Ans.: Total invoice value must be in Indian Rupees (INR) in actuals (which should also include billing to subsidiary(s)/associate(s)) during the reference period.

The following REs of RBI are covered under the RB-IOS, 2021:

(i) Banks: All commercial banks, including Public Sector Banks, Private Sector Banks, Foreign Banks, Local Area Banks, Small Finance Banks, Payment Banks, Regional Rural Banks, Scheduled Primary (Urban) Co-operative Banks and Non-scheduled Primary (Urban) Co-operative Banks with deposit size of ₹50 Crore and above, as on the date of the audited balance sheet of the previous financial year;

(ii) NBFCs registered with RBI: All Non-Banking Financial Companies (excluding Housing Finance Companies) which (a) are authorized to accept deposits; or (b) have customer interface, with an assets size of ₹100 crore and above as on the date of the audited balance sheet of the previous financial year;

Note: Core Investment Companies, Infrastructure Debt Fund-Non-banking Financial Companies, Non-Banking Financial Companies-Infrastructure Finance Companies, companies in resolution or winding up / liquidation, or any other NBFC specified by RBI are excluded from the ambit of the RB-IOS, 2021.

(iii) System Participants: All Payment System Participants - banks as well as non-banks regulated by RBI are covered under the RB-IOS, 2021. These entities issue Prepaid Payment Instruments (PPIs) and facilitate transactions over National Electronic Funds Transfer (NEFT) / Real Time Gross Settlement (RTGS) / Immediate Payment Service (IMPS) / Unified Payments Interface (UPI) / Bharat Bill Payment System (BBPS) / Bharat QR Code / *99# mobile transaction service using Unstructured Supplementary Service Data (USSD) / Aadhaar Enabled Payment System (AePS), etc.

(iv) Credit Information Companies: All Credit Information Companies as defined in the Companies Act, 2013 (18 of 2013) and granted a Certificate of Registration under sub-section (2) of section 5 of the Credit Information Companies (Regulation) Act, 2005 (30 of 2005).

The list of entities, periodically updated, covered under the RB-IOS, 2021 is available at https://cms.rbi.org.in/cms/assets/Documents/RBIO_English_Portal.pdf.

उत्तर. होय, 1 नोव्हेंबर 2014 पासून बँकेने आपल्या बचत खातेधारकाला एटीएम वर किमान संख्येचे मोफत व्यवहार देऊ करणे बंधनकारक आहे.

• कोणत्याही ठिकाणी बँकेच्या स्वत:च्या एटीएमवर व्यवहार (ऑन-अस व्यवहार): एटीएमचे ठिकाण कोठेही असले तरी बँकेने आपल्या बचत खातेधारकाला एका महिन्यात किमान पाच (आर्थिक आणि आर्थिक व्यतिरिक्त दोन्हीसह) मोफत व्यवहार करण्याची परवानगी दिली पाहिजे.
• मेट्रो शहराच्या ठिकाणी आणि इतर बँकांच्या एटीएमवर व्यवहार करणे (ऑफ-अस व्यवहार): मुंबई, नवी दिल्ली, चेन्नई, कोलकाता, बेंगलुरु हैदराबाद यासारख्या मेट्रो ठिकाणी असलेल्या एटीएम वर बँकांनी बचत खातेधारकांना एका महिन्यात किमान तीन मोफत व्यवहार (आर्थिक आणि आर्थिक व्यवहार दोन्ही सह) करण्याची सुविधा देऊ केली पाहिजे.
• मेट्रो व्यतिरिक्त शहराच्या ठिकाणी आणि इतर बँकांच्या एटीएम वर व्यवहार करणे (ऑफ-अस व्यवहार): वर नमूद केलेल्या मेट्रो व्यतिरिक्त इतर ठिकाणी बँकेने आपल्या बचत खातेधारकांना इतर बँकांच्या एटीएमसवर एका महिन्यात किमान पाच मोफत व्यवहार (आर्थिक आणि आर्थिक व्यवहार दोन्ही सह) करण्याची सुविधा देऊ केली पाहिजे.

Answer: Exchange rate between the currencies of the two trading partner countries will be market determined.

Since instructions related to GST are issued by Central Board of Indirect Taxes & Customs (CBIC), instructions and clarifications, if any, issued by CBIC in this regard may be followed.

Ans. KYC verification once done by one branch/ office of the RE shall be valid for transfer of the account to any other branch/ office of the same RE, provided full KYC verification has already been done for the concerned account and the same is not due for periodic updation.

The Ministry of MSME, Government of India and SIDBI set up the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) with a view to facilitate flow of credit to the MSE sector without the need for collaterals / third party guarantees. The main objective of the scheme is that the lender should give importance to project viability and secure the credit facility purely on the primary security of the assets financed. The Credit Guarantee scheme (CGS) seeks to reassure the lender that, in the event of a MSE unit, which availed collateral - free credit facilities, failing to discharge its liabilities to the lender, the Guarantee Trust would make good the loss incurred by the lender to the tune of 75-90 per cent of the outstanding amount in default.

The CGTMSE would provide cover for credit facility up to ₹10 crore which have been extended by lending institutions without any collateral security and /or third party guarantees. A guarantee and annual service fee is charged by the CGTMSE to avail of the guarantee cover. For more details you may visit www.cgtmse.in.

The dominant feature is assessed based on two factors:

• The type of enhancement to existing financial products (e.g., loans, deposits, insurance, pension products).

• The number of relaxations sought for the product during the testing process, with greater weightage given to the latter.

The relaxation, if warranted, shall be considered by PR/ AR on case-to-case basis and decision to that effect shall be binding and final.