As explained at Question No. 31, with effect from June 1, 1997, there is no TDS upon interest payable on Government Security. However, as per Finance Act, 2007 and Government of India Notification No. F.4(10)-W&M/2003 dated May 31, 2007, tax has to be deducted at source on the interest exceeding Rupees ten thousand payable during a financial year on 8% Savings Bonds, 2003 (Taxable) with effect from June 1, 2007. Accordingly, there is no TDS upon interest payment in respect of Relief/Savings Bonds other than 8% Savings Bonds, 2003 (Taxable).

Disinvestment of holding in a JV/WOS abroad requires prior approval of the Reserve Bank of India for which the holder will have to submit an application furnishing the reasons /justifications for such disinvestment along with a Chartered Accountant’s valuation certificate, latest audited financial statements of the JV/WOS, Board Resolution approving the disinvestment and Chartered Accountant’s certificate regarding position of dues of the WOS and total amount to be received by parent company on disinvestment.

The Scheme does not restrict such transactions, provided the transactions are within the limit of USD 25,000 per calendar year and is otherwise in order.

An Indian Party will have to comply with the following: -receive share certificates or any other documentary evidence of investment in the foreign entity to the satisfaction of the Reserve Bank within six months, failing which an application for extension of time citing reasons for non-receipt will have to be made to the Reserve Bank.repatriate to India, all dues receivable from the foreign entity, like dividend, royalty, technical fees etc., within 60 days of its falling due, or such further period as the Reserve Bank may permit.submit to the Reserve Bank every year within 60 days from the date of expiry of the statutory period as prescribed by the respective laws of the host country for finalisation of the audited accounts of the Joint Venture/Wholly Owned Subsidiary outside India an Annual Performance Report in form APR in respect of each Joint Venture or Wholly Owned Subsidiary outside India set up or acquired by the Indian party. This APR should inevitably be accompanied byCopies of FIRCs in support of inward remittances on account of dividend, royalty, etc.Audited Financial Statements of the overseas venture.CA’s certificate in support of realization of export proceeds.A note on the working of the JV/WOS during the previous year highlighting the ups and downs, reasons for non-performance, etc. in monetary terms. In case the promoter company is unable to submit APRs within the stipulated time, an application on the due date should be made to the Reserve Bank of India seeking extension, giving reasons for the same.

જવાબ. પીપીઆઈ જારીકર્તાએ વિધિસર, જાહેરમાં જાહેર ગ્રાહક ફરિયાદ નિવારણ કાર્યરેખા તૈયાર કરવી પડશે, જેમાં ગ્રાહકની ફરિયાદો / તકરારો હાથ ધરવા માટે નોડલ અધિકારીની નિયુક્તિ, એસ્કેલેશન મેટ્રિક્સ અને ફરિયાદ નિવારણ માટે ટર્ન-અરાઉન્ડ સમયનો સમાવેશ થાય છે. કાર્યરેખામાં લઘુતમે, નિમ્નલિખિતનો સમાવેશ રહેશેઃ

1. પીપીઆઈ જારીકર્તાની ગ્રાહક સુરક્ષા અને ફરિયાદ નિવારણ નીતિની માહિતીનું સરળ ભાષામાં વિતરણ.
2. પીપીઆઈ જારીકર્તાની ગ્રાહક સંભાળ સંપર્ક વિગતોનો સ્પષ્ટ સંકેત, જેમાં વેબસાઈટ, મોબાઈલ એપ અને કાર્ડસ પર ફરિયાદ નિવારણ માટે નોડલ અધિકારીઓની વિગતનો સમાવેશ થાય છે.
3. પીપીઆઈ જારીકર્તાના એજન્ટો દ્વારા યોગ્ય સિગ્નેજનું પ્રદર્શન અને ઉક્ત (બી) અનુસાર ગ્રાહક સંભાળ સંપર્ક વિગતો.
4. નોંધાવેલી ફરિયાદો માટે ચોક્કસ ફરિયાદ નંબરો સાથે ગ્રાહક ગ્વારા ફરિયાદની સ્થિતિનું પગેરું રાખવા માટે સુવિધા.
5. કોઈ પણ ગ્રાહક ફરિયાદ / તકરાર ઉકેલ લાવવા પગલાં લેવાં, અગ્રતાથી 48 કલાકમાં અને તે આવી ફરિયાદ / તકરાર પ્રાપ્ત થયાના 30 દિવસની અંદર ઉકેલ લાવવો.
6. વેબસાઈટ/મોબાઈલ એપ પર પીપીઆઈ જારીકર્તાના અધિકૃત / નિયુક્ત એજન્ટોની વિગતવાર યાદીનું પ્રદર્શન (નામ, એજન્ટ આઈડી, સરનામું, સંપર્ક વિગતો વગેરે).
7. પીપીઆઈ સંબંધી વેબસાઈટ / મોબાઈલ એપ પર ફ્રિક્વન્ટ્લી આસ્ક્ડ ક્વેશ્ચન્સ (એફએક્યુ)ના ઉત્તરો પણ આપવાના રહેશે.

 

A. No. No non-resident shareholder, directly or indirectly, individually or in group through subsidiary, associate or joint venture will be permitted to hold 5 per cent or more in the paid up voting equity capital of the bank for a period of 5 years from the commencement of the business of the bank. [ para 2 (F) of the guidelines ]

Yes. The facility to create pledge, hypothecation or lien against Relief/Savings Bonds is available as in case of other Government securities as explained at Question Nos. 33 & 34. The Government of India has amended the notifications relating to 7% Savings Bonds, 2002, 6.5% Savings Bonds, 2003 (Non-Taxable) and 8% Savings (Taxable) Bonds, 2003 schemes allowing for pledge or hypothecation or lien of these bonds as collateral for obtaining loans from the scheduled banks with effect from August 19, 2008. However, such collateral facility is available only for the loans to be availed by the holders of the bonds and not in respect of the loans availed by third parties.

Banks including those not having operational presence in India are required to obtain prior approval from Reserve Bank for soliciting deposits for their foreign/overseas branches or for acting as agents for overseas mutual funds or any other foreign financial services company.

No. Banks are prohibited from making any short sales of share

Reserve Bank takes a serious view on non-submission of such reports and can take such measures against the delinquent company as it deems fit including reference to Enforcement Directorate.