Answer: Sec 2(v) of the Foreign Exchange Management Act, 1999 (FEMA) defines a person resident in India as:

(i) a person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include-

(A) a person who has gone out of India or who stays outside India, in either case-

1. for or on taking up employment outside India, or

2. for carrying on outside India a business or vocation outside India, or

3. for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period;

(B) a person who has come to or stays in India, in either case, otherwise than-

1. for or on taking up employment in India, or

2. for carrying on in India a business or vocation in India, or

3. for any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period;

(ii) any person or body corporate registered or incorporated in India,

(iii) an office, branch or agency in India owned or controlled by a person resident outside India,

(iv) an office, branch or agency outside India owned or controlled by a person resident in India;

The Factoring Act, 2011 defines the ‘Factoring Business’ as “the business of acquisition of receivables of assignor by accepting assignment of such receivables or financing, whether by way of making loans or advances or in any other manner against the security interest over any receivables”. However, credit facilities provided by banks in the ordinary course of business against security of receivables and any activity undertaken as a commission agent or otherwise for sale of agricultural produce or goods of any kind whatsoever and related activities are expressly excluded from the definition of Factoring Business. The Factoring Act has laid the basic legal framework for factoring in India.

Answer: A ‘Non-resident Indian’ (NRI) is a person resident outside India who is a citizen of India.

Response: No. However, banks should submit to RBI the implementation details including names of the Collection and Purity Testing Centres (CPTCs) and refiners with whom they have entered into tripartite agreement and the branches operating the scheme. Banks should also report the amount of gold mobilised under the scheme by all branches in a consolidated manner on a monthly basis in the prescribed format.

جواب. پی پی آئی ایسے آلے ہیں جو سامان اور خدمات کی خریداری میں سہولیات فراہم کرتے ہیں، بشمول مالیاتی خدمات، ترسیلات زر کی سہولیات وغیرہ، جیسے آلات پر محفوظ کردہ قیمت کے خلاف ملک میں جاری کیے جانے والے پی پی آئی کو تین اقسام کے تحت درجہ بندی کیا گیا ہے۔ (i) بند سسٹم پی پی آئی، (ii) نیم بند سسٹم پی پی آئی، اور (iii) اوپن سسٹم پی پی آئی۔

جواب. اس بات کو مد نظر رکھتے ہوئے کہ فنڈز کا بندوبست ریزرو بینک آف انڈیا کی کتابوں میں ہوتا ہے، ادائیگیاں حتمی اورناقابلِ واپسی ہیں۔

An application can be any application, addressed to any department of RBI, through which members of the public can apply (except such applications for which specific instructions have been given regarding mode of submission, etc.)

To further enhance the access of such Gilt Account Holders (herein after referred to as GAHs) to NDS-OM, an internet based web application is provided to such clients who can now have direct access to NDS –OM, the system owned by RBI. The internet based utility permits GAH to directly trade (buying and selling) in Government Securities (G-Sec) in the secondary market. The access is however, subject to controls by respective Primary Member (PM) with whom GAHs have gilt account and current account.

Ans : Infrastructure Debt Funds (IDFs), can be set up either as a Trust or as a Company. A trust based IDF would normally be a Mutual Fund (MF), regulated by SEBI, while a company based IDF would normally be a NBFC regulated by the Reserve Bank.

If cheques are lost in transit or in the clearing process or at the paying bank's branch under physical instrument delivery clearing, the bank should immediately bring the same to the notice of the presenting customer (beneficiary)’s notice so that the customer can inform the drawer to record stop payment and can also take care that other cheques issued anticipating the credit arising out of the lost cheque are not dishonoured due to non-credit of the amount of the lost cheques / instruments.

It may however be noted that the probability of losing the physical instrument in the hands of paying bank is remote in the locations covered by CTS as clearing is undertaken on the basis of images. If the instrument is lost after lodging with the collecting bank but before truncating the same for sending through image-based clearing, the presenting bank should follow the procedure indicated above.

The customer is entitled to be reimbursed by banks for related expenses for obtaining duplicate instruments and interest for reasonable delays in obtaining the same.

Ans: NEFT offers the following advantages for funds transfer or receipt:

• Round the clock availability on all days of the year.

• Near-real-time funds transfer to the beneficiary account and settlement in a secure manner.

• Pan-India coverage through large network of branches of all types of banks.

• The beneficiary need not visit a bank branch for depositing the paper instruments. Remitter can initiate the remittances from his / her home / place of work using internet banking, if his / her bank offers such service.

• Positive confirmation to the remitter by SMS / e-mail on credit to beneficiary account.

• Penal interest provision for delay in credit or return of transactions.

• No levy of charges by RBI from banks.

• No charges to savings bank account customers for online NEFT transactions.

• The transaction charges have been capped by RBI.

• Besides funds transfer, NEFT system can be used for a variety of transactions including payment of credit card dues to the card issuing banks, payment of loan EMI, inward foreign exchange remittances, etc.

• The transaction has legal backing.

• Available for one-way funds transfers from India to Nepal.

Answer: A Foreign Currency Account is an account held or maintained in currency other than the currency of India or Nepal or Bhutan.

Ans The EFT system presently covers all the branches of the 27 public sector banks and 55 scheduled commercial banks at the 15 centres (viz., Ahmedabad, Bangalore, Bhubneshwar, Kolkata, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Kanpur, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthpuram). Funds transfer is possible from any branch of these banks at these centres to other branch of any bank at these centres both inter-city and intra-city.

• The DICGC insures all deposits such as savings, fixed, current, recurring, etc. deposits except the following types of deposits

• Deposits of foreign Governments;

• Deposits of Central/State Governments;

• Inter-bank deposits;

• Deposits of the State Land Development Banks with the State co-operative bank;

• Any amount due on account of and deposit received outside India

• Any amount, which has been specifically exempted by the corporation with the previous approval of Reserve Bank of India

Ans. The Central Banks and the Monetary Authorities of Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan and Sri Lanka are currently the members of the ACU.