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Collection of Instruments

7. Apart from cheques what are the other means of transfer of funds? +

Reserve Bank of India (RBI) has authorised various types of payment systems to enable transfer of funds. You may refer to the following link on RBI website to get overview of various payment systems available in India:

/en/web/rbi/payment-and-settlements

7. WHAT IS THE MEANING OF ‘DIRECTLY FROM SOURCE SYSTEM WITHOUT ANY MANUAL INTERVENTION’ IN THE CONTEXT OF ADF? +

‘Direct from the source system without any manual intervention’ implies that whatever data and information is available in CBS and other IT systems of the banks would be submitted to the regulator without any manual aggregation, conversion or filling of data. Activities like collecting or collating of data from diverse source systems and compiling them into RBI prescribed formats manually would fall within the meaning of manual intervention.

Q.7. What is the procedure for acknowledgment? How would the sending branch know that the remitted amount has been credited to the beneficiary? +

Ans The receiving branch acknowledges every transaction it receives after crediting the beneficiary’s account. The acknowledgment particulars reach the remitting branch as an inward message on Day 3 of the EFT processing cycle. The remitting branch will, therefore, have precise information as to when the beneficiary’s account was credited.

7. What are the Know-Your-Customer (KYC) norms? +

Permanent Account Number (PAN) is the KYC document for individuals depositing in the scheme. If a declarant does not hold PAN, he shall apply for PAN and provide the details of such PAN application along with acknowledgement number to the bank while making the application. On receipt of PAN, the details may be updated with the bank from which application was made.

7. Can deposit insurance be increased by depositing funds into several different accounts all at the same bank ? +

All funds held in the same type of ownership at the same bank are added together before deposit insurance is determined. If the funds are in different types of ownership or are deposited into separate banks they would then be separately insured.

Q.7 Can Authorized Dealer Category-l banks open ACU Dollar, ACU Euro and ACU Yen Accounts in the name of all banks in all member countries including Pakistan without the prior approval of Reserve Bank of India? +

Ans. Yes, this is permissible. With effect from July 01, 2016, all eligible current account transactions including trade transactions in “Euro” are permitted to be settled outside the ACU mechanism until further notice.

7. How much foreign exchange can one buy when going for tourism to a country outside India? +

In connection with private visits abroad, viz., for tourism purposes, etc., foreign exchange up to USD10,000, in any one calendar year may be obtained from an authorised dealer. The ceiling of USD10,000 is applicable in aggregate and foreign exchange may be obtained for one or more than one visit provided the aggregate foreign exchange availed of in one calendar year does not exceed the prescribed ceiling of US$10,000 {The facility was earlier called B.T.Q or F.T.S.}. This limit of USD10,000 can be availed of by a person along with foreign exchange for travel abroad for any purpose, including for employment or immigration or studies. However, no foreign exchange is available for visit to Nepal and/or Bhutan for any purpose.

7. Is there any limit on funds / amount to be remitted through NEFT system? +

Ans: No, there is no limit imposed by the RBI for funds transfer through NEFT system. However, a member bank may place amount limits based on its own risk perception with the approval of its Board.

7. Is NOF required to be maintained on an ongoing basis? +

Yes. The prescribed minimum NOF needs to be maintained on an ongoing basis.

¹ A person resident outside India may hold, own, transfer or invest in Indian currency, security or any immovable property situated in India if such currency, security or property was acquired, held or owned by such person when he was resident in India or inherited from a person who was resident in India.

² Section 2(v): "person resident in India" means-

(i) a person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include-

(A) a person who has gone out of India or who stays outside India, in either case-

for or on taking up employment outside India, or
for carrying on outside India a business or vocation outside India, or
for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period;

(B) a person who has come to or stays in India, in either case, otherwise than-

for or on taking up employment in India, or
for carrying on in India a business or vocation in India, or
for any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period;