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UPI-PayNow Linkage

9. Is there a provision of consent for receiving inward transactions through the linkage? +

Yes, there is an opt in / opt out feature in the apps of the participating banks in India for receiving the remittances from Singapore.

9. From which date will the exchange facility be available? +

To give time to the banks to make preparatory arrangements, members of the public are requested to approach the bank branches or ROs of RBI from May 23, 2023 for availing exchange facility.

9. What are the charges for availing the remittance facility? +

Ans: For transactions up to ₹50,000, the charges are as follows:

Originating bank – Maximum ₹5/- per transaction.
State Bank of India – ₹20/- per transaction. SBI would share this ₹20/- with NSBL at ₹10 each. NSBL would not charge any additional amount for crediting the beneficiary. if he maintains an account with it.
In case the beneficiary does not maintain an account with NSBL then, an additional amount would be charged- ₹50/- for remittances up to ₹5,000/- and ₹75/- for remittance above ₹5,000/-.
For transactions above ₹50,000/-, charges prescribed by SBI shall apply. The charges prescribed by SBI is available on the website of SBI under the hyperlink - https://nsbl.statebank/remittance-from-india.

Q.9 Whether REs are allowed to enter into DLG arrangements for credit cards as defined under Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022?

Ans: No. DLG arrangements for credit cards are not permitted.

9. Whether the RE implementing the green deposit framework is required to publish two copies of the Financing Framework (FF) on its website, one prior to external review and another after the external review?

The RE needs to publish the FF along with opinion of external reviewer on the FF (before implementation of FF) on its website. There is no requirement of publishing FF twice, i.e., one before and another after external review.

9. Who decides the limits for cash withdrawal or purchase of goods and services through a card? +

Ans: The limits on cash withdrawal at ATMs and for purchase of goods and services are decided by the card issuer. Within these limits, the card holder may set and modify transaction limits for various uses like domestic, international, PoS, ATMs, online transactions, contactless transactions, etc. Cash withdrawal using debit cards and full-KYC prepaid cards at PoS terminals has been allowed by Reserve Bank of India (RBI) whereby, a maximum of ₹2,000 can be withdrawn per transaction within an overall monthly limit of ₹10,000. Cardholders can check with their issuers for details of such facilities provided by them.

Q9. What is the meaning of capital account transaction? What are the permitted capital account transactions? +

Answer: “Capital account transaction" means a transaction which alters the assets or liabilities, including contingent liabilities, outside India of persons resident in India or assets or liabilities in India of persons resident outside India. Please refer to the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 for permitted capital account transactions.

9. Who are the parties / stakeholders in a tokenisation transaction? +

Ans. Normally, in a tokenised card transaction, parties / stakeholders involved are merchant, the merchant’s acquirer, token service provider (card payment network or card issuer), token requestor, issuer and customer. However, an entity, other than those indicated, may also participate in the transaction.

9. Can an investor hold more than one investor ID for subscribing to the Sovereign Gold Bond? +

No. An investor can have only one unique investor Id linked to any of the prescribed identification documents. The unique investor ID is to be used for all the subsequent investments in the scheme. For holding securities in dematerialized form, quoting of PAN in the application form is mandatory.

6. Whether interest can be earned on SNRR balances or through term deposit?

No.