Ans : Yes, in addition to the consent of the beneficiaries, the mandate also provides important information related to bank account details etc. which are useful for the user institution to transfer funds to the right accounts . A model mandate form has been prescribed for the purpose and is available in the ECS Credit Procedural Guidelines.

Ans. The remitting customer has to furnish the following information to a bank for initiating an RTGS remittance:

1. Amount to be remitted

2. The account number to be debited

3. Name of the beneficiary bank and branch

4. The IFSC number of the receiving branch

5. Name of the beneficiary customer

6. Account number of the beneficiary customer

7. Sender to receiver information, if any

8. Sender and Beneficiary Legal Entity Identifier (for eligible transactions)

• WPI series is being revised after every 10 or more years (e.g. base year revision in WPI series took place in 1981-82, 1993-94 and 2004-05).

• Any revision in the base year would be tackled by splicing the base years so that a consistent WPI series with the same base year is available for indexation purpose since the issue date of the bond.

Yes. One or more documents can be uploaded along with the application. However each document size should not exceed 1 MB.

PM remains responsible, as the case at present, of all the actions of his GAHs. PM will be responsible for the margin maintenance and settlement of the trades of their GAHs also. Prior to commencement of trade on NDS-OM Web by an eligible authorized GAH user, the PM shall ensure that the various Operational Risk Control Parameters (ORCP) values have been set on NDS-OM Web. For the purpose, PM needs to install an application for its GAHs Management, Risk Management and Bid Management policies and practices. NDS-OM Administrator (CCIL) would create an authorized super-user (Client Head) for the PM for attending to the management activities.

Ans No. It is not necessary for all branches to have computer systems. Branches can send the remittance details to their service branch in paper format (the copies of the EFT Application Forms submitted by the remitting customers accompanied by a Remittance Scroll). The Service branch will make data entry and transmit the funds transfer information electronically to local NCC. But, if a branch has computer facility, it can transmit funds transfer information electronically to its service branch either on a floppy or through a network. This would minimise the data entry work at the service branch.

Yes. If you have deposits with more than one bank, deposit insurance coverage limit is applied separately to the deposits in each bank.

Ans. Detailed operational guidelines are available in A.P.(DIR Series) Circular No. 22 dated March 17, 2020 and Master Direction No.16/2015-16 dated January 1, 2016 on Export of Goods and Services, as amended from time to time.

Person going abroad for employment can draw foreign exchange upto USD100,000 from any authorised dealer in India on the basis of self-declaration.

Ans. The residents can hold foreign coins without any limit.

The Reserve Bank of India is the aggregator for accounting of all GST collections in the respective government accounts. Agency banks who collect the GST for challans generated by tax payers online on the GST portal report the collections for settlement to government accounts to RBI. RBI has also facilitated payment of GST by tax payers directly into government accounts at RBI by using NEFT / RTGS payment options provided in GST portal.

Yes. This is available on the RBI website. The aggregator or facilitator through whom the application is made will assist the investor to obtain the form.

There are three images of each cheque that are taken in CTS – front Gray Scale, front Black and White and back Black and White. Customers should use image friendly coloured ink to write cheques to facilitate clear image of written information. Further, customer should use permanent ink to prevent fraudulent alternation of contents later. However, Reserve Bank of India (RBI) has not prescribed specific ink colors to be used to writing cheques.

Customer should also be aware that cheques with alteration / modification are not accepted under CTS. No changes / corrections can be carried out on the cheques (other than for date validation purposes, if required). For any change in the payee’s name, courtesy amount (amount in figures) or legal amount (amount in words), fresh cheque leaves should be used by customers. This would help banks in identifying and controlling fraudulent alterations.

One can file a complaint with the Banking Ombudsman simply by writing on a plain paper. One can also file it online at (“click here to lodge a complaint”) or by sending an email to the Banking Ombudsman. There is a form along with details of the scheme in our website. However, it is not mandatory to use this format.

Banks have freedom to determine their own penal rates of interest for premature withdrawal of term deposits.

Authorised dealers are permitted to allow advance remittance where the contracts/agreements insist for the same. However, where the amount exceeds US $ 100,000 or its equivalent, a guarantee from a bank of international repute, situated outside India or a guarantee from an authorised dealer in India, if such a guarantee is issued against the counter-guarantee of a bank of international repute situated outside India, should be obtained from the overseas beneficiary. The remitter in India will have to ensure that the overseas beneficiary has fulfilled his obligations under the contract/agreement.

Real estate business means buying and selling of real estate or trading in transferable development rights (TDRs) but does not include development of township, construction of residential/commercial premises, roads and bridges.

Foreign exchange can be purchased from any authorised dealer. Besides authorised dealers, full-fledged money changers are also permitted to release exchange for business and private visits.

Banks are required to provide both the cheque drop box facility and the acknowledgement facility at their collection counters. No bank branch can refuse to give an acknowledgement to the customer if the latter asks for the same while tendering cheque for collection at the bank branch’s counter.

Yes, in addition to the consent of the beneficiaries, the mandate also provides important information related to bank account details etc. which are useful for the user institution to transfer funds to the right accounts . A model mandate form has been prescribed for the purpose and is available in the ECS Credit Procedural Guidelines.