Ans : User institutions enjoy many benefits from the ECS Debit Scheme like,

• Savings on administrative machinery and costs of collecting the cheques from customers, presenting in clearing, monitoring their realisation and reconciliation.

• Better cash management because of realisation / recovery of dues on due dates promptly and efficiently.

• Avoids chances of loss / theft of instruments in transit, likelihood of fraudulent access to the paper instruments and encashment thereof.

• Realisation of payments on a uniform date instead of fragmented receipts spread over many days.

• Cost effective.

Ans. You may approach RTGS Help Desk / Contact point of the RBI at rtgsmumbai@rbi.org.in.

The Web based facility is only a front end platform for placing GAH’s buy and sell orders. PM continues to be responsible for all actions undertaken by their respective GAHs including the settlement of their securities and funds obligations. In other words, the settlement of the successful orders of GAHs will continue to happen as usual as at present. Though the PM needs to set the funding limits as part of his risk control measure in the system, no separate pre-funding requirements are set. The Funding Limit is a functionality that enables the PM to put a cap on the total value (net consideration) of orders that a GAH may place on the basis of the terms and conditions mentioned in their mutual agreements.

Ans. The aggrieved applicant or aggrieved system provider can appeal to the Central Government within 30 days from the date on which the order of refusal or revocation is conveyed to him (Section 9 of PSS Act, 2007).

Ans: The credit is given to the account number written / given by remitter in his / her application / instruction. Credit to beneficiary account is released solely based on account number. It is the responsibility of remitting customer to write correct account number. The originator / sender should exercise due care in providing the correct account number of the beneficiary, in the NEFT remittance instruction / application.

Residents are free to carry the foreign exchange purchased from an authorised dealer or money changer in accordance with the Rules. They are, however, allowed to carry foreign exchange in the form of currency notes/coins upto USD 2,000 or its equivalent only. Balance amount can be carried in the form of traveller’s cheque or banker/s draft. (In this connection please see item No.9).

User institutions enjoy many benefits from the ECS Debit Scheme like, Savings on administrative machinery and costs of collecting the cheques from customers, presenting in clearing, monitoring their realisation and reconciliation. Better cash management because of realisation / recovery of dues on due dates promptly and efficiently. Avoids chances of loss / theft of instruments in transit, likelihood of fraudulent access to the paper instruments and encashment thereof. Realisation of payments on a uniform date instead of fragmented receipts spread over many days. Cost effective.

Yes, forex pre-paid cards can be used at Duty Free Shops located at International Airports in India in the same manner as foreign currency notes / travellers’ cheques.

Since the bank/PD has to make payment on the date of issue itself , in case payment is made by the client after date of issue of the security, the consideration amount payable by the client to the bank or the PD would include accrued interest. For example, if for security 9.40% GOI 2015, the payment is made three days after the date of issue, the accrued interest component will amount to 9.40/100x3/360x10,000 = Rs.7.83Hence, if the security price is Rs.100.27, the total amount payable by the investor for acquiring securities worth Rs.10,000 after three days will be Rs. 10, 270 + Rs. 7.83 = Rs.10, 277. 83 (if not rounded off) .

The bank may, at its discretion, renew an overdue NRE / FCNR(B) deposit or a portion thereof provided the overdue period from the date of maturity till the date of renewal (both days inclusive), does not exceed 14 days and the rate of interest payable on the amount of the deposit so renewed shall be the appropriate rate of interest for the period of renewal as prevailing on the date of maturity or on the date when the depositor seeks renewal, whichever is lower. In the case of overdue deposits where the overdue period exceeds 14 days, the deposits can be renewed at the prevailing rate of interest on the date when the renewal is sought. If the depositor places the entire amount of overdue deposit or a portion thereof as a fresh NRE / FCNR(B) deposit, banks may fix their own interest rates for the overdue period on the amount so placed as a fresh term deposit. Banks are free to recover the interest so paid for the overdue period if the deposit is withdrawn before completion of minimum stipulated period under the scheme, after renewal.

Yes, market purchases together with capitalisation of exports or other entitlements is restricted up to 100% of the net worth of the investing company for investment proposed to be made under the automatic route.

Residents are free to carry the foreign exchange purchased from an authorised dealer or money changer in accordance with the Rules. In addition, they can also carry up to US$ 2,000, if already held by them (see item13 above) in accordance with the Regulations.

• As indicated in the press release issued by Reserve Bank of India on May 15, 2013, IIBs would be launched on June 4, 2013 and the same would be issued on the last Tuesday of each month during 2013-14. This would also include the last Tuesday of June 2013.

Response

Yes. BSBDA holders should be offered passbook facility free of charge in line with our instructions contained in circulars RPCD.CO.RF.BC.28/07.40.06/2006-07 dated October 11, 2006 and RPCD.CO.RRB.BC.No.29/03.05.28-A/2006-07 dated October 13, 2006.

No, the Bond Ledger Accounts are not tradable.

• Existing taxation applicable to Government of India securities issued as part of the market borrowing will be applicable to these securities.

Ans. Yes

The lending institutions shall make provisions on the residual debt at the time of implementation of the Resolution Plan, as stipulated in the relevant Resolution Framework. These provisions need to be held, irrespective of changes in the outstanding balance, until the same is reversed in terms of the provisions contained in the relevant Resolution Framework.

होय. बीएसबीडीए धारकांना 4 ऑक्टोबर 2006 रोजीचे परिपत्रक DBOD. क्र. Leg. BC.32 /09.07.005 /2006-07. मधील आमच्या सूचनांच्या अनुसार बीएसबीडीए धारकांना पासबुक सुविधा विनाशुल्क द्यायला हवी.

Yes. A Government securities holder may nominate any one as a nominee provided that the nominee, as an individual or institution, should be eligible to invest in the particular loan as per the specific Government Loan Notification.

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.

On maturity, the Gold Bonds shall be redeemed in Indian Rupees and the redemption price shall be based on simple average of closing price of gold of 999 purity of previous 3 business days from the date of repayment, published by the India Bullion and Jewelers Association Limited.

Ans. LLP is a body corporate and has a legal entity separate from its partners. Therefore, if the LLP incurs/sponsors the education expense of its partners who are pursuing higher studies for the benefit of the LLP, then the same shall be outside the LRS limit of the individual partners and would instead be deemed as residual current account transaction undertaken by the LLP without any limits.

Ans: Currently, 15 banks are offering CBDC wallets. The name and the link for downloading the apps is mentioned below.

Pilot Banks	Name of the App	Android	iOS
SBI	eRupee by SBI	Android	iOS
ICICI Bank	Digital Rupee by ICICI Bank	Android	iOS
IDFC First Bank	IDFC First Bank Digital Rupee	Android	iOS
YES BANK	Yes Bank Digital Rupee	Android	iOS
HDFC Bank	HDFC Bank Digital Rupee	Android	iOS
Union Bank of India	Digital Rupee by UBI	Android	iOS
Bank of Baroda	Bank of Baroda Digital Rupee	Android	iOS
Kotak Mahindra Bank	Digital Rupee by Kotak Bank	Android	iOS
Canara Bank	Canara Digital Rupee	Android	iOS
Axis Bank	Axis Mobile Digital Rupee	Android	iOS
IndusInd Bank	Digital Rupee by IndusInd Bank	Android	iOS
PNB	PNB Digital Rupee	Android	iOS
Federal Bank	Federal Bank Digital Rupee	Android	iOS
Karnataka Bank	Karnataka Bank Digital Rupee	Android	iOS
Indian Bank	Indian Bank Digital Rupee	Android	iOS

No. There is no charge or fee for a customer of the RE for filing or for resolving complaints under the RB-IOS, 2021. Further, complainants need not approach any third-party agency to file a complaint with RBI Ombudsman or pay any fee. Complainants can register their complaints by themselves or through a representative through any of the modes mentioned in Question 16 absolutely free of cost.

Ans.: Yes, it is the amount actually received (realised) during the reference period including the billing to subsidiaries/associates abroad.

उत्तर. होय. १ जुलै २०११ पासून एटीएमचा व्यवहार अयशस्वी झाल्याबद्दल तक्रार दाखल केल्याच्या तारखेपासून ग्राहकाच्या खात्यात पुन्हा रक्कम जमा करण्यास कामकाजाचे ७ दिवसांपेक्षा जास्त विलंब झाल्यास कार्ड जारी करणाऱ्या बँकेला प्रत्येक दिवसासाठी रु.१००/- इतकी भरपाई द्यावी लागते. ग्राहकाने कोणताही दावा न करता भरपाईची ही रक्कम ग्राहकाच्या खात्यात जमा करावी लागते. परंतु, भरपाई मिळण्यास पात्र होण्यासाठी ग्राहकाने व्यवहार केल्यापासून 30 दिवसाच्या आत तक्रार दाखल करावी लागते.

Answer: As the transactions will be settled in INR, it will reduce the exchange rate risk for the Indian exporters and importers.

Ans. V-CIP may be used for carrying out the following processes:

1. to undertake CDD in case of onboarding a new individual customer, proprietor in case of proprietorship firm, authorised signatories and beneficial owners in case of Legal Entity customers;
2. to convert existing account opened in non-face-to-face mode using Aadhaar OTP based e-KYC authentication; and
3. for updation/ periodic updation of KYC records of eligible customers.

Response: Yes.

The Standard Operating Procedure for IoRS can be accessed at the link: https://rbi.org.in/web/rbi/-/press-releases/standard-operating-procedure-for-inter-operable-regulatory-sandbox-54528

Ans. In case of bank issued PPIs, cash withdrawal is permitted at ATMs, PoS devices, BCs, etc. However, cash withdrawal at PoS devices is subject to a limit of ₹ 2,000/- per transaction within an overall monthly limit of ₹ 10,000/- across all locations (Tier 1 to 6 centres).

बीएसबीडीए उघडताना ग्राहकाकडून अशी लेखी अनुमती घ्यायला हवी की तो/ती त्यांची सध्या असलेली विना-बीएसबीडीए बचत बँक खाती बीएसबीडीए उघडल्यापासून 30 दिवसांनंतर बंद करतील आणि बँका अशी खाती 30 दिवसांनी बंद करण्यास स्वतंत्र आहेत.

Ans : The banking system has many benefits from ECS Debit such as –

• Freedom from paper handling and the resultant disadvantages of handling, receiving and monitoring paper instruments presented in clearing.

• Ease of processing and return for the destination bank branches. Destination bank branches can debit the customers’ accounts after matching the account number of the customer in their database and due verification of existence of valid mandate and its particulars. With core banking systems in place and straight-through-processing, this process can be completed with minimal manual intervention.

• Smooth process of reconciliation for the sponsor banks.

• Cost effective.

A person resident in India is free to send (export) any gift article of value not exceeding Rs. 1,00,000 provided export of that item is not prohibited under the extant EXIM Policy.

All central government securities, state government securities and treasury bills are tradable on the NDS-OM Web Module. The complete list of securities is available on the NDS-OM Web Module.

The banking system has many benefits from ECS Debit such as – Freedom from paper handling and the resultant disadvantages of handling, receiving and monitoring paper instruments presented in clearing. Ease of processing and return for the destination bank branches. Destination bank branches can debit the customers’ accounts after matching the account number of the customer in their database and due verification of existence of valid mandate and its particulars. With core banking systems in place and straight-through-processing, this process can be completed with minimal manual intervention. Smooth process of reconciliation for the sponsor banks. Cost effective.

A person coming into India from abroad can bring with him foreign exchange without any limit. However, if the aggregate value of the foreign exchange in the form of currency notes, bank notes or travellers cheques brought in exceeds USD 10,000/- or its equivalent and/or the value of foreign currency exceeds USD 5,000/- or its equivalent, it should be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India.

As per the Public Notice (https://www.bankpng.gov.pg/wp-content/uploads/2014/08/Full-page_-potrait_Paper-Bank-Notes2.pdf) issued by Bank of Papua New Guinea on their website www.bankpng.gov.pg Papua New Guinea paper banknotes ceased to be legal tender on June 30, 2012 and only polymer banknotes are legal tender in Papua New Guinea. Further, Bank of Papua New Guinea has also shared the following range of serial numbers of banknotes which were never issued (and were sold to a recycler in Europe) and are therefore, not legal tender in Papua New Guinea:

Denomination	Prefix	Serial Number
		Low	High
K2	ABJ - AJS	000001	003000
K10	AC - AY	030000	031000
	NBP- NES	160000	173000
K20	BPNG	0000001	3000000
K50	HTT - HUU	080000	090000
K100	BPNG	0000001	6000000

(Published on receipt of request from Bank of Papua New Guinea)

The non competitive bidders will pay the weighted average price which will emerge in the auction.For example, on December 5, 2001 RBI held a price based auction of an existing security 10.71% GOI 2016 maturing on 19 April, 2016. The cut off price emerged in the auction was Rs. 121.92. The weighted average price was Rs. 121.99. Thus the non competitive bidders will pay the weighted average price of Rs. 121.99. In addition, they have to pay accrued interest as indicated below.

• As is the case with fixed rate conventional bonds, IIBs would be issued through yield based auction and subsequent reissues will be through price based auction.

• Investors would be required to bid for real yield in case of IIBs as against nominal yield in case of fixed rate G-Sec.

Ans. Yes, Section 7 of the PSS Act, 2007 empowers the Reserve Bank to collect authorization fees while granting authorization. It can also call upon the applicant to furnish a security deposit for the proper conduct of the payment system. The quantum of authorization fees and security deposit can be decided by the Reserve Bank.

No. Interest rate stipulations applicable to loans in rupees under FCNR(B) scheme are not applicable to loans denominated in foreign currency which are governed by the instructions issued by Exchange Control Department.

Net worth means paid-up capital and free-reserves of the Indian company.

Queries about the scheme shall be forwarded to e-mail.

Response

While opening the BSBDA customers’ consent in writing be obtained that his existing non-BSBDA Savings Banks accounts will be closed after 30 days of opening BSBDA and banks are free to close such accounts after 30 days.

• Existing taxation applicable to Government of India securities will be applicable to these securities.

• Sub-section (iv) of the Section 193 of the Income Tax Act, 1961 stipulates that no tax shall be deducted from any interest payable on any security of the Central Government or a State Government, provided that nothing contained in this clause shall apply to the interest exceeding rupees ten thousand payable on 8% Savings (Taxable) Bonds, 2003 during the financial year.

• As per the above Section, TDS shall not be deducted from any interest payable on IINSS-C, until and unless notified by the Government of India otherwise.

Ans. Wherever the BO or PO is required to remit funds outside India, within the applicable guidelines under FEMA, they may do so not necessarily through the designated AD Category I bank but through any AD Category I bank of its choice subject to obtaining no objection certificate (NOC) from the designated AD Category I bank. The remittances have to be for transactions settling on Cash / Tom / Spot basis only. The remittance has to be through banking channel in either of the two methods:

(1) The designated AD category I bank will transfer equivalent INR amount to the transaction handling bank. The transaction handling bank can remit the amount to the overseas parent office of BO / PO through SWIFT. However, the transaction handling bank will have to ensure KYC compliance and the necessary documentation. It will also be required to share the SWIFT message along with the details like UIN No, beneficiary and remittance details with the designated AD category I bank.

(2) The designated AD category I bank will transfer equivalent INR amount to the transaction handling bank. The transaction handling bank will then credit the NOSTRO account of the designated AD Category I bank which in turn will remit the amount to the final beneficiary.

Yes.  One can donate the proceeds of his/her investments in Government securities to institution/trust by naming such institution/trust as their nominee subject to the condition that such institution/trust shall be eligible to invest in the particular loan as per the specific Government Loan Notification.