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Payment of Pension to Government Pensioners

2. When is the pension credited to the pensioner's account by the paying branch?

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

Q 2. Is KYC mandatory? When a RE is required to carry out KYC?

Ans. Yes, KYC is mandatorily required to be carried out:

at the time of commencement of an account-based relationship, i.e., opening any type of account with the RE; or
when a walk-in-customer carries out occasional transaction of an amount equal to or exceeding ₹50,000 (whether conducted as a single transaction or several transactions that appear to be connected); or
when a walk-in-customer carries out any international money transfer operations; or
when the RE has a doubt about the authenticity or adequacy of the customer identification data it has obtained; or
when the RE sells its own products or third party products as an agent; payment of dues of credit cards/ sale and reloading of prepaid/ travel cards and any other product for more than ₹50,000.

2. Query: Who is eligible to make a deposit? +

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].

Q.2. What measure has been taken for enterprises those are unable to get registered on the Udyam Registration Portal (URP) due to lack of mandatory documents such as PAN or Goods and Services Tax Identification Number (GSTIN)?

Ministry of Micro, Small and Medium Enterprises, Government of India has launched the Udyam Assist Platform (UAP) to facilitate formalisation of Informal Micro Enterprises (IMEs) through online generation of Udyam Assist Certificate. Ministry of MSME has defined IMEs as those enterprises, which on the basis of their turnover, are exempted from filing returns under the provisions of the Central Goods and Services Tax Act, 2017.

The UAP is managed by SIDBI wherein registration of enterprises on the platform is done with the assistance of Designated Agencies which are RBI regulated entities (including scheduled commercial banks, non-banking financial companies, etc.). The certificate issued on UAP to IMEs is treated at par with URC for the purpose of availing PSL benefits. IMEs with an Udyam Assist Certificate are treated as micro enterprises for the purpose of PSL classification. (Refer Master Direction FIDD.MSME & NFS.12/06.02.31/2017-18 dated July 24, 2017 and circular FIDD.MSME & NFS.BC.No.09/06.02.31/2023-24 dated May 09, 2023)

Q2. Which regulators/authorities in India have initiatives for regulatory sandbox?

Financial Sector regulators/ authorities in India have established regulatory sandboxes to foster innovation in their respective domains. These include:

Reserve Bank of India (RBI)
Link: https://rbi.org.in/web/rbi/-/publications/reports/enabling-framework-for-regulatory-sandbox
Securities and Exchange Board of India (SEBI)
Link: https://www.sebi.gov.in/legal/circulars/jun-2021/revised-framework-for-regulatory-sandbox_50521.html
Insurance Regulatory and Development Authority of India (IRDAI)
Link: https://irdai.gov.in/document-detail?documentId=6541188
International Financial Services Centres Authority (IFSCA)
Link:https://ifsca.gov.in/Viewer?Path=Document%2FLegal%2Ffe-framework_27-04-202227042022122844.pdf&Title=Framework%20for%20FinTech%20 Entity%20in%20the%20International%20Financial%20Services%20Centres%20%28IFSCs%29&Date=27%2F04%2F2022
It may be noted that Pension Fund Regulatory and Development Authority (PFRDA) currently does not have its own regulatory sandbox.

Q.2. Who can apply for compounding?

Ans. Any person who contravenes any provision of the FEMA, 1999 [except section 3(a)] or contravenes any rule, regulation, notification, direction or order issued in exercise of the powers under this Act or contravenes any condition subject to which an authorization is issued by the Reserve Bank, can apply for compounding to the Reserve Bank. Applications seeking compounding of contraventions under section 3(a) of FEMA, 1999 may be submitted to the Directorate of Enforcement (DOE).

Q 2. What is the objective of the PSS Act, 2007?

Ans. The PSS Act, 2007 provides for the regulation and supervision of payment systems in India and designates the Reserve Bank of India (Reserve Bank) as the authority for that purpose and all related matters. The Reserve Bank shall exercise the powers, perform the functions and discharge the duties conferred on it under the PSS Act, 2007 through a Board to be known as the “Payments Regulatory Board”. The Act also provides the legal basis for “netting” and “settlement finality”. This is of great importance, as in India, other than the Real Time Gross Settlement (RTGS) system all other payment systems function on a net settlement basis.

3. एखाद्या व्यक्तीचे एका बँकेमध्ये कितीही ‘मूलभूत बचत बँक ठेव खाती’ असू शकतात का ? +

नाही. एखादी व्यक्ती एका बँकेत केवळ एकच ‘मूलभूत बचत बँक ठेव खाते’ ठेवू शकते.

Q3: Clause 77 of the MD-TLE stipulates the valuation of investment by a transferor in SRs backed by stressed loans transferred by it. Whether this treatment will be applicable for the entire investments holding or only for SR investments that are made subsequent to the release of the MD-TLE on September 24, 2021?

Ans: It is clarified that treatment advised in the relevant clause (revised clause 77A) for investment by a transferor in SRs backed by stressed loans transferred by it are applicable to all SR investments outstanding as on the date of issuance of the MD. However, lenders other than specified at clause 3(a) & (e) shall be guided by the proviso added to the clause 77A.

3. आरटीजीएसचा उपयोग करण्याचे काय फायदे आहेत?

उत्तर. इतर प्रकारचा निधी हस्तांतरणाच्या तुलनेत आरटीजीएस मध्ये अनेक फायदे आहेत.

ही निधी हस्तांतरणाची सुरक्षित आणि खात्रीशीर पद्धती आहे.
आरटीजीएस व्यवहार/ हस्तांतरणासाठी रकमेची कोणतीही मर्यादा नाही.
शनिवार सह जेव्हा सर्व बँकांच्या शाखा चालू असतात तेव्हा सर्व दिवशी ही यंत्रणा उपलब्ध असते.
लाभधारकाच्या खात्यामध्ये प्रत्यक्ष वेळेत निधी हस्तांतरण केले जाते.
पैसे देणाऱ्या व्यक्तीने धनादेश किंवा डिमांड ड्राफ्टचा उपयोग करण्याची गरज नसते.
लाभधारकांने पेपर इंस्ट्रूमेंट जमा करण्यासाठी बँकेच्या शाखेला भेट देण्याची गरज नसते.
लाभधारकांने छापील इन्स्ट्रुमेंट हरवण्याची/ चोरीला जाण्याची किंवा फसवेगिरीने त्याचे पैसे वसूल केले जाण्याची भीती बाळगण्याची गरज नसते.
पैसे देणारी व्यक्ती, त्याच्या/तिच्या बँकेने सदर सुविधा देऊ केली असल्यास, त्याच्या/ तिच्या घरातून/ कामाच्या ठिकाणाहून इंटरनेट बँकिंगचा उपयोग करून, पैसे भरू शकते.
आरबीआयने व्यवहार शुल्कावर मर्यादा घातली आहे.
या व्यवहाराला कायदेशीर पाठबळ असते.

Q 3. What are the entry point norms for NBFC-Factor ? +

Ans, Every company registered under Section 3 of the Companies Act 1956 seeking registration as NBFC-Factor shall have a minimum Net Owned Fund (NOF) of Rs. 5 crore. Existing companies seeking registration as NBFC-Factor but do not fulfil the NOF criterion of Rs. 5 crore may approach the Bank for time to comply with the requirement.

3. How can the ATS be accessed ? +

A link to ATS has been provided in the RBI website http://www.rbi.org.in.

Q3. Who can sponsor IDF-MFs and IDF-NBFCs? +

Ans : IDF-MFs can be sponsored by banks and NBFCs. Only banks and Infrastructure Finance companies can sponsor IDF-NBFCs.

3. My bank charges me a large sum of money for cheque collection. Is there any remedy? +

Local cheque collection charges are decided by the concerned bank from time to time and communicated to customer through their CCP as part of the Code of Bank’s Commitment to Customers.

Banks cannot charge more than the following for outstation cheques:

Up to and including Rs.5,000 – Rs.25 per instrument + service tax; Above Rs.5,000 and up to and including Rs.10,000 – not exceeding Rs.50 per instrument + service tax; Above Rs.10,000 and up to and including Rs.1,00,000 – not exceeding Rs.100 per instrument + service tax; Above Rs.1,00,000 – left to the banks to decide. No additional charges such as courier charges, out of pocket expenses, etc., should be levied.

It may be noted, no outstation cheque collection charges to be levied if the collecting bank and the paying bank are located within the jurisdiction of the same CTS grid even though they are located in different cities.

3. Whether capital protection will be provided? +

Yes, capital protection will be provided by paying higher of the adjusted principal and face value (FV) at redemption.
If adjusted principal goes below FV due to deflation, the FV would be paid at redemption and thus, capital will get protected.

Q.3. What is the funds availability schedule for the beneficiary? +

Ans The remitting bank transmits the funds transfer message to RBI so as to reach NCC, before the cut off time for the settlement, the receiving bank’s account is credited by RBI at the destination centre and beneficiary gets credit on the same day.

3. What is the maximum deposit amount insured by the DICGC ? +

Each depositor in a bank is insured upto a maximum of ₹ 5,00,000 (Rupees Five Lakhs) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank's licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.

3.Who is an authorized dealer? +

An authorized dealer is normally a bank specifically authorized by the Reserve Bank under Section 10(1) of FEMA,1999, to deal in foreign exchange or foreign securities.

3. Whether a licence is mandatory for carrying out money changing business? +

Yes. Money changing business can be undertaken by entities authorised by the Reserve Bank under Section 10 of the Foreign Exchange Management Act, 1999. No person shall carry on money changing business without the possession of a valid licence issued by the Reserve Bank. Any person found undertaking money changing business without a valid licence is liable to be penalised under the Act ibid.

Q 3. How much foreign currency can be carried in cash for travel abroad? +

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.