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16. Can there be more than one user under one GAH? +

Yes. Under one GAH, a PM can create as many users as they wish. The users created by the PM will have to be approved by the NDS OM Web Admin at CCIL.

Q.17. What are the processing / service charges levied under ECS Credit?

Ans : The Reserve Bank of India has deregulated the charges to be levied by sponsor banks from user institutions. The sponsor banks are, however, required to disclose the charges in a transparent manner. With effect from 1st July 2011, originating banks are required to pay a nominal charge of 25 paise per transaction to the Clearing house and destination bank respectively. Destination bank branches have been directed to afford ECS Credit free of charge to the beneficiary account holders.

ECS (DEBIT)

"1 A 'person resident in India' is defined in Section 2(v) of FEMA, 1999 as : (i) a person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include- (A) a person who has gone out of India or who stays outside India, in either case- (a) for or on taking up employment outside India, or (b) for carrying on outside India a business or vocation outside India, or (c) for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period; (B) a person who has come to or stays in India, in either case, otherwise than- (a) for or on taking up employment in India, or (b) for carrying on in India a business or vocation in India, or (c) for any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period; (ii) any person or body corporate registered or incorporated in India, (iii) an office, branch or agency in India owned or controlled by a person resident outside India, (iv) an office, branch or agency outside India owned or controlled by a person resident in India."

17. How will the aggregator or facilitator make partial allotment? +

It will be responsibility of aggregator or facilitator to allocate securities to their clients in the same manner (either full or partial) in which they have been allotted the bids.

17. What happens if the complaint is not settled by agreement ? +

If a complaint is not settled by an agreement within a period of one month, the Banking Ombudsman proceeds further to pass an Award. Before passing an award, the Banking Ombudsman provides reasonable opportunity to the complainant and the bank, to present their case.It is up to the complainant to accept the award in full and final settlement of or to reject it.

17. Whether banks can accept recurring deposits under FCNR(B) Scheme ? +

No. Banks cannot accept recurring deposits under FCNR (B) Scheme.

Q.17 What is financial commitment ? +

Financial commitment means the amount of direct investment outside India by way of contribution to equity and loans and 50% of the amount of guarantee issued by an Indian party to or on behalf of its overseas JV/WOS.

17. Is one permitted to use International Credit Card (ICC) for undertaking foreign exchange transactions?

Use of the International Credit Cards (ICCs) / ATMs/ Debit Cards can be made for making personal payments like subscription to foreign journals, internet subscription, etc., and for travel abroad in connection with various purposes only to the extent of the limits specified above. However, the cards can be freely used in India. Use of these instruments for payment in foreign exchange in Nepal and Bhutan is not permitted.

Q.17. Can there be an appeal against the order of the Compounding Authority? +

Ans. As compounding is based on voluntary admissions and disclosures, there is no provision under the of Foreign Exchange (Compounding Proceedings) Rules, 2000, for an appeal against the order of the Compounding Authority or for a request for reduction of amount imposed or extension of period for payment of the amount imposed.

17. Why are digital certificate and a e-token required for login to the NDS-OM Web Module? +

GAH will be accessing the NDS OM Web Based Module over the internet. To prevent unauthorized access and to ensure non-repudiation, RBI has stipulated that a digital certificate has to be obtained for each GAH User from IDRBT. The digital certificate has to be installed in an e-token which provides the second layer of security. Before a GAH User is created by the PM, the PM has to ensure that the digital certificate and the e-token have been procured for the GAH User.