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Inflation Indexed National Saving Securities - Cumulative (IINSS-C)

21. What are the tax implications? +

Existing taxation applicable to Government of India securities issued as part of the market borrowing will be applicable to these securities.

Q.21. Whether LC can be opened for BO in India for export/import of goods & in case of PO, local LC can be open for purchase of goods locally in India (local purchase of goods to execute a project)? +

Ans. Yes

Q 21: Which bank will be responsible for reporting for cross border transaction either AD bank in India or correspondent bank?

Answer: The AD bank in India shall be responsible for the reporting of transactions taking place in the Special Rupee Vostro Account of the correspondent bank of the trading partner country.

21. Query Whether Passbooks are also to be offered free to BSBDA holders? +

Response

Yes. BSBDA holders should be offered passbook facility free of charge in line with our instructions contained in circulars RPCD.CO.RF.BC.28/07.40.06/2006-07 dated October 11, 2006 and RPCD.CO.RRB.BC.No.29/03.05.28-A/2006-07 dated October 13, 2006.

Q.21. Is there a guideline for facilitating timely and adequate credit flow during ‘Life Cycle’ of MSEs ? +

Yes, guidelines on ‘Streamlining flow of credit to Micro and Small Enterprises (MSEs) for facilitating timely and adequate credit flow during their ‘Life Cycle’ were issued to Scheduled Commercial Banks (SCBs) vide our circular FIDD.MSME & NFS.BC.No.60/06.02.31/2015-16 dated August 27, 2015.

Q.22. What are the advantages of ECS Debit Scheme to the banking system?

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.

22. What is the position of Papua New Guinea Paper Banknotes? +

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
Denomination	Prefix	Low	High
K2	ABJ - AJS	000001	003000
K10	AC - AY	030000	031000
K10	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)

22. What will be position in respect of price based auctions ? +

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.

22. ಗ್ರಾಹಕರು ಒಂದು ವೇಳೆ ಬಿಎಸ್ಬಿಡಿಎ ಖಾತೆ ತೆರೆದು 30 ದಿನಗಳೊಳಗೆ ಈಗಿರುವ ಸೇವಿಂಗ್ಸ್ ಬ್ಯಾಂಕ್ ಖಾತೆಯನ್ನು ಬಂದ್ ಮಾಡದಿದ್ದರೆ ಅಂತಹ ಸೇವಿಂಗ್ಸ್ ಖಾತೆಗಳನ್ನು ಬಂದ್ ಮಾಡಲು ಬ್ಯಾಂಕ್ ಸ್ವತಂತ್ರರೆ? +

ಬಿಎಸ್ಬಿಡಿಎ ಖಾತೆಗಳನ್ನು ತೆರೆಯುವಾಗ, ತಮ್ಮ ಈಗಿರುವ ನಾನ್- ಬಿಎಸ್ಬಿಡಿಎ ಸೇವಿಂಗ್ಸ್ ಬ್ಯಾಂಕ್ ಖಾತೆಯನ್ನು ಬಿಎಸ್ಬಿಡಿಎ ಖಾತೆ ತೆರೆದ 30 ದಿನಗಳ ನಂತರ ಬಂದ್ ಮಾಡಲಾಗುವುದು ಎಂದು ಗ್ರಾಹಕರಿಂದ ಲಿಖಿತ ಸಮ್ಮತಿ ಪಡೆಯಬೇಕು.

22. ನಿಗದಿತ ಸಮಯದೊಳಗಡೆ ಅವನ/ಅವಳ ಬ್ಯಾಂಕ್ನಿಂದ ದೂರನ್ನು ಪರಿಹರಿಸದಿದ್ದರೆ ಅಥವಾ ಅವನ/ಅವಳ ಪರಿಹಾರವನ್ನು ಗಮನಿಸದಿದ್ದಲ್ಲಿ ಗ್ರಾಹಕರಿಗಾಗಿ ಕ್ರಮವೇನು? +

ಉತ್ತರ. ಬ್ಯಾಂಕಿನಿಂದ ಉತ್ತರವನ್ನು ಸ್ವೀಕರಿಸಿದ 30 ದಿನಗಳ ಒಳಗೆ ಅಥವಾ ದೂರು ಸಲ್ಲಿಸಿದ 30 ದಿನಗಳ ಒಳಗಡೆ ಬ್ಯಾಂಕ್ನಿಂದ ಉತ್ತರವನ್ನು ಸ್ವೀಕರಿಸದಿದ್ದ ಸಂದರ್ಭದಲ್ಲಿ ಗ್ರಾಹಕರು ಬ್ಯಾಂಕಿಂಗ್ ಲೋಕಪಾಲರ ಸಹಾಯವನ್ನು ಪಡೆಯಬಹುದು. ಬ್ಯಾಂಕಿಂಗ್ ಲೋಕಪಾಲರ ಕಚೇರಿಯ ವಿವರಗಳು ಈ ಕೆಳಗಿನ ಲಿಂಕ್ನಲ್ಲಿ ಲಭ್ಯವಿರುತ್ತದೆ : https://rbi.org.in/Scripts/AboutUsDisplay.aspx?pg=BankingOmbudsmen.htm

22. What are the cash withdrawal limits in case of PPIs issued by banks ? +

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).

22. Whom should I approach for raising dispute/complaint related to RTGS transaction? +

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.

Q 22: How this new mechanism will benefit the Indian traders?

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

22. Whom should I approach for raising dispute/complaint related to NEFT transaction?

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.

22. Post-implementation of the resolution plan, will the required provisioning change with the change in the outstanding balance of residual debt, which may arise in case of any non-fund based facility getting devolved subsequently into fund-based facility?

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.

22. Can a Government securities holder choose to nominate and donate the proceeds of investment to institutions, trusts, etc.? +

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.

22. How do I contact RBI to address my queries on PMGKDS? +

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

22. Query If a customer opens a BSBDA but does not close his existing Savings Bank Account within 30 days, are banks then free to close such savings bank accounts? +

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.

22. Is one required to follow complete export procedure when a gift parcel is sent outside India?

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.

22. What are the securities that can be traded on NDS-OM Web Module? +

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.