Ans. The remittance facility under the Scheme is not available for the following:

1. Remittance for any purpose specifically prohibited under Schedule-I (like purchase of lottery tickets/sweep stakes, proscribed magazines, etc.) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000.

2. Remittance from India for margins or margin calls to overseas exchanges / overseas counterparty.

3. Remittances for purchase of FCCBs issued by Indian companies in the overseas secondary market.

4. Remittance for trading in foreign exchange abroad.

5. Capital account remittances, directly or indirectly, to countries identified by the Financial Action Task Force (FATF) as “non- cooperative countries and territories”, from time to time.

6. 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.

7. Gifting by a resident to another resident, in foreign currency, for the credit of the latter’s foreign currency account held abroad under LRS.

As on date, four NBFC Ombudsman have been appointed with their offices located at Chennai, Kolkata, New Delhi and Mumbai. The addresses, contact details and territorial jurisdiction of the Ombudsman is provided in the Annex I of the Scheme.

Ans: Electronic Platforms that assist only banks, NBFCs and other regulated AIFIs to identify borrowers are not to be treated as P2P platforms. However, in cases where, apart from banks or NBFCs or AIFIs, other retail lenders use the platform for lending, the platform will have to register separately as an NBFC-P2P.

Currently, participating banks in India for receiving remittances through the UPI-PayNow linkage are:

• Axis Bank

• DBS Bank India

• ICICI Bank

• Indian Bank

• Indian Overseas Bank

• State Bank of India

• Only retail investors would be eligible to invest in these securities. The retail investors would include individuals, Hindu Undivided Family (HUF), charitable institutions registered under section 25 of the Indian Companies Act and Universities incorporated by Central, State or Provincial Act or declared to be a university under section 3 of the University Grants Commission Act, 1956 (3 of 1956).

Ans: Debit cards are issued by banks and are linked to a bank account. Credit cards are issued by scheduled commercial banks (excluding Payments banks), Regional Rural Banks (in collaboration with other banks), and Urban Cooperative Banks, Non-Bank Financial Companies (subject to approval from RBI). Prepaid cards are issued by eligible banks and authorised non-banks.

Ans: The provisions of Clause 34, that require the transfer to be only on cash basis at the time of transfer of loans, shall be without derogation of the provisions of clause 15, which pertains to retained economic interest. However, it is reiterated that any retention of economic interest under clause 15 by the transferor must not result in credit enhancement.

Ans: Para 1 of the Annex I to the Circular dated September 02, 2022 specifies that these Guidelines are applicable to ‘Digital Lending’. Hence, only if a lending transaction qualifies under the definition of ‘Digital Lending’, will the service provider facilitating such lending be designated as LSP.

Ans: Communications to borrowers envisaged in the circular are:

(a) At the time of sanction:

1. Annualised rate of interest/ Annual Percentage Rate (APR), as applicable, shall be disclosed in the Key Fact Statement (KFS) and the loan agreement.

2. The possible impact of change in benchmark interest rate on the loan.

(b) During the tenure of the loan:

1. Subsequently, any increase in the EMI/tenor on account of the external benchmark rate shall be communicated; and

2. Quarterly statements shall be provided disclosing at the minimum, the principal and interest recovered till date, EMI amount, number of EMIs left and annualized rate of interest for the tenor of the loan.

Ans: e₹ can be held and transacted through e₹ wallets offered by banks and non-banks for person-to-person payments or person-to-merchant transactions. One can start using the e₹ wallet by downloading the e₹ app from the Play Store or the App Store and by following the App instructions. Detailed instructions on using the e₹ wallet can be checked with the banks and non-banks providing the wallet. Payments to merchants can be made by scanning either the CBDC QR code or the UPI QR code available at the respective merchant location.

Ans. In terms of paragraph 4.22 of Master Direction - Reserve Bank of India (Interest Rate on Deposits) Directions, 2025, 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.

Response: Resident Indians [Individuals, HUFs, Proprietorship & Partnership firms, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations, Companies, charitable institutions, Central Government, State Government or any other entity owned by Central Government or State Government].

Ans: Paragraph 5.1 of the Master Directions requires Regulated Entities (REs) to immediately report incidents of fraud to Law Enforcement Agencies (LEAs), subject to applicable laws. Under Section 33 of Bharatiya Nagarik Suraksha Sanhita, 2023 (BNSS), a person is not mandatorily required to report to LEAs information on commission of all offences, but only on those offences which are listed in that Section. REs are, however, advised to mandatorily report incidents of fraud involving an amount of ₹1 lakh or more to LEAs.

The pension paying banks credit the pension amount in the accounts of the pensioners based on the instructions given by the Pension Paying Authorities.

Ans.: Annual.

Ans: Following is the step-wise flow of NEFT transaction.

Step-1: An individual / firm / corporate willing to transfer funds through NEFT can use the internet / mobile banking facility offered by his / her bank for initiating online funds transfer request. The remitter has to provide details of beneficiary such as, name of the beneficiary, name of the bank branch where the beneficiary has an account, IFSC of the beneficiary bank branch, account type and account number, etc. for addition of the beneficiary to his / her internet / mobile banking module. Upon successful beneficiary addition, the remitter can initiate online NEFT funds transfer by authorising debit to his / her account. Alternatively, the remitter can also visit his / her bank branch for initiating NEFT funds transfer through branch / off-line mode. The customer has to fill-in the beneficiary details in NEFT application form available at the bank branch and authorise the branch to debit to his / her account to the extent of the amount requested in NEFT application form.

Step-2: The originating bank prepares a message and sends the message to its pooling centre, also called the NEFT Service Centre.

Step-3: The pooling centre forwards the message to the NEFT Processing Centre, operated by the RBI, to be included for the next available batch.

Step-4: The Processing Centre sorts the funds transfer transactions beneficiary bank-wise and prepares accounting entries to receive funds from the originating banks (debit) and give the funds to the beneficiary banks (credit). Thereafter, bank-wise remittance messages are forwarded to the beneficiary banks through their pooling centre (NEFT Service Centre).

Step-5: The beneficiary banks receive the inward remittance messages from the Processing Centre and pass on the credit to the beneficiary customers’ accounts.

Ans. When a person is made aware of the contravention of the provisions of FEMA, 1999 by the Reserve Bank or any other statutory authority or the auditors or by any other means, she/he may apply for compounding. One can also make an application for compounding, suo mo-to, on becoming aware of the contravention.

Ans.:MF companies in India are required to participate in this survey.

Ans : Based on the geographical location of branches covered, there are three broad categories of ECS Schemes – Local ECS, Regional ECS and National ECS.These schemes are either operated by RBI or by the designated commercial banks. NACH is also one of the form of ECS system operated by NPCI and further details about NACH is available at NPCI web site under the link http://www.npci.org.in/clearing_faq.aspx.

Local ECS – this is operating at 81 centres / locations across the country. At each of these ECS centres, the branch coverage is restricted to the geographical coverage of the clearing house, generally covering one city and/or satellite towns and suburbs adjoining the city.

Regional ECS – this is operating at 9 centres / locations at various parts of the country. RECS facilitates the coverage all core-banking-enabled branches in a State or group of States and can be used by institutions desirous of reaching beneficiaries within the State / group of States. The system takes advantage of the core banking system in banks. Accordingly, even though the inter-bank settlement takes place centrally at one location in the State, the actual customers under the Scheme may have their accounts at various bank branches across the length and breadth of the State / group of States.

National ECS – this is the centralized version of ECS Credit which was launched in October 2008. The Scheme is operated at Mumbai and facilitates the coverage of all core-banking enabled branches located anywhere in the country. This system too takes advantage of the core banking system in banks. Accordingly, even though the inter-bank settlement takes place centrally at one location at Mumbai, the actual customers under the Scheme may have their accounts at various bank branches across the length and breadth of the country. Banks are free to add any of their core-banking-enabled branches in NECS irrespective of their location. Details of NECS Scheme are available on the website of Reserve Bank of India at http://www.rbi.org.in/scripts//en/web/rbi/-/national-electronic-clearing-service-procedural-guidelines-2345

The list of centres where the ECS facility is available has been placed on the website of Reserve Bank of India at http://www.rbi.org.in/Scripts/ECSUserView.aspx?Id=26. Similarly, the centre-wise list of bank branches participating at each location is available on the website of Reserve Bank of India at http://www.rbi.org.in/scripts/ECSUserView.aspx?Id=27

Only CTS-2010 standards compliant instruments can be presented for clearing through CTS.

CTS-2010 standards contain certain benchmarks towards achieving standardization of cheques issued by banks across the country. These include provision of mandatory minimum-security features on cheque forms like quality of paper, watermark, bank’s logo in invisible ink, void pantograph, etc., and standardisation of field placements on cheques. The minimum-security features and standardisation help presenting banks while scrutinising / recognising cheques of drawee banks in an image-based processing scenario.

Ans. Resident as defined in Sec 2(v) ² of FEMA, 1999. Further, the onus is on the individual to prove his/ her residential status, if questioned by any authority.

Ans. Travellers going to all countries other than (a) and (b) below are allowed to purchase foreign currency notes / coins only up to USD 3000 per visit. Balance amount can be carried in the form of store value cards, travellers cheque or banker’s draft. Exceptions to this are (a) travellers proceeding to Iraq and Libya who can draw foreign exchange in the form of foreign currency notes and coins not exceeding USD 5000 or its equivalent per visit; (b) travellers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States who can draw entire foreign exchange (up-to USD 250,000) in the form of foreign currency notes or coins.

For travellers proceeding for Haj/ Umrah pilgrimage, full amount of entitlement (USD 250,000) in cash or up to the cash limit as specified by the Haj Committee of India, may be released by the ADs and FFMCs.

Ans: No. DLG amount once invoked by the RE cannot be reinstated, including through loan recovery. Please also refer to our answer to Q.1. Kindly see illustrations at the end.

Ans. Any debit from or credit to a non-resident’s account in India as a result of a transaction with a resident will attract the provisions of Foreign Exchange Management Act, 1999 (FEMA) and hence, the provisions contained in the circular shall apply.

Response

No. An individual is eligible to have only one 'Basic Savings Bank Deposit Account' in one bank.

Ans: 50%

Before appointment of an audit firm as SCA/SA of the RBI Regulated Entity, there should be a time gap of minimum one year between this appointment and completion of the assignment of any non-audit works given to the same audit firm in that RBI Regulated Entity or completion of any audit/non-audit works in other RBI Regulated Entities in the Group. This stipulation shall be applicable prospectively, i.e. from FY 2022-23. Therefore, if an audit firm is involved in some non-audit work with the Entity and/or any audit/non-audit work in other RBI Regulated Entities in the Group and completes or relinquishes the said assignment prior to the date of appointment as SCA/SA of the Entity for FY 2021-22, the said audit firm would be eligible for appointment as SCA/SA of the Entity for FY 2021-22.

It is reiterated that the time gap between any non-audit works by the SCAs/SAs for the Entities or any audit/non-audit works for its Group Entities should be at least one year after completion of the audit assignment as SCA/SA.

Ans. Charges, if any, levied on cash withdrawals shall not exceed 1% of the transaction amount.

ಉತ್ತರ. ಆರ್ಟಿಜಿಎಸ್ ಹಣ ವರ್ಗಾವಣೆಯ ಇತರ ವಿಧಾನಗಳಿಗಿಂತ ಅನೇಕ ಅನುಕೂಲಗಳನ್ನು ನೀಡುತ್ತದೆ :

ಇದು ಹಣ ವರ್ಗಾವಣೆಗಾಗಿ ಸುರಕ್ಷಿತ ಹಾಗೂ ಸುಭದ್ರ ವ್ಯವಸ್ಥೆಯಾಗಿರುತ್ತದೆ.
ಆರ್ಟಿಜಿಎಸ್ ವಹಿವಾಟುಗಳು/ವರ್ಗಾವಣೆಗಳು ಯಾವುದೇ ಮೊತ್ತದ ಕ್ಯಾಪ್ ಅನ್ನು ಹೊಂದಿರುವುದಿಲ್ಲ.
ಶನಿವಾರಗಳನ್ನು ಒಳಗೊಂಡು ಬಹುತೇಕ ಬ್ಯಾಂಕ್ ಶಾಖೆಗಳು ಕಾರ್ಯನಿರ್ವಹಿಸುತ್ತಿರುವಾಗ ಎಲ್ಲಾ ದಿನಗಳಲ್ಲಿ ಈ ವ್ಯವಸ್ಥೆಯು ಲಭ್ಯವಿರುತ್ತದೆ.
ಫಲಾನುಭವಿ ಖಾತೆಗೆ ಹಣದ ರಿಯಲ್ ಟೈಮ್ [ನೆಜ ಸಮಯದ ]ವರ್ಗಾವಣೆಯಾಗಿರುತ್ತದೆ.
ಹಣರವಾನೆದಾರರು ಭೌತಿಕ ಚೆಕ್ ಅಥವಾ ಡಿಮಾಂಡ್ ಡ್ರಾಫ್ಟ್ ಅನ್ನು ಬಳಸಬೇಕಾಗಿಲ್ಲ.
ಫಲಾನುಭವಿಯು ಕಾಗದದ ಸಾಧನಗಳನ್ನು ಠೇವಣಿ ಮಾಡುವುದಕ್ಕಾಗಿ ಬ್ಯಾಂಕ್ ಶಾಖೆಗೆ ಭೇಟಿ ನೀಡಬೇಕಾಗಿರುವುದಿಲ್ಲ.
ಭೌತಿಕ ಉಪಕರಣಗಳ ಹಾನಿ/ಕಳವು ಅಥವಾ ಮೋಸದ ಎನ್ಖ್ಯಾಶ್ಮೆಂಟ್ ಬಗ್ಗೆ ಫಲಾನುಭವಿಯು ಭಯಪಡಬೇಕಾಗಿಲ್ಲ.
ಅವನ/ಅವಳ ಬ್ಯಾಂಕ್ ಅಂತಹ ಸೇವೆಯನ್ನು ನೀಡಿದರೆ ಹಣರವಾನೆದಾರರು ಇಂಟರ್ನೆಟ್ ಬ್ಯಾಂಕಿಂಗ್ ಬಳಸಿಕೊಂಡು ಅವನ/ಅವಳ ಮನೆ/ಕೆಲಸದ ಸ್ಥಳದಿಂದ ಹಣರವಾನೆಯನ್ನು ಪ್ರಾರಂಭಿಸಬಹುದು.
ವಹಿವಾಟಿನ ಶುಲ್ಕಗಳನ್ನು ಆರ್ಬಿಐ ನಿರ್ಬಂಧಿಸಿದೆ
ವಹಿವಾಟು ಕಾನೂನು ಬೆಂಬಲವನ್ನು ಹೊಂದಿದೆ.

Response: Customer-initiated process indicating intent to use a credit card such as PIN generation, modification of transaction control, Interactive Voice Response, recorded call to the customer care centre and SMS may be considered as activation. However, if the card is not activated by the cardholder for more than 30 days from the date of issuance, card-issuers shall seek One Time Password (OTP) based consent in line with para 6(a)(vi) of the MD.