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Collection of Instruments

7. Apart from cheques what are the other means of transfer of funds? +

Reserve Bank of India (RBI) has authorised various types of payment systems to enable transfer of funds. You may refer to the following link on RBI website to get overview of various payment systems available in India:

/en/web/rbi/payment-and-settlements

7. WHAT IS THE MEANING OF ‘DIRECTLY FROM SOURCE SYSTEM WITHOUT ANY MANUAL INTERVENTION’ IN THE CONTEXT OF ADF? +

‘Direct from the source system without any manual intervention’ implies that whatever data and information is available in CBS and other IT systems of the banks would be submitted to the regulator without any manual aggregation, conversion or filling of data. Activities like collecting or collating of data from diverse source systems and compiling them into RBI prescribed formats manually would fall within the meaning of manual intervention.

Q.7. What is the procedure for acknowledgment? How would the sending branch know that the remitted amount has been credited to the beneficiary? +

Ans The receiving branch acknowledges every transaction it receives after crediting the beneficiary’s account. The acknowledgment particulars reach the remitting branch as an inward message on Day 3 of the EFT processing cycle. The remitting branch will, therefore, have precise information as to when the beneficiary’s account was credited.

7. What are the Know-Your-Customer (KYC) norms? +

Permanent Account Number (PAN) is the KYC document for individuals depositing in the scheme. If a declarant does not hold PAN, he shall apply for PAN and provide the details of such PAN application along with acknowledgement number to the bank while making the application. On receipt of PAN, the details may be updated with the bank from which application was made.

7. Can deposit insurance be increased by depositing funds into several different accounts all at the same bank ? +

All funds held in the same type of ownership at the same bank are added together before deposit insurance is determined. If the funds are in different types of ownership or are deposited into separate banks they would then be separately insured.

Q.7 Can Authorized Dealer Category-l banks open ACU Dollar, ACU Euro and ACU Yen Accounts in the name of all banks in all member countries including Pakistan without the prior approval of Reserve Bank of India? +

Ans. Yes, this is permissible. With effect from July 01, 2016, all eligible current account transactions including trade transactions in “Euro” are permitted to be settled outside the ACU mechanism until further notice.

7. How much foreign exchange can one buy when going for tourism to a country outside India? +

In connection with private visits abroad, viz., for tourism purposes, etc., foreign exchange up to USD10,000, in any one calendar year may be obtained from an authorised dealer. The ceiling of USD10,000 is applicable in aggregate and foreign exchange may be obtained for one or more than one visit provided the aggregate foreign exchange availed of in one calendar year does not exceed the prescribed ceiling of US$10,000 {The facility was earlier called B.T.Q or F.T.S.}. This limit of USD10,000 can be availed of by a person along with foreign exchange for travel abroad for any purpose, including for employment or immigration or studies. However, no foreign exchange is available for visit to Nepal and/or Bhutan for any purpose.

7. Is there any limit on funds / amount to be remitted through NEFT system? +

Ans: No, there is no limit imposed by the RBI for funds transfer through NEFT system. However, a member bank may place amount limits based on its own risk perception with the approval of its Board.

7. Is NOF required to be maintained on an ongoing basis? +

Yes. The prescribed minimum NOF needs to be maintained on an ongoing basis.

¹ A person resident outside India may hold, own, transfer or invest in Indian currency, security or any immovable property situated in India if such currency, security or property was acquired, held or owned by such person when he was resident in India or inherited from a person who was resident in India.

² Section 2(v): "person resident in India" means-

(i) a person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include-

(A) a person who has gone out of India or who stays outside India, in either case-

for or on taking up employment outside India, or
for carrying on outside India a business or vocation outside India, or
for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period;

(B) a person who has come to or stays in India, in either case, otherwise than-

for or on taking up employment in India, or
for carrying on in India a business or vocation in India, or
for any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period;

7. Are agency banks compensated for conduct of Central/State Government banking? +

The accredited banks are paid remuneration by RBI for conduct of State/Central Government transactions. Such remuneration is called Agency Commission. The rates of agency commission applicable at present (from July 1, 2019) are as under:

No.		Type of Transaction	Unit	Revised Rate
a.	(i)	Receipts – Physical mode	Per transaction	₹ 40/-
a.	(ii)	Receipts – e-mode *	Per transaction	₹ 9/-
b.	(i)	Payments – Pension	Per transaction	₹ 75/-
b.	(ii)	Payments – Other than pension	Per ₹ 100 turnover	6.5 paise
*In this context, it may please be noted that ‘Receipts – e-mode’ indicated against Sl. No. a(ii) in the above table would refer to those transactions involving remittance of funds from the remitter’s bank account through internet banking as well as all such transactions which do not involve physical receipt of cash / instruments.

7. How many bids can an investor make under this scheme? +

An investor can make only a single bid through an aggregator under this scheme in each specified auction. The aggregator or facilitator through whom the investor bids, will obtain and keep on record an undertaking to the effect that the investor is not making a bid through any other aggregator or facilitator.

7. What is “One Nation, One Grid” project? +

Under the One Nation, One Grid project, three CTS grids explained above are to be merged to create a single grid for the nation. Single grid shall benefit customers with faster realisation of outstation cheques. It shall also benefit banks with easier fund management, streamlining of infrastructure and overall efficiency improvements.

7. How does a beneficiary participate in ECS Credit Scheme? +

The beneficiary has to furnish a mandate to the user institution giving consent to avail the ECS Credit facility. The mandate contains details of his / her bank branch, account particulars and authorises the user institution to afford credit to his / her account with the destination bank branch.

7. When will one's complaint not be considered by the Ombudsman ? +

One's complaint will not be considered if:One has not approached his bank for redressal of his grievance first.One has not made the complaint within one year from the date of receipt of the reply of the bank or if no reply is received, and the complaint to Banking Ombudsman is made after the lapse of more than one year and one month from the date of complaint made to the bank.The subject matter of the complaint is pending for disposal / has already been dealt with at any other forum like court of law, consumer court etc.Frivolous or vexatious complaints.The institution complained against is not covered under the scheme.The subject matter of the complaint is not pertaining to the grounds of complaint specified under Clause 8 of the Banking Ombudsman Scheme. If the complaint is for the same subject matter that was settled through the office of the Banking Ombudsman in any previous proceedings.

7. Is the Scheme available for auctions of Treasury Bills? +

No. The scheme is not applicable for Treasury Bills.How to participate in the auction ?

7. Whether banks can refuse premature withdrawal of term deposits ? +

Banks may not normally refuse premature withdrawal of term deposits of individuals and Hindu Undivided families, irrespective of the size of the deposit. However, the bank at its discretion, may disallow premature withdrawal of large deposits held by entities other than individuals and Hindu Undivided Families. Banks should notify such depositors of its policy of disallowing premature withdrawals in advance i.e. at the time of acceptance of deposits

Is there any ceiling on advertisements in Print Media abroad or on Internet? +

No. Remittance of the actual cost of advertisement in Print Media abroad or on Internet is permitted by authorised dealers, subject to payment of applicable taxes, if any.

Q.7 What are the prohibited activities for overseas investment ? +

Real estate sector and Banking are the prohibited sectors for overseas investment. However, Indian banks operating in India can set up JV/WOS abroad provided they obtain clearance under the Banking Regulation Act 1949.

7. Is there any purpose for which going abroad requires prior approval from the Reserve Bank or Govt. of India?
+

Dance troupes, artistes, etc., who wish to undertake cultural tours abroad, should obtain prior approval from the Ministry of Human Resources Development, Government of India, New Delhi.