Ans. One can refer to Directions – Compounding of contraventions under FEMA, 1999, available on Reserve Bank’s website.

Scheduled commercial banks have been advised in terms of our circular  RPCD.SME&NFS. BC.No.102/06.04.01/2008-09 dated May 4, 2009 to put in place a non -discretionary One Time Settlement scheme duly approved by their Boards. The banks have also been advised to give adequate publicity to their OTS policies.

Ans: The offline feature of e₹ enables the user to transact in locations with limited or no internet connectivity. It is expected to mirror the advantages of physical cash, making it a reliable solution for usage in remote areas. Currently, different solutions are being explored. One solution facilitates transactions without internet but still requires telecom connectivity, while another solution is testing transactions leveraging NFC communication,

Yes. A complaint can be filed through an authorized representative of the complainant (other than through an advocate). Such complaints should be submitted along with an authorization in the Form prescribed in the Scheme {containing details of the representative, i.e. Name, address, mobile number (mandatory to receive notifications) and e-mail}.

Ans.: Total amount held abroad at the beginning of reference period would mean the outstanding amount that is to be received from abroad (for the exports made) at the beginning of reference period i.e., April 2024-March 2025 (refers to 'as on April 01, 2024'). It is the opening balance of the accounts receivables (for exports).

ಉತ್ತರ. ಬ್ಯಾಂಕುಗಳು ಎಟಿಎಮ್ ಆವರಣಗಳಲ್ಲಿ ಸಂಬಂಧಪಟ್ಟ ಅಧಿಕಾರಿಗಳ ಹೆಸರು/ಗಳುಹಾಗೂ ಸಂಪರ್ಕ್ಸಂಖ್ಯೆ/ಗಳು /ಶುಲ್ಕ ರಹಿತ ಸಂಖ್ಯೆಗಳು / ಹೆಲ್ಪ್ ಡೆಸ್ಕ್ ಸಂಖ್ಯೆಗಳನ್ನು ಪ್ರದರ್ಶಿಸಬೆಕಾಗುತ್ತದೆ. ಅಂತೆಯೇ, ಡಬ್ಲ್ಯೂಎಲ್ಎಗಳಲ್ಲಿ , ವಿಫಲ/ವಿವಾದಿತ ವಹಿವಾಟುಗಳಿಗೆ ಸಂಬಂಧಿಸಿದ ಯಾವುದೇ ದೂರನ್ನು ನೀಡುವುದಕ್ಕಾಗಿ ಅಧಿಕಾರಿಗಳ ಸಂಪರ್ಕ ಸಂಖ್ಯೆಗಳು/ ಶುಲ್ಕ ರಹಿತ ಸಂಖ್ಯೆಗಳು / ಸಹಾಯ ವಾಣಿ ಸಂಖ್ಯೆಗಳನ್ನು ಸಹ ಪ್ರದರ್ಶಿಸಬೆಕಾಗುತ್ತದೆ.

Ans. V-CIP is an alternate method of customer identification with facial recognition and customer due diligence that allows REs to obtain and verify a customer’s identity information through a digital, secure, live, informed and consent-based and live audio-visual interaction between an authorised RE official and the customer to obtain identification information required for CDD purpose. V-CIP eliminates the need for physical visit to a branch of the RE but is treated on par with face-to-face CIP. Assisted V-CIP is also permitted when banks take help of Business Correspondents (BCs) facilitating the process only at the customer end.

Answer: No.

Response: No.

The testing phase duration will be as per the sandbox framework of the PR concerned.

ಉತ್ತರ. ಹೌದು, ಪ್ರತಿ ಪಿಪಿಐದಾರರಿಗೆ ಪ್ರತಿ ತಿಂಗಳಿಗೆ 10,000ದ ಮಿತಿಯೊಳಗೆ ‘ಕೆವೈಸಿ ಕಂಪ್ಲೈಂಟ್ ಪಿಪಿಐ’ನಿಂದ ಹಣ ವರ್ಗಾವಣೆಗೆ ಅವಖಾಶನೀಡಲಾಗುತ್ತದೆ. ಹೀಗಿದ್ದಾಗ್ಯೂ, ಪಿಪಿಐದಾರರು ಫಲಾನುಭವಿಯನ್ನು ‘ಮೊದಲೇ-ನೋಂದಾಯಿಸಿಕೊಂಡಿದ್ದರೆ’ ಪ್ರತಿ ಫಲಾನುಭವಿಗೆ ಪ್ರತಿ ತಿಂಗಳ 1,00,000/ವರೆಗೆ ವರ್ಧಿತ ಮಿತಿಯನ್ನು ಪಡೆಯಬಹುದು. ಆದಾಗ್ಯೂ, ಪಿಪಿಐ ನೀಡಿಕೆದಾರರು , ಪಿಪಿಐದಾರರ ರಿಸ್ಕ್ ಪ್ರೊಫೈಲ್,ಇತರ ಕಾರ್ಯಾಚರಣೆಯ ಅಪಾಯಗಳನ್ನು ಗಣನೆಗೆ ತೆಗೆದುಕೊಂಡ ನಂತರ ಕಡಿಮೆ ಮಿತಿಯನ್ನು ನಿಗದಿಪಡಿಸಬಹುದು.

ಗ್ರಾಹಕರು ಬಿಎಸ್ಬಿಡಿಎ ಖಾತೆಗಳನ್ನು ತೆರೆಯುವಾಗ ಬ್ಯಾಂಕುಗಳು ಎಟಿಎಮ್ ಡೆಬಿಟ್ ಕಾರ್ಡ್, ಎಟಿಎಮ್ ಪಿನ್ ಮತ್ತು ಅದರಲ್ಲಿರುವ ಅಪಾಯದ ಅಂಶಗಳ ಬಗ್ಗೆ ಗ್ರಾಹಕರಿಗೆ ಶಿಕ್ಷಣ ನೀಡಬೇಕು. ಆದರೆ ಒಂದು ವೇಳೆ ಗ್ರಾಹಕರಿಗೆ ಎಟಿಎಮ್ ಡೆಬಿಟ್ ಕಾರ್ಡ್ ಬೇಡವೆನಿಸಿದರೆ, ಅಂತಹ ಗ್ರಾಹಕರಿಗೆ ಬ್ಯಾಂಕುಗಳು ಬಲವಂತವಾಗಿ ಎಟಿಎಮ್ ಡೆಬಿಟ್ ಕಾರ್ಡ್ ನೀಡಬಾರದು. ಆದರೆ ಗ್ರಾಹಕರಿಗೆ ಎಟಿಎಮ್ ಡೆಬಿಟ್ ಕಾರ್ಡ್ ಬೇಕೆನಿಸಿದರೆ, ಬ್ಯಾಂಕುಗಳು ಬಿಎಸ್ಬಿಡಿಎ ತಮ್ಮ ಇತರ ಗ್ರಾಹಕರಿಗೆ ಎಟಿಎಮ್ ಡೆಬಿಟ್ ಕಾರ್ಡ್ ಮತ್ತು ಪಿಐಎನ್ ತಲುಪಿಸುವ ಪದ್ಧತಿಯಲ್ಲೇ ಸುರಕ್ಷಿತ ಚನೆಲ್ಗಳ ಮೂಲಕ ಬಿಎಸ್ಬಿಡಿಎ ಖಾತೆದಾರರಿಗೆ ಅದನ್ನು ನೀಡಬೇಕು.

Ans : The advantages of ECS Debit to customers are many and include,

• ECS Debit mandates will take care of automatic debit to customer accounts on the due dates without customers having to visit bank branches / collection centres of utility service providers etc.

• Customers need not keep track of due date for payments.

• The debits to customer accounts would be monitored by the ECS Users, and the customers alerted accordingly.

• Cost effective.

A person coming into India from abroad can bring with him foreign exchange without any limit provided if foreign currency notes, or travellers cheques exceed US$ 10,000/- or its equivalent and/or the value of foreign currency exceeds US$ 5,000/- or its equivalent, it should be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India.

All OPRC values are modifiable intra-day, subject to relative modifications being applicable only on a prospective basis i.e., they will not impact in any manner trades already concluded prior to such modification request being received by NDS-OM Web. Every order input by any authorized GAH user shall be validated against each of the OPRC values on funding/trading limits given to individual GAH user set by the PM before routing orders to the NDS-OM. Any order that violates the values prescribed for the concerned GAH and/or individual GAH user would be rejected by NDS-OM Web. Orders that successfully pass through OPRC validations set for a GAH by its PM would travel to the NDS-OM system and would be eligible for being traded in the same manner as any other order on the NDS-OM system following requisite order matching rules, conventions and processes. As GAHs remain the constituents of the PM, the trades will seamlessly settle through the existing settlement infrastructure.

Ans. Yes, the Reserve Bank is empowered to revoke the authorization granted by it, if the system provider contravenes any provisions of the Act or Regulations, fails to comply with its orders/ directions or violates the terms and conditions under which the authorization was granted to it (Section 8 of PSS Act 2007).

The advantages of ECS Debit to customers are many and include, ECS Debit mandates will take care of automatic debit to customer accounts on the due dates without customers having to visit bank branches / collection centres of utility service providers etc. Customers need not keep track of due date for payments. The debits to customer accounts would be monitored by the ECS Users, and the customers alerted accordingly. Cost effective.

A person coming into India from abroad can bring in with him Indian currency notes within the limits given below: a. upto Rs. 5,000 from any country other than Nepal or Bhutan, and b. any amount in denomination not exceeding Rs.100 from Nepal or Bhutan.

Ans: If the NEFT transaction is not credited or returned within two hours after batch settlement, then the bank is liable to pay penal interest to the affected customer at the current RBI LAF Repo Rate plus two percent for the period of delay / till the date of credit or refund, as the case may be, is afforded to the customers’ account without waiting for a specific claim to be lodged by the customer in this regard.

Authorised Dealers Category-II can issue forex pre-paid cards to residents travelling on private/business visit abroad, subject to adherence to KYC/AML/CFT requirements. However, settlement in respect of forex pre-paid cards has to be effected through AD Category-I banks.

In the illustration of Question 14 above, where the auction was yield based, the cut off rate that emerged in the auction was 9.40 per cent; while the weighted average cut off rate was 9.36 per cent. At the weighted average rate of 9.36 per cent the price of the security works out to Rs.100.27. Therefore, under the Scheme, the investor will get the security at Rs.100.27. Hence, price payable for every Rs.100 (face value) is Rs. 100.27. Therefore, for securities worth Rs.10,000, he will have to pay (Price x Face value/100) = 100.27 x 10,000/100=Rs.10,270/-

The appellate authority may:dismiss the appeal; orallow the appeal and set aside the Award; orsend the matter to the Banking Ombudsman for fresh disposal in accordance with such directions as the appellate authority may consider necessary or proper; ormodify the Award and pass such directions as may be necessary to give effect to the modified award; orpass any other order as it may deem fit.

Reinvestment deposits are those deposits where interest (as and when due) is reinvested at the same contracted rate till maturity which is withdrawable with the principal amount on maturity date. It is also applicable to domestic deposits.

• As per extant RBI’s guidelines, banks will be free to decide interest rate on loans against these securities, subject to the condition that such interest rate is to be at base rate or above.

• Like other G-Secs, coupon on IIBs would be paid on half yearly basis.

• Fixed coupon rate would be paid on the adjusted principal.

Ans. The credits to the account should represent the funds received from head office through normal banking channels for meeting the expenses of the office and/or the rupee amounts receivable if any, under the contract and no other amount should be credited without prior permission of the Reserve Bank. Similarly debits to this account could be raised only for meeting the local expenses of the office and intermittent remittances pending winding up / completion of the project.

For the intermittent remittances, the AD bank should be satisfied with the bonafides of the transaction and ensure submission of the following documents:

a. An Auditors’ / Chartered Accountants’ Certificate to the effect that sufficient provisions have been made to meet the liabilities in India including Income Tax, etc.

b. An undertaking from the PO that the remittance will not, in any way, affect the completion of the project in India and that any shortfall of funds for meeting any liability in India will be met by inward remittance from abroad.

Ans. Unique Transaction Reference (UTR) number is a 22 character code used to uniquely identify a transaction in RTGS system.

Yes, nomination facility is available as per the provisions of the Government Securities Act 2006 and Government Securities Regulations, 2007. A nomination form is available along with Application form. In case of cancellation/change in nomination, a separate form is to be filled and submitted to the Authorized Bank.

Response

Banks while opening the BSBDA should educate such customers about the ATM Debit Card, ATM PIN and risk associated with it. However, if customer chooses not to have ATM Debit Card banks need not force ATM debit cards on such customers. If, however, customer opts to have an ATM Debit Card, banks should provide the same to BSBDA holders through safe delivery channels by adopting the same procedure which they have been adopting for delivery of ATM Debit Card and PIN to their other customers.

Yes, a company can make investment beyond the stipulated limit after exhausting the available limit by obtaining a specific permission from Reserve Bank under a block allocation

For an exclusive working capital lender, where the exposure is in the form of facilities other than term loans, provisions can be reversed after satisfactory performance² of the working capital facility for one year, post implementation of the Resolution Plan.

In respect of outstanding ‘loan component’ of working capital limit (Working Capital Loan), paragraphs 45³ of RF 1.0 shall apply, which provides for two-stage reversal of provisions on repayment of the stipulated proportion of the residual/carrying debt at each stage, subject to the prescribed conditions.

No. The nominee(s) will continue to have the same rights and will be the nominees in respect of each new security issued in lieu of such Government security.

Ans. In terms of A. P. (DIR Series) circular No. 151 dated June 30, 2014, Reserve Bank of India will not issue any instructions under the FEMA, regarding the procedure to be followed in respect of deduction of tax at source while allowing remittances to the non-residents. It shall be mandatory on the part of ADs to comply with the requirement of the tax laws, as applicable.

Ans. More information can be found in the following circulars issued by RBI - DPSS.CO.PD No.1463/02.14.003/2018-19 dated January 8, 2019, CO.DPSS.POLC.No.S-469/02-14-003/2021-22 dated August 25, 2021 and CO.DPSS.POLC.No.S-516/02-14-003/2021-22 dated September 07, 2021.

At the time of making applications, the Promoters/Promoter Group will have to furnish a road map and methodologies they would adopt to comply with all the requirements of the corporate structure indicated in para 2 (C)(ii) and (iii) of the guidelines and realign the business between the entities to be held under the NOFHC [para 2(C)(iv) of the guidelines] within a period of 18 months. After the ‘in-principle approval’ is accorded by RBI for setting up of the bank, the actual setting up of NOFHC and the bank, re-organization of the Promoter Group entities to bring the regulated financial services entities under the NOFHC as well as realignment of business among the entities under the NOFHC have to be completed within a period of 18 months from the date of in-principle approval or before commencement of banking business, whichever is earlier.

The price of gold for the relevant tranche will be published on RBI website two days before the issue opens.

Yes, banks provide following services to the MSE entrepreneurs:

(i) Rural Self Employment Training Institutes (RSETIs)

At the initiative of the Ministry of Rural Development (MoRD), Rural Self Employment Training Institutes (RSETIs) have been set up by various banks all over the country. These RSETIs are managed by banks with active co-operation from the Government of India and State Governments. RSETIs conduct various short duration (ranging preferably from 1 to 6 weeks) skill upgradation programmes to help the existing entrepreneurs compete in this ever-changing global market. RSETIs ensure that a list of candidates trained by them is sent to all bank branches of the area and co-ordinate with them for grant of financial assistance under any Govt. sponsored scheme or direct lending.

(ii) Financial Literacy and consultancy support:

Banks have been advised to either separately set up special cells at their branches, or vertically integrate this function in the Financial Literacy Centres (FLCs) set up by them, as per their comparative advantage. Through these FLCs, banks provide assistance to the MSE entrepreneurs in regard to financial literacy, operational skills, including accounting and finance, business planning etc. (Refer circular RPCD.MSME & NFS.BC.No.20/06.02.31/2012-13 dated August 1, 2012).

Also, Financial Literacy Centres operated by Scheduled commercial Banks (including RRBs) have been advised vide our circular FIDD.FLC.BC.No.22/12.01.018/2016-17 dated March 02, 2017 to conduct target specific financial literacy camps wherein one of the target groups identified is MSEs.

Ans: The programmability feature allows the sponsor entity (government / corporate) or user to ensure that the funds in the CBDC wallets are used for a specific, designated purpose. It can be programmed on different parameters like expiry date, geo-location, merchant category codes, merchant VPA, etc. Currently, the programmability use cases are being explored across Direct Benefits Transfer (DBT) schemes, interest subvention scheme, lending, employee allowances for defined purposes, etc.

Ans.: The ‘the amount held abroad’ is the outstanding amount which is yet to be received by the company from the importers i.e., unpaid amount for the exports made by the company. Q-7(v) is the change in amount held abroad which is equal to closing balance minus opening balance. Opening balance on April 01, 2024 and closing balance at end-March 2025 of the reference period 2024-25.

The speed of redress depends on a number of factors like complexity of the case, timely submission of documents by the RE, volume of complaints in Ombudsman offices etc.

However, under the new System, CMS sends instant notifications to the complainant and RE and functions as single point reference for all complaint related communication for both parties, thereby obviating undue delays. All other things remaining the same, complaints lodged on CMS directly with all details get speedier redress.

ಉತ್ತರ. ಆರ್ಬಿಐ ಸೂಚನೆಗಳ ಪ್ರಕಾರ (ಮೇ 27,2011ರ ದಿನಾಂಕದ ಡಿಪಿಎಸ್ಎಸ್.ಪಿಡಿ.ನಂ.2632/02.10.002/2010-2011 ) ವಿಫಲ ಎಟಿಎಮ್ ವಹಿವಾಟಿನ ಸಂದರ್ಭದಲ್ಲಿ , ದೂರು ನೀಡಿದ ದಿನಾಂಕದಿಂದ 7 ಕೆಲಸದ ದಿನಗಳೊಳಗಡೆ ಗ್ರಾಹಕರ ಖಾತೆಗೆ ಮರು-ಜಮಾ ಮಾಡುವ ಮೂಲಕ ಗ್ರಾಹಕರ ದೂರನ್ನು ಪರಿಹರಿಸಲು ಕಾರ್ಡ್ ನೀಡುವ ಬ್ಯಾಂಕ್ಗೆ ಅಧಿಕೃತ ಆದೇಶನೀಡಲಾಗಿದೆ.

Ans: No, making specific facial gesture like blinking of eyes, smiling, frowning, etc. are not mandatory for liveness check. The RE is required to take due cognizance of special need, if any, of the customer during liveness check.

Answer: The AD bank in India shall be responsible for the reporting of transactions taking place in the Special Rupee Vostro Account of the correspondent bank of the trading partner country.

Response: Yes. Rupee loans can be availed against the collateral of Deposit Certificates issued by the banks under GMS.

After successful testing under IoRS, the entity may approach the concerned PR and ARs to obtain necessary authorisations and regulatory approvals before launching its product in the market. The decisions of the respective regulators will be final and binding. The product being successfully exiting the IoRS shall be published by the regulator concerned vide Press Release for wider adoption.

Residents are free to carry the foreign exchange purchased from an authorised dealer or money changer in accordance with the Rules. They are, however, allowed to carry foreign exchange in the form of currency notes/coins upto USD 2,000 or its equivalent only. Balance amount can be carried in the form of traveller’s cheque or banker/s draft. (In this connection please see item No.9).

ಉತ್ತರ. ಪಿಪಿಐ ನೀಡಿಕೆದಾರರು ಪಿಪಿಐ ದಾರರಿಗೆ ಪಿಪಿಐ ಅನ್ನು ಮುಕ್ತಾಯಗೊಳಿಸುವ ಹಾಗೂ ಈ ಪ್ರಕಾರದ ಪಿಪಿಐನ ಅನ್ವಯವಾಗುವ ಮಿತಿಗಳ ಪ್ರಕಾರ ಬ್ಯಾಂಕ್ ಖಾತೆಗೆ ಶಿಲ್ಕನ್ನು ವರ್ಗಾವಣೆ ಮಾಡುವ ಆಯ್ಕೆಯನ್ನು ನೀಡುತ್ತಾರೆ. ಈ ಉದ್ದೇಶಕ್ಕಾಗಿ, ಪಿಪಿಐ ನೀಡುವ ಸಮಯದಲ್ಲಿ ನೀಡಿಕೆದಾರರು ಮೊದಲೇ ಗೊತ್ತುಪಡಿಸಿದ ಬ್ಯಾಂಕ್ ಖಾತೆ ಅಥವಾ ಇತರಪಿಪಿಐ ವಿವರಗಳನ್ನು ಒದಗಿಸಲು ಪಿಪಿಐದಾರರಿಗೆ ಆಯ್ಕೆಯನ್ನು ನೀಡುತ್ತಾರೆ, ಪಿಪಿಐನಲ್ಲಿರುವ ಶಿಲ್ಕಿನ ಮೊತ್ತವನ್ನು ಪಿಪಿಐ ಮುಕ್ತಾಯ ಗೊಳಿಸಿದ ಸಂದರ್ಭದಲ್ಲಿ , ಅಂತಹ ಪಿಪಿಐಗಳ ಸಿಂಧುತ್ವದ ಅವಧಿ ಮುಕ್ತಾಯ,ಮುಂತಾದ ಸಂದರ್ಭದಲ್ಲಿ ವರ್ಗಾಯಿಸಲಾಗುತ್ತದೆ. ಮುಕ್ತಾಯದ ಸಮಯದಲ್ಲಿ, ಅದು ಮೊದಲೇ ನೀಡಲಾದ ಪೂರ್ವನಿಯೋಜಿತ ಖಾತೆಗಿಂತ ಭಿನ್ನವಾಗಿದ್ದರೆ, ಪಿಪಿಐದಾರರು ಬ್ಯಾಂಕ್ ಖಾತೆಯನ್ನು ನಿರ್ದಿಷ್ಟಪಡಿಸಬಹುದು.

Ans : User institutions enjoy many benefits from the ECS Debit Scheme like,

• Savings on administrative machinery and costs of collecting the cheques from customers, presenting in clearing, monitoring their realisation and reconciliation.

• Better cash management because of realisation / recovery of dues on due dates promptly and efficiently.

• Avoids chances of loss / theft of instruments in transit, likelihood of fraudulent access to the paper instruments and encashment thereof.

• Realisation of payments on a uniform date instead of fragmented receipts spread over many days.

• Cost effective.