SGL or CSGL are a demat form of holding government securities with the RBI. Just as an investor can hold shares in demat form with a depository participant, he can also hold government securities in an account with a bank or a PD. Securities kept on behalf of customers by banks or PDs are kept in a segregated CSGL A/c with the RBI. Thus, if the bank or the PD buys security for his client, it gets credited to the CSGL account of bank or PD with the RBI.

Proposals not covered by the conditions under the automatic route require the prior clearance of the regulatory authority for which a specific application in form ODI is required to be made to the Reserve Bank of India.

• Product structure of the series of IIBs for retail investors is yet to be finalised. It will be finalised in the due course and accordingly, the same would put in the public domain.

Banks are free to fix Prime Lending Rate (PLR) for credit limits over Rs.2 lakhs with the approval of their respective Boards, which should be the minimum rate charged by them for such credit limits. PLR is to be declared and has to be uniformly applicable at all branches. The banks may authorise their Asset-Liability Management Committee (ALCO) to fix interest rates on Deposits and Advances, subject to their reporting to the Board immediately thereafter. The banks should also fix maximum spread over the PLR with the approval of the ALCO/Board for all advances other than consumer credit.

The Reserve Bank of India has deregulated the charges to be levied by sponsor banks from user institutions. The sponsor banks are, however, required to disclose the charges in a transparent manner. With effect from 1st July 2011, originating banks are required to pay a nominal charge of 25 paise and 50 paise per transaction to the Clearing house and destination bank respectively. Bank branches do not generally levy processing / service charges for debiting the accounts of customers maintained with them.

CG and SG match on a price- time priority basis and T Bills Match on a yield-time priority basis. For a bid in CG/SG to match with an offer, the bid price has to be equal to or greater than the offer price. For an offer in CG/SG to match with a bid, the offer price has to be equal to or less than the offer price. In case of T Bills, the bid yield has to be equal to or less than the offer yield and vice versa for offers. At the same price/yield, the order which has come first to the system will get priority.

Ans. ಮಾಸ್ ಟ್ರಾನ್ಸಿಟ್ ಸಿಸ್ಟಮ್ಸ್ [ಪಿಪಿಐ-ಎಮ್ಟಿಎಸ್]ಗಾಗಿ ಪಿಪಿಐಗಳ ಪ್ರಮುಖ ವೈಶಿಷ್ಟ್ಯತೆಗಳು ಈ ಕೆಳಗಿನಂತಿವೆ:

1. ಇವುಗಳು ಮಾಸ್ ಟ್ರಾನ್ಸಿಟ್ ಸಿಸ್ಟಮ್ ಆಪರೇಟರ್ಗಳು ನೀಡುವ ಸೆಮಿಕ್ಲೋಸ್ಡ್ ಪಿಪಿಐಗಳಾಗಿವೆ.
2. ಮಾಸ್ ಟ್ರಾನ್ಸಿಟ್ ಸಿಸ್ಟಮ್ನಿಂದ ಹೊರತಾಗಿ, ಅಂತಹ ಪಿಪಿಐ-ಎಮ್ಟಿಎಸ್ ಅನ್ನು ಯಾರ ಚಟುವಟಿಕೆಗಳು ಸಂಬಂಧಿತ /ಸಂಬಂಧಪಟ್ಟ ಅಥವಾ ಟ್ರಾನ್ಸಿಟ್ ಸಿಸ್ಟಮ್ನ ಆವರಣದೊಳಗಡೆಯಲ್ಲಿ ನಡೆಯುವ ಇತರ ವ್ಯಾಪಾರಿಗಳಲ್ಲಿ ಮಾತ್ರ ಬಳಸಬಹುದು.
3. ಅವು ಸ್ವರೂಪದಲ್ಲಿ ಮರುಲೋಡ್ ಮಾಡಬಹುದಾದದ್ದಾಗಿರುತ್ತವೆ.
4. ಯಾವುದೇ ಸಮಯದಲ್ಲಿ ಗರಿಷ್ಠ ಬಾಕಿಯು 3,000/ದ ಮಿತಿಯನ್ನು ಮೀರಬಾರದು.
5. ಕ್ಯಾಶ್-ಔಟ್ ಅಥವಾ ರಿಫಂಡ್ ಅಥವಾ ಹಣ ವರ್ಗಾವಣೆಯನ್ನು ಅನುಮತಿಸಲಾಗುವುದಿಲ್ಲ.
6. ನೀಡಿಕೆದಾರರ ಆಡಳಿತ ಮಂಡಳಿ ಅನುಮೋದಿತ ನೀತಿಯ ಪ್ರಕಾರ ಅವುಗಳನ್ನು ಮರುಮೌಲ್ಯಮಾಪನ ಮಾಡಬಹುದು [ಹೊಸ ಇನ್ಸ್ಟ್ರುಮೆಂಟ್ನ ನೀಡಿಕೆಯನ್ನೂ ಒಳಗೊಂಡು]
7. ನೀಡಿಕೆದಾರರ ಆಡಳಿತ ಮಂಡಳಿ ಅನುಮೋದಿತ ನೀತಿಯ ಪ್ರಕಾರ ಅವುಗಳನ್ನು ಮರುಮೌಲ್ಯಮಾಪನ ಮಾಡಬಹುದು [ಹೊಸ ಇನ್ಸ್ಟ್ರುಮೆಂಟ್ನ ನೀಡಿಕೆಯನ್ನೂ ಒಳಗೊಂಡು]

Response

All the existing 'No-Frill' accounts may be treated as BSBDA accounts from the date of the circular i.e., August 22, 2012 and banks may offer the prescribed facilities as per the circular such as issuing ATM card etc., to the existing ‘No-Frill’ account holders as and when the customer approaches the bank. However, for customers opening new accounts after the issue of our circular should be provided with the prescribed facilities immediately on opening of the account.

Yes.  Government securities are eligible for conversion from one form of holding to another as well as consolidation, sub-division and renewal as per the terms and conditions prescribed in the G S Regulations.

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 bond can be gifted/transferable to a relative/friend/anybody who fulfills the eligibility criteria (as mentioned at Q.no. 4). The Bonds shall be transferable in accordance with the provisions of the Government Securities Act 2006 and the Government Securities Regulations 2007 before maturity by execution of an instrument of transfer which is available with the issuing agents.

Ans. A resident individual can make a rupee gift to a NRI/PIO who is a close relative of the resident individual [relative’ as defined in Section 2(77) of the Companies Act, 2013] by way of crossed cheque /electronic transfer. The amount should be credited to the Non-Resident (Ordinary) Rupee Account (NRO) a/c of the NRI / PIO and credit of such gift amount may be treated as an eligible credit to NRO a/c. The gift amount would be within the overall limit of USD 250,000 per financial year as permitted under the LRS for a resident individual. It would be the responsibility of the resident donor to ensure that the gift amount being remitted is under the LRS and all the remittances made by the donor during the financial year including the gift amount have not exceeded the limit prescribed under the LRS.

In terms of announcement in para 48 of First Bi-monthly Monetary Policy Statement, 2016-17, Reserve Bank laid down a framework for accreditation of credit counsellors which was shared with SIDBI for laying down operational guidelines. Accordingly, the scheme was launched by SIDBI in July 2017. As per the scheme, Certified Credit Counsellors are institutions or individuals registered with SIDBI who shall assist MSMEs in preparing project reports in a professional manner which would, in turn, help banks make more informed credit decisions.

Yes. As per Clause 16 of the RB-IOS, 2021, the RBI Ombudsman may reject a complaint at any stage, if the complaint:

1. is non-maintainable under Clause 10 of the RB-IOS, 2021;

2. is in the nature of offering suggestions or seeking guidance or explanation;

3. in the opinion of the Ombudsman there is no deficiency in service;

4. the compensation sought for the consequential loss is beyond the power of the Ombudsman to award as indicated in RB-IOS, 2021 (please refer to Question 22);

5. the complaint is not pursued by the complainant with reasonable diligence;

6. the complaint is without sufficient cause;

7. the complaint requires consideration of elaborate documentary and oral evidence and the proceedings before the Ombudsman are not appropriate for adjudication of such a complaint;

8. in the opinion of the Ombudsman there is no financial loss or damage, or inconvenience caused to the complainant.

Ans.: Please refer to the below table containing the error codes (Fatal error, non-Fatal error) with their descriptions. If a respondent get an acknowledgment of the processed data with any Fatal error codes, then it should study the below mentioned fatal error message/description and revise its data and resubmit it on surveysoftex@rbi.org.in. If the company gets an acknowledgment of the processed data with any Non-fatal error codes then it needs to provide justification/clarification on the errors and send it on itesquery@rbi.org.in along with revised data if applicable to surveysoftex@rbi.org.in.

Sr. No.	Revised- Rejection Criteria	Revised - Error Message/descriptions	Error Code
Fatal Error
1	If the survey year is not provided	The year cannot be left blank. Please specify the reference year and fill the return.	ITES_F_001
2	i) If the survey year is not correct	Survey year should be the subsequent Survey after the latest closed survey year in the system. Please specify the correct Survey year.	ITES_F_001
	ii) If the Survey year is advanced	Please specify proper survey year by filling the form for the survey year - <current survey year>	ITES_F_001
	iii) If the survey is closed	ITES survey for ___________ is closed.	ITES_F_001
3	If PAN number is not provided	PAN number is not provided. Please specify/fill the PAN number of your company.	ITES_F_002
4	If PAN number is not valid	PAN number is invalid. Please provide 10-digit alphanumeric PAN number of your company.	ITES_F_002
5	If CIN number is not provided	CIN number is not provided. Please specify/fill 21-digit the CIN number of your company given by the Ministry of Corporate Affairs.	ITES_F_003
6	If CIN number is not valid	CIN number is invalid. Please provide 21-digit CIN number of your company.	ITES_F_003
7	If the details of Business Activity in ‘Item number 3 in Part-A is blank or incomplete AND 3.E Sum of the percentage share of business activities is not equal to 100	Total of Business Activity should be 100; Please specify the correct percentage share of each business activity mentioned in Item number 3 of Part A.	ITES_F_005
8	If in Part-B, item number 5 (a) Total of Export invoice value is blank or ‘0’.	Please provide the Export invoice value of the business activities of your company in item number 5 (a). and if there is no export during the reference period, please select “Nil Statement” option mentioned in 2 (b)	ITES_F_006
Non-Fatal Error
1	If there is more than one percent variation between percentage share of IT Services provided in Part A, item 3 A. and percentage share derived from Part B, item 5 (a) (i) IT Services export invoice amount/ total exports	Please ensure that percentage share of Business activity IT services provided in Part A, item 3 A matches with the corresponding export invoice value provided in Part B, item 5 (a) (i)	ITES_NF_001
2	If there is more than one percent variation between percentage share of ITES/BPO provided in Part A, item 3 B and percentage share derived from Part B, item 5 (a) (ii) ITES/BPO Services export invoice amount/ total exports	Please ensure that percentage share of Business activity ITES/BPO provided in Part A, item 3 B matches with the corresponding export invoice value provided in Part B, item 5 (a) (ii)	ITES_NF_002
3	If there is more than one percent variation between percentage share of Engineering services provided in Part A, item 3 C and percentage share derived from Part B, item 5 (a) (iii) Engineering services exports invoice amount/ total exports	Please ensure that percentage share of Business activity Engineering services provided in Part A, item 3 C matches with the corresponding export invoice value provided in Part B, item 5 (a) (iii)	ITES_NF_003
4	If there is more than one percent variation between percentage share of Software products exports provided in Part A, item 3 D and percentage share derived from Part B, item 5 (a) (iv) Software products exports invoice amount/ total exports	Please ensure that percentage share of Business activity Software products exports provided in Part A, item 3 D matches with the corresponding export invoice value provided in Part B, item 5 (a) (iv)	ITES_NF_005
5	If the total exports amount of Billing to subsidiary(s)/ associate(s) abroad in Part B, item 5 (a) is blank	Please provide the amount of billing to subsidiary(s)/ associate(s) abroad of the total exports in Part B, item 5 (a).	ITES_NF_006
6	If there is more than 5 percent variation between total exports-major currencies reported in INR in item 5 (b) of Part B and total exports provided in item 5(a) of Part B	Please ensure that total exports-major currencies reported in INR in item 5 (b) of Part B matches with total exports provided in item 5(a) of Part B.	ITES_NF_010
7	If there is more than 5 percent variation between total exports-type of services reported in item 5 (c) of Part B and total exports provided in item 5(a) of Part B	Please ensure that total exports-type of services reported in item 5 (c) of Part B matches with total exports provided in item 5(a) of Part B.	ITES_NF_011
8	If there is more than 5 percent variation between total exports-Major Areas reported in item 5 (d) of Part B and total exports provided in item 5(a) of Part B	Please ensure that total exports- Major Areas reported in item 5 (d) of Part B matches with total exports provided in item 5(a) of Part B.	ITES_NF_012
9	If there is more than 5 percent variation between total exports-Mode of supply reported in item 6 of Part B and total exports provided in item 5(a) of Part B	Please ensure that total exports- Mode of supply reported in item 6 of Part B matches with total exports provided in item 5(a) of Part B.	ITES_NF_013
10	If the information on Exports Proceeds- Receipt, Expenditure and Held Abroad in the item number 7 of Part C (i) i.e Cell AB83 is blank or zero	Please provide the complete details on information on Exports Proceeds- Receipt, Expenditure and Held Abroad in the item number 7 of Part C.	ITES_NF_007
11	If the Cell O14 is blank or zero in the information of number of employees in item number 8 of  Part C	Please provide the complete details on Number of employees in the item number 8 of Part C.	ITES_NF_008
12	If the information on Total Number of Subsidiaries/ Associates Abroad in item number 9 (a) of Part D is blank.	Please provide information on Total Number of Subsidiaries/ Associates Abroad in the item number 9 of Part D.	ITES_NF_014
13	Number of non-zero rows in 9 (b) should be equal to number of Subsidiaries/ Associates Abroad provided in item number 9 (a) of Part D.	Please check the number of subsidiaries provided in 9(a) of part (D) matches with the numbers of subsidiaries details provided in 9(b)	ITES_NF_009
14	If Form of Organisation is null or select as blank	Please provide the Form of Organisation in item 4 of part A	ITES_NF_015

ಉತ್ತರ. ಮ್ಯಾಗ್ನೆಟಿಕ್ ಸ್ಟ್ರೈಪ್ ಕಾರ್ಡ್ ಇಎಮ್ವಿ ಚಿಪ್ನಲ್ಲಿರುವ ಡೇಟಾವನ್ನು ಕಾರ್ಡ್ನಲ್ಲಿರುವ ಮ್ಯಾಗ್ನೆಟಿಕ್ ಸ್ಟ್ರೈಪ್ನಲ್ಲಿ ಕಾರ್ಡ್ ಡೇಟಾವನ್ನು ಸಂಗ್ರಹಿಸುತ್ತದೆ ಹಾಗೂ ಪಿನ್ ಕಾರ್ಡ್ ಅನ್ನು ಚಿಪ್ನಲ್ಲಿ ಸಂಗ್ರಹಿಸಲಾಗುತ್ತದೆ. ಮ್ಯಾಗ್ನೆಟಿಕ್ ಸ್ಟ್ರೈಪ್ ಕಾರ್ಡ್ಗಳಿಗೆ ಹೋಲಿಸಿದಾಗ ಇಎಮ್ವಿ ಚಿಪ್ ಹಾಗೂ ಪಿನ್ ಕಾರ್ಡ್ಗಳನ್ನು ಸುರಕ್ಷಿತವೆಂದು ಪರಿಗಣಿಸಲಾಗುತ್ತದೆ

Ans. Yes, once a customer submits updated KYC information or self-declaration to the RE, it shall provide an acknowledgement to this effect to the customer. Upon updating KYC information, the RE shall also intimate customers about such updation.

Ans. The meaning of KYC is as defined in paragraph 6 of the MD-PPIs. The KYC / Anti-Money Laundering (AML) / Combating Financing of Terrorism (CFT) guidelines issued by the Department of Regulation (DoR), RBI, in “Master Direction – Know Your Customer Direction, 2016”, shall apply mutatis mutandis to all the entities issuing PPIs.

ಹೌದು. ಅಂತಹ ಗ್ರಾಹಕರು ತಮ್ಮ ಸಮ್ಮತಿಯನ್ನು ಲಿಖಿತದಲ್ಲಿ ಕೊಡಬೇಕು ಮತ್ತು ಬಿಎಸ್ಬಿಡಿಎಯ ವೈಶಿಷ್ಟ್ಯಗಳು ಮತ್ತು ಸೇವೆಗಳ ಮಟ್ಟವನ್ನು ಅವರಿಗೆ ತಿಳಿಸಬೇಕು.

• Fixed Income Money Market and Derivatives Association of India (FIMMDA) will come out with valuation guidelines shortly.

Ans. Yes, Reserve Bank has the authority to conduct on-site inspection, under the PSS Act.

However, foreign entities located in overseas jurisdictions may be exempted from certain requirements applicable to domestic payment systems (India) subject to the RBI concluding cooperative agreements with the home regulator/s.

Residents may book their tickets in India for their visit to any third country. That is residents can book their tickets for travel for instance to London/New York through domestic/foreign airlines in India itself.

An illustrative list of Intermediary Agencies is as under: 1. State sponsored organizations for on-lending to Weaker Sections.@ 2. Distributors of agricultural inputs/implements. 3. State Financial Corporations (SFCs)/State Industrial Development Corporations (SIDCs) to the extent they provide credit to weaker sections. 4. National Small Industries Corporation (NSIC). 5. Khadi and Village Industires Commission (KVIC). 6. Agencies involved in assisting the decentralized sector. 7. Housing and Urban Development Corporation Ltd. (HUDCO). 8. Housing Finance Companies approved by National Housing Bank (NHB) for refinance. 9. State sponsored organization for SCs/STs (for purchase and supply of inputs to and/or marketing of output of the beneficiaries of these organizations). 10. Micro Finance Institutions/Non-Government Organisations (NGOs) on-lending to SHGs. @ ‘Weaker Sections’ in Priority Sector includes following: Small and marginal farmers with land holdings of 5 acres and less, landless labourers, tenant farmers and share-croppers; Artisans, village and cottage industries where individual credit requirements do not exceed Rs.25,000/-. Small and marginal farmers, sharecroppers, agricultural and non-agricultural labourers, rural artisans and families living below the poverty lines are the beneficiaries. The family income should not exceed Rs. 11,000/- per annum. Scheduled Castes and Scheduled Tribes. Beneficiaries are persons whose family income from all sources does not exceed Rs.7200/- per annum in urban or semi urban areas or Rs.6,400/- per annum in rural areas. They should not own any land or the size of their holding does not exceed one acre in the case of irrigated land and 2.5 acres in the case of unirrigated land ( land holding criteria do not apply to SC/ST). Beneficiaries under Scheme of Liberation and Rehabilitation of Scavengers (SLRS). Advances granted to Self-Helf Groups (SHGs) for reaching the rural poor.

An application for direct investment in a JV/WOS may be made in form ODI to:The Chief General Manager,Overseas Investment Division,Exchange Control Department,Reserve Bank of India, Central Office,Amar Building, Sir P.M.Road,Mumbai 400 001.

The NDS-OM system ensures that orders place by a GAH will not match with its Primary Member. Similarly orders placed by two GAH of the same Primary Member will not match.

No. It will not be mandatory for the retail investor to maintain a constituent subsidiary general ledger (CSGL) account with a bank or a primary dealer (PD) through whom it proposes to participate in the auction. It will, however, be convenient for the investor to have such an account.

Response

Yes. Such customers should give their consent in writing and they should be informed of the features and extent of services available in BSBDAs.

Yes.  Government securities, as per eligibility, can be stripped separately for interest and principal and reconstituted as well.

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.

Yes, these securities are eligible to be used as collateral for loans from banks, financial Institutions and Non-Banking Financial Companies (NBFC). The Loan to Value ratio will be the same as applicable to ordinary gold loan prescribed by RBI from time to time. Granting loan against SGBs would be subject to decision of the bank/financing agency, and cannot be inferred as a matter of right.

The Deputy Ombudsman can reject a complaint only on the following grounds:

1. the complaint is non-maintainable under Clause 10 of the RB-IOS, 2021;

2. the complaint is in the nature of offering suggestions or seeking guidance or explanation.

ಉತ್ತರ. ಡಿಸೆಂಬರ್ 31,2018ರ ಮೊದಲು ಅಸ್ತಿತ್ವದಲ್ಲಿರುವ ಎಲ್ಲಾ ಮ್ಯಾಗ್ನೆಟಿಕ್ ಸ್ಟ್ರೈಪ್ ಕಾರ್ಡ್ಗಳನ್ನು ಇಎಮ್ವಿ ಚಿಪ್ ಹಾಗೂ ಪಿನ್ಕಾರ್ಡ್ಗಳಾಗಿ ಪರಿವರ್ತಿಸಲು ಬ್ಯಾಂಕ್ಗಳಿಗೆ ಸೂಚನೆ ನೀಡಲಾಗಿದೆ. ಕಾರ್ಡ್ದಾರರು ಅವನ/ಅವಳ ಮ್ಯಾಗ್ನೆಟಿಕ್ ಸ್ಟ್ರೈಪ್ ಕಾರ್ಡ್ ಅನ್ನು ಇಎಮ್ವಿ ಚಿಪ್ ಹಾಗೂ ಪಿನ್ಕಾರ್ಡ್ಗೆ ಬದಲಾಯಿಸಿರುವ ಕಾರ್ಡ್ ಅನ್ನು ಪಡೆಯದಿದ್ದರೆ, ಅವನು/ಅವಳು ಬದಲಿ ಕಾರ್ಡ್ ಅನ್ನು ಪಡೆಯಲು ಅವನ/ಅವಳ ಶಾಖೆಯನ್ನು ತಕ್ಷಣ ಸಂಪರ್ಕಿಸಬೇಕು.

Ans. Yes, the RE shall intimate its customer, in advance, to comply with the requirement of periodic updation of KYC. Subsequent to the due date, RE shall also give reminders to such customer who has still not complied with the requirements, despite advance intimations.

ಉತ್ತರ. ಪಿಪಿಐ ಬ್ಯಾಲೆನ್ಸ್ಗಳಲ್ಲಿ ಯಾವುದೇ ಬಡ್ಡಿಯನ್ನು ಪಾವತಿಸಲಾಗುವುದಿಲ್ಲ.

Requests under the normal route are considered by taking into account the prima facie viability of the proposal, business track record of the promoters, experience and expertise of the promoters, benefits to the country, etc.

The Primary Member has the right to cancel/hold or release any outstanding order of the GAH. For instance, in case of any connectivity issues at the GAH end, the GAH can request the Primary Member to either cancel or hold his orders. Orders held by the Primary Member can only be released by the Primary Member. Orders placed by the GAH cannot be modified by the Primary Member. Trades once concluded on the NDS OM Web Module cannot be cancelled.

Persons resident in India are permitted to maintain foreign currency accounts in India under following two Schemes: EEFC Accounts:- To avoid exchange loss on conversion of foreign exchange into Indian Rupee & Rupee into foreign exchange, residents can retain upto 50% of foreign currency remittances received from abroad in a foreign currency account, viz., EEFC account, with an authorised dealer in India. Funds held in EEFC account can be utilised for current account transactions and also for approved capital account transactions as specified by the extant Rules/Regulations/Notifications/Directives issued by the Government/RBI from time to time. RFC Accounts :- Returning Indians, i.e., those Indians, who were non-residents earlier, and are returning now for permanent stay, are permitted to open, hold and maintain with an authorised dealer in India a Resident Foreign Currency (RFC) Account to keep their foreign currency assets. Assets held outside India at the time of return can be credited to such accounts. The foreign exchange (i) received or acquired as gift or inheritance from a person referred to sub-section (4) of section 6 of FEMA,1999 or (ii) referred to in clause (c) of section 9 of the Act or acquired as gift or inheritance therefrom may also be credited to this account. The funds in RFC account are free from all restrictions regarding utilisation of foreign currency balances including any restriction on investment outside India. The facility is also available to residents provided foreign exchange to be credited to such account is received out of certain specified type of funds/accounts. c. RFC (Domestic)Account:- A person resident in India can open, hold and maintain with an authorized dealer in India, a Resident Foreign Currency (Domestic) Account, out of foreign exchange acquired in the form of currency notes, Bank notes and travellers cheques from any of the sources like, payment for services rendered abroad, as honorarium, gift, services rendered or in settlement of any lawful obligation from any person not resident in India. The account may also be credited with/opened out of foreign exchange earned like proceeds of export of goods and/or services, royalty, honorarium, etc., and/or gifts received from close relatives (as defined in the Companies Act) and repatriated to India through normal banking channels by resident individuals.

Yes, the PD/ bank through whom the application is made must clearly indicate such mode of crediting the securities.

Yes. In respect the following categories the banks have freedom to charge interest rate without reference to PLR:Loans covered by refinance schemes of term lending institutions.Interest rates on bank lending to intermediary agencies.Bill discounting by banks.Advances/overdrafts against domestic/NRE/FCNR(B) deposits.Banks are also free to determine the rates of interest without reference to PLR for the following categories:a. Loans for purchase of consumer durables.b. Loans to individuals against shares and debentures /bonds.c. Other non-priority sector personal loans.However, it is not the intention to allow any concessionality in case of such loans and therefore banks should not charge rates below PLR,regardless of the size of the loan amount.

Ans. The Reserve Bank is authorized to issue directions to a payment system or system participant to cease or desist from engaging in any act, omission or course of conduct or direct it to perform any acts as well as issue general directions in the interests of the smooth operation of the payment system (Section 17 and 18 of the PSS Act, 2007).

STRIPS is the acronym for 'Separate Trading of Registered Interest and Principal of Securities'. These are basically "zero-coupon" securities where the investor receives a payment at maturity only. STRIPS allow investors to hold and trade the individual interest and principal components of eligible Government securities as separate securities of varying tenure. They are popular with investors who want to receive a known payment on a specific future date and want to hold securities of desired maturity.

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.

Interest on the Bonds will be taxable as per the provisions of the Income-tax Act, 1961 (43 of 1961). The capital gains tax arising on redemption of SGB to an individual has been exempted. The indexation benefits will be provided to long terms capital gains arising to any person on transfer of bond.

If the Ombudsman is satisfied that there is deficiency of service on the part of the RE and the complaint is not settled by agreement within a specified period as allowed by the Ombudsman, the RBI Ombudsman may pass an Award, if applicable. Before passing an Award, the Ombudsman provides a reasonable opportunity to the complainant and the RE to present their case.

The complainant may accept the Award in full and final settlement or reject it. However, if he wishes to accept the Award, it is mandatory that the complainant submits his letter of acceptance to the RE concerned within 30 days, failing which, the Award will lapse.

Ans. Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 enable the REs to obtain the identity records (including updated records of identity) from the customers, failing which the RE shall close the account of the customers after giving due notice.

ಉತ್ತರ. ಪಿಪಿಐಗಳನ್ನು ಕಾರ್ಡ್ಗಳು ,ವಾಲೆಟ್ಗಳು, ಹಾಗೂ ಪಿಪಿಐಗೆ ಪ್ರವೇಶಾವಕಾಶಪಡೆಯಲು ಹಾಗೂ ಅದರಲ್ಲಿರುವ ಮೊತ್ತವನ್ನು ಬಳಸಲು ಯಾವುದೇ ಅಂತಹ ರೂಪ/ಉಪಕರಣದಂತೆ ನೀಡಬಹುದು. ಕಾಗದದ ರಸೀದಿಗಳ ರೂಪದಲ್ಲಿ ಇನ್ನು ಮುಂದೆ ನೀಡಲಾಗುವುದಿಲ್ಲ.

Ans. The PSS Act 2007 defines “netting” and legally recognizes settlement finality. It states that a settlement, whether gross or net, will be final and irrevocable as soon as the money, securities, foreign exchange or derivatives or other transactions payable as a result of such settlement is determined, whether or not such money, securities or foreign exchange or other transactions is actually paid. In case a system participant is declared insolvent, or is dissolved or is wound up, no other law can affect any settlement which has become final and irrevocable and the right of the system provider to appropriate the collaterals contributed by the system participants towards settlement or other obligations.

This Act also legally recognizes the loss allocation among system participants and payment system, where the rules provide for this mechanism