جواب. مجاز ڈیلر کیٹیگری۔I بینکوں کے ذریعہ جاری کردہ کے وائی سی سے مطابقت رکھنے والا نیم بند اور اوپن سسٹم پی پی آئی، کو ایف ای ایم اے کے تحت جائز اکاؤنٹ لین دین کے لئے سرحد پار بیرونی ٹرانزیکشن میں استعمال کرنے کی اجازت ہوگی، یعنی سامان اور خدمات کی خریداری۔ یہ سہولت صرف پی پی آئی ہولڈر کی واضح درخواست پر قابل اطلاق ہوگی۔
لین دین کی حدود :
فی لین دین کی حد 10,000/- روپئے سے زیادہ نہیں ہوگی۔
ہر ماہ کی حد 50,000/- روپئے سے زیادہ نہیں ہوگی۔
لین دین کی اجازت :
غیر ملکی ایکسچینج منیجمنٹ ایکٹ (فیما) کے تحت موجودہ اکاؤنٹ میںاجازت یافتہ لین دین، یعنی سامان اور خدمات کی خریداری، جو اس طرح کے لین دین کے اصولوں پر عمل پیرا ہیں۔
لین دین کی اجازت نہیں :

1. لبرلائزڈ ترسیلات زر اسکیم کے تحت کسی بھی سرحد پار بیرونی فنڈ کی منتقلی اور/یا ترسیلات زر
2. تاجر کے ا ن لائن اکاؤنٹ کی ادائیگی۔

Pledge towards Government securities will be created/noted by RBI or its agent, as the case may be, maintaining the account in respect of such security, i.e., in case of SC, BLA & SGL for which the records and accounts are maintained by RBI, the pledge will be noted in the books of RBI while in case of BLAs issued by Agency Banks or securities held in a CSGL account, the pledge will be noted by the concerned Agency Bank or CSGL Account holder respectively.

All regulated financial services entities of the Promoters/Promoter Group in which the Promoters/Promoter Group has ‘significant influence’ or ‘control’ (as defined in Accounting Standard 23) have to be held by a NOFHC. Regarding financial groups setting up banks, the existing NBFC must transfer all regulated financial services business to a new company and shares in that new company must be held by the NOFHC. Conversion of the NBFC into a non operating holding company would enable meeting the requirement of para 2(C)(iii) of the guidelines provided the listed non operating holding company meets the requirement of para(C)(ii)(b) of the guidelines i.e. the public hold not less than 51 percent voting equity shares in the company.

The nominee/nominees to the bond may approach the respective Receiving Office with their claim. The claim of the nominee/nominees will be recognized in terms of the provision of the Government Securities Act, 2006 read with Chapter III of Government Securities Regulation, 2007. In the absence of nomination, claim of the executors or administrators of the deceased holder or claim of the holder of the succession certificate (issued under Part X of Indian Succession Act) may be submitted to the Receiving Offices/Depository. It may be noted that the above provisions are applicable in the case of a deceased minor investor also. The title of the bond in such cases too will pass to the person fulfilling the criteria laid down in Government Securities Act, 2006 and not necessarily to the Natural Guardian.

Ans: The provision to accept thumb impression in place of signatures has already been prescribed for onboarding customer in face-to-face-mode under paragraph 16 and 23 of the MD on KYC.

Yes. A complaint can be withdrawn at any stage by the complainant under the Scheme. For withdrawing a complaint, one can log on to the Complaint Management System portal (https://cms.rbi.org.in) and go to the tab “Track a complaint”.

جواب.

بینک اور نان بینک پی پی آئی جاری کرنے والے ، جو مجاز اوورسیز پرنسپل (او پی) کے ہندوستانی ایجنٹ ہیں، انہیں آر بی آئی کی منی ٹرانسفر سروس اسکیم (ایم ٹی ایس ایس) کے تحت اندرونی ترسیلات زر سے فائدہ اٹھانے والوں کو کے وائی سی کے مطابق پی پی آئی جاری کرنے کی اجازت ہے۔ اس کا مطلب یہ ہے کہ اس سرگرمی کو انجام دینے والے ادارے کو باضابطہ پی پی آئی جاری کرنے والے کے ساتھ ساتھ ایم ٹی ایس ایس کے تحت ایک ہندوستانی ایجنٹ (محکمہ خارجہ تبادلہ ، آر بی آئی کے ذریعہ اختیار کردہ) ہونے کی ضرورت ہے۔

50,000/- روپئے تک کی انفرادی اندرونی ایم ٹی ایس ایس ترسیلات وصول کرنے والوں کو جاری کردہ پی پی آئی میں بھری ہوئی یا دوبارہ لوڈ کرنے کی اجازت ہے۔ 50,000/- روپئے سے زیادہ کسی بھی لین دین کی رقم بینک اکاؤنٹ میںکریڈٹ کے ذریعہ ادا کی جائے گی۔

The facility under the Scheme is in addition to those already available under Foreign Exchange Management (Current Account Transactions) Rules, 2000.

Partnership firms engaged in providing professional services, such as chartered accountancy, legal practice and related services, information technology and entertainment software related services and medical and healthcare services are eligible for investment abroad on an automatic basis by filing form ODA with the AD without prior approval of the Reserve Bank up to an amount of US$ 1 million. Partnership firms, which do not conform to the above parameters, are required to obtain specific approval of the Reserve Bank by filing an application in form ODI (to the extent applicable).

Direct housing loans to individuals upto Rs.5 lakhs in rural/semi-urban area and Rs.10 lakhs in urban/metropolitan area and loans upto Rs.50,000/- for repairs to damaged houses by individuals are treated as priority sector advances. The rate of interest will be determined according to size of the credit limit. As such the loans upto Rs.2 lakhs should be charged interest as per size of limit i.e. ‘not exceeding PLR’. Loans above Rs. 2 lakhs and upto Rs. 5 lakhs in rural/semi-urban area or Rs.10 lakhs in urban/metropolitan area should be charged interest subject to PLR and the spread announced by the bank concerned. Loan above Rs.5 lakhs in rural/semi-urban area and above Rs.10 lakhs in urban/metropolitan area will fall under category ‘Other non-priority sector personal loans’ in which case banks are free to determine the rates of interest without reference to PLR.37. Consequent on the deregulation of interest rate on advances over Rs. 2 lakhs with effect from October 18, 1994, how banks will bear DICGC Guarantee fee in respect of priority sector advance?As regards DICGC Guarantee fee, the banks have discretion to absorb or to pass on the guarantee fee to the borrower in case of advances over Rs.25,000/- excluding advances to weaker sections. Banks should bear DICGC guarantee fees in respect of advances upto Rs.25,000/- and all advances to weaker sections.38.Whether banks can charge rate of interest beyond the spread announced by them on advances granted to Non-Banking Finance Companies (NBFCs)?Banks have freedom to charge interest rate beyond the declared 'spread' on advances granted to NBFCs for onlending for consumer credit.39. Whether interest on loans and advances could be charged at varying periods ranging from monthly rests to yearly rests?With effect from April 1, 2002 the interest rates on loans and advances should be charged with monthly rests except in the case of agricultural advances( including short term loans and other allied activities) where the existing practice would continue. However the banks should compound the interest at monthly intervals only from April 1, 2003.40. What rate of interest is chargeable on loans/ advances granted to Staff Member/Staff Co-operative Credit Societies?The interest rate directives on bank advances will not be applicable to loans or advances or other financial accommodation made or provided or renewed by a scheduled bank, inter alia, to its own employees. Where the advances are provided by the bank to co-operative credit societies formed by the bank’s staff members for lending to constituents ( i.e. Staff of the bank ) the interest rate directives of the RBI will not apply to such advances.IV. Advances against shares and debentures41. Whether banks can sanction loans to Trust and Endowments against the security of shares and debentures?No.42. Whether banks can sanction loans against the equity shares of the banking company to its directors?No.43. Whether any ceiling has been stipulated regarding the banks exposure to the capital markets?Thetotalexposure including both fund based and non-fund based, to capital market by a bank in all forms covering direct investment by a bank in equity shares, convertible bonds and debentures and units of equity oriented mutual funds; Advances against shares to individuals for investment in equity shares (including IPOs ), bonds and debentures, units of equity-oriented mutual funds etc and secured and unsecured advances to stockbrokers and guarantees issued on behalf of stockbrokers and market makers should be restricted to 5 % of the outstanding advances as on March 31 of the previous year. (including Commercial Paper). Further, for computing the ceiling on exposure to capital market, direct investment in shares by banks will be calculated at cost price of the shares.44. Whether banks can indulge in short sales of shares?No. Banks are prohibited from making any short sales of share45. Whether banks can invest in their subsidiaries?Banks can invest in their subsidiaries. However, such investments will be outside the purview of 5%of the outstanding advances of the previous year and subject to compliance of Section 19 of the Banking Regulation Act, 1949.46. Which of the bills should not be discounted by the banks?The bills covering payment of electricity charges, customs duty, hire purchase/lease rental instalments, sale of securities and other types of financial accommodation should not be discounted by banks.47. Whether banks can invest in Fixed Deposits of non-banking non-financial companies?There is no prohibition on banks' placing of funds with non-banking non-financial companies under their Public Deposit Scheme. However, such investment in the Public Deposit Scheme should be classified by banks as loans/advances in their balance sheet and returns under the Banking Regulation Act, 1949 and fortnightly returns by scheduled commercial banks under Reserve Bank of India Act , 1934.48. Whether banks can purchase letter of allotment in respect of PSU Bonds?Banks can purchase letter of allotment in respect of PSU bonds subject to following conditions.1. The transaction (other than inter bank transaction) should be undertaken only through recognised Stock Exchanges and registered brokers.2. While purchasing the security, the bank should ensure that it gets a clear title to the security and the security is traded in the secondary market.The bank should formulate their own internal guidelines with the approval of the Board for undertaking such transaction.49. What should be the method of valuation for advances against shares/debentures /bonds?Shares/debentures/bonds should be valued at prevailing market prices when they are lodged as security for advances.50. Whether the banks can sanction bridge loans to companies?Yes. For a period not exceeding one year against the expected equity flows/issues as also against the expected proceeds of Non-convertible Debentures, External Commercial Borrowings, Global Depository Receipts and/or funds in the nature of Foreign Direct Investments, provided the bank is satisfied that the borrowing company has made firm arrangements for raising the aforesaid resources/funds. Such loans are required to be accommodated within the ceiling of 5% of outstanding advances of the previous year.51. What is the quantum of loans to individuals against security of shares, debentures and PSU bonds if held in physical form and in dematerialized form?The loans to individuals against the security of shares, debentures and PSU bonds if held in physical form should not exceed the limit of Rs.10 lakhs per borrower and Rs.20 lakhs if the securities are held in dematerialized form. The maximum amount of finance that can be granted to an individual for IPOs is Rs.10 lakh. The corporates should not be extended finance for investment in other companies’ IPOs and NBFCs should not be provided finance for further lending to individuals for IPOs. Finance extended by a bank for IPOs should be reckoned as an exposure to capital market.52. What is the margin stipulated for advances against shares held in physical form and dematerialized form?A uniform margin of 40% has been stipulated for all advances against shares.V. Donations53. Whether banks can make donations?Yes, the profit making banks can make donations during a financial year, aggregating upto one per cent of the published profit of the bank for previous year inclusive of donations made earlier under exempted category and donations to National funds and other funds. Banks should not make donations in excess of prescribed ceiling of one per cent as stated above. Unutilised amount of the permissible limit in a year should not be carried forward to the next year for the purpose of making donations.54. Whether loss-making banks can make donations?Yes, loss making banks can make donations totaling Rs.5 lakhs only in a financial year.55. Whether overseas branches of the banks can make donations abroad?Yes, the overseas branches of the banks can make donations abroad, provided the banks do not exceed the prescribed ceiling of one per cent of their published profit of the previous year.VI. Premises Loan56. What are the norms and procedure laid down by RBI for acquisition of accommodation on lease/rental basis by commercial banks for their use i.e. for office and residence of staff?i) Boards of Directors of the banks should lay down policy and formulate detailed operational guidelines separately in respect of metropolitan, urban, semi-urban and rural areas covering all areas in respect of acquiring premises on lease/rental basis for the bank's use including delegation of powers at various levels. The decision of surrender or shifting of premises other than at rural centres is taken at central office level by a committee of senior executives.ii) Banks' Boards should lay down a separate policy in respect of loans granted to landlords who provide to them premises on lease/rental basis. The rate of interest to be charged on such loans should be fixed as per the lending rate directives issued by RBI with minimum PLR for the loans above Rs. 2 lakhs. The rate of interest may be simple rate or compound rate as per the usual practice of the bank as applicable to other term loans.iii) Banks should evolve a suitable machinery for dealing with genuine grievances of the landlord for expeditious disposal.iv) In case of negotiated contracts in respect of advances to landlords and rental (including taxes etc. and deposits of Rs.25 lakhs and above) in respect of premises taken on lease/rental basis by public sector banks, the cases will be reported to Central Bureau of Investigation as per the extant Government instructions. This requirement is not applicable to banks in the private sector.VII Service charges57. Are there any limit prescribed by the RBI on service charges to be levied by the banks?The banks have been given the freedom to determine the service charges to be levied from their customers and the RBI has not prescribed any ceilings in this regard.

An investor in Government securities, held in the form of SC, BLA and SGL/CSGL, can avail of the facility of automatic redemption, i.e., the maturity proceeds along with the interest accruing thereon will be credited to the investor's bank account on due date and the investor need not submit physical discharge in respect of such securities provided the investor has furnished his/her bank account details to the RBI or its agent (A model format is given at the end of these FAQs). However, in case, the investor does not submit his/her bank details to the RBI or the Agency Bank, he/she would be required to submit physical discharge towards the Government securities to receive the redemption proceeds.

All regulated financial services entities of the Promoters/Promoter Group in which the Promoters/Promoter Group has ‘significant influence’ or ‘control’ (as defined in Accounting Standard 23) have to be held by a NOFHC. Regarding financial groups setting up banks, the existing NBFC must transfer all regulated financial services business to a new company and shares in that new company must be held by the NOFHC. Conversion of the NBFC into a non operating holding company would enable meeting the requirement of para 2(C)(iii) of the guidelines provided the listed non operating holding company meets the requirement of para(C)(ii)(b) of the guidelines i.e. the public hold not less than 51 percent voting equity shares in the company.

Yes, part holdings can be redeemed in multiples of one gm.

Ans. Inoperative Account is a savings/ current account wherein no ‘customer induced transactions’ has taken place for a period of over two years. For activation of inoperative accounts, the customer can update his/ her KYC information/ data at home/ non-home branch of the RE, and also through V-CIP, subject to the facility of V-CIP being provided by the bank. The banks shall activate the inoperative accounts, only after adhering to the KYC guidelines provided in the Master Direction on KYC.

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¹ Inoperative Account is defined in the circular DOR.SOG (LEG).REC/64/09.08.024/2023-24 dated January 1, 2024 on Inoperative Accounts /Unclaimed Deposits in Banks- Revised Instructions

 

The Scheme is available at the following link https://rbi.org.in/documents/87730/39016390/RBIOS2021_amendments05082022.pdf.

جواب. جی نہیں، جب پی پی آئی میں فنڈز لوڈ ہوں تو کریڈٹ تقسیم کرنے کی اجازت نہیں ہے۔ چونکہ لین دین کی رقم 50,000/- روپئے سے زیادہ ہے ، اس لئے پوری رقم بینک اکاؤنٹ میں جمع کرنی ہوگی۔

The investing firm will have to be the member of the respective all-India professional organisation / body and the investment amount should not exceed US$ 1 million. or its equivalent in one financial year.

Remittance cannot be made directly or indirectly to Bhutan, Nepal, Mauritius or Pakistan. The facility is also not available for making remittances directly or indirectly to countries identified by the Financial Action Task Force (FATF) as ‘non-co-operative Countries or Territories' viz., Cook Islands, Egypt, Guatemala, Indonesia, Myanmar, Nauru, Nigeria, Phillippines and Ukraine. Further, remittance under the facility cannot be made to individuals and entities identified as posing significant risk or committing acts of terrorism as advised to banks by RBI from time to time.

As regards DICGC Guarantee fee, the banks have discretion to absorb or to pass on the guarantee fee to the borrower in case of advances over Rs.25,000/- excluding advances to weaker sections. Banks should bear DICGC guarantee fees in respect of advances upto Rs.25,000/- and all advances to weaker sections.

Yes.  In case the maturity proceeds of a Government security exceeds Rupees One lakh,  the investor(s) should furnish the PAN details in advance so as to avail the facility of automatic redemption and receive the maturity proceeds along with the accruing interest thereon in his/her account on due date.

A dedicated e-mail has been created by the Reserve Bank of India to receive queries from members of public on Sovereign Gold Bonds. Investors can mail their queries to this email id.

All regulated financial services entities of the Promoters/Promoter Group in which the Promoters/Promoter Group has ‘significant influence’ or ‘control’ (as defined in Accounting Standard 23) have to be held by a NOFHC. Regarding financial groups setting up banks, the existing NBFC must transfer all regulated financial services business to a new company and shares in that new company must be held by the NOFHC. Conversion of the NBFC into a non operating holding company would enable meeting the requirement of para 2(C)(iii) of the guidelines provided the listed non operating holding company meets the requirement of para(C)(ii)(b) of the guidelines i.e. the public hold not less than 51 percent voting equity shares in the company.

Ans: To ease the process of activating the ‘Inoperative Accounts’, a bank shall make available the facility of updation of KYC at all branches of the bank, through Video-Customer Identification Process (V-CIP) if requested by a account holder, subject to the facility of V-CIP being provided by the bank.

Yes. Complainants can log on to RBI’s CMS portal (https://cms.rbi.org.in) and can share their feedback under the tab “Feedback”. This feedback is analyzed at RBI for further improving the grievance redress under RB-IOS, 2021.

جواب. پی پی آئی کا استعمال کرتے ہوئے ہر مسلسل ادائیگی کے لین دین کی صراحت گاہک کی رضامندی سے کی جانی چاہئے۔ اسی طرح، کارڈز (جسمانی یا ورچوئل) کی شکل میں جاری کردہ پی پی آئی میں لازمی طور پر ڈیبٹ کارڈز کے لئے مطلوبہ اضافی فیکٹر آف اینڈینٹی فیکیشن (اے ایف اے) ہونا چاہئے ، سوائے پی پی آئی ۔ ایم ٹی ایس کے تحت جاری پی پی آئی کی صورت میں۔

A partnership firm which fulfills the conditions stipulated under the automatic route may make the investment without prior approval and submit a report containing the following details through an authorised dealer with in 30 days of making such investments –Name and full address and registration of partnership.Full details of investment abroad.Date and amount of remittance/amount of capitalisation of fees/other entitlements due.Name and address of the foreign concern together with its line of activities.Identification number (if already allotted by the Reserve Bank)

The individual will have to designate a branch of an AD through which all the remittances under the Scheme will be made. He has to furnish an application-cum-declaration in the specified format regarding the purpose of the remittance and declare that the funds belong to him and will not be used for purposes prohibited or regulated under the Scheme.

Banks have freedom to charge interest rate beyond the declared 'spread' on advances granted to NBFCs for onlending for consumer credit.

RBI may call for information from any agent or SGL/CSGL account holder and cause an inspection or scrutiny to be made of any agent or SGL/CSGL account holder. Further, RBI may issue directions to the SGL/CSGL account holders, agents and to any other person dealing with the Government securities.

A. Under all circumstances at least 51 per cent of the voting equity shares of the NOFHC shall be held by companies in the Promoter Group, in which public shareholding is not less than 51 percent.[para 2 (C) (ii) (b) of the guidelines]

The online portal (https://cms.rbi.org.in) enables filing of complaint in two languages i.e. Hindi and English. However, facts/description of the complaint can be typed, copied and pasted in description box, in any language for upto 2,000 characters. However, the physical and email complaints can be filed in any language.

جواب. تمام پی پی آئیوں کی پی پی آئی میں آخری لوڈنگ/دوبارہ لوڈنگ کی تاریخ سے کم سے کم ایک سال کی مدت ہوگی۔ پی پی آئی جاری کرنے والے ، البتہ طویل مدت کے ساتھ پی پی آئی جاری کرنے کے لئے آزاد ہیں۔ جاری کرنے والے پی پی آئی کے اجراء کے وقت صارف کو پی پی آئی کی میعاد ختم ہونے کی نشاندہی کرتے ہیں۔

Partnership firms, which are not eligible under the Automatic Route, are required to make an application in form ODI to the Reserve Bank for necessary approval.

The investor is free to book profit or loss abroad and to invest abroad again. He is under no obligation to repatriate the funds sent abroad.

With effect from April 1, 2002 the interest rates on loans and advances should be charged with monthly rests except in the case of agricultural advances( including short term loans and other allied activities) where the existing practice would continue. However the banks should compound the interest at monthly intervals only from April 1, 2003.

If any person, for the purpose of obtaining for himself or any other person any title to a Government security, makes false statement then he shall be punishable with imprisonment for a term which may extend to six months, or with fine, or with both. Further, RBI may impose on any person who contravenes any provision of the G S Act, or contravenes any regulation, notification or direction issued under the G S Act, or violates the terms and conditions for opening and maintenance of SGL/CSGL account a penalty not exceeding five lakh rupees and where such contravention is a continuing one, further penalty, which may extend to five thousand rupees for every day after first day during which the contravention continues.

FAQs in respect of Relief/Savings Bonds

As mentioned above, Relief/Savings Bonds are Government securities and they are issued in the form of Stock and BLA by RBI and in the form of BLA by the Agency banks. The provisions of the G S Act and the G S Regulations also apply to them. For the convenience of the Relief/Savings Bonds holders, certain specific aspects have been elaborated here.

A. Non-voting equity shares are not a part of the guidelines, but are subject to relevant laws/ SEBI guidelines. Non-voting capital will not be reckoned for the purpose of calculation of promoter shareholding in the NOFHC/ bank.

Macro level: RBI Spreads awareness on RB-IOS, 2021 and related matters through various means including:

1. Awareness campaigns hosted with the tag line “RBI Kehta Hai” and placed on the RBI website at /en/web/rbi/rbi-kehta-hai.

2. Awareness related messages placed on RBI website as well as the CMS portal. This covers cyber-crime awareness including frauds using mobile apps/ UPI/ QR codes etc.

3. Awareness messages on illegal collection of deposits by unauthorized entities are hosted on Sachet portal at https://rbi.org.in/en/web/rbi/rbi-kehta-hai/sachet-portal.

4. Messages broadcasted in various multimedia channels including during prime time.

5. RBI has released two booklets, viz., BE(A)WARE on the common modus operandi used by fraudsters and precautions to be taken while carrying out various financial transactions, and ‘Raju and the Forty Thieves’ covering forty stories providing glimpses of various fraudulent means employed by fraudsters, and provides simple tips about Do’s and Don’ts as safeguards against such incidents.

6. All banks also repeatedly send SMS/ email to their customers detailing the modus operandi of different types of frauds and the due diligence required at the customer’s end to safeguard oneself from such frauds.

7. List of Do’s and Don’t is published on the RBI website as tickers.

Apart from the above, various outreaches including by Regional Offices of RBI, Centres for Financial Literacy (CFLs) and Financial Literacy Centres (FLCs), specific awareness programmes, town hall events and display of information/ messages at various public places are being regularly held through RBI Ombudsman Offices. ‘Ombudsman Speak’ too is held in the months of March and repeated in October, every year.

جواب. پی پی آئی ہولڈر کو نوٹس بھیجنے کے بعد ایک سال کی مسلسل مدت کے لئے غیر ملکی لین دین کے ساتھ ایک پی پی آئی کو غیر فعال سمجھا جائے گا۔ اس کی توثیق اور قابل اطلاق مستعدی کے بعد ہی اسے دوبارہ متحرک کیا جاسکتا ہے۔

It will be in order for individual partners to hold shares for and on behalf of the firm in overseas JV/WOS provided the entire funding for the investment is done by the firm and if the host country regulations or operational requirements warrant such holding.

Once a remittance is made for an amount upto USD 25,000 during the calendar year, he would not be eligible to make any further remittances under this route, even if the proceeds of the investments have been brought back into the country.

The interest rate directives on bank advances will not be applicable to loans or advances or other financial accommodation made or provided or renewed by a scheduled bank, inter alia, to its own employees. Where the advances are provided by the bank to co-operative credit societies formed by the bank’s staff members for lending to constituents ( i.e. Staff of the bank ) the interest rate directives of the RBI will not apply to such advances.

Yes.  As Relief/Savings Bonds are Government securities, nomination facility is available for these as explained at Question Nos. 17, 18, 19, 20, 21 & 22 above.

The entities/individuals belonging to the Promoters/Promoter Group, which would participate in the voting equity shares of the NOFHC, would have to provide theMemorandum and Articles of Association, financial statements for past ten years and IT returns for last three years, as appropriate, at the time of submission of their application. The last available financial statements in respect of other Group entities, which do not participate in the voting equity shares of the NOFHC will also have to be furnished. The details of the Promoters’ direct and indirect interest in various entities/companies/industries and details of credit/other facilities availed by the Promoters/Promoter Group would be required of all entities. [ para 3 of Annex II to the guidelines]

Considering that a large number of customer complaints emanate on account of unsuccessful or ‘failed’ transactions, RBI has issued a circular dated September 20, 2019 on Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems wherein the TAT is prescribed for reversing the funds in case of failed transactions. Further, the circular also prescribes a compensation mechanism if there is a delay on the part of Regulated Entity to reverse the funds. The details of the circular are available at /en/web/rbi/-/notifications/harmonisation-of-turn-around-time-tat-and-customer-compensation-for-failed-transactions-using-authorised-payment-systems-11693.

جواب. اس طرح کے پی پی آئی رکھنے والوں کو پی پی آئی میں بقایا بیلنس چھڑانے کی اجازت ہوگی، اگر کسی بھی وجہ سے اسکیم خراب ہو رہی ہے یا آر بی آئی کی ہدایت ہے کہ اسے بند کردیا جائے۔

The remittances can be in any currency equivalent to USD 25,000 in a calendar year.

No.

Indian parties which have majority share holding in a foreign entity abroad are required to seek specific approval of Reserve Bank of India for setting up of a second generation company in case:the foreign entity has been in operation for a period of less than two years; orthe Indian party has not repatriated the amount of dividends, fees and royalties due to it from the foreign entity; orproceeds of exports to the foreign entity have not been realised in accordance with the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000; oradditional capital contribution is required from India.

The entities/individuals belonging to the Promoters/Promoter Group, which would participate in the voting equity shares of the NOFHC, would have to provide theMemorandum and Articles of Association, financial statements for past ten years and IT returns for last three years, as appropriate, at the time of submission of their application. The last available financial statements in respect of other Group entities, which do not participate in the voting equity shares of the NOFHC will also have to be furnished. The details of the Promoters’ direct and indirect interest in various entities/companies/industries and details of credit/other facilities availed by the Promoters/Promoter Group would be required of all entities. [ para 3 of Annex II to the guidelines]