Macro level: RBI Spreads awareness on RB-IOS, 2021 and related matters through various means including:

1. Awareness campaigns hosted with the tag line “RBI Kehta Hai” and placed on the RBI website at /en/web/rbi/rbi-kehta-hai.

2. Awareness related messages placed on RBI website as well as the CMS portal. This covers cyber-crime awareness including frauds using mobile apps/ UPI/ QR codes etc.

3. Awareness messages on illegal collection of deposits by unauthorized entities are hosted on Sachet portal at https://rbi.org.in/en/web/rbi/rbi-kehta-hai/sachet-portal.

4. Messages broadcasted in various multimedia channels including during prime time.

5. RBI has released two booklets, viz., BE(A)WARE on the common modus operandi used by fraudsters and precautions to be taken while carrying out various financial transactions, and ‘Raju and the Forty Thieves’ covering forty stories providing glimpses of various fraudulent means employed by fraudsters, and provides simple tips about Do’s and Don’ts as safeguards against such incidents.

6. All banks also repeatedly send SMS/ email to their customers detailing the modus operandi of different types of frauds and the due diligence required at the customer’s end to safeguard oneself from such frauds.

7. List of Do’s and Don’t is published on the RBI website as tickers.

Apart from the above, various outreaches including by Regional Offices of RBI, Centres for Financial Literacy (CFLs) and Financial Literacy Centres (FLCs), specific awareness programmes, town hall events and display of information/ messages at various public places are being regularly held through RBI Ombudsman Offices. ‘Ombudsman Speak’ too is held in the months of March and repeated in October, every year.

ಉತ್ತರ. ಪಿಪಿಐ ದಾರರಿಗೆ ನೋಟೀಸ್ ಅನ್ನು ಕಳುಹಿಸಿದ ನಂತರ ನಿರಂತರ ಒಂದು ವರ್ಷದವರೆಗೆ ಹಣಕಾಸಿನ ವಹಿವಾಟು ಇಲ್ಲದ ಪಿಪಿಐ ಅನ್ನು ನಿಷ್ಕ್ರಿಯಗೊಳಿಸಲಾಗುತ್ತದೆ / ನಷ್ಕ್ರಿಯವೆಂದು ಪರಿಗಣಿಸಲಾಗುತ್ತದೆ. ಇದನ್ನು ದೃಢೀಕರಣದ ನಂತರ ಹಾಗೂ ಅನ್ವಯವಾಗುವ ತಕ್ಕ ತತ್ಪರತೆಯ ನಂತರ ಅದನ್ನು ಪುನಃ ಸಕ್ರಿಯಗೊಳಿಸಬಹುದು.

It will be in order for individual partners to hold shares for and on behalf of the firm in overseas JV/WOS provided the entire funding for the investment is done by the firm and if the host country regulations or operational requirements warrant such holding.

Once a remittance is made for an amount upto USD 25,000 during the calendar year, he would not be eligible to make any further remittances under this route, even if the proceeds of the investments have been brought back into the country.

The interest rate directives on bank advances will not be applicable to loans or advances or other financial accommodation made or provided or renewed by a scheduled bank, inter alia, to its own employees. Where the advances are provided by the bank to co-operative credit societies formed by the bank’s staff members for lending to constituents ( i.e. Staff of the bank ) the interest rate directives of the RBI will not apply to such advances.

Yes.  As Relief/Savings Bonds are Government securities, nomination facility is available for these as explained at Question Nos. 17, 18, 19, 20, 21 & 22 above.

The entities/individuals belonging to the Promoters/Promoter Group, which would participate in the voting equity shares of the NOFHC, would have to provide theMemorandum and Articles of Association, financial statements for past ten years and IT returns for last three years, as appropriate, at the time of submission of their application. The last available financial statements in respect of other Group entities, which do not participate in the voting equity shares of the NOFHC will also have to be furnished. The details of the Promoters’ direct and indirect interest in various entities/companies/industries and details of credit/other facilities availed by the Promoters/Promoter Group would be required of all entities. [ para 3 of Annex II to the guidelines]

Considering that a large number of customer complaints emanate on account of unsuccessful or ‘failed’ transactions, RBI has issued a circular dated September 20, 2019 on Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems wherein the TAT is prescribed for reversing the funds in case of failed transactions. Further, the circular also prescribes a compensation mechanism if there is a delay on the part of Regulated Entity to reverse the funds. The details of the circular are available at /en/web/rbi/-/notifications/harmonisation-of-turn-around-time-tat-and-customer-compensation-for-failed-transactions-using-authorised-payment-systems-11693.

ಉತ್ತರ. ಯಾವುದೇ ಕಾರಣಕ್ಕಾಗಿ ಯೋಜನೆಯು ವೋಂಡ್-ಅಪ್ ಆಗಿದ್ದರೆ ಅಥವಾ ಸ್ಥಗಿತಗೊಳಿಸಲು ಆರ್ಬಿಐ ನಿರ್ದೇಶಿಸಿದ್ದರೆ ಅಂತಹ ಪಿಪಿಐದಾರರಿಗೆ ಪಿಪಿಐನಲ್ಲಿರುವ ಬಾಕಿ ಇರುವ ಶಿಲ್ಕನ್ನು ಮರುಳಿಪಡೆದುಕೊಳ್ಳಲು ಅನುಮತಿ ನೀಡಲಾಗುವುದು.

The remittances can be in any currency equivalent to USD 25,000 in a calendar year.

No.

Indian parties which have majority share holding in a foreign entity abroad are required to seek specific approval of Reserve Bank of India for setting up of a second generation company in case:the foreign entity has been in operation for a period of less than two years; orthe Indian party has not repatriated the amount of dividends, fees and royalties due to it from the foreign entity; orproceeds of exports to the foreign entity have not been realised in accordance with the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000; oradditional capital contribution is required from India.

The entities/individuals belonging to the Promoters/Promoter Group, which would participate in the voting equity shares of the NOFHC, would have to provide theMemorandum and Articles of Association, financial statements for past ten years and IT returns for last three years, as appropriate, at the time of submission of their application. The last available financial statements in respect of other Group entities, which do not participate in the voting equity shares of the NOFHC will also have to be furnished. The details of the Promoters’ direct and indirect interest in various entities/companies/industries and details of credit/other facilities availed by the Promoters/Promoter Group would be required of all entities. [ para 3 of Annex II to the guidelines]

Yes.  The facility of automatic redemption, i.e., the facility to receive maturity proceeds along with interest accruing thereon on due date without the hassle of visiting the RBI/Agency Bank and submitting physical discharge in respect of the maturing Relief/Savings Bonds is available to all the Relief/Savings Bond investors as explained at Question Nos. 36 & 37 above.

Customers must report to the bank immediately after noticing any unauthorized transactions in their accounts. Delay in reporting reduces their chance of getting the money back.

In terms of RBI circular on Limiting Liability of Customers in Unauthorised Electronic Banking Transactions dated July 06, 2017, zero liability of the customer shall arise if:

1. Contributory fraud/ negligence/ deficiency is there on the part of the bank (irrespective of whether or not the transaction is reported by the customer).

2. Third party breach where the deficiency lies neither with the bank nor with the customer but lies elsewhere in the system, and the customer notifies the bank within three working days of receiving the communication from the bank regarding the unauthorised transaction.

Limited Liability of a Customer

A customer shall be liable for the loss occurring due to unauthorized transactions in the following cases:

1. In cases where the loss is due to negligence by a customer, such as where he/she has shared the payment credentials, the customer will bear the entire loss until the unauthorized transaction was reported to the bank. Any loss occurring after the reporting of the unauthorized transaction shall be borne by the bank.

2. In cases where the responsibility for the unauthorized electronic banking transaction lies neither with the bank nor with the customer, but lies elsewhere in the system and when there is a delay (of four to seven working days after receiving the communication from the bank) on the part of the customer in notifying the bank of such a transaction, the per transaction liability of the customer shall be limited as given in the circular.

ಉತ್ತರ. ಪಿಪಿಐಗೆ ಡೆಬಿಟ್ ಮೂಲಕ ಪ್ರಾರಂಭದಲ್ಲಿ ಮಾಡಿರುವ ಪಾವತಿಮಾಡಿದ ಮಟ್ಟಿಗೆ , ಅಂತಹ ಫಂಡ್ಗಳ ಅಪ್ಲಿಕೇಶನ್ ಪಿಪಿಐನ ಆ ಪ್ರಕಾರ/ವರ್ಗಕ್ಕಾಗಿ ನಿಗದಿಪಡಿಸಿದ ಮಿತಿಗಳನ್ನು ಮೀರಿದರೆ ಅಂತಹ ಫಂಡ್ಗಳ ಅನ್ವಯವೂ ಸಹ , ವಿಫಲವಾದ/ಹಿಂತಿರುಗಿದ/ತಿರಸ್ಕರಿಸಿದ/ರದ್ದಾದ ವಹಿವಾಟುಗಳ ಸಂದರ್ಭದಲ್ಲಿ ಮರುಪಾವತಿಯನ್ನು ತಕ್ಷಣ ಸಂಬಂಧಪಟ್ಟ ಪಿಪಿಐಗೆ ಅನ್ವಯಿಸಲಾಗುವುದು.

The stipulation that investors could invest in equities of overseas listed firms that hold at least 10% in a listed Indian firm which was made in terms of our A.P.(DIR Series) Circular No.66 dated January 13, 2003 continues as an additional facility. Under the current Liberalised Remittance Scheme, no such stipulation has been made.

No.

The shares of a JV/WOS can be pledged as a security for availing fund based or non-fund based facility for the concerned entity or for the JV/WOS from an authorised dealer/ public financial institution in India.

Relief/Savings Bonds provide the investors to opt for cumulative/non-cumulative interest payment. In case of cumulative bonds, the interest is payable along with the principal at the time of redemption. However, in case of non-cumulative bonds, the same is paid at half-yearly intervals. If an investor requires regular income flow then it is suggested that he/she should opt for non-cumulative mode of interest payment. Interest can be paid through interest warrants delivered through registered post or can be credited to the investor's bank account on due date, in case the investor has submitted the bank details as per the ECS Mandate form available in the offices of RBI and the Agency Banks. (A model format is given at the end of these FAQs).