Ans. The customer shall exercise utmost caution before clicking links embedded in such SMS/ email as these may be suspicious/ fraudulent. The public is advised not to fall prey to frauds being perpetrated in the name of KYC updation. Please refer to the Press Release dated September 13, 2021 on RBI cautions against frauds in the name of KYC updation.

Yes, requests for direct investment outside India in a JV/WOS by way of share swap arrangement are considered under the Normal Route.

Ans. The PSS Act, 2007 lays down the duties of the system provider. The system provider is required to operate the payment system in accordance with the provisions of the Act and the Regulations, the terms and conditions of authorization and the directions given by the Reserve Bank from time to time. The system provider is also required to act in accordance with the contract governing the relationship among the system participants and the rules and regulations which deal with the operation of the payment system. The Act requires the system provider to disclose the terms and conditions including the charges, limitations of liability etc., under the payment system to the system participants. The Act also requires the system provider to provide copies of all the rules and regulations governing the operation of the payment system and other relevant documents to the system participants. The system provider is required to keep the documents and its contents, provided to it by the system participants, as confidential and is prohibited from disclosing the same, except in accordance with the provisions of law.(Sections 20 to 22 of the Act)

This is a new facility extended to all resident individuals under which they may freely remit upto USD 25,000 per calendar year for any permissible current or capital account transaction or a combination of both.

RBI will issue the securities to the bank or PD that has bid on behalf of non-competitive bidder against payment made by the bank or PD on the date of issue itself.The non-competitive bidder will make payment to the bank or the PD through which he has put the bid and receive his securities from them.In other words, the RBI will issue securities to the bank or the PD against payment received from the bank or the PD on the date of issue irrespective of whether the bank or the PD has received payment from their clients.

The banks have freedom to offer all loans on fixed or floating rates subject to conformity to Asset Liability Management (ALM) Guidelines. However, they should ensure that the PLR stipulations as applicable are complied with. The nature of alignment with PLR i.e. whether it is at the time of sanction or disbursement of the loan, should be made explicit at the time of sanction of the loan. However, for small loans upto Rs. 2 lakhs, the stipulation of 'not exceeding PLR' (for relevant maturity) would be applicable.

On the NDS-OM Web Module, the GAH has access to real time quotes on various securities as available on the main NDS-OM system. The GAH is able to view the best bid/offer (Market Watch) in various securities as well as the best 10 bid and offers (Market By Price / Market By Order). The GAH also has access to the total Trade information (Trade Watch) as well as half hourly movement of each security. (Market Movement). Further details are available in the User Manual.

उत्तर. पीपीआय जारीकर्त्याने इन्स्ट्रुमेंट जारी करताना धारकाला स्पष्ट आणि साध्या सोप्या भाषेत सर्व महत्त्वाच्या नियम व अटी उघड केल्या पाहिजेत. या प्रकटीकरणामध्ये यांचा समावेश असेल:

1. इन्स्ट्रुमेंटच्या उपयोगाशी संबंधित सर्व शुल्क आणि फीस
2. मुदत संपण्याचा कालावधी आणि इंस्ट्रूमेंट संपण्यासंबंधी नियम व अटी

Yes.  The liability of the Government in respect of any interest payment due on a Government security shall terminate on the expiry of six years from the date on which the amount due by way of interest became payable, i.e., investors are expected to claim interest on their Government security within six years from the date it becomes payable and Government may refuse to pay such unclaimed interest payment after six years. However, Government may allow a bonafide claim for payment of interest even after the expiry of the limitation period of six years.

At the time of making applications, the Promoters/Promoter Group will have to furnish a road map and methodologies they would adopt to comply with all the requirements of the corporate structure indicated in para 2 (C)(ii) and (iii) of the guidelines and realign the business between the entities to be held under the NOFHC [para 2(C)(iv) of the guidelines] within a period of 18 months. After the ‘in-principle approval’ is accorded by RBI for setting up of the bank, the actual setting up of NOFHC and the bank, re-organization of the Promoter Group entities to bring the regulated financial services entities under the NOFHC as well as realignment of business among the entities under the NOFHC have to be completed within a period of 18 months from the date of in-principle approval or before commencement of banking business, whichever is earlier.

The issuing banks/SHCIL offices/Post Offices/Designated stock exchanges/agents through which these securities have been purchased will provide other customer services such as change of address, early redemption, nomination, grievance redressal, transfer applications etc.

Cases that look similar prima-facie may vary in terms of facts and circumstances. However, to bring greater consistency in decisions, deliberations among Ombudsmen are held regularly.

Ans. Demand Draft/ Payment Order/ Travellers Cheques for amount less than ₹50,000 can be purchased against cash. However, such instrument for ₹50,000 and above can be issued only by way of debiting the customer’s account or against cheques.

उत्तर. पीपीआय जारीकर्ता, त्यांच्या एजंट्स सह, इतर पीपीआयज/ बँक खात्यात रोख रकमेत पैसे देण्याच्या सुविधेसाठी प्रत्येक वेळी नवीन पीपीआयज तयार करणार नाही. ती व्यक्ती मागील रेमिट्न्सच्या वेळी तयार केलेल्या पीपीआयजचा उपयोग करेल.

Yes, there is a specific scheme, which permits acquisition by an eligible entity of shares of a foreign company engaged in a similar activity in exchange of issue of its own ADR/GDRs to the latter on an automatic basis.

The GAH has an online view of the various orders placed by him which are outstanding, the orders which got executed, the net funds position as well an activity log which provides an audit trail of each order placed by the GAH. The transactional user will be able to view his own orders/trades whereas the View User will be able to view orders/trades done by various transactional users under the same client.

The facility is available to resident individuals only.

Ans. The Act lays down an elaborate mechanism for settlement of disputes between system participants in a payment system, between system participant and system provider and between system providers. The Act requires the system provider to make provision in its rules or regulations for creation of a panel to decide disputes between system participants. Where any system participant is dissatisfied with the decision of the panel, or where disputes arise between system participant and system provider or between system providers, such disputes are required to be referred to the Reserve Bank for adjudication, whose decision shall be final and binding on the parties. In cases where the Reserve Bank, in its capacity either as a system participant or system provider, is itself a party to the dispute, then there is a provision for referring such cases to the Central Government for adjudication. (Section 24 of Act)

The bank or the PD can recover upto six paise per Rs.100 as commission for rendering this service to their clients.

Yes. The banks are required to invariably incorporate following proviso in the loan agreements in the case of all advances, including term loans, enabling banks to charge the applicable interest rate in conformity with the directives issued by RBI, except in case of Fixed Rate Loans."Provided that the interest payable by the borrower shall be subject to the changes in interest rates made by the Reserve Bank from time to time."