Ans. Foreign exchange for travel abroad can be purchased from an authorized person against rupee payment in cash below Rs.50,000/-. However, if the sale of foreign exchange is for the amount equivalent to Rs 50,000/- and above, the entire payment should be made by way of a crossed cheque/ banker’s cheque/ pay order/ demand draft/ debit card / credit card / prepaid card only.

Ans. All remittances are subject to payment of taxes as applicable in India – Authorised Dealers are to convince themselves on this aspect.

No duplicate challan is issued under any circumstances. Instead, a 'Certificate of Credit' is issued on specific request with the requisite particulars and payment of prescribed fee.

The minimum amount for bidding will be Rs.10,000 (face value) and in multiples in Rs.10,000. The maximum amount for a single non-competitive bid only for the auctions of GOI dated securities should not exceed Rs.2,00,00,000 (face value) per security per auction.

CTS has been implemented in New Delhi, Chennai, and Mumbai with effect from February 1, 2008, September 24, 2011, and April 27, 2013 respectively. After migration of the entire cheque volume to CTS, the traditional mechanisms of cheque clearing have been discontinued across the country. Further, banks have been advised to ensure that all branches are connected to CTS.

Under CTS, cheque processing locations in India are consolidated into the three grids in Chennai, Mumbai and New Delhi.

Each grid provides processing and clearing services to all the banks under its respective jurisdiction. Banks, branches, and customers based at small / remote locations falling under the jurisdiction of a grid would be benefitted, irrespective of whether there exists at present a formal arrangement for cheque clearing or otherwise. The illustrative jurisdiction of the three grids is indicated below:

• Chennai Grid : Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nādu, Odisha, West Bengal, Assam and the Union Territory of Puducherry.
• Mumbai Grid : Maharashtra, Goa, Gujarat, Madhya Pradesh and Chhattisgarh.
• New Delhi Grid : National Capital Region of New Delhi, Haryana, Punjab, Uttar Pradesh, Uttarakhand, Bihar, Jharkhand, Rajasthan and the Union Territory of Chandigarh.

MICR is an acronym for Magnetic Ink Character Recognition. The MICR Code is a numeric code that uniquely identifies a bank-branch participating in the ECS Credit scheme. This is a 9 digit code to identify the location of the bank branch; the first 3 characters represent the city, the next 3 the bank and the last 3 the branch. The MICR Code allotted to a bank branch is printed on the MICR band of cheques issued by bank branches.

One can file a complaint before the Banking Ombudsman if the reply is not received from the bank within a period of one month after the bank concerned has received one's complaint, or the bank rejects the complaint, or if the complainant is not satisfied with the reply given by the bank.

The term deposit is a contract between the bank and the customer for a definite term and it cannot be paid prematurely at bank's option. Term deposit can be paid prematurely at the request of the customer.

To begin with, non-competitive bidding will be allowed only in select auctions of dated Government of India securities which will be announced as and when proposed to be issued.

Firms/companies/organizations, as well as banks/financial institutions in India, are free to advertise in Print Media abroad, such as overseas newspapers/periodicals or on Internet.