Ans. LLP is a body corporate and has a legal entity separate from its partners. Therefore, if the LLP incurs/sponsors the education expense of its partners who are pursuing higher studies for the benefit of the LLP, then the same shall be outside the LRS limit of the individual partners and would instead be deemed as residual current account transaction undertaken by the LLP without any limits.

Ans. V-CIP may be used for carrying out the following processes:

1. to undertake CDD in case of onboarding a new individual customer, proprietor in case of proprietorship firm, authorised signatories and beneficial owners in case of Legal Entity customers;
2. to convert existing account opened in non-face-to-face mode using Aadhaar OTP based e-KYC authentication; and
3. for updation/ periodic updation of KYC records of eligible customers.

Ans: Currently, 15 banks are offering CBDC wallets. The name and the link for downloading the apps is mentioned below.

Pilot Banks	Name of the App	Android	iOS
SBI	eRupee by SBI	Android	iOS
ICICI Bank	Digital Rupee by ICICI Bank	Android	iOS
IDFC First Bank	IDFC First Bank Digital Rupee	Android	iOS
YES BANK	Yes Bank Digital Rupee	Android	iOS
HDFC Bank	HDFC Bank Digital Rupee	Android	iOS
Union Bank of India	Digital Rupee by UBI	Android	iOS
Bank of Baroda	Bank of Baroda Digital Rupee	Android	iOS
Kotak Mahindra Bank	Digital Rupee by Kotak Bank	Android	iOS
Canara Bank	Canara Digital Rupee	Android	iOS
Axis Bank	Axis Mobile Digital Rupee	Android	iOS
IndusInd Bank	Digital Rupee by IndusInd Bank	Android	iOS
PNB	PNB Digital Rupee	Android	iOS
Federal Bank	Federal Bank Digital Rupee	Android	iOS
Karnataka Bank	Karnataka Bank Digital Rupee	Android	iOS
Indian Bank	Indian Bank Digital Rupee	Android	iOS

No. There is no charge or fee for a customer of the RE for filing or for resolving complaints under the RB-IOS, 2021. Further, complainants need not approach any third-party agency to file a complaint with RBI Ombudsman or pay any fee. Complainants can register their complaints by themselves or through a representative through any of the modes mentioned in Question 16 absolutely free of cost.

Ans.: Yes, it is the amount actually received (realised) during the reference period including the billing to subsidiaries/associates abroad.

Ans. Yes, the card issuing bank has to pay compensation of Rs. 100/- per day for delay in re-crediting the customer’s amount beyond 5 calendar days from the date of the failed ATM transaction. The compensation has to be credited to the account of the customer without any claim being made by the customer.

Answer: As the transactions will be settled in INR, it will reduce the exchange rate risk for the Indian exporters and importers.

Response: Yes.

Ans. In case of bank issued PPIs, cash withdrawal is permitted at ATMs, PoS devices, BCs, etc. However, cash withdrawal at PoS devices is subject to a limit of ₹ 2,000/- per transaction within an overall monthly limit of ₹ 10,000/- across all locations (Tier 1 to 6 centres).

While opening the BSBDA customers’ consent in writing be obtained that his existing non-BSBDA Savings Banks accounts will be closed after 30 days of opening BSBDA and banks are free to close such accounts after 30 days.

Ans : The banking system has many benefits from ECS Debit such as –

• Freedom from paper handling and the resultant disadvantages of handling, receiving and monitoring paper instruments presented in clearing.

• Ease of processing and return for the destination bank branches. Destination bank branches can debit the customers’ accounts after matching the account number of the customer in their database and due verification of existence of valid mandate and its particulars. With core banking systems in place and straight-through-processing, this process can be completed with minimal manual intervention.

• Smooth process of reconciliation for the sponsor banks.

• Cost effective.

A person resident in India is free to send (export) any gift article of value not exceeding Rs. 1,00,000 provided export of that item is not prohibited under the extant EXIM Policy.

All central government securities, state government securities and treasury bills are tradable on the NDS-OM Web Module. The complete list of securities is available on the NDS-OM Web Module.

The banking system has many benefits from ECS Debit such as – Freedom from paper handling and the resultant disadvantages of handling, receiving and monitoring paper instruments presented in clearing. Ease of processing and return for the destination bank branches. Destination bank branches can debit the customers’ accounts after matching the account number of the customer in their database and due verification of existence of valid mandate and its particulars. With core banking systems in place and straight-through-processing, this process can be completed with minimal manual intervention. Smooth process of reconciliation for the sponsor banks. Cost effective.

A person coming into India from abroad can bring with him foreign exchange without any limit. However, if the aggregate value of the foreign exchange in the form of currency notes, bank notes or travellers cheques brought in exceeds USD 10,000/- or its equivalent and/or the value of foreign currency exceeds USD 5,000/- or its equivalent, it should be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India.

As per the Public Notice (https://www.bankpng.gov.pg/wp-content/uploads/2014/08/Full-page_-potrait_Paper-Bank-Notes2.pdf) issued by Bank of Papua New Guinea on their website www.bankpng.gov.pg Papua New Guinea paper banknotes ceased to be legal tender on June 30, 2012 and only polymer banknotes are legal tender in Papua New Guinea. Further, Bank of Papua New Guinea has also shared the following range of serial numbers of banknotes which were never issued (and were sold to a recycler in Europe) and are therefore, not legal tender in Papua New Guinea:

Denomination	Prefix	Serial Number
		Low	High
K2	ABJ - AJS	000001	003000
K10	AC - AY	030000	031000
	NBP- NES	160000	173000
K20	BPNG	0000001	3000000
K50	HTT - HUU	080000	090000
K100	BPNG	0000001	6000000

(Published on receipt of request from Bank of Papua New Guinea)

The non competitive bidders will pay the weighted average price which will emerge in the auction.For example, on December 5, 2001 RBI held a price based auction of an existing security 10.71% GOI 2016 maturing on 19 April, 2016. The cut off price emerged in the auction was Rs. 121.92. The weighted average price was Rs. 121.99. Thus the non competitive bidders will pay the weighted average price of Rs. 121.99. In addition, they have to pay accrued interest as indicated below.

• As is the case with fixed rate conventional bonds, IIBs would be issued through yield based auction and subsequent reissues will be through price based auction.

• Investors would be required to bid for real yield in case of IIBs as against nominal yield in case of fixed rate G-Sec.

Ans. Yes, Section 7 of the PSS Act, 2007 empowers the Reserve Bank to collect authorization fees while granting authorization. It can also call upon the applicant to furnish a security deposit for the proper conduct of the payment system. The quantum of authorization fees and security deposit can be decided by the Reserve Bank.

No. Interest rate stipulations applicable to loans in rupees under FCNR(B) scheme are not applicable to loans denominated in foreign currency which are governed by the instructions issued by Exchange Control Department.

Net worth means paid-up capital and free-reserves of the Indian company.

Queries about the scheme shall be forwarded to e-mail.

Response

While opening the BSBDA customers’ consent in writing be obtained that his existing non-BSBDA Savings Banks accounts will be closed after 30 days of opening BSBDA and banks are free to close such accounts after 30 days.

• Existing taxation applicable to Government of India securities will be applicable to these securities.

• Sub-section (iv) of the Section 193 of the Income Tax Act, 1961 stipulates that no tax shall be deducted from any interest payable on any security of the Central Government or a State Government, provided that nothing contained in this clause shall apply to the interest exceeding rupees ten thousand payable on 8% Savings (Taxable) Bonds, 2003 during the financial year.

• As per the above Section, TDS shall not be deducted from any interest payable on IINSS-C, until and unless notified by the Government of India otherwise.

Ans. Wherever the BO or PO is required to remit funds outside India, within the applicable guidelines under FEMA, they may do so not necessarily through the designated AD Category I bank but through any AD Category I bank of its choice subject to obtaining no objection certificate (NOC) from the designated AD Category I bank. The remittances have to be for transactions settling on Cash / Tom / Spot basis only. The remittance has to be through banking channel in either of the two methods:

(1) The designated AD category I bank will transfer equivalent INR amount to the transaction handling bank. The transaction handling bank can remit the amount to the overseas parent office of BO / PO through SWIFT. However, the transaction handling bank will have to ensure KYC compliance and the necessary documentation. It will also be required to share the SWIFT message along with the details like UIN No, beneficiary and remittance details with the designated AD category I bank.

(2) The designated AD category I bank will transfer equivalent INR amount to the transaction handling bank. The transaction handling bank will then credit the NOSTRO account of the designated AD Category I bank which in turn will remit the amount to the final beneficiary.

Yes.  One can donate the proceeds of his/her investments in Government securities to institution/trust by naming such institution/trust as their nominee subject to the condition that such institution/trust shall be eligible to invest in the particular loan as per the specific Government Loan Notification.

At the time of making applications, the Promoters/Promoter Group will have to furnish a road map and methodologies they would adopt to comply with all the requirements of the corporate structure indicated in para 2 (C)(ii) and (iii) of the guidelines and realign the business between the entities to be held under the NOFHC [para 2(C)(iv) of the guidelines] within a period of 18 months. After the ‘in-principle approval’ is accorded by RBI for setting up of the bank, the actual setting up of NOFHC and the bank, re-organization of the Promoter Group entities to bring the regulated financial services entities under the NOFHC as well as realignment of business among the entities under the NOFHC have to be completed within a period of 18 months from the date of in-principle approval or before commencement of banking business, whichever is earlier.

Ans. In a sole proprietorship business, there is no legal distinction between the individual / owner and as such the owner of the business can remit USD up to the permissible limit under LRS. If a sole proprietorship firm intends to remit the money under LRS by debiting its current account then the eligibility of the proprietor in his individual capacity has to be reckoned. Hence, if an individual in his own capacity remits USD 250,000 in a financial year under LRS, he cannot remit another USD 250,000 in the capacity of owner of the sole proprietorship business as there is no legal distinction.

Both interest and redemption proceeds will be credited to the bank account furnished by the customer at the time of buying the bond.

The lending institutions shall make provisions on the residual debt at the time of implementation of the Resolution Plan, as stipulated in the relevant Resolution Framework. If any non-fund based facility gets devolved subsequently, the devolved amount shall be reckoned as residual debt⁴ and shall attract provisions as per Paragraph 40⁵ and 41⁶ of RF 1.0, and consequently, the assessment of monitoring period should be updated accordingly. The entire provisions (including the provisions on the devolved amount) shall be held, until the same is reversed in terms of the provisions contained in the relevant Resolution Framework.

Ans.: Since the company has a subsidiary, so it has to fill the Part-D of the form that pertains to the information on subsidiaries abroad. If, during the year, subsidiary of the company has not made any sale of Computer Software and ITES then accordingly the amount would be 0 (zero) in Part-D.

Ans. RE is required to update the customers’ KYC records as part of ongoing due diligence process to ensure that the information or data collected under CDD is kept up to date and relevant. The periodicity of such updation depends on the risk categorisation of the customer by the RE and such periodic updation of KYC records (at times referred to as re-KYC) shall be carried out at least once in every two years for high-risk, eight years for medium risk and ten years for low-risk customers. However, RE may adopt any additional and exceptional measures as per its internal KYC policy which inter alia may require physical presence of the customer, periodic updation of KYC only in the branch of the RE where account is maintained, a more frequent periodicity of KYC updation than the minimum specified periodicity, etc.

Ans: Wholesale Central Bank Digital Currency (e₹-W) is designed for use by financial institutions and intermediaries, primarily to streamline interbank settlements and large-value transactions. It operates within a restricted ecosystem and enhances the efficiency, speed, and security of wholesale payment systems by using the functionalities of programming and smart contracts. Wholesale CBDC focuses on improving the financial system's infrastructure and reducing settlement risks, retail CBDC aims to enhance accessibility, financial inclusion, and convenience for individuals / businesses. Retail CBDC is intended for the general public and is used for everyday transactions, much like physical cash but in digital form.

Ans: You may approach grievance redressal cell of your bank with details of the disputed transaction. In case your grievance is not resolved within 30 days, you may make a complaint under “The Reserve Bank-Integrated Ombudsman Scheme (RB-IOS 2021)”. The RB-IOS 2021 provides a single reference point for customers to file complaints against the RBI regulated entities specified therein. The RB-IOS, 2021 is available at the following path on the RBI website: /documents/87730/39016390/RBIOS2021_121121.pdf.

There is no limit on the amount of disputed transaction for which the complaint/grievance can be raised under RB-IOS, 2021 and on which the RBI Ombudsman can provide resolution. However, only those complaints where the compensation sought, if any, for any loss suffered by the complainant arising directly out of the act or omission or commission of the RE, is ₹20 lakh or lower are admissible under RB-IOS. In addition, the Ombudsman can also provide compensation upto ₹1 lakh for mental agony/ harassment etc., suffered by the complainant as indicated in the Question 23.

Ans. You may approach grievance redressal cell of your bank with details of the disputed transaction. In case your grievance is not resolved within 30 days, you may make a complaint under “The Reserve Bank-Integrated Ombudsman Scheme (RB-IOS 2021)”. The RB-IOS 2021 provides a single reference point for customers to file complaints against the RBI regulated entities specified therein. The RB-IOS, 2021 is available at the following path on the RBI website: https://rbidocs.rbi.org.in/rdocs/content/pdfs/RBIOS2021_121121.pdf.

Ans. The customer can approach his / her bank and take up the matter with them. If the customer is not satisfied with the reply of the bank or in case of non-receipt of a reply from the bank within 30 days, the customer can take recourse to the Reserve Bank - Integrated Ombudsman Scheme. The details of Office of RBI Ombudsman are available at the link: https://rbi.org.in/en/web/rbi/complaints/addresses-of-the-rbi-ombudsman or the customer can make an online complaint at https://cms.rbi.org.in/cms/indexpage.html#eng

Response: Yes. Designated banks are allowed to lend gold mobilized under the Scheme to other designated banks for similar use as prescribed under the scheme.

In terms of the Master Direction FIDD.MSME & NFS.12/06.02.31/2017-18 dated July 24, 2017, banks have been advised to review and tune their existing lending policies to the MSE sector by incorporating therein the following provisions so as to facilitate timely and adequate availability of credit to viable MSE borrowers especially during the need of funds in unforeseen circumstances:

i. To extend standby credit facility in case of term loans

ii. Additional working capital to meet with emergent needs of MSE units

iii. Mid-term review of the regular working capital limits, where banks are convinced that changes in the demand pattern of MSE borrowers require increasing the existing credit limits of the MSEs, every year based on the actual sales of the previous year.

iv. Timelines for Credit Decisions.

(Refer to the circular FIDD.MSME & NFS.BC.No.60/06.02.31/2015-16 dated August 27, 2015 for further information.)

Ans. In case of non-bank issued PPIs, cash withdrawal is permitted upto a limit of ₹ 2,000/- per transaction within an overall monthly limit of ₹ 10,000/- per PPI across all channels (agents, ATMs, PoS devices, etc.).

In BSBDA, banks are required to provide free of charge minimum four withdrawals, including through ATM and other mode. Beyond four withdrawals, it is left to discretion of the banks to either offer free or charge for additional withdrawal/s. However pricing structure may be put in place by banks on a reasonable, non-discretionary, non-discriminatory and transparent manner.

Ans : Yes. In case of any need to withdraw or stop a mandate the customer can do so by approaching the user institution to withdraw the mandate. The account holder / customer can also withdraw the mandate / debit instruction directly from his / her banker without involvement of the User institution. The withdrawal instructions of a customer in such cases would be treated equivalent to a ‘stop payment’ instruction in cheque clearing system. However, as a matter of best practice, the customer may also provide prior notice or intimation of mandate withdrawal to the ECS user institution well in time, so as to ensure that the input files submitted by the user institution does not include the ECS Debit details in respect of the withdrawn / stopped mandates, leading to avoidable returns/rejections etc.

Taking personal jewellery out of India is governed by Baggage Rules framed under Export-Import Policy by the Government of India.

Since the orders placed on present application merges with main NDS-OM, the trade segment are as same as normal NDS-OM i.e. Standard market and Odd Lot Market. The Lot size for the Standard Market is minimum Rs.5 crore and in multiples of Rs. 5 crore. In the Odd Lot segment the minimum lot size is Rs.10,000 for Central and State Government Securities and Rs.25,000 for Treasury Bills. Presently GAH are not permitted to participate in the When Issued Market. GAH are also not permitted to short sale in government securities market.

• Like fixed rate G-Secs, IIBs would be underwritten by the primary dealers.

Residents are free to carry the foreign exchange purchased from an authorised dealer or money changer in accordance with the Rules. In addition, they can also carry up to USD 2,000, or higher amounts representing the unutilized balance of a previous trip, if already held by them (see item13 above) in accordance with the Regulations.

Ans: Complaints can be filed online on https://cms.rbi.org.in, or through the dedicated e-mail or sent in physical mode to the ‘Centralised Receipt and Processing Centre’ set up at RBI, 4th Floor, Sector 17, Chandigarh – 160 017 in the format given at the following path - /documents/87730/39016390/RBIOS2021_121121_A.pdf. A toll-free number – 14448 (9:30 am to 5:15 pm) – is also available for customers to seek assistance in filing complaints and information on grievance redressal, with multi-lingual support.

With the issuance and launch of the New Generation banknotes, Central Bank of Kenya has advised that in terms of Gazette Notice No. 4849 dated May 31, 2019 from Central Bank of Kenya available at: (http://kenyalaw.org/kenya_gazette/gazette/volume/MTk2Mg--/Vol.CXXI-No.69), and the Press Release dated June 6, 2019 available at: (https://www.centralbank.go.ke/uploads/press_releases/696932423_Press%20Release%20-%20New%20Generation%20Banknotes.pdf), all the currency notes of denomination ‘1000 shillings (Ksh)’ shall cease to be legal tender, and shall no longer be exchanged, with effect from October 1, 2019.

(Published on receipt of request from Central Bank of Kenya)

Price payable for every Rs.100 (face value) is Rs.121.99. Therefore, for securities worth Rs.10,000, he will have to pay (Price x Face value/100) = 121.99 x 10,000/100=Rs.12,199/-Since the coupon on dated GOI securities are payable half yearly, the coupon payment dates for the security are 19 April/ 19 October.Now if the security was paid for (settled) on December 6, 2001, the accrued interest from the last coupon date to the date of settlement viz. from 19 October, 2001 to December 6, 2001, i.e. for 47 days will be 10.71/100 x 47/360x10000=Rs 139.83Hence, the amount payable by the investor will be price plus accrued interest, i.e. Rs12199 +139.83=12,338.83/- (if not rounded off).If the payment is not made on December 6, 2001 but, say, on December 9, 2001, the accrued interest component will be for 50 days instead of 47 days (i.e.3 days more) and it will work out to 10.71/100x50/360 x10,000=Rs.148.75 .The total amount payable by the investor will then be 12,199+148.75=12,347.75/- (if not rounded off)