Ans. The customer can furnish one of the following documents or the equivalent e-documents thereof, if the OVD submitted by him to the RE does not contain current address. These documents are deemed to be OVDs for the limited purpose of proof of address:

1. utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill);
2. property or Municipal tax receipt;
3. pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings, if they contain the address;
4. letter of allotment of accommodation from employer issued by State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies and leave and licence agreements with such employers allotting official accommodation.

However, the customer shall submit OVD with current address within a period of three months of submitting the document specified above.

Generally, following entities can participate in the IoRS: Financial institutions, FinTech companies, RegTech providers, Start-ups or other innovators offering products/services relevant to multiple financial sectors.

However, the eligibility criteria will be governed primarily by the RS Framework of the Principal Regulator (Details given under FAQ Question 2)

Ans.   A contravener may submit compounding application form along with relevant documents/ Annexures to the Reserve Bank as provided in paragraphs 2.1, 2.2, 2.3 and 2.4 of Directions – Compounding of contraventions under FEMA, 1999.

Ans. “Payment Instruction” is defined as any instrument, authorization or order in any form, including by electronic means, to effect a payment by a person to a participant in a payment system or from one participant in such a system to another participant in that system.

The payment instruction can be communicated either manually i.e. through an instrument like a cheque draft, payment order etc. or through electronic means, so that a payment can be made by either a person to the participant in such a system or between two participants.

There are three images of each cheque that are taken in CTS – front Gray Scale, front Black and White and back Black and White. Customers should use image friendly coloured ink to write cheques to facilitate clear image of written information. Further, customers should use permanent ink to prevent fraudulent alternation of contents later. However, Reserve Bank of India (RBI) has not prescribed specific ink colours to be used to write cheques.

Customers should also be aware that cheques with alteration / modification are not accepted under CTS. No changes / corrections can be carried out on the cheques (other than for date validation purposes, if required). For any change in the payee’s name, courtesy amount (amount in figures) or legal amount (amount in words), fresh cheque leaves should be used by customers. This would help banks in identifying and controlling fraudulent alterations.

Ans : Yes, in addition to the consent of the beneficiaries, the mandate also provides important information related to bank account details etc. which are useful for the user institution to transfer funds to the right accounts . A model mandate form has been prescribed for the purpose and is available in the ECS Credit Procedural Guidelines.

Ans. The remitting customer has to furnish the following information to a bank for initiating an RTGS remittance:

1. Amount to be remitted

2. The account number to be debited

3. Name of the beneficiary bank and branch

4. The IFSC number of the receiving branch

5. Name of the beneficiary customer

6. Account number of the beneficiary customer

7. Sender to receiver information, if any

8. Sender and Beneficiary Legal Entity Identifier (for eligible transactions)

• WPI series is being revised after every 10 or more years (e.g. base year revision in WPI series took place in 1981-82, 1993-94 and 2004-05).

• Any revision in the base year would be tackled by splicing the base years so that a consistent WPI series with the same base year is available for indexation purpose since the issue date of the bond.