Ans.: If the company’s accounts are not audited before the due date of submission, i.e. July 15, then the ITES survey schedule should be submitted based on unaudited (provisional) account.

Ans: The Master Directions require reporting of frauds perpetrated only in the Group entities (subsidiaries / affiliates / joint ventures etc.) belonging to the reporting NBFCs / HFCs. In other words, the reporting requirement is not applicable to the other entities in wider Group to which the reporting NBFC / HFC belongs, which may not be subsidiaries / affiliates / joint ventures etc. of the reporting NBFCs / HFCs.

Ans. In addition to dispensing cash, ATMs / WLAs may offer many other services / facilities to customers. Some of such services include:

• Account Information

• Cash Deposit

• Regular Bill Payment

• Purchase of Re-load Vouchers for Mobiles (not permitted at WLAs)

• Mini / Short Statement Generation

• PIN Change

• Request for Cheque Book

Answer: This is essentially a bank-to-bank arrangement similar to correspondent banking arrangement.

Ans.  Following documents are required for opening of an account by an individual:

(a) any one of the following Officially Valid Documents (OVDs) or the equivalent e-document thereof, containing details of his name and address, viz.,

• the passport,
• the driving licence, 
• proof of possession of Aadhaar number,
• the Voter's Identity Card issued by the Election Commission of India,
• the job card issued by NREGA duly signed by an officer of the State Government, and
• the letter issued by the National Population Register.

(b) the Permanent Account Number (PAN) or the equivalent e-document, thereof, or Form No. 60 as defined in Income-tax Rules, 1962; and

(c) other documents in respect of the nature of business and financial status of the customer, or the equivalent e-documents thereof, as may be required by the RE.

Response: The minimum deposit at any one time is 10 grams of raw gold (bars, coins, jewellery excluding stones and other metals) and there is no maximum limit for deposit under the scheme. The quantity of gold deposited will be expressed up to three decimals of a gram.

A sub-target of 7.5% of Adjusted Net Bank Credit (ANBC) or Credit Equivalent of Off-Balance Sheet Exposure (CEOBE), whichever is higher, towards lending to the Micro-enterprises under overall Priority Sector Lending has been prescribed for Domestic commercial banks, Foreign banks with 20 branches and above, Regional Rural Banks and Small Finance Banks.

The IoRS supports innovation that requires collaboration between multiple regulators while the individual sandboxes of regulators cater to the solutions within the purview of a single regulator. Thus, IoRS is a unified mechanism that bridges the complexities of bespoke regulatory sandbox frameworks of different financial sector regulators and helps in fostering cross-sectoral innovation.

Ans. Yes. All compounding applications shall be submitted along with the prescribed fee of ₹10,000/- (plus applicable GST, which at present is 18%) by way of demand draft in favour of “Reserve Bank of India” and payable at the concerned Regional Office/ CO Cell, New Delhi/ Central Office or through National Electronic Fund Transfer (NEFT), or other permissible electronic or online modes of payment. The necessary details for making the payment through electronic mode is provided in Annexure I in Directions – Compounding of contraventions under FEMA, 1999. In case application fee is paid through NEFT or other permissible electronic mode of payment, it may be ensured that intimation of payment of applications fee, to respective RO, CO Cell, or Central Office, as case may be, shall be made as soon as possible but not later than 2 hours from time of payment, through an email as per the template provided in Para B of Annexure I of Directions – Compounding of contraventions under FEMA, 1999.

It may further be noted that in case compounding application is returned for any reason, The application fee, if paid, shall not be returned in case of return of the compounding application. However, in case such applications are re-submitted, then the application fee need not be paid again.