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FAQ on Master Direction (MD) - Credit Card and Debit Card – Issuance and Conduct Directions, 2022

11. Whether interest, taxes or any other charges can be considered for computing a cardholder's credit limit usage for the purpose of levying overlimit charges?

Response: Interest or any charges/fees on the credit card shall not be factored in for the purpose of computing a cardholder’s credit limit usage and levying overlimit charges.

11. Who is deemed to be the holder of the Government securities in CSGL account? +

A CSGL account holder shall be deemed to be the holder of the securities held in the respective account with RBI, however, the constituents i.e. GAHs, as the beneficial owners of the Government security held therein, shall be entitled to claim from the CSGL account holder all the benefits and be subjected to all the liabilities in respect of the Government securities held in the CSGL account.

Q.11. Is it mandatory to have a public company as a part of the Promoter Group? +

The requirement is that the companies in the Promoter Group in which the public hold not less than 51 per cent of the voting equity shares shall hold not less than 51 per cent of the total voting equity shares of the NOFHC.[ para 2 (C) (ii) (b) of the guidelines]

11. Can each member of my family buy 4Kg in their own name? +

Yes, each family member can buy the bonds in his/her own name if they satisfy the eligibility criteria as defined at Q No.4.

11. How are the transactions carried out through cards protected against fraudulent usage? +

Ans: All CP and CNP transactions on cards issued in India are secured with AFA. This AFA can be in any form and few commonly used forms are PIN, dynamic one-time password (OTP), static code, etc. The requirement of AFA is not mandatory for transactions where outflow of foreign exchange is contemplated. Similarly, in case of CP transactions (except ATM transactions) using NFC contactless technology, transactions for a maximum value of ₹5,000 per transaction are allowed to be undertaken without AFA requirement, subject to adherence to EMV standards.

11. Can a company get an acknowledgement for submission of the MF survey schedule?

After sending the duly filled in and valid MF survey schedule (excel based) to mf@rbi.org.in, an MF company will receive the system-generated acknowledgement. No separate mail will be sent in this regard. If some error is mentioned in the acknowledgement, then the respondent is required to resubmit the form by rectifying the mentioned error. After corrections, the company should receive a successful processing acknowledgement.

11. How would the limits under the Liberalised Remittance Scheme (LRS) apply to this linkage while sending remittances from India? +

In the UPI-PayNow linkage transactions, only person to person (P2P) remittances towards the purpose of “Maintenance of Relatives Abroad” & “Gift” under the Liberalised Remittance Scheme (LRS) are allowed, and the prescribed LRS limits would be applicable.

11. What if someone needs more than ₹20,000/- cash for business or other purposes? +

Deposit into accounts can be made without restrictions. The ₹2000 banknotes can be deposited into bank accounts and cash requirements can be drawn thereafter, against these deposits.

11. Are bi-lateral arrangements between bank / non-banks in India and those in Nepal covered under INRF Scheme? +

Ans: No. The bilateral arrangements between banks / non-banks to handle cross-border transactions between India and Nepal are not covered under guidelines of the INRF Scheme. The INRF Scheme exclusively uses NEFT ecosystem for such remittance to Nepal and as such all NEFT enabled bank-branches are already covered under Scheme.

11. Whether foreign banks can have a single global policy on green deposits?

Foreign banks can have a common global policy on green deposits, without prejudice to the provisions of the framework for green deposits raised in India after June 01, 2023.