Answer: Some of the foreign currency accounts that can be opened by resident individuals with an Authorised Dealer bank in India, along with their features are given below:

Particulars	Exchange Earners Foreign Currency (EEFC) Account	Resident Foreign Currency (Domestic) [RFC(D)] Account	Resident Foreign Currency (RFC) Account
Who can open the account	Exchange Earners	Individuals	Individuals
Joint account	Jointly with eligible persons; or With resident relative(s) on former or survivor’ basis. Relative as defined under Companies Act, 2013 (viz. members of HUF, spouse, parents, step-parents, son, step-son, daughter-in-law, daughter, son-in-law, brother/sister, step-brother/ step-sister) Relative joint account holder cannot operate the account during the life time of the account holder	Jointly with any person eligible to open the	Same as EEFC
Type of Account	Current only	Current only	Current/ savings/ term deposits
Interest	Non-interest earning	Non-interest earning	De-regulated (As decided by the AD bank)
Permitted Credits	1) 100% of foreign exchange received on account of export transactions. 2) advance remittance received by an exporter towards export of goods or services 3) Repayment of loans given to foreign importers 4) Disinvestment proceeds on conversion of ADR/ GDR 5) professional earnings like director’s/ consultancy/ lecture fees, honorarium and similar other earnings received by a professional by rendering services in his individual capacity 6) Interest earned on the funds held in the account 7) Re-credit of unutilised foreign currency earlier withdrawn from the account 8) Payments received in foreign exchange by an Indian startup arising out of sales/ export made by the startup or its overseas subsidiaries	1) Foreign exchange received as payment/ service/ gift/ honorarium while on visit abroad or from a non-resident who is on a visit to India 2) Unspent amount of foreign exchange acquired from AD for travel abroad 3) Gift from close relative 4) Earning through export of goods/ services, royalty 5) Disinvestment proceed on conversion of shares into ADR/ GDR 6) foreign exchange received as earnings of LIC claims/ maturity/ surrendered value settled in forex from an Indian insurance company	1) Foreign exchange received by him as superannuation/ other monetary benefits from overseas employer 2) Foreign exchange realised on conversion of the assets referred to in Sec 6(4) of FEMA 3) Gift/ inheritance received from a person referred to in Sec 6(4) of FEMA 4) Foreign exchange acquired before the July 8, 1947 or any income arising on it held outside India with RBI permission 6) Foreign exchange received as earnings of LIC claims/ maturity/ surrendered value settled in forex from an Indian insurance company 7) Balances in NRE/ FCNR (B) accounts on change in residential status
Permitted Debits	1) Any permissible current or capital account transaction 2) Cost of goods purchased 3) Customs duty 4) Trade related loans and advances	Can be used for any permissible current/ capital account transactions.	No restrictions on utilisation in/ outside India.

In terms of the Master Directions - Reserve Bank of India (Priority Sector Lending – Targets and Classification) Directions, 2025 dated March 24, 2025, all bank loans to MSMEs shall qualify for classification under priority sector lending (PSL). The definition of MSMEs shall be as given in the Master Direction - Lending to MSME Sector FIDD.MSME & NFS.12/06.02.31/2017-18 dated July 24, 2017 as updated from time to time. For PSL classification purposes, banks shall be guided by the classification recorded in the Udyam Registration Certificate (URC)/ Udyam Assist Certificate (UAC).

Further, RBI has, from time to time, issued a number of instructions / guidelines to banks relating to lending to the MSME Sector. The Master Direction FIDD.MSME & NFS.12/06.02.31/2017-18 dated July 24, 2017 incorporates the updated instructions / guidelines on the subject. The instructions issued by RBI, to banks, on various matters are available on our website www.rbi.org.in.

An Inter-Regulatory Technical Group on FinTech (IRTG on FinTech) was constituted under the aegis of the Financial Stability and Development Council-Sub Committee (FSDC-SC). The terms of reference (ToR) of IRTG on FinTech included discussion on issues relating to hybrid product/ service falling under the regulatory ambit of more than one financial sector regulator for admission in Regulatory Sandbox and framing of Standard Operating Procedure (SOP) for IoRS for hybrid products/services. The group, in addition to the members from Financial Sector Regulators/ Authority (RBI, SEBI, IRDAI, IFSCA and PFRDA), has representation from Department of Economic Affairs (DEA), Ministry of Finance and Ministry of Electronics and Information Technology (MeITY), GoI. In order to facilitate testing of innovative products/services falling within the regulatory ambit of more than one financial sector regulator, a Standard Operating Procedure (SOP) for IoRS has been prepared by the Inter-Regulatory Technical Group on FinTech (IRTG on FinTech). The SOP can be accessed from the link: - FinTech

The Ministry of Micro, Small and Medium Enterprises vide Office Memorandum No. 5/2(2)/2021-E/P & G/Policy dated July 02, 2021 decided to include Retail and Wholesale trade as MSMEs for the limited purpose of Priority Sector Lending and they would be allowed to be registered on Udyam Registration Portal. Detailed guidelines are available in our circular FIDD.MSME & NFS.BC.No.13/06.02.31/2021-22 dated July 07, 2021.

'ಬೇಸಿಕ್ ಸೇವಿಂಗ್ಸ್ ಬ್ಯಾಂಕ್ ಡಿಪೋಸಿಟ್ ಅಕೌಂಟ್' ಖಾತೆದಾರರು ಅದೇ ಬ್ಯಾಂಕಿನಲ್ಲಿ ಇತರ ಯಾವುದೇ ಸೇವಿಂಗ್ಸ್ ಖಾತೆ ಹೊಂದಬಹುದೇ ?

For the borrowers eligible for resolution under the circular dated August 6, 2020 on Resolution Framework for COVID-19-related Stress, the circular dated August 6, 2020 will be applicable if a resolution process under the circular is invoked. For all other borrowers, the extant instructions as otherwise applicable shall still be in force. However, if any entity is otherwise eligible to be resolved under the Resolution Framework, only Resolution Framework can be used for resolving the stress arising out of the pandemic.

ಉತ್ತರ. ಹೋಲ್ಡರ್ [ದಾರರು ] ಒಬ್ಬ ವ್ಯಕ್ತಿ /ಸಂಸ್ಥೆಯಾಗಿದ್ದು ಪಿಪಿಐ ನೀಡಿಕೆದಾರರಿಂದ ಪಿಪಿಐ ಪಡೆಯುತ್ತಾರೆ /ಖರೀದಿಸುತ್ತಾರೆ ಹಾಗೂ ಹಣಕಾಸು ಸೇವೆಗಳು,ಹಣ ರವಾನೆ ಸೌಲಭ್ಯಗಳು, ಮುಂತಾದವುಗಳನ್ನೊಳಗೊಂಡು , ಸರಕುಗಳು ಹಾಗೂ ಸೇವೆಗಳನ್ನು ಖರೀದಿಸುವುದಕ್ಕಾಗಿ ಅದನ್ನು ಬಳಸುತ್ತಾರೆ. ಆದಾಗ್ಯೂ ,ಗಿಫ್ಟ್ ಪಿಪಿಐನ ಸಂದರ್ಭದಲ್ಲಿ , ಉದ್ದೇಶಿತ ಫಲಾನುಭವಿಯು[ಖರೀದಿದಾರನಲ್ಲದಿದ್ದರು] ಸಹ ಹೋಲ್ಡರ್ ಆಗಿರಬಹುದು.

ಉತ್ತರ. ಎನ್ಇಎಫ್ಟಿಯು ಎಲೆಕ್ಟ್ರಾನಿಕ್ ಫಂಡ್ ವರ್ಗಾವಣೆಯ ವ್ಯವಸ್ಥೆಯಾಗಿದ್ದು ಇದರಲ್ಲಿ ನಿರ್ದಿಷ್ಟ ಸಮಯದವರೆಗೆ ಪಡೆದ ವಹಿವಾಟುಗಳನ್ನು ಬ್ಯಾಚ್ಗಳಲ್ಲಿ ಪರಿಷ್ಕರಿಸಲಾಗುತ್ತದೆ. ಇದಕ್ಕೆ ಪ್ರತಿಕೂಲವಾಗಿ ಆರ್ಟಿಜಿಎಸ್ನಲ್ಲಿ , ಆರ್ಟಟಿಜಿಎಸ್ ವ್ಯವಹಾರದ ಸಮಯಗಳ ಉದ್ದಕ್ಕೂ ವಹಿವಾಟಿನ ಆಧಾರದ ಮೂಲಕ ವಹಿವಾಟಿನ ಮೇಲೆ ವಹಿವಾಟುಗಳನ್ನು ನಿರಂತರವಾಗಿ ಪರಿಷ್ಕರಿಸಲಾಗುತ್ತದೆ.

The Department / Office selected by the applicant, while submitting his/her application through ATS, will receive the application.

Ans. Such a company shall have to submit to RBI, a letter of its intention either to become a Factor or to unwind the business totally, and a road map to this effect. The company would be granted CoR as NBFC-Factor only after it complies with the twin criteria of financial assets and income. If the company does not comply within the period as specified by the Bank, it would have to unwind the factoring business.

The potential users of the NDS-OM Web Module are GAHs permitted by RBI to access the NDS OM Web Based Module. So far, GAHs have only the indirect access through CSGL route for placing their order/bid feed into NDS-OM. Now in addition to the indirect access, permitted GAHs can directly deal on the NDS-OM Web system, subject to controls set by PM. The access to the GAH to the NDS-OM Web Based Module is granted on a request made on his behalf by its Primary Member.

Answer: Unless otherwise specifically stated in the features of the account, a foreign currency account maintained by a person resident in India with an authorized dealer in India can be opened, held and maintained in the form of current or savings or term deposit account in cases where the account holder is an individual, and in the form of current account or term deposit account in all other cases. The account can be held singly or jointly in the name of person eligible to open, hold and maintain such account.

No bank can refuse to accept outstation cheques deposited for collection or refuse to offer its products to customers.

Ans. Not permanently resident means a person resident in India for employment of a specified duration (irrespective of length) or for a specific job duration which does not exceed three years.

Ans Step-1: The remitter fills in the EFT Application form giving the particulars of the beneficiary (city, bank, branch, beneficiary’s name, account type and account number) and authorises the branch to remit a specified amount to the beneficiary by raising a debit to the remitter’s account. Step-2: The remitting branch prepares a schedule and sends the duplicate of the EFT application form to its Service branch for EFT data preparation. If the branch is equipped with a computer system, data preparation can be done at the branch level in the specified format. Step-3: The Service branch prepares the EFT data file by using a software package supplied by RBI and transmits the same to the local RBI (National Clearing Cell) to be included for the settlement. Step-4: The RBI at the remitting centre consolidates the files received from all banks, sorts the transactions city-wise and prepares vouchers for debiting the remitting banks on Day-1 itself. City-wise files are transmitted to the RBI offices at the respective destination centres. Step-5: RBI at the destination centre receives the files from the originating centres, consolidates them and sorts them bank-wise. Thereafter, bank-wise remittance data files are transmitted to banks on Day 1 itself. Bank-wise vouchers are prepared for crediting the receiving banks’ accounts the same day or next day. Step-6: On Day 1/2 morning the receiving banks at the destination centres process the remittance files transmitted by RBI and forward credit reports to the destination branches for crediting the beneficiaries’ accounts.

Ans. All transactions to be settled through the ACU will be handled by AD Category-I banks in the same manner as other normal foreign exchange transactions, through correspondent arrangements.

The DICGC while registering the banks as insured banks furnishes them with printed leaflets for display giving information relating to the protection afforded by the Corporation to the depositors of the insured banks. In case of doubt, depositor should make specific enquiry from the branch official in this regard.

Authorized dealers can release foreign exchange up to USD 25,000 for a business trip to any country other than Nepal and Bhutan. Release of foreign exchange exceeding USD 25,000 for a travel abroad (other than Nepal and Bhutan) for business purposes, irrespective of period of stay, requires prior permission from Reserve Bank. Visits in connection with attending of an international conference, seminar, specialised training, study tour, apprentice training, etc., are treated as business visits. Visit abroad for medical treatment and/or check up also falls within this category.

Ans: Indian Financial System Code (IFSC) is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. It is a 11-digit code with the first 4 alpha characters representing the bank, and the last 6 characters representing the branch. The 5th character is 0 (zero). IFSC is used by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.

The applicant has to be a company registered under the Companies Act, 1956/ Companies Act 2013/ Registration of Companies (Sikkim) Act, 1961, having a minimum Net Owned Funds (NOF) of INR 25 lakh to apply for a single-branch FFMC licence and INR 50 lakh to apply for a multiple-branch FFMC licence.