No. Timeframe for collection of USD cheques will vary depending on the collection mode. The date of credit to the account of the customer will be reckoned based on the date of credit (value date) to the Nostro Account of collecting banks and the cooling period. The time taken by banks for collection of USD cheques normally ranges from 15 to 30 days and may go up to 45 days depending upon the collection arrangement and place at which the instrument is payable. The diversity in the banking and payment systems in USA and laws governing cheque transactions have a significant bearing on the collection time. Based on the mode of collection, banks have been advised to indicate the period for collection of USD cheques in their USD Cheque Collection Policy. The transit time may be reduced by 2 to 3 days by sending the cheques the same day from branches to centralised pooling branch and centralised pooling branch to Correspondent Banks. However, banks have also been advised to explore using faster methods of realisation such as leveraging on Check-21 facility in the US for saving in transit time.

Yes, subscription to the market instruments in the primary market will be considered to determine exposures beyond NPPL.

In terms of the Specified Bank Notes (Deposit of Confiscated Notes) Rules 2017 notified by GoI on May 12, 2017, where specified bank notes have been confiscated or seized by a law enforcement agencies or produced before a court on or before the 30th day of December 2016, such specified bank notes may be tendered for deposit in a bank account or exchange of the value thereof with legal tender, subject to the following conditions, namely:—

(a) in case confiscated specified bank notes are returned by the court to a person who is a party in case pending before that court, then, the person shall be entitled, on production of the direction of the court, to deposit or exchange such specified bank notes, the serial numbers of which—

(i) have been noted by the law enforcement agency which confiscated or produced them before the court; and

(ii) are mentioned in the direction of the court;

(b) in case specified bank notes are forfeited in favour of the Central Government or the State Government by an order of the court, then, that Government shall be entitled, on production of the direction of the court, to deposit or exchange such specified bank notes; or

(c) in case specified bank notes are placed in custody of any other person by an order of the court on or before the 30th day of December, 2016, then, the person shall be entitled, on production of the direction of the court, to deposit or exchange such specified bank notes, the serial numbers of which—

(i) have been noted by the law enforcement agency which confiscated or produced them before the court; and

(ii) are mentioned in the direction of the court.

These rules do not apply to specified bank notes confiscated or seized after the 30th day of December, 2016.

The RBI Offices where the confiscated Specified Banknotes will be accepted in terms of the Specified Banknotes (Deposit of confiscated Notes) Rules 2017 are:

Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram

Yes, banks have to necessarily approach RBI for cancellation of the swap if the underlying FCNR (B) deposit has been prematurely withdrawn. For the sake of operational and mutual convenience of both RBI and the bank, the cancellation of the swap may be undertaken once a threshold amount of deposits have been prematurely withdrawn. The threshold amount will be decided by RBI and conveyed to the bank at the time of bank approaching the RBI for cancellation of swap.

Ans. Yes, however, BO’s transactions should be restricted to its designated INR account and it should not put any transactions through the agent’s foreign currency account.

Ans. Details of types of membership in RTGS are available in chapter 4 of RTGS System Regulations. The type of membership in RTGS for non-banks PSPs will be decided by Reserve Bank based on the type of transactions they handle.

Ans. The insurance charges included in the factsheet are only for credit linked insurance product as these charges are linked to the microfinance loan. A borrower would not have incurred these charges if he had not taken the loan. The factsheet should contain information related to only pricing of microfinance loans to keep it uncluttered. Disclosures related to other non-credit products should be provided separately from the factsheet as mentioned under para 7.1.5¹ of the directions. All non-credit products (both financial products such as investment products, insurance products etc. as well as non-financial products such as solar lanterns, sewing machines etc.) should be provided only with the explicit consent of the borrower and REs should ensure that there is no direct or indirect linkage between the loan provided to the borrower and other non-credit products. No non-credit product shall be sold as a pre-condition for the loan product. REs should prominently display² that purchase of any non-credit product by the microfinance borrowers is purely on a voluntary basis. Board-approved Fair Practices Code of the REs, as mentioned under para 7.1.1³ of the directions, should also cover this aspect.

Ans. In TReDS, FU can be created either by the MSME seller or the buyer. If MSME seller creates it, the process is called factoring; if the same is created by corporates or other buyers, it is called as reverse factoring.

The System Audit Report (SAR), from a CERT-In empanelled Auditor, should inter-alia include Data Storage, Maintenance of Database, Data Backup Restoration, Data Security, etc.

ଉତ୍ତର.

କ୍ଳୋଜଡ ସିଷ୍ଟମ ପିପିଆଇ: ଏହି ପିପିଆଇ ଗୁଡିକ କେବଳ ସେହି ସଂସ୍ଥାରୁ ଦ୍ରବ୍ୟ ଏବଂ ସେବା କ୍ରୟକୁ ସୁଗମ କରିବା ପାଇଁ ଏକ ସତ୍ତା (ଏଣ୍ଟିଟି) ଦ୍ଵାରା ପ୍ରଦାନ କରାଯାଇଥାଏ ଏବଂ ନଗଦ ପ୍ରତ୍ୟାହାରକୁ ଅନୁମତି ଦିଅନ୍ତି ନାହିଁ । ଯେହେତୁ ଏହି ଉପକରଣଗୁଡିକ ତୃତୀୟ ପକ୍ଷ ସେବା ପାଇଁ ଦେୟ କିମ୍ବା ସମାଧାନ ପାଇଁ ବ୍ୟବହୃତ ହୋଇପାରିବ ନାହିଁ, ତେଣୁ ଏହିପରି ଉପକରଣଗୁଡିକର ପ୍ରଦାନ ଏବଂ ପରିଚାଳନାକୁ ଆରବିଆଇ ଦ୍ୱାରା ଅନୁମୋଦନ / ପ୍ରାଧିକରଣ ଆବଶ୍ୟକ କରୁଥିବା ଦେୟ ବ୍ୟବସ୍ଥା ଭାବରେ ଶ୍ରେଣୀଭୁକ୍ତ କରାଯାଇ ନାହିଁ ।

ସେମି କ୍ଳୋଜଡ ସିଷ୍ଟମ ପିପିଆଇ: ଏହି ପିପିଆଇ ଗୁଡିକ ବ୍ୟାଙ୍କ (ଆରବିଆଇ ଦ୍ୱାରା ଅନୁମୋଦିତ) ଏବଂ ଅଣ ବ୍ୟାଙ୍କ (ଆରବିଆଇ ଦ୍ଵାରା ସ୍ବୀକୃତୀପ୍ରାପ୍ତ) ଦ୍ଵାରା ଆର୍ଥିକ ସେବା,ଅର୍ଥ ପ୍ରେରଣ ଇତ୍ୟାଦି ସମେତ ଦ୍ରବ୍ୟ ଏବଂ ସେବା କ୍ରୟ ପାଇଁ ସ୍ୱଚ୍ଛ ପରିଚୟ ଥିବା ମର୍ଚାଣ୍ଟ ସ୍ଥାନ / ପ୍ରତିଷ୍ଠାନଗୁଡିକର ଏକ ଗୋଷ୍ଠୀ ଉପରେ, ଯାହାର ଜାରିକର୍ତ୍ତା ଙ୍କ ସାଥିରେ ସହିତ ଏକ ନିର୍ଦ୍ଦିଷ୍ଟ ଚୁକ୍ତିନାମା (କିମ୍ବା ଏକ ପେମେଣ୍ଟ ଏଗ୍ରିଗେଟର୍ / ପେମେଣ୍ଟ ଗେଟୱେ ମାଧ୍ୟମରେ ଚୁକ୍ତି) ପିପିଆଇ କୁ ଦେୟ ଉପକରଣ ଭାବରେ ଗ୍ରହଣ କରିବା ପାଇଁ ଜାରି କରାଯାଏ ।

ଓପନ ସିଷ୍ଟମ ପିପିଆଇ : ଏହି ପିପିଆଇ ଗୁଡିକ କେବଳ ବ୍ୟାଙ୍କ (ଆରବିଆଇ ଦ୍ଵାରା ଅନୁମୋଦିତ) ଦ୍ଵାରା ଇସ୍ୟୁ କରାଯାଇଥାଏ ଏବଂ ଯେ କୌଣସି ମର୍ଚାଣ୍ଟ ସ୍ଥାନରେ ସାମଗ୍ରୀ ଏବଂ ସେବା କ୍ରୟ ପାଇଁ ବ୍ୟବହୃତ ହୁଏ, ଯାହା ଭିତରେ ଆର୍ଥିକ ସେବା, ଟଙ୍କା ପଠାଇବା ସୁବିଧା ଇତ୍ୟାଦି ଅନ୍ତର୍ଭୁକ୍ତ । ଏଭଳି ପିପିଆଇ ମାଧ୍ୟମରେ ଏଟିଏମ / ପଏଣ୍ଟ ଅଫ୍ ସେଲ (ପିଓଏସ) ଟର୍ମିନାଲ୍ / ବିଜନେସ୍ କରୋସପୋଣ୍ଡେଂସ (ବିସି) ରେ ନଗଦ ଟଙ୍କା ଉଠାଣ ପାଇଁ ଅନୁମତି ଦିଆଯାଇଛି ।

NBFCs which are required to comply with Indian Accounting Standards (IndAS) shall, as hitherto, continue to be guided by the guidelines duly approved by their Boards and as per ICAI Advisories for recognition of significant increase in credit risk and computation of Expected Credit Losses. However, the various additional provisions mentioned in the circular dated August 6, 2020 would constitute the prudential floors for the purpose of Paragraph 2 of the Annex to the circular DOR (NBFC).CC.PD.No.109/22.10.106/2019-20 dated March 13, 2020 on Implementation of Indian Accounting Standards.

'ମୌଳିକ ସଞ୍ଚୟ ବ୍ୟାଙ୍କ ଜମା ଖାତା'ର ପ୍ରବର୍ତ୍ତନ କରିବାର ଉଦ୍ଦେଶ୍ୟ ନିଶ୍ଚିତ ଭାବରେ ଏହାର ଆର୍ଥିକ ଅନ୍ତର୍ଭୂକ୍ତିକରଣ ଉଦ୍ଦେଶ୍ୟକୁ ଆଗକୁ ବଢାଇବା ପାଇଁ ରିଜର୍ଭ ବ୍ୟାଙ୍କର ପ୍ରୟାସର ଏକ ଅଂଶ ଅଟେ । ଡିବିଓଡି ପରିପତ୍ର ତାରିଖ/ଡିବିଓଡି. ସଂ. .ଏଲଇଜି .ବିସି. 44/09.07.005/2005-06, ତାରିଖ 11 ନଭେମ୍ବର 2005 ଅନୁସାରେ ପୂବର୍ରୁ ଖୋଲା ଯାଇଥିବା ସମସ୍ତ 'ନୋ-ଫ୍ରିଲ' ଖାତା ଆମ୍ଭ ପରିପତ୍ର ଡିବିଓଡି. ସଂ. .ଏଲଇଜି .ବିସି. 35/09.07.005/2012-13 ତାରିଖ 10 ଅଗଷ୍ଟ 2012 ଦ୍ଵିତୀୟ ଅନୁଚ୍ଛେଦରେ ଥିବା ନିର୍ଦ୍ଦେଶାବଳୀ ଅନୁସାରେ, ବିଏସବିଡିଏ ଭାବରେ ନାମ ପରିବର୍ତ୍ତନ ହେବ ଏବଂ 10 ଅଗଷ୍ଟ 2012 ଦିନାଙ୍କିତ ଆମ୍ଭ ସର୍କୁଲାର ଡିବିଓଡି. ନଂ.ଲିଗ.ବିସି. 35, ଜାରି ହେବା ପରଠାରୁ ଖୋଲା ଯାଇଥିବା ସମସ୍ତ ନୂତନ ଖାତା ଆରପିସିଡି,ସିଓ ରେ ବ୍ୟାଙ୍କମାନଙ୍କ ଦ୍ବାରା ଦାଖଲ ହୋଇଥିବା ମାସିକ ଆର୍ଥିକ ଅନ୍ତର୍ଭୁକ୍ତ ଯୋଜନା ପ୍ରଗତି ରିପୋର୍ଟରେ ଦର୍ଶାଯିବା ଆବଶ୍ୟକ ।

Response

The aim of introducing 'Basic Savings Bank Deposit Account' is very much part of the efforts of RBI for furthering Financial Inclusion objectives. All the accounts opened earlier as 'no-frills' account vide RPCD Circular dated RPCD.RF.BC.54/07.38.01/2005-06 dated December 13, 2005 and RPCD.CO.No.RRB.BC.58/03.05.33(F)/2005-06 dated December 27, 2005 should be renamed as BSBDA as per the instructions contained in paragraph 2 of our Circular RPCD.CO.RRB.RCB.BC.No.24/07.38.01/2012-13 dated August 22, 2012 and all the new accounts opened since the issue of our circular RPCD.CO.RRB.RCB.BC.No.24 dated August 22, 2012 should be reported under the monthly report of the progress of Financial Inclusion plans submitted by banks to RPCD, CO.

Response: For a typical credit card with billing cycle from October 1, 2023 to October 30, 2023, let’s assume the bill is generated on October 30, 2023 and the due date of payment is November 19, 2023. The different scenarios for adjustment of credit are detailed below:

Scenario 1 – Credit of refund/failed/reversed transaction within the same billing cycle
Purchase transaction date – October 15, 2023 Refund on October 19, 2023 - For cancellation of purchase dated October 15, 2023	As bill is yet to be generated in the given case, the refund amount received on October 19, 2023, shall be adjusted with other debits, prior to calculation of the Total Amount Due.
Scenario 2 – Credit of refund/failed/reversed transaction post generation of bill but before making payment of the dues
Purchase transaction date - October 29, 2023 Refund on November 04, 2023 - For cancellation of purchase dated October 29, 2023	The bill is generated on October 30, 2023, however, the payment towards the dues has not been made till the date of refund. Therefore, the refund amount received on November 04, 2023, shall be adjusted towards the Total Amount Due (TAD) and accordingly the cardholder will be required to pay only the remaining outstanding (Remaining outstanding = TAD – Refund amount).
Scenario 3 – Credit of refund/failed/reversed transaction for which payment has already been made
Purchase transaction date - October 30, 2023 Payment towards dues – November 06, 2023 Refund on November 07, 2023 - For cancellation of purchase dated October 30, 2023	As the cardholder has already cleared the dues, card-issuers shall seek explicit consent of the cardholder to adjust the refund amount in line with the provision stipulated at Para 10(h) of the MD. Case I - If the cardholder gives explicit consent, then refund amount shall be adjusted. Case II - If the cardholder does not provide the consent or no response is received for adjustment of the refund, then the refund amount will be credited to the bank account of the cardholder in line with para 10(h). Further, if the cardholder makes a request for crediting the refund (transaction for which payment has already been made), the same shall be credited back to the bank account of the cardholder irrespective of the cut off defined under Para10(h).

Note: The card-issuers may put in place a suitable mechanism to prevent evergreening of the credit facility.

Ans. Tokenisation and de-tokenisation can be performed by the authorised card network or by the card issuer. The list of card networks authorised by RBI to operate in India is available on the RBI website at the link /en/web/rbi/-/publications/certificates-of-authorisation-issued-by-the-reserve-bank-of-india-under-the-payment-and-settlement-systems-act-2007-for-setting-up-and-operating-payment-system-in-india-12043.

The G S Act and the G S Regulations do not specify the eligibility criteria for investment in a G-Sec. The eligibility criteria are specified in the respective Government Notifications. Usually any person is eligible to invest in Government securities.

A.(8 to 13) The requirement is that the companies in the Promoter Group in which the public hold not less than 51 per cent of the voting equity shares shall hold not less than 51 per cent of the total voting equity shares of the NOFHC.[ para 2 (C) (ii) (b) of the guidelines]

A company in which public holds 51 per cent need not necessarily be listed. For the purpose of these guidelines, ‘public shareholding’ implies that no person along with his relatives (as defined in Section 6 of the Companies Act, 1956) and entities in which he and / or his relatives hold not less than 50 per cent of the voting equity shares, by virtue of his shareholding or otherwise, exercises ‘significant influence’ or ‘control’ (as defined in Accounting Standard 23) over the company.

Every application must be accompanied by the ‘PAN Number’ issued by the Income Tax Department to the investor(s).

Ans. There are no restrictions on the frequency of remittances under LRS. However, the total amount of foreign exchange purchased from or remitted through, all sources in India during a financial year should be within the cumulative limit of USD 2,50,000.

Once a remittance is made for an amount up to USD 2,50,000 during the financial year, a resident individual would not be eligible to make any further remittances under this scheme, even if the proceeds of the investments have been brought back into the country.

Ans: A CP transaction is a transaction that is carried out through physical presence of card at the point of transaction. It is also known as face-to-face or a proximity payment transaction. An example is a transaction carried out at an ATM or a PoS terminal. A CNP transaction does not require the card to be physically presented at the point of transaction. It is also called as a remote transaction. An example is an online transaction or a mobile banking transaction using the card.