Ans. In a sole proprietorship business, there is no legal distinction between the individual / owner and as such the owner of the business can remit USD up to the permissible limit under LRS. If a sole proprietorship firm intends to remit the money under LRS by debiting its current account then the eligibility of the proprietor in his individual capacity has to be reckoned. Hence, if an individual in his own capacity remits USD 250,000 in a financial year under LRS, he cannot remit another USD 250,000 in the capacity of owner of the sole proprietorship business as there is no legal distinction.

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. If any non-fund based facility gets devolved subsequently, the devolved amount shall be reckoned as residual debt⁴ and shall attract provisions as per Paragraph 40⁵ and 41⁶ of RF 1.0, and consequently, the assessment of monitoring period should be updated accordingly. The entire provisions (including the provisions on the devolved amount) shall be held, until the same is reversed in terms of the provisions contained in the relevant Resolution Framework.

Ans.: Since the company has a subsidiary, so it has to fill the Part-D of the form that pertains to the information on subsidiaries abroad. If, during the year, subsidiary of the company has not made any sale of Computer Software and ITES then accordingly the amount would be 0 (zero) in Part-D.

Ans: Wholesale Central Bank Digital Currency (e₹-W) is designed for use by financial institutions and intermediaries, primarily to streamline interbank settlements and large-value transactions. It operates within a restricted ecosystem and enhances the efficiency, speed, and security of wholesale payment systems by using the functionalities of programming and smart contracts. Wholesale CBDC focuses on improving the financial system's infrastructure and reducing settlement risks, retail CBDC aims to enhance accessibility, financial inclusion, and convenience for individuals / businesses. Retail CBDC is intended for the general public and is used for everyday transactions, much like physical cash but in digital form.

Ans: You may approach grievance redressal cell of your bank with details of the disputed transaction. In case your grievance is not resolved within 30 days, you may make a complaint under “The Reserve Bank-Integrated Ombudsman Scheme (RB-IOS 2021)”. The RB-IOS 2021 provides a single reference point for customers to file complaints against the RBI regulated entities specified therein. The RB-IOS, 2021 is available at the following path on the RBI website: /documents/87730/39016390/RBIOS2021_121121.pdf.

There is no limit on the amount of disputed transaction for which the complaint/grievance can be raised under RB-IOS, 2021 and on which the RBI Ombudsman can provide resolution. However, only those complaints where the compensation sought, if any, for any loss suffered by the complainant arising directly out of the act or omission or commission of the RE, is ₹20 lakh or lower are admissible under RB-IOS. In addition, the Ombudsman can also provide compensation upto ₹1 lakh for mental agony/ harassment etc., suffered by the complainant as indicated in the Question 23.

Ans. You may approach grievance redressal cell of your bank with details of the disputed transaction. In case your grievance is not resolved within 30 days, you may make a complaint under “The Reserve Bank-Integrated Ombudsman Scheme (RB-IOS 2021)”. The RB-IOS 2021 provides a single reference point for customers to file complaints against the RBI regulated entities specified therein. The RB-IOS, 2021 is available at the following path on the RBI website: https://rbidocs.rbi.org.in/rdocs/content/pdfs/RBIOS2021_121121.pdf.

Ans. RE is required to update the customers’ KYC records as part of ongoing due diligence process to ensure that the information or data collected under CDD is kept up to date and relevant. The periodicity of such updation depends on the risk categorisation of the customer by the RE and such periodic updation of KYC records (at times referred to as re-KYC) shall be carried out at least once in every two years for high-risk, eight years for medium risk and ten years for low-risk customers. However, RE may adopt any additional and exceptional measures as per its internal KYC policy which inter alia may require physical presence of the customer, periodic updation of KYC only in the branch of the RE where account is maintained, a more frequent periodicity of KYC updation than the minimum specified periodicity, etc.

Response: Yes. Designated banks are allowed to lend gold mobilized under the Scheme to other designated banks for similar use as prescribed under the scheme.

In terms of the Master Direction FIDD.MSME & NFS.12/06.02.31/2017-18 dated July 24, 2017, banks have been advised to review and tune their existing lending policies to the MSE sector by incorporating therein the following provisions so as to facilitate timely and adequate availability of credit to viable MSE borrowers especially during the need of funds in unforeseen circumstances:

i. To extend standby credit facility in case of term loans

ii. Additional working capital to meet with emergent needs of MSE units

iii. Mid-term review of the regular working capital limits, where banks are convinced that changes in the demand pattern of MSE borrowers require increasing the existing credit limits of the MSEs, every year based on the actual sales of the previous year.

iv. Timelines for Credit Decisions.

(Refer to the circular FIDD.MSME & NFS.BC.No.60/06.02.31/2015-16 dated August 27, 2015 for further information.)

For any inquiries, please email at iors@rbi.org.in  

Ans : Yes. In case of any need to withdraw or stop a mandate the customer can do so by approaching the user institution to withdraw the mandate. The account holder / customer can also withdraw the mandate / debit instruction directly from his / her banker without involvement of the User institution. The withdrawal instructions of a customer in such cases would be treated equivalent to a ‘stop payment’ instruction in cheque clearing system. However, as a matter of best practice, the customer may also provide prior notice or intimation of mandate withdrawal to the ECS user institution well in time, so as to ensure that the input files submitted by the user institution does not include the ECS Debit details in respect of the withdrawn / stopped mandates, leading to avoidable returns/rejections etc.

• Like fixed rate G-Secs, IIBs would be underwritten by the primary dealers.

Ans: Complaints can be filed online on https://cms.rbi.org.in, or through the dedicated e-mail or sent in physical mode to the ‘Centralised Receipt and Processing Centre’ set up at RBI, 4th Floor, Sector 17, Chandigarh – 160 017 in the format given at the following path - /documents/87730/39016390/RBIOS2021_121121_A.pdf. A toll-free number – 14448 (9:30 am to 5:15 pm) – is also available for customers to seek assistance in filing complaints and information on grievance redressal, with multi-lingual support.

With the issuance and launch of the New Generation banknotes, Central Bank of Kenya has advised that in terms of Gazette Notice No. 4849 dated May 31, 2019 from Central Bank of Kenya available at: (http://kenyalaw.org/kenya_gazette/gazette/volume/MTk2Mg--/Vol.CXXI-No.69), and the Press Release dated June 6, 2019 available at: (https://www.centralbank.go.ke/uploads/press_releases/696932423_Press%20Release%20-%20New%20Generation%20Banknotes.pdf), all the currency notes of denomination ‘1000 shillings (Ksh)’ shall cease to be legal tender, and shall no longer be exchanged, with effect from October 1, 2019.

(Published on receipt of request from Central Bank of Kenya)

Response

In BSBDA, banks are required to provide free of charge minimum four withdrawals, including through ATM and other mode. Beyond four withdrawals, it is left to discretion of the banks to either offer free or charge for additional withdrawal/s. However pricing structure may be put in place by banks on a reasonable, non-discretionary, non-discriminatory and transparent manner by banks.

• As customers will be owned by the banks, KYC will also be done by the banks.

Ans. Complaints can be filed online on https://cms.rbi.org.in, or through the dedicated e-mail or sent in physical mode to the ‘Centralised Receipt and Processing Centre’ set up at RBI, 4th Floor, Sector 17, Chandigarh – 160 017 in the format given at the following path - https://rbidocs.rbi.org.in/rdocs/content/pdfs/RBIOS2021_121121_A.pdf. A toll-free number – 14448 (9:30 am to 5:15 pm) – is also available for customers to seek assistance in filing complaints and information on grievance redressal, with multi-lingual support.

• The investor will be advised one month before maturity regarding the ensuing maturity of the bond.

• On the date of maturity, the maturity proceeds will be credited to the bank account as per the details on record.

• In case there are changes in any details, such as, account number, email ids, then the investor must intimate the bank/SHCIL/PO promptly.

Ans: No.

Ans. Enter the list of business activities in the “Please specify” field in Q-3 of Part A of the ITES survey schedule. There is no need to provide individual percentage in the “Please specify” field.

Ans: e₹-W has the potential to transform the settlement systems for financial transactions and make them more efficient and secure. It leverages on the programmability and smart contract features of the platform and reduces settlement risk.

Answer: The details of SRVA can be found on FEDAI’s website under link ‘SRVA Directory’.

Ans. The broad indicative parameters prescribed for customer’s risk categorisation are customer’s identity, social/ financial status, nature of business activity, information about the customer’s business and his/ her location, geographical risk covering customer as well as transactions, type of products/ services offered, delivery channel used for delivery of products/ services, types of transaction undertaken – cash, cheque/monetary instruments, wire transfers, forex transactions, etc. While considering customer’s identity, the ability to confirm identity documents through online or other services offered by issuing authorities may also be factored in. The risk category and reasons thereof are not required to be divulged to the customers by the RE.

In terms of the Master Direction FIDD.MSME & NFS.12/06.02.31/2017-18 dated July 24, 2017, banks have been advised that timeline for credit decisions for loans up to ₹25 lakh to MSE borrowers shall not be more than 14 working days. For loans above the aforementioned limit, timelines shall be as per the Board approved sanction time norms of the banks. Further, banks have also been advised to display all credit related information pertaining to MSMEs including timelines for credit decisions, indicative document checklist etc., under a separate tab prominently on the bank's website.

In terms of the Master Direction FIDD.MSME & NFS.12/06.02.31/2017-18 dated July 24, 2017, banks have been advised to put in place a Credit Proposal Tracking System (CPTS)/ equivalent tracking mechanism to facilitate central registration and a system of e-tracking of all MSME loan applications. This mechanism shall automatically generate an acknowledgement of the application, having a unique application serial number for both physical and online applications. Banks shall ensure that the acknowledgement and status of the application is sent automatically to the applicants.

Further, Banks have also been advised to convey to the MSME borrowers in writing the main reason/reasons which, in the opinion of the bank after due consideration, have led to rejection of the loan applications. (Refer to the circular RPCD. MSME&NFS.BC.No.74/06.02.31/2012-13 dated May 9, 2013 for further information.)

Ans : Yes. It is left to the choice of the individual customer and the ECS user to decide these aspects. The mandate can contain a ceiling on the maximum amount of debit, specify the purpose of debit and validity period of the mandate.

Ans: The webpage of RBI “RBI Kehta Hai” at /en/web/rbi/rbi-kehta-hai for information regarding ways to ensure safe and secure digital payments can be referred to. Further, RBI has also launched a magazine named BE(A)WARE for users of digital transactions which can be accessed at /documents/87730/39016390/BEAWARE07032022.pdf.

Persons resident in India are permitted to maintain foreign currency accounts in India under following two Schemes:

1. EEFC Accounts –

To avoid exchange loss on conversion of foreign exchange into Indian Rupee & Rupee into foreign exchange, residents can retain upto 50% of foreign currency remittances received from abroad in a foreign currency account, viz., EEFC account, with an authorised dealer in India . Funds held in EEFC account can be utilised for current account transactions and also for approved capital account transactions as specified by the extant Rules/Regulations/Notifications/Directives issued by the Government/RBI from time to time.

2. RFC Accounts :-

Returning Indians, i.e., those Indians, who were non-residents earlier, and are returning now for permanent stay, are permitted to open, hold and maintain with an authorised dealer in India a Resident Foreign Currency (RFC) Account to keep their foreign currency assets. Assets held outside India at the time of return can be credited to such accounts. The funds in RFC account are free from all restrictions regarding utilisation of foreign currency balances including any restriction on investment outside India. The facility is also available to residents provided foreign exchange to be credited to such account is received out of certain specified type of funds/accounts.

• As indicated in our press release dated May 15, 2013, size of the each tranche would be Rs. 1,000-2,000 crore.

• The customers should be issued the securities after receiving clear money. After receiving clear money, banks should register the customer on CBS and generate Certificate of Holding.

Ans. Apart from above PPIs, there are the following two categories of PPIs:

1. Gift PPIs; and

2. PPIs for Mass Transit Systems (PPI-MTS).

The Central Government has decided that upto 30.12.2016, the payment towards tax, surcharge, penalty and deposit under the Pradhan Mantri Garib Kalyan Yojana (PMGKY), can be made in Old Bank Notes of ₹ 500 and ₹ 1000 denomination issued by the RBI. The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016 has commenced on 17th December, 2016 and is open for declarations upto 31st March, 2017. The payment of tax, surcharge and penalty under the Scheme is to be made through challan ITNS-287 and the deposits are to be made in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. The notifications relating to PMGKY are available on the website www.incometaxindia.gov.in

Our instructions contained in circular RPCD.CO.RRB.BC.No.57/03.05.33/2011-12 dated January 30, 2012 on Deregulation of Savings Bank Deposit Interest Rate, are applicable to deposits held in ‘Basic Savings Bank Deposit Account’.

Ans. The FAQs on “Legal Entity Identifier (LEI) for Large Value Transactions in Centralised Payment Systems” on the RBI website at https://www.rbi.org.in/Scripts/FAQView.aspx?Id=140 can be referred to.

ଜାନୁଆରୀ 25, 2012 ଦିନାଙ୍କିତ ପରିପତ୍ର ଡିବିଡିଓ.ଡିଆଇଆର. ବିସି. 75 / 13.03.00 / 2011-12 ରେ ସଞ୍ଚୟ ବ୍ୟାଙ୍କ ଜମା ସୁଧ ହାରର ଅବିନିମୟନ (ଡିରେଗୁଲେସନ୍) ଉପରେ ଥିବା ଆମର ନିର୍ଦ୍ଦେଶଗୁଡ଼ିକ, ‘ମୌଳିକ ସଞ୍ଚୟ ବ୍ୟାଙ୍କ ଜମା ଖାତା’ ରେ ଜମା ପାଇଁ ପ୍ରଯୁଜ୍ୟ ଅଟେ ।

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.

Ans. The following facilities are available to persons other than individuals:

1. Donations up-to one per cent of their foreign exchange earnings during the previous three financial years or USD 5,000,000, whichever is less, for- (a) creation of Chairs in reputed educational institutes, (b) contribution to funds (not being an investment fund) promoted by educational institutes; and (c) contribution to a technical institution or body or association in the field of activity of the donor Company.

2. Commission, per transaction, to agents abroad for sale of residential flats or commercial plots in India up to USD 25,000 or five percent of the inward remittance whichever is less.

3. Remittances up to USD 10,000,000 per project for any consultancy services in respect of infrastructure projects and USD 1,000,000 per project, for other consultancy services procured from outside India.

4. Remittances up to five per cent of investment brought into India or USD 100,000 whichever is less, by an entity in India by way of reimbursement of pre-incorporation expenses.

5. Remittances up to USD 250,000 per financial year for purposes stipulated under Para 1 of Schedule III to FEM (CAT) Amendment Rules, 2015. However, all residual current account transactions undertaken by such entities are otherwise permissible without any specified limit and are to be disposed off at the level of AD, as hitherto. It is for the AD to satisfy themselves about the genuineness of the transaction.

Anything in excess of above limits requires prior approval of the Reserve Bank of India.

Ans: Currently, there are 14 participants in the wholesale CBDC pilot, which includes banks and non-banks.

On receipt of a complaint, it is scrutinized to assess whether it is a maintainable or a non-maintainable complaint (as explained in Question 14). If found non-maintainable, the complaint is closed, and a suitable communication is issued to the complainant.

For a maintainable complaint, the RBI Ombudsman endeavors to promote resolution by agreement between the complainant and the RE. If an amicable settlement of the complaint is arrived at between the parties, the same is recorded and signed by both the parties. As the parties have agreed to the settlement by affixing their signature on it, it becomes binding on both the parties and no formal Award is issued by the Ombudsman.

If the matter is not resolved through settlement (facilitation or conciliation or mediation) the Ombudsman, after allowing the parties a reasonable opportunity (and based on records placed before him, principles of banking law and practice, directions, instructions and guidelines issued by RBI from time to time and such other factors which in his opinion are relevant for deciding the complaint), may pass an Award (directing the Regulated Entity for specific performance) or reject the complaint (if the RE is found to have adhered to the extant norms and practices in vogue). The outcome of the complaint is communicated to both the complainant and the RE.

Ans.: Yes, it is mandatory. Here the person authorised to fill the form owns the responsibility of information furnished and declares its accuracy including CIN number. It is a final check for all the details which are filled-up in the Part- A to D of ITES survey schedule.

ଉତ୍ତର. ଗ୍ରାହକ ଏଟିଏମ / ଡବ୍ଲୁଏଲଏ ରେ ନିଜର ଦେଣନେଣକୁ ସୁରକ୍ଷିତ ଏବଂ ନିରାପଦ ରଖିବା ପାଇଁ ନିମ୍ନଲିଖିତ ' କଣ କରିବା ଏବଂ କଣ ନ କରିବା' ପାଳନ କରିବା ଉଚିତ |

• ଗ୍ରାହକ ସମ୍ପୂର୍ଣ୍ଣ ଗୋପନୀୟତା ସହିତ ଏଟିଏମ / ଡବ୍ଲୁଏଲଏ ଦେଣନେଣ କରିବା ଉଚିତ ।
• ଗୋଟିଏ ସମୟରେ କେବଳ ଜଣେ କାର୍ଡଧାରକ ଏଟିଏମ / ଡବ୍ଲୁଏଲଏ କିଓସ୍କ ଭିତରେ ପ୍ରବେଶ କରିବା ଉଚିତ ।
• କାର୍ଡଧାରକ ନିଜର କାର୍ଡ ଅନ୍ୟ କାହାକୁ ଦେବା ଉଚିତ ନୁହେଁ
• କାର୍ଡଧାରକ ନିଜ କାର୍ଡ ଉପରେ ପିନ ସଂଖ୍ୟା ନ ଲେଖିବା ଆବଶ୍ୟକ ।
• କାର୍ଡଧାରକ ନିଜର ପିନ ଅନ୍ୟ କାହା ସହିତ ଶେୟାର ନ କରିବା ଉଚିତ ।
• କାର୍ଡଧାରକ ନିଜର ପିନ ଟିପିଲା ବେଳେ ଅନ୍ୟ କାହାକୁ ଦେଖିବାର ସୁଯୋଗ ନ ଦେବା ଉଚିତ ।
• କାର୍ଡଧାରକ ସହଜରେ ଅନୁମାନ କରାଯାଇ ପାରୁଥିବା ପିନ ବ୍ୟବହାର ନ କରିବା ଉଚିତ ।
• କାର୍ଡଧାରକ ନିଜର କାର୍ଡ କଦାପି ଏଟିଏମ / ଡବ୍ଲୁଏଲଏରେ ଛାଡ଼ି ନ ଆସିବା ଉଚିତ ।
• କାର୍ଡଧାରକ ନିଜର ଏଟିଏମ / ଡବ୍ଲୁଏଲଏ ଦେଣନେଣ ର ଆଲର୍ଟ ପାଇବା ପାଇଁ, କାର୍ଡ ଜାରିକର୍ତ୍ତା ବ୍ୟାଙ୍କରେ ନିଜର ମୋବାଇଲ ନମ୍ବର ପଞ୍ଜୀକରଣ କରେଇବା ଉଚିତ । ଯଦି ଖାତାରେ କୌଣସି ଅନଧିକୃତ ଦେଣନେଣ ହେବା ଲକ୍ଷ୍ୟ କରୁଛନ୍ତି ତେବେ ତୁରନ୍ତ ତାହାର ରିପୋର୍ଟ, କାର୍ଡ ଜାରିକର୍ତ୍ତା ବ୍ୟାଙ୍କକୁ କରିବା ଆବଶ୍ୟକ ।
• କାର୍ଡଧାରକ ସତର୍କ ରହିବା ଉଚିତ ଆଉ ଯାଞ୍ଚ କରିବା ଆବଶ୍ୟକ ଯେ ଏଟିଏମ / ଡବ୍ଲୁଏଲଏ ସହ ଅନ୍ୟ କୌଣସି ଅତିରିକ୍ତ ଡିଭାଇସ ସଂଯୁକ୍ତ ହୋଇଛି କି । ହେଇପାରେ ଏହି ଡିଭାଇସ ଗ୍ରାହକଙ୍କ ଡାଟାକୁ ଆସାଧୁ ଉପାୟରେ ପାଇବା ପାଇଁ ଲଗା ଯାଇଛି । ଯଦି ଏପରି କିଛି ଲକ୍ଷ୍ୟ କରୁଛନ୍ତି ତେବେ ସୁରକ୍ଷା ଗାର୍ଡ /ବ୍ୟାଙ୍କ/ ଡବ୍ଲୁଏଲଏ ସତ୍ତାକୁ ତୁରନ୍ତ ସୂଚିତ କରିବା ଆବଶ୍ୟକ ।
• କାର୍ଡଧାରକ ଏଟିଏମ୍ / ଡବ୍ଲୁଏଲଏ ଚାରିପାଖରେ କୌଣସି ସନ୍ଦିଗ୍ଧ ବ୍ୟକ୍ତିଙ୍କ ଗତିବିଧି ଉପରେ ନଜର ରଖିବା ଉଚିତ । କଥାବାର୍ତ୍ତା କରି ଧ୍ୟାନ ହଟେଇବାକୁ କିମ୍ବା ଏଟିଏମ କାର୍ଯ୍ୟରେ ସାହାଯ୍ୟ କରିବାକୁ ଚେଷ୍ଟା କରୁଥିବା ଅପରିଚିତ ବ୍ୟକ୍ତିଙ୍କ ପ୍ରତି ସିଏ ସାବଧାନ ହେବା ଉଚିତ ।
• କାର୍ଡଧାରକ ମନେ ରଖିବା ଉଚିତ ଯେ ବ୍ୟାଙ୍କ କର୍ମଚାରୀମାନେ କେବେ ବି ଟେଲିଫୋନ / ଇମେଲ ମାଧ୍ୟମରେ କାର୍ଡ ବିବରଣୀ କିମ୍ବା ପିନ ମାଗିବେ ନାହିଁ । ନିଜକୁ ବ୍ୟାଙ୍କର ପ୍ରତିନିଧି ହିସାବରେ ପରିଚୟ ଦେଉଥିବା କୌଣସି ବ୍ୟକ୍ତିଙ୍କ ଯୋଗାଯୋଗର ଉତ୍ତର ସେ ଦେବା ଉଚିତ ନୁହେଁ ।

Ans. The modes for periodic updation of KYC for individuals are as under:

1. It can be undertaken at the branch of the RE with which customer maintains the account or any other branch of the same RE; or
2. RE can obtain a self-declaration when there is “no change in KYC information” and also when there is “change only in address details”, through customer’s email-id/ mobile number registered with the RE, ATMs, digital channels (such as online banking / internet banking, mobile application of RE), letter, etc. However, the declared address shall be verified by the RE through positive confirmation within two months; or
3. Aadhaar OTP based e-KYC in non-face-to-face (NF2F) mode and V-CIP;
4. RE is also mandated to update customer’s KYC records based on the update information/ notification, if any, received from CKYCR for the customer concerned.

Ans : No. There is no value limit on the amount of individual transactions that can be collected by ECS Debit.

• Exclusive series for retail investors would be launched in the second half of the current fiscal year (around October 2013).

The various quantity conditions available are as under:

1. Normal: By default the amount type will be Normal. A Normal order can get partly traded.
2. Disclosed: Disclosed Amount is the part of order amount (In Rs. Crore) which the User is willing to disclose to the market. This is an optional field.
3. All or None (AON): By selecting this option, a User specifies that all of the order should be traded in full i.e. no partial trades, should be allowed. This is an optional field.

The various time conditions available are as under:

4. Day: Under this time condition, order would remain valid throughout the validity of the trading session. It will be available for trade till session close. By default Time Condition - Day is selected.
5. IOC (Immediate or Cancel): If a User wishes his order to be traded immediately, then he could select IOC. Under this condition, when an IOC order is placed, the order would seek for an immediate match, if found it results into a trade; else the IOC order would get cancelled.
6. GTT (Good Till Time): Here while placing an order, the User could mention the time up to which the order would be valid and available for trade. Once the User specified order expiry time has been reached the order would get cancelled.

Ans: The FAQs on “Legal Entity Identifier (LEI) for Large Value Transactions in Centralised Payment Systems” on the RBI website at /en/web/rbi/faq-page-2?ddm__keyword__26256231__FaqDetailPage2Title_en_US=Legal Entity Identifier (LEI) for Large Value Transactions in Centralised Payment Systems can be referred to.

Ans. The salient features of Gift PPIs are as follows:

1. Maximum value of each such prepaid gift instrument shall not exceed ₹10,000/-;

2. Are not reloadable;

3. Cash-out or fund transfer is not permitted. However, the funds may be transferred ‘back to source account’ (account from where Gift PPI was loaded) after receiving consent of the PPI holder;

4. Shall be revalidated (including through issuance of new instrument) as and when requested by the PPI holder; and

5. The Additional Factor of Authentication (AFA) / Two Factor Authentication (2FA) for transactions using Gift PPIs is not mandatory.

Response

BSBDA does not envisage cheque book facility in the minimum facilities that it should provide to BSBDA customers. They are free to extend any additional facility including cheque book facility free of charge (in which case the account remains BSBDA) or charge for the additional facilities (in which case the account is not BSBDA).

• The application form can be downloaded from the RBI’s website. However, banks shall also get forms printed and made available to the investors.

Ans. A resident individual is permitted to make a rupee loan to a NRI/PIO who is a close relative of the resident individual (‘relative’ as defined in Section 2(77) of the Companies Act, 2013) by way of crossed cheque/ electronic transfer subject to the following conditions:

(i) The loan is free of interest and the minimum maturity of the loan is one year.

(ii) The loan amount should be within the overall LRS limit of USD 2,50,000, per financial year, available to the resident individual. It would be the responsibility of the lender to ensure that the amount of loan is within the LRS limit of USD 2,50,000 during the financial year.

(iii) The loan shall be utilised for meeting the borrower's personal requirements or for his own business purposes in India.

(iv) The loan shall not be utilised, either singly or in association with other person, for any of the activities in which investment by persons resident outside India is prohibited, namely;

1. the business of chit fund, or

2. Nidhi Company, or

3. agricultural or plantation activities or in real estate business, or construction of farmhouses, or

4. trading in Transferable Development Rights (TDRs).

Explanation: For the purpose of item (c) above, real estate business shall not include development of townships, construction of residential / commercial premises, roads or bridges.

(v) The loan amount should be credited to the NRO a/c of the NRI /PIO. Credit of such loan amount may be treated as an eligible credit to NRO a/c.

(vi) The loan amount shall not be remitted outside India.

(vii) Repayment of loan shall be made by way of inward remittances through normal banking channels or by debit to the Non-resident Ordinary (NRO)/ Non-resident External (NRE) / Foreign Currency Non-resident (FCNR) account of the borrower or out of the sale proceeds of the shares or securities or immovable property against which such loan was granted.

Ans: The entity receives a system-generated acknowledgement mail of ITES data submitted at the time of final processing itself. No separate mail will be sent in this regard.

Ans: There are two ongoing use cases of e₹-W, (i) funds settlement of secondary market transactions in Government Securities, and (ii) settlement of inter-bank lending and borrowing in call money market. Settlement in central bank money is expected to reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk and benefitting from the programmability and smart contracts functionalities of e₹-W.

DPSS. CO.CHD. No. 274/03.01.02/2012-13 dated August 10, 2012
ବିଏସବିଡିଏ ଗ୍ରାହକଙ୍କୁ ଦିଆଯାଉଥିବା ସର୍ବନିମ୍ନ ସୁବିଧା ଅନ୍ତର୍ଗତ ବିଏସବିଡିଏ ରେ ଚେକ୍ ବୁକ୍ ସୁବିଧା ଧାର୍ଯ୍ୟ କରାଯାଇ ନାହିଁ । ବ୍ୟାଙ୍କ ମାଗଣା ଚେକ ବୁକ ସୁବିଧା ସହିତ କୌଣସି ବି ଅତିରିକ୍ତ ସୁବିଧା(ଯେଉଁ କ୍ଷେତ୍ରରେ ଖାତା ବିଏସବିଡିଏ ରହିଥାଏ) କିମ୍ବା ଅତିରିକ୍ତ ସୁବିଧା ପାଇଁ ଶୁଳ୍କ (ଯେଉଁ କ୍ଷେତ୍ରରେ ଖାତା ବିଏସବିଡିଏ ନୁହେଁ) ଆଦାୟ କରିବା ପାଇଁ ସ୍ଵାଧୀନ ଅଟନ୍ତି ।

Ans. The requirement of KYC documents depends on the modes used for periodic updation of KYC as detailed in the reply to Q 24, above.

1. In case of change in the KYC information, the customer has to provide the documents as mentioned in the reply to Q 5 above;
2. In case of no change in KYC information, the customer can provide a self-declaration. Similarly, a self-declaration in case of change only in address can also be provided by the customer to RE as detailed in reply to Q 24 above.
3. In case of Aadhaar OTP-based e-KYC authentication facility in non-face-to-face mode, the customer can provide a declaration of the current address even if the current address is different from the address in Aadhaar database. However, RE shall ensure that mobile number for Aadhaar authentication is same as the one available with it in the customer’s profile, in order to prevent any fraud.
4. In case of use of V-CIP for completing re-KYC, the requirements shall be as per paragraph 18 of the Master Direction on KYC, which include identification and verification of the identity using (i) Aadhaar OTP based e-KYC authentication in non-face-to-face mode; (ii) offline verification of Aadhaar; (iii) KYC records downloaded from CKYCR; and (iv) equivalent e-documents including documents issued through DigiLocker.

The objective of TReDS is to create Electronic Bill Factoring Exchanges which could electronically accept and settle bills so that MSMEs could encash their receivables without delay. This will not only give them greater access to finance but will also put greater discipline on corporates to pay their dues on time. For more details you may refer to RBI guidelines for setting up and operating TReDS.

Ans : The Reserve Bank of India has deregulated the charges to be levied by sponsor banks from user institutions. The sponsor banks are, however, required to disclose the charges in a transparent manner. With effect from 1st July 2011, originating banks are required to pay a nominal charge of 25 paise and 50 paise per transaction to the Clearing house and destination bank respectively. Bank branches do not generally levy processing / service charges for debiting the accounts of customers maintained with them.