جواب. مذکورہ بالا بی ایس بی ڈی اے کیلئے قابل اطلاق نہیں ہے کیونکہ بی ایس بی ڈی اے سے رقم نکالنے کی تعداد ایسے اکاؤنٹس سے وابستہ شرائط سے مشروط ہے۔

With the enactment of the Micro, Small and Medium Enterprises Development (MSMED), Act 2006, for the goods and services supplied by the MSME units, payments have to be made by the buyers as under:

(i) The buyer is to make payment on or before the date agreed on between him and the supplier in writing or, in case of no agreement, before the appointed day. The agreement between seller and buyer shall not exceed more than 45 days.

(ii) If the buyer fails to make payment of the amount to the supplier, he shall be liable to pay compound interest with monthly rests to the supplier on the amount from the appointed day or, on the date agreed on, at three times of the Bank Rate notified by Reserve Bank.

(iii) For any goods supplied or services rendered by the supplier, the buyer shall be liable to pay the interest as advised at (ii) above.

(iv) In case of dispute with regard to any amount due, a reference shall be made to the Micro and Small Enterprises Facilitation Council, constituted by the respective State Government.

Further, banks are advised to fix sub-limits within the overall working capital limits to the large borrowers specifically for meeting the payment obligation in respect of purchases from MSMEs. (Refer circular  IECD/5/08.12.01/2000-01 dated October 16, 2000 reiterated on May 30, 2003, vide circular No. IECD.No.20/08.12.01/2002-03).

Answer: The policy is not aimed at any specific country. This step is part of a sequenced and calibrated path for increased use of the INR in international transactions.

Response: Banks and the CPTCs/GMCTAs may put in place a mutually acceptable procedure in this regard and notify that to the relevant CPTCs/GMCTAs.

Ans. The exemption provided by the Reserve Bank to ‘Not for Profit’ companies (i.e., companies incorporated under Section 8 of the Companies Act, 2013 or Section 25 of the Companies Act, 1956) is applicable to those which are providing microfinance loans as defined in the directions and subject to conditions specified in para 2(i) of our ‘Master Direction – Exemptions from the provisions of RBI Act, 1934’ dated August 25, 2016 (as amended from time to time). This exemption is not applicable to other ‘Not for Profit’ companies engaged in NBFI business and it is incumbent upon such companies to obtain a certificate of registration under Section 45-IA of the Reserve Bank of India Act, 1934 in case these companies are fulfilling the ‘Principal Business Criteria’ as specified in our Press Release 1998-99/1269 dated April 08, 1999.

Ans. Cash withdrawal or funds transfer from these two types of Small PPIs is not permitted.

جی ہاں، تجویز کردہ کم سے کم خدمات کے علاوہ خدمات انجام دینے کا فیصلہ بینکوں کی سوجھ بھوجھ اور سمجھداری پر چھوڑ دیا گیا ہے۔ چاہیں تو وہ اضافی خدمات بلامعاوضہ انجام دیں یا ایک مناسب و شفّاف بنیاد پر اضافی ویلیو۔ایڈیڈ خدمات کیلئے محنتانہ مقرر کریں جس کی اطلاع کسٹمر کو پیشگی دیں۔ بینکوں کو چاہئے کہ ویلیو ایڈیڈ خدمات کیلئے ایک رقم کا ڈھانچہ مرتب کریں یا کم سے کم بیلینس رکھنے کا مطالبہ کریں جس کا ڈسپلے نمایاں طور پر کریں اور کسٹمرس کو کھاتہ کھولتے وقت مطلع کریں۔ ایسی اضافی خدمات فراہم کرنا تمام بنیادی بچت بینک جمع کھاتہ کسٹمرس کیلئے غیر امتیازی اور غیرجانبدارانہ اور شفّاف ہونا چاہئے۔ بہرکیف، اضافی سہولیات والے ایسے کھاتے بی ایس بی ڈی اے کی حیثیت سے تسلیم نہیں کئے جائیں گے۔

Ans : User institutions enjoy many advantages as well. For instance,

• Savings on administrative machinery and costs of printing, dispatch and reconciliation of paper instruments that would have been used had beneficiaries not opted for ECS Credit.

• Avoid chances of loss / theft of instruments in transit, likelihood of fraudulent encashment of paper instruments, etc. and subsequent correspondence / litigation.

• Efficient payment mode ensuring that the beneficiaries get credit on a designated date.

• Cost effective.

Residents are permitted to hold foreign currency up to US$2,000 or its equivalent provided the foreign exchange was -

1. acquired by him while on a visit to any place outside India by way of payment for services not arising from any business in or anything done in India;

or

2. acquired by him, from any person not resident in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obligation,

or

3. acquired by him by way of honorarium or gift while on a visit to any place outside India;

or

4. acquired by him from an authorised person for travel abroad and represents the unspent amount thereof.

Once the GAH is granted access to the NDS-OM Web Module, the Primary Member can create Users under the GAH, who can log into the system. The users once created by the Primary Member have to be approved by the NDS-OM Web Admin at CCIL.

Ans. Financial Market Infrastructure (FMI) is defined as a multilateral system among participating institutions, including the operator of the system, used for the purposes of clearing, settling, or recording payments, securities, derivatives, or other financial transactions. (Please see “Oversight Framework for Financial Market Infrastructures and Retail Payment Systems”, available under the link: /en/web/rbi/-/oversight-framework-for-financial-market-infrastructures-fmis-and-retail-payment-systems-rpss-3864). The term FMI generally refers to systemically important payment systems, Central Securities Depositories (CSDs), Securities Settlement Systems (SSSs), Central Counter Parties (CCPs), and Trade Repositories (TRs) that facilitate the clearing, settlement, and recording of financial transactions. CSDs, SSSs, CCPs are designated as “payment systems” under the PSS Act. TR has been defined and covered under the PSS Act.

The FMIs are subjected, on an on-going basis, to the rules and regulations that are consistent with the Principles for Financial Market Infrastructures (PFMIs) issued by the Committee on Payment and Settlement Systems (CPSS is rechristened as Committee on Payment and Market Infrastructures- CPMI) and International Organisation of Securities Commissions (IOSCO). The Reserve Bank, on June 13, 2020, issued a press release on “Reserve Bank of India publishes the Oversight Framework for Financial Market Infrastructures and Retail Payment Systems”, available under the link: /en/web/rbi/-/press-releases/reserve-bank-of-india-publishes-the-oversight-framework-for-financial-market-infrastructures-and-retail-payment-systems-49947

Yes. The Roadmap to be prepared as per the recommendations of the Approach Paper would enable the banks to set milestones for achieving ADF which in turn would also help in monitoring from time to time the progress made in implementation.

Ans: The funds availed under TLTRO 2.0 are to be deployed in investment grade bonds, commercial paper (CPs) and non-convertible debentures (NCDs) of Non-Banking Financial Companies (NBFCs) and MFIs in the manner outlined in the press release dated April 17, 2020.

FAQs pertaining to On Tap TLTRO/ reversal of TLTRO/ TLTRO 2.0 transactions

User institutions enjoy many advantages as well. For instance, Savings on administrative machinery and costs of printing, dispatch and reconciliation of paper instruments that would have been used had beneficiaries not opted for ECS Credit. Avoid chances of loss / theft of instruments in transit, likelihood of fraudulent encashment of paper instruments, etc. and subsequent correspondence / litigation. Efficient payment mode ensuring that the beneficiaries get credit on a designated date. Cost effective.

Foreign exchange for travel abroad can be purchased from banks against rupee payment in cash up to Rs.50,000/-. However, if the rupee equivalent exceeds Rs.50,000/-, the entire payment should be made by way of a crossed cheque/banker’s cheque/pay order/demand draft only.

Ans: No. NEFT is a credit-push system i.e., transactions can be originated by the payer / remitter / sender only to pay / transfer / remit funds to beneficiary.

An AD Category – I Bank / AD Category - II/ FFMC should apply to the respective Regional Office of the Reserve Bank, in Form RMC-F (as given in Part I: Annex-II of the FED Master Direction No.18/2015-16 on Reporting under FEMA 1999) for appointment of franchisees under this Scheme. The application should be accompanied by a declaration that while selecting the franchisees, adequate due diligence has been carried out and that such entities have undertaken to comply with all the provisions of the franchising agreement and prevailing Reserve Bank regulations regarding money changing. Approval would be granted by the Reserve Bank for the first franchisee arrangement. Thereafter, as and when new franchisee agreements are entered into, these would have to be reported to the Reserve Bank in Form RMC-F on a post-facto basis along with similar declaration as indicated above.

RBI will issue securities only in SGL form. It will credit the securities to the CSGL account of the aggregator or facilitator. They will in turn credit the securities to the gilt account or dematerialized account of the investors.

Name and address of the complainant, the name and address of the branch or office of the bank against which the complaint is made, facts giving rise to the complaint supported by documents, if any, the nature and extent of the loss caused to the complainant, the relief sought from the Banking Ombudsman and a declaration about the compliance with conditions which are required to be complied with by the complainant under Clause 9(3) of the Banking Ombudsman Scheme.

The Government of India notifies the auction of government securities. It also notifies the amount and whether it will be a new loan or reissue of an existing loan. It also announces whether the bidders have to bid for the price or the coupon(interest rate).The competitive bidders put in competitive bids for the price or the coupon. The cutoff price or the coupon is then announced by RBI on the basis of the bids received. All successful bidders will be allotted the security auctioned either in full or in part.Example:Recently, an auction was held for government of India's 11 year Government Stock in which the notified amount was Rs.5,000 crore. The coupon rate for cut-off yield was 9.40 per cent. The weighted average yield was, however, 9.36 per cent since allotments were made to different successful bidders at the rates quoted by them at or below the cut off rates (i.e. multiple price auction system).