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External Commercial Borrowings (ECB) and Trade Credits

J. Reporting

Yes. LSF is applicable for non-submission of each Form ECB 2, including Nil returns.

All you wanted to know about NBFCs

D. Definition of deposits, Eligible / Ineligible Institutions to accept deposits and Related Matters

NBFCs can accept deposits from NRIs subject to compliance with Foreign Exchange Management (Deposit) Regulations 2016 (as amended from time to time) and also subject to the condition that the rate of interest on these deposits shall not exceed the rate specified by the Reserve Bank for such deposits with scheduled commercial banks.

Foreign Investment in India

III. Investment in other securities

Answer: The sale/ maturity proceeds (net of taxes) of the securities may be remitted outside India or credited to the foreign currency account or a Special Non-resident Rupee Account of the FVCI.

Indian Currency

D) Soiled, Mutilated and Imperfect Banknotes

Banknotes returned from circulation are received at the Issue Offices of the Reserve Bank of India. The Reserve Bank of India, inter alia, uses highly sophisticated Currency Verification & Processing Systems (CVPS) machines and Shredding and Briquetting Systems (SBS) machines to verify these notes for genuineness, arithmetical accuracy and segregation of notes into fit for reissue and destruction of soiled (unfit) notes.

FAQs on Non-Banking Financial Companies

Liquid Asset requirement

A. The securities held on behalf of and NBFC, in a bank’s Constituents’ SGL Account can be reckoned towards compliance of requirements of Section 45IB. The securities are required to be deposited with one bank branch and at one place only for the purpose of adequate control. Hence, if an NBFC holds securities with its designated bank branch in its Constituents’ SGL Account, it would be necessary for the company to lodge its physical securities also with the same bank branch.

Retail Direct Scheme

Investment and Account holdings related queries

No. The Scheme is designed to facilitate only Non-competitive participation (i.e., bids without choosing your own price) by individuals. However, if one desires to place a competitive bid, he/she may contact a Bank/Primary Dealer/any other authorized institution.

Domestic Deposits

IV. Advances against shares and debentures

No. Banks are prohibited from making any short sales of shares.

External Commercial Borrowings (ECB) and Trade Credits

K. MISCELLANEOUS

Yes. Extant norms permit both ECB principal and interest to be converted into equity subject to applicable conditions as given under Paragraph 7.4 of the Master Direction No. 5 on ‘External Commercial Borrowings, Trade Credits and Structured Obligations dated March 26, 2019.

All you wanted to know about NBFCs

D. Definition of deposits, Eligible / Ineligible Institutions to accept deposits and Related Matters

No. Co-operative Credit Societies cannot accept deposits from general public. They can accept deposits only from their members within the limit specified in their bye laws. It may be noted that Co-operative Credit Societies do not fall under the regulatory purview of the Reserve Bank and fall under the purview of Registrar of Cooperative Societies.

Foreign Investment in India

III. Investment in other securities

Answer: Investment Vehicle is an entity registered and regulated under relevant regulations framed by SEBI or any other authority designated for the purpose. For the purpose of Schedule 8 of FEMA 20(R), an Investment Vehicle is a Real Estate Investment Trust (REIT) governed by the SEBI (REITs) Regulations, 2014, an Infrastructure Investment Trust (InvIt) governed by the SEBI (InvIts) Regulations, 2014 and an Alternative Investment Fund (AIF) governed by the SEBI (AIFs) Regulations, 2012. It does not include a Venture Capital Fund registered under the erstwhile SEBI (Venture Capital Funds) Regulations, 1996.

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