person on transfer of bond.

If the Ombudsman is satisfied that there is deficiency of service on the part of the RE and the complaint is not settled by agreement within a specified period as allowed by the Ombudsman, the RBI Ombudsman may pass an Award, if applicable. Before passing an Award, the Ombudsman provides a reasonable opportunity to the complainant and the RE to present their case.

The complainant may accept the Award in full and final settlement or reject it. However, if he wishes to accept the Award, it is mandatory that the complainant submits his letter of acceptance to the RE concerned within 30 days, failing which, the Award will lapse.

Ans. Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 enable the REs to obtain the identity records (including updated records of identity) from the customers, failing which the RE shall close the account of the customers after giving due notice.

ಉತ್ತರ. ಪಿಪಿಐಗಳನ್ನು ಕಾರ್ಡ್ಗಳು ,ವಾಲೆಟ್ಗಳು, ಹಾಗೂ ಪಿಪಿಐಗೆ ಪ್ರವೇಶಾವಕಾಶಪಡೆಯಲು ಹಾಗೂ ಅದರಲ್ಲಿರುವ ಮೊತ್ತವನ್ನು ಬಳಸಲು ಯಾವುದೇ ಅಂತಹ ರೂಪ/ಉಪಕರಣದಂತೆ ನೀಡಬಹುದು. ಕಾಗದದ ರಸೀದಿಗಳ ರೂಪದಲ್ಲಿ ಇನ್ನು ಮುಂದೆ ನೀಡಲಾಗುವುದಿಲ್ಲ.

Ans. The PSS Act 2007 defines “netting” and legally recognizes settlement finality. It states that a settlement, whether gross or net, will be final and irrevocable as soon as the money, securities, foreign exchange or derivatives or other transactions payable as a result of such settlement is determined, whether or not such money, securities or foreign exchange or other transactions is actually paid. In case a system participant is declared insolvent, or is dissolved or is wound up, no other law can affect any settlement which has become final and irrevocable and the right of the system provider to appropriate the collaterals contributed by the system participants towards settlement or other obligations.

This Act also legally recognizes the loss allocation among system participants and payment system, where the rules provide for this mechanism

Yes. At the instance of the investor, subsequent conversion to the physical form is allowed.

Yes. The banks may announce different PLRs for credit limits over Rs. 2 lakhs for different maturities provided the transparency and uniformity of treatment originally envisaged continues to be maintained. The banks, which have moved over to declaration of tenor-linked PLRs should always indicate the specific tenor for which the declared PLR is applicable. Banks may announce a separate Prime Term Lending Rate (PTLR) for term loans of three years and above. Banks may also prescribe separate PLRs and spreads over PLRs for loan component and cash credit component.

Proposals under the normal route are approved by the Special Committee on Indian Direct Investment Abroad, which consists of the representatives of the Ministry of Finance, Ministry of External Affairs and Ministry of Commerce of the Government of India and the Reserve Bank of India.