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Annual Return on Foreign Liabilities and Assets (FLA) under FEMA 1999

Procedure for submission of the FLA return

Q19. How can an AIF (Alternative Investment Fund) file the FLA Returns? +

Ans: An AIF needs to register on the FLAIR portal. Since there is no provision for online filing of FLA return for AIF in the prescribed format as of now, they need to send a mail requesting for the latest format for filing of FLA Return for AIF after completing registration process on the portal. Thereafter FLA Team will send the excel based format for filling FLA return by AIF via mail to them. They need to fill the excel format and send us the same on email . Email based acknowledgement form will be sent to them by FLA Team on receiving the filled-in FLA form.

Government Securities Market in India – A Primer

19. What is the role of the Clearing Corporation of India Limited (CCIL)? +

The CCIL is the clearing agency for G-Secs. It acts as a Central Counter Party (CCP) for all transactions in G-Secs by interposing itself between two counterparties. In effect, during settlement, the CCP becomes the seller to the buyer and buyer to the seller of the actual transaction. All outright trades undertaken in the OTC market and on the NDS-OM platform are cleared through the CCIL. Once CCIL receives the trade information, it works out participant-wise net obligations on both the securities and the funds leg. The payable / receivable position of the constituents (gilt account holders) is reflected against their respective custodians. CCIL forwards the settlement file containing net position of participants to the RBI where settlement takes place by simultaneous transfer of funds and securities under the ‘Delivery versus Payment’ system. CCIL also guarantees settlement of all trades in G-Secs. That means, during the settlement process, if any participant fails to provide funds/ securities, CCIL will make the same available from its own means. For this purpose, CCIL collects margins from all participants and maintains ‘Settlement Guarantee Fund’.

Biennial survey on Foreign Collaboration in Indian Industry (FCS)

Some other important points to be noted

Q19. Provide the list of the Fatal and Non-Fatal Errors with their descriptions. +

Ans.: Please refer to the below table containing the error codes (Fatal error, non-Fatal error) with their descriptions. If you get an acknowledgment of the processed data with any Fatal error codes, then follow the below-mentioned fatal error message/description and revise your data and resubmit it on fcs@rbi.org.in. If you get an acknowledgment of the processed data with any Non-fatal error codes then give justification/clarification on the errors, by sending the same to fcsquery@rbi.org.in.

Sr. No.	Revised- Rejection Criteria	Revised - Error Message/descriptions	Error Code
Fatal Error
1	When the year is left blank	The year cannot be left blank. Please specify the reference year and fill the return.	FCS_F_001
2	When the survey year is incorrect	Survey year should be the subsequent survey after the latest closed survey year in the system. Please specify the correct Survey year	FCS_F_001
3	When survey year is null	The survey year cannot be NULL. Please specify the survey year and fill the return.	FCS_F_001
4	When survey year is incorrect	Please specify proper survey year, please fill the form for the survey year	FCS_F_001
5	When survey year is invalid	The year for which the information is pertaining, is invalid survey year. Please mention the reference year for which the return is filled	FCS_F_001
6	When survey year is closed	FCS survey for {year} is closed	FCS_F_001
5	When name of company not provided	Name of company is not provided. Please provide the name of company.	FCS_F_002
6	When CIN Number is not given	CIN number is not provided. Please provide CIN number of the company.	FCS_F_003
7	When telephone number is not given	Please provide the telephone number of contact person.	FCS_F_004
8	When email id is not given	Please provide the email id of the contact person.	FCS_F_005
Non-Fatal Error
1	When type of organization is not given	Please provide the type of organization.	FCS_NF_001
2	Identification of the Reporting company when it is not given	Please specify the Identification of the Reporting company.	FCS_NF_002
3	When economic activity is not given	Please provide the economic activity.	FCS_NF_003
4	Please provide details for country name / equity share.	Please provide details for country name / equity share.	FCS_NF_008
5	When provide details for country name / loan details is not given	Please provide details for country name / loan details.	FCS_NF_009
6	When provide details for country name / amount details is not given	Please provide details for country name / amount details.	FCS_NF_011
7	When the total equity capital of organization is not given	Please provide the total equity capital of the organization.	FCS_NF_004
8	When foreign participation in equity capital cannot be more than total equity capital.	The foreign participation in equity capital cannot be more than total equity capital.	FCS_NF_005_PY
9	When foreign participation in equity capital cannot be more than total equity capital.	The foreign participation in equity capital cannot be more than total equity capital.	FCS_NF_005_CY
10	When foreign participation in equity capital cannot be more than total equity capital.	The foreign participation in equity capital cannot be more than total equity capital.	FCS_NF_005
11	When Field 2: (2a) cannot be blank for both the years as company is foreign subsidiary.	Field 2: (2a) cannot be blank for both the years as company is foreign subsidiary.	FCS_NF_006
12	When Field 2 cannot be blank for both the years as company is foreign associate.	Field 2 cannot be blank for both the years as company is foreign associate.	FCS_NF_007
13	In part II, block 7, Total value of imports (7.1) cannot be less than sum of imports from foreign parent/associate/collaborator (7.1.1) and imports under collaboration arrangement (7.1.2).	In part II, block 7, Total value of imports (7.1) cannot be less than sum of imports from foreign parent/associate/collaborator (7.1.1) and imports under collaboration arrangement (7.1.2).	FCS_NF_012_PY
14	In part II, block 7, Total value of imports (7.1) cannot be less than sum of imports from foreign parent/associate/collaborator (7.1.1) and imports under collaboration arrangement (7.1.2).	In part II, block 7, Total value of imports (7.1) cannot be less than sum of imports from foreign parent/associate/collaborator (7.1.1) and imports under collaboration arrangement (7.1.2).	FCS_NF_012_CY
15	In part II, block 7, Total value of imports (7.1) cannot be less than sum of imports from foreign parent/associate/collaborator (7.1.1) and imports under collaboration arrangement (7.1.2).	In part II, block 7, Total value of imports (7.1) cannot be less than sum of imports from foreign parent/associate/collaborator (7.1.1) and imports under collaboration arrangement (7.1.2).	FCS_NF_012
16	In part II, block 7, Exports of goods (7.2.1) cannot be less than sum of export of goods produced under foreign collaboration agreements (7.2.1.1) and exports to/on behalf of/through foreign collaborator/associate (7.2.1.2).	In part II, block 7, Exports of goods (7.2.1) cannot be less than sum of export of goods produced under foreign collaboration agreements (7.2.1.1) and exports to/on behalf of/through foreign collaborator/associate (7.2.1.2).	FCS_NF_013_PY
17	In part II, block 7, Exports of goods (7.2.1) cannot be less than sum of export of goods produced under foreign collaboration agreements (7.2.1.1) and exports to/on behalf of/through foreign collaborator/associate (7.2.1.2).	In part II, block 7, Exports of goods (7.2.1) cannot be less than sum of export of goods produced under foreign collaboration agreements (7.2.1.1) and exports to/on behalf of/through foreign collaborator/associate (7.2.1.2).	FCS_NF_013_CY
18	In part II, block 7, Exports of goods (7.2.1) cannot be less than sum of export of goods produced under foreign collaboration agreements (7.2.1.1) and exports to/on behalf of/through foreign collaborator/associate (7.2.1.2).	In part II, block 7, Exports of goods (7.2.1) cannot be less than sum of export of goods produced under foreign collaboration agreements (7.2.1.1) and exports to/on behalf of/through foreign collaborator/associate (7.2.1.2).	FCS_NF_013
19	In part II, block 7, Export of services and other foreign exchange earnings (7.2.2) cannot be less than exports to foreign collaborator/associate (7.2.2.1).	In part II, block 7, Export of services and other foreign exchange earnings (7.2.2) cannot be less than exports to foreign collaborator/associate (7.2.2.1).	FCS_NF_014_PY
20	In part II, block 7, Export of services and other foreign exchange earnings (7.2.2) cannot be less than exports to foreign collaborator/associate (7.2.2.1).	In part II, block 7, Export of services and other foreign exchange earnings (7.2.2) cannot be less than exports to foreign collaborator/associate (7.2.2.1).	FCS_NF_014_CY
21	In part II, block 7, Export of services and other foreign exchange earnings (7.2.2) cannot be less than exports to foreign collaborator/associate (7.2.2.1).	In part II, block 7, Export of services and other foreign exchange earnings (7.2.2) cannot be less than exports to foreign collaborator/associate (7.2.2.1).	FCS_NF_014
22	In part II, block 7, Total value of export on f. o. b. basis (7.2) cannot be less than sum of export of goods (7.2.1) and export of services and other foreign exchange earnings (7.2.2).	In part II, block 7, Total value of export on f. o. b. basis (7.2) cannot be less than sum of export of goods (7.2.1) and export of services and other foreign exchange earnings (7.2.2).	FCS_NF_015_PY
23	In part II, block 7, Total value of export on f. o. b. basis (7.2) cannot be less than sum of export of goods (7.2.1) and export of services and other foreign exchange earnings (7.2.2).	In part II, block 7, Total value of export on f. o. b. basis (7.2) cannot be less than sum of export of goods (7.2.1) and export of services and other foreign exchange earnings (7.2.2).	FCS_NF_015_CY
24	In part II, block 7, Total value of export on f. o. b. basis (7.2) cannot be less than sum of export of goods (7.2.1) and export of services and other foreign exchange earnings (7.2.2).	In part II, block 7, Total value of export on f. o. b. basis (7.2) cannot be less than sum of export of goods (7.2.1) and export of services and other foreign exchange earnings (7.2.2).	FCS_NF_015
25	when company has foreign technical collaboration agreements, please provide the number of agreements.	Since your company has foreign technical collaboration agreements, please provide the number of agreements.	FCS_NF_016
26	agreement details by providing information on all fields need to be filled	Please provide the agreement details by providing information on all fields.	FCS_NF_017
27	Incomplete information. Please provide the agreement details for all the foreign technical collaboration agreements mentioned in field 11(b).	Incomplete information. Please provide the agreement details for all the foreign technical collaboration agreements mentioned in field 11(b).	FCS_NF_018

Business restrictions imposed on Paytm Payments Bank Limited vide Press Releases dated January 31 and February 16, 2024

National Common Mobility Card (NCMC) issued by Paytm Payments Bank

19. I have an NCMC card issued by Paytm Payments Bank. Can I add to its balance through top-up, recharge, etc. after March 15, 2024? +

No. After March 15, 2024 you will not be able to top-up or recharge your NCMC card issued by Paytm Payments Bank. In order to avoid inconvenience, it is suggested that you obtain an NCMC card issued by another bank or non-bank pre-paid instrument (PPI) issuer, before March 15, 2024

External Commercial Borrowings (ECB) and Trade Credits

F. LEVERAGE CRITERIA AND BORROWING LIMIT

19. Can an eligible borrower simultaneously raise both Foreign Currency and INR denominated ECBs? +

Yes, as long as the ECBs are in compliance with the ECB guidelines for the respective currencies as per RBI guidelines. The individual limit will include all ECBs raised, whether in foreign currency or INR.

Retail Direct Scheme

Know Your Customer (KYC) related queries

19. How can I link my bank account with my Retail Direct Gilt (RDG) account? +

To link your bank account, you can either upload a picture of your bank account’s cancelled cheque from where the system will automatically read the required details or enter the bank account details yourself. The system will then transfer a token amount to your account. Confirming this token amount on the next screen will lead to automatic verification and linking.

Domestic Deposits

II. Deposits of Non-Residents Indians (NRIs)

19. Whether banks are permitted to offer differential rate of interest on NRE/ FCNR(B) deposits? +

Yes. Banks are permitted to offer differential rates of interest on NRE term deposits as in the case of domestic term deposits of Rs.15 lakhs and above within the ceiling prescribed. Regarding FCNR(B) deposits, banks are now free to decide the currency wise minimum quantum on which differential rate of interest may be offered subject to the overall ceiling prescribed.

Housing Loans

REVERSE MORTGAGE LOAN

ANNEX +

EXAMPLE OF EMI CALCULATION (PURE FIXED LOAN)

	Amount of Loan		1,000,000.00
	Annual Interest Rate		15.00%
	Number of Payments		120
	Monthly Payment		16,133.50
Number	Payment	Interest	Principal	Balance
0				1,000,000.00
1	16,133.50	12,500.00	3,633.50	996,366.50
2	16,133.50	12,454.58	3,678.91	992,687.59
3	16,133.50	12,408.59	3,724.90	988,962.69
4	16,133.50	12,362.03	3,771.46	985,191.23
5	16,133.50	12,314.89	3,818.61	981,372.62
6	16,133.50	12,267.16	3,866.34	977,506.28
7	16,133.50	12,218.83	3,914.67	973,591.62
8	16,133.50	12,169.90	3,963.60	969,628.02
9	16,133.50	12,120.35	4,013.15	965,614.87
10	16,133.50	12,070.19	4,063.31	961,551.56
11	16,133.50	12,019.39	4,114.10	957,437.46
12	16,133.50	11,967.97	4,165.53	953,271.93
13	16,133.50	11,915.90	4,217.60	949,054.34
14	16,133.50	11,863.18	4,270.32	944,784.02
15	16,133.50	11,809.80	4,323.70	940,460.32
16	16,133.50	11,755.75	4,377.74	936,082.58
17	16,133.50	11,701.03	4,432.46	931,650.12
18	16,133.50	11,645.63	4,487.87	927,162.25
19	16,133.50	11,589.53	4,543.97	922,618.28
20	16,133.50	11,532.73	4,600.77	918,017.51
21	16,133.50	11,475.22	4,658.28	913,359.24
22	16,133.50	11,416.99	4,716.51	908,642.73
23	16,133.50	11,358.03	4,775.46	903,867.27
24	16,133.50	11,298.34	4,835.15	899,032.12
25	16,133.50	11,237.90	4,895.59	894,136.52
26	16,133.50	11,176.71	4,956.79	889,179.73
27	16,133.50	11,114.75	5,018.75	884,160.98
28	16,133.50	11,052.01	5,081.48	879,079.50
29	16,133.50	10,988.49	5,145.00	873,934.50
30	16,133.50	10,924.18	5,209.31	868,725.18
31	16,133.50	10,859.06	5,274.43	863,450.75
32	16,133.50	10,793.13	5,340.36	858,110.39
33	16,133.50	10,726.38	5,407.12	852,703.28
34	16,133.50	10,658.79	5,474.70	847,228.57
35	16,133.50	10,590.36	5,543.14	841,685.43
36	16,133.50	10,521.07	5,612.43	836,073.00
37	16,133.50	10,450.91	5,682.58	830,390.42
38	16,133.50	10,379.88	5,753.62	824,636.81
39	16,133.50	10,307.96	5,825.54	818,811.27
40	16,133.50	10,235.14	5,898.35	812,912.92
41	16,133.50	10,161.41	5,972.08	806,940.83
42	16,133.50	10,086.76	6,046.74	800,894.10
43	16,133.50	10,011.18	6,122.32	794,771.78
44	16,133.50	9,934.65	6,198.85	788,572.93
45	16,133.50	9,857.16	6,276.33	782,296.59
46	16,133.50	9,778.71	6,354.79	775,941.81
47	16,133.50	9,699.27	6,434.22	769,507.58
48	16,133.50	9,618.84	6,514.65	762,992.93
49	16,133.50	9,537.41	6,596.08	756,396.85
50	16,133.50	9,454.96	6,678.54	749,718.31
51	16,133.50	9,371.48	6,762.02	742,956.30
52	16,133.50	9,286.95	6,846.54	736,109.75
53	16,133.50	9,201.37	6,932.12	729,177.63
54	16,133.50	9,114.72	7,018.78	722,158.85
55	16,133.50	9,026.99	7,106.51	715,052.34
56	16,133.50	8,938.15	7,195.34	707,857.00
57	16,133.50	8,848.21	7,285.28	700,571.72
58	16,133.50	8,757.15	7,376.35	693,195.37
59	16,133.50	8,664.94	7,468.55	685,726.82
60	16,133.50	8,571.59	7,561.91	678,164.91
61	16,133.50	8,477.06	7,656.43	670,508.47
62	16,133.50	8,381.36	7,752.14	662,756.33
63	16,133.50	8,284.45	7,849.04	654,907.29
64	16,133.50	8,186.34	7,947.15	646,960.14
65	16,133.50	8,087.00	8,046.49	638,913.64
66	16,133.50	7,986.42	8,147.08	630,766.57
67	16,133.50	7,884.58	8,248.91	622,517.65
68	16,133.50	7,781.47	8,352.03	614,165.63
69	16,133.50	7,677.07	8,456.43	605,709.20
70	16,133.50	7,571.37	8,562.13	597,147.07
71	16,133.50	7,464.34	8,669.16	588,477.91
72	16,133.50	7,355.97	8,777.52	579,700.39
73	16,133.50	7,246.25	8,887.24	570,813.15
74	16,133.50	7,135.16	8,998.33	561,814.82
75	16,133.50	7,022.69	9,110.81	552,704.01
76	16,133.50	6,908.80	9,224.70	543,479.31
77	16,133.50	6,793.49	9,340.00	534,139.31
78	16,133.50	6,676.74	9,456.75	524,682.56
79	16,133.50	6,558.53	9,574.96	515,107.59
80	16,133.50	6,438.84	9,694.65	505,412.94
81	16,133.50	6,317.66	9,815.83	495,597.11
82	16,133.50	6,194.96	9,938.53	485,658.58
83	16,133.50	6,070.73	10,062.76	475,595.81
84	16,133.50	5,944.95	10,188.55	465,407.26
85	16,133.50	5,817.59	10,315.90	455,091.36
86	16,133.50	5,688.64	10,444.85	444,646.51
87	16,133.50	5,558.08	10,575.41	434,071.09
88	16,133.50	5,425.89	10,707.61	423,363.48
89	16,133.50	5,292.04	10,841.45	412,522.03
90	16,133.50	5,156.53	10,976.97	401,545.06
91	16,133.50	5,019.31	11,114.18	390,430.88
92	16,133.50	4,880.39	11,253.11	379,177.77
93	16,133.50	4,739.72	11,393.77	367,784.00
94	16,133.50	4,597.30	11,536.20	356,247.80
95	16,133.50	4,453.10	11,680.40	344,567.40
96	16,133.50	4,307.09	11,826.40	332,741.00
97	16,133.50	4,159.26	11,974.23	320,766.77
98	16,133.50	4,009.58	12,123.91	308,642.85
99	16,133.50	3,858.04	12,275.46	296,367.39
100	16,133.50	3,704.59	12,428.90	283,938.49
101	16,133.50	3,549.23	12,584.26	271,354.23
102	16,133.50	3,391.93	12,741.57	258,612.66
103	16,133.50	3,232.66	12,900.84	245,711.82
104	16,133.50	3,071.40	13,062.10	232,649.72
105	16,133.50	2,908.12	13,225.37	219,424.35
106	16,133.50	2,742.80	13,390.69	206,033.66
107	16,133.50	2,575.42	13,558.07	192,475.58
108	16,133.50	2,405.94	13,727.55	178,748.03
109	16,133.50	2,234.35	13,899.15	164,848.89
110	16,133.50	2,060.61	14,072.88	150,776.00
111	16,133.50	1,884.70	14,248.80	136,527.21
112	16,133.50	1,706.59	14,426.91	122,100.30
113	16,133.50	1,526.25	14,607.24	107,493.06
114	16,133.50	1,343.66	14,789.83	92,703.23
115	16,133.50	1,158.79	14,974.71	77,728.52
116	16,133.50	971.61	15,161.89	62,566.63
117	16,133.50	782.08	15,351.41	47,215.22
118	16,133.50	590.19	15,543.31	31,671.91
119	16,133.50	395.90	15,737.60	15,934.32
120	16,133.50	199.18	15,934.32	0.00

Loan amount x rpm x (1+pm)
(1+pm)

rpm= interest per month (rate of interest per year/12)
n= number of installments

NB: If you have a fixed budget towards EMI you can arrive at loan amount by changing the other variables such as by reducing the rate of interest or by increasing the tenure of loan. This can also be arrived at through EMI calculator by a trial-and-error approach.

Indian Currency

B) Banknotes

12. Who decides on the volume and value of banknotes to be printed and on what basis?

The volume and value of banknotes to be printed in a year depends on various factors such as (i) the expected increase in Notes in Circulation (NIC) to meet the growing needs of the public and (ii) the need for replacing soiled/mutilated notes so as to ensure that only good quality notes are in circulation. The expected increase in NIC is estimated using statistical models which consider macro-economic factors such as expected growth in GDP, inflation, interest rates, growth in non-cash modes of payment etc. The replacement requirement depends on the volume of notes already in circulation and the average life of banknotes. The Reserve Bank estimates the volume and value of notes to be printed in a year based on the above factors as well as feedback received from its own Regional Offices and banks regarding expected demand for cash and finalises the same in consultation with the Government of India and the printing presses.

All you wanted to know about NBFCs

B. Entities Regulated by RBI and applicable regulations

19. What are the responsibilities of the NBFCs registered with Reserve Bank, with regard to submission on compliances and other information? +

NBFCs shall comply with the provisions of the Master Direction – Reserve Bank of India (Filing of Supervisory Returns) Directions – 2024 (as amended from time to time) for submission of various supervisory returns to the Reserve Bank.