Ans. No, there are no restrictions towards remittances for current account transactions to Mauritius and Pakistan.

Remittances directly or indirectly to countries identified by the Financial Action Task Force (FATF) as “non- cooperative countries and territories”, from time to time; and remittances directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks are not permissible.

Ans: The exemption can be extended to co-lending arrangements between REs for non-PSL loans subject to the condition that no third party other than the REs in a co-lending transaction should have direct or indirect control over the flow of funds at any point of time.

Ans: RE providing DLG shall deduct full amount of the DLG which is outstanding from its capital.

Ans. Yes, another person may be authorised by the applicant to attend the personal hearing on his behalf but only with proper written authority. It has to be ensured that the person appearing on behalf of the applicant is conversant with the nature of contravention applied for. However, the Reserve Bank encourages the applicant to appear directly for the personal hearing rather than being represented/ accompanied by legal experts/consultants, etc. as the compounding is only for admitted contraventions.

Answer: Yes, a Foreign Portfolio Investor or a Foreign Venture Capital Investor, both registered with the Securities and Exchange Board of India (SEBI) under the relevant SEBI regulations can open and maintain a non-interest bearing foreign currency account for the purpose of making investment in accordance with Foreign Exchange Management (Non-Debt Instrument) Rules, 2019.

Ans: Currently, opening of e₹ wallets is linked to user’s saving accounts. This linkage facilitates frictionless user onboarding and obviates the need for separate KYC requirement. Based on the feedback and emerging use cases, new models of user on-boarding are also being explored.

Ans. In terms of paragraph 13 read with paragraph 5 of these Directions, the rate of interest on matured deposits standing in the name of a deceased individual depositor or two or more joint depositors, where one of the depositors has died, will be as per comprehensive policy duly approved by the Board of Directors or any committee of the Board to which powers have been delegated.

Ans.: Total invoice value must be in Indian Rupees (INR) in actuals (which should also include billing to subsidiary(s)/associate(s)) during the reference period.

The following REs of RBI are covered under the RB-IOS, 2021:

(i) Banks: All commercial banks, including Public Sector Banks, Private Sector Banks, Foreign Banks, Local Area Banks, Small Finance Banks, Payment Banks, Regional Rural Banks, Scheduled Primary (Urban) Co-operative Banks and Non-scheduled Primary (Urban) Co-operative Banks with deposit size of ₹50 Crore and above, as on the date of the audited balance sheet of the previous financial year;

(ii) NBFCs registered with RBI: All Non-Banking Financial Companies (excluding Housing Finance Companies) which (a) are authorized to accept deposits; or (b) have customer interface, with an assets size of ₹100 crore and above as on the date of the audited balance sheet of the previous financial year;

Note: Core Investment Companies, Infrastructure Debt Fund-Non-banking Financial Companies, Non-Banking Financial Companies-Infrastructure Finance Companies, companies in resolution or winding up / liquidation, or any other NBFC specified by RBI are excluded from the ambit of the RB-IOS, 2021.

(iii) System Participants: All Payment System Participants - banks as well as non-banks regulated by RBI are covered under the RB-IOS, 2021. These entities issue Prepaid Payment Instruments (PPIs) and facilitate transactions over National Electronic Funds Transfer (NEFT) / Real Time Gross Settlement (RTGS) / Immediate Payment Service (IMPS) / Unified Payments Interface (UPI) / Bharat Bill Payment System (BBPS) / Bharat QR Code / *99# mobile transaction service using Unstructured Supplementary Service Data (USSD) / Aadhaar Enabled Payment System (AePS), etc.

(iv) Credit Information Companies: All Credit Information Companies as defined in the Companies Act, 2013 (18 of 2013) and granted a Certificate of Registration under sub-section (2) of section 5 of the Credit Information Companies (Regulation) Act, 2005 (30 of 2005).

The list of entities, periodically updated, covered under the RB-IOS, 2021 is available at https://cms.rbi.org.in/cms/assets/Documents/RBIO_English_Portal.pdf.

ಉತ್ತರ. ಹೌದು, ನವೆಂಬರ್ 01,2014ರಿಂದ ಜಾರಿಗೆ ಬಂದಂತೆ ಬ್ಯಾಂಕ್ ತನ್ನ ಉಳಿತಾಯ ಬ್ಯಾಂಕ್ ಖತೆದಾರರಿಗೆ ಎಟಿಎಮ್ಗಳಲ್ಲಿ ಕನಿಷ್ಠ ಸಂಖ್ಯೆಯ ಉಚಿತವಹಿವಾಟುಗಳನ್ನು ಈ ಕೆಳಗಿನಂತೆ ನೀಡಬೇಕು :

• ಯಾವುದೇ ಸ್ಥಳದಲ್ಲಿ ಬ್ಯಾಂಕಿನ ಸ್ವಂತ ಎಟಿಎಮ್ಗಳಲ್ಲಿ [ಆನ್-ಅಸ್ ವಹಿವಾಟುಗಳು] ವಹಿವಾಟುಗಳು: ಎಟಿಎಮ್ಗಳು ಸ್ಥಳವನ್ನು ಲೆಕ್ಕಿಸದೇ , ಬ್ಯಾಂಕುಗಳು ತಮ್ಮ ಉಳಿತಾಯ ಬ್ಯಾಂಕ್ ಖಾತೆದಾರರಿಗೆ ಒಂದು ತಿಂಗಳದಲ್ಲಿ ಕನಿಷ್ಠ ಐದು ಉಚಿತ ವಹಿವಾಟುಗಳನ್ನು [ಹಣಕಾಸಿನ ಹಾಗೂ ಹಣಕಾಸೇತರ ಎರಡನ್ನೂ ಒಳಗೊಂಡು] ನೀಡಬೇಕು
• ಮೆಟ್ರೋ ಸ್ಥಳಗಳಲ್ಲಿ ಯಾವುದೇ ಇತರ ಬ್ಯಾಂಕ್‌ಗಳ ಎಟಿಎಮ್‌ಗಳಲ್ಲಿ [ಆಫ್‌-ಅಸ್‌ ವಹಿವಾಟುಗಳು ]ವಹಿವಾಟುಗಳು : ಆರು ಮೆಟ್ರೋ ಸ್ಥಳಗಳಲ್ಲಿ ಎಟಿಎಮ್‌ಗಳು ಇದ್ದ ಸಂದರ್ಭದಲ್ಲಿ, ಅಂದರೆ ಮುಂಬೈ,ಹೊಸ ದೆಲ್ಲಿ,ಚೆನ್ನೈ,ಕಲ್ಕತ್ತಾ,ಬೆಂಗಳೂರು,ಹೈದರಾಬಾದ್‌, ಬ್ಯಾಂಕುಗಳು ತಮ್ಮ ಉಳಿತಾಯ ಬ್ಯಾಂಕ್‌ ಖಾತೆದಾರರಿಗೆ ಒಂದು ತಿಂಗಳದಲ್ಲಿ ಕನಿಷ್ಠ ಮೂರು ಉಚಿತ ವಹಿವಾಟುಗಳನ್ನು [ಹಣಕಾಸಿನ ಹಾಗೂ ಹಣಕಾಸೇತರ ಎರಡನ್ನೂ ಒಳಗೊಂಡು] ನೀಡಬೇಕು.
• ನಾನ್ -ಮೆಟ್ರೋಸ್ಥಳಗಳಲ್ಲಿ ಯಾವುದೇ ಇತರ ಬ್ಯಾಂಕ್ಗಳ ಎಟಿಎಮ್ಗಳಲ್ಲಿ [ಆಫ್-ಅಸ್ ವಹಿವಾಟುಗಳು ]ವಹಿವಾಟುಗಳು : ಮೇಲಿನ ಆರು ಮೆಟ್ರೋ ಸ್ಥಳಗಳನ್ನು ಹೊರತುಪಡಿಸಿ ,ಯಾವುದೇ ಸ್ಥಳಗಳಲ್ಲಿ ,ಇತರ ಬ್ಯಾಂಕ್ ಎಟಿಎಮ್ಗಳಲ್ಲಿ ಬ್ಯಾಂಕ್ಗಳು ಉಳಿತಾಯ ಬ್ಯಾಂಕ್ ಖಾತೆದಾರರಿಗೆ ಒಂದು ತಿಂಗಳದಲ್ಲಿ ಕನಿಷ್ಠ ಐದು ಉಚಿತ ವಹಿವಾಟುಗಳನ್ನು [ಹಣಕಾಸಿನ ಹಾಗೂ ಹಣಕಾಸೇತರ ಎರಡನ್ನೂ ಒಳಗೊಂಡು] ನೀಡಬೇಕು.

Answer: Exchange rate between the currencies of the two trading partner countries will be market determined.

Since instructions related to GST are issued by Central Board of Indirect Taxes & Customs (CBIC), instructions and clarifications, if any, issued by CBIC in this regard may be followed.

Ans. KYC verification once done by one branch/ office of the RE shall be valid for transfer of the account to any other branch/ office of the same RE, provided full KYC verification has already been done for the concerned account and the same is not due for periodic updation.

The Ministry of MSME, Government of India and SIDBI set up the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) with a view to facilitate flow of credit to the MSE sector without the need for collaterals / third party guarantees. The main objective of the scheme is that the lender should give importance to project viability and secure the credit facility purely on the primary security of the assets financed. The Credit Guarantee scheme (CGS) seeks to reassure the lender that, in the event of a MSE unit, which availed collateral - free credit facilities, failing to discharge its liabilities to the lender, the Guarantee Trust would make good the loss incurred by the lender to the tune of 75-90 per cent of the outstanding amount in default.

The CGTMSE would provide cover for credit facility up to ₹10 crore which have been extended by lending institutions without any collateral security and /or third party guarantees. A guarantee and annual service fee is charged by the CGTMSE to avail of the guarantee cover. For more details you may visit www.cgtmse.in.

The dominant feature is assessed based on two factors:

• The type of enhancement to existing financial products (e.g., loans, deposits, insurance, pension products).

• The number of relaxations sought for the product during the testing process, with greater weightage given to the latter.

The relaxation, if warranted, shall be considered by PR/ AR on case-to-case basis and decision to that effect shall be binding and final.