IST,
Content Type:
Inflation Indexed National Saving Securities - Cumulative (IINSS-C)
- Only retail investors would be eligible to invest in these securities. The retail investors would include individuals, Hindu Undivided Family (HUF), charitable institutions registered under section 25 of the Indian Companies Act and Universities incorporated by Central, State or Provincial Act or declared to be a university under section 3 of the University Grants Commission Act, 1956 (3 of 1956).
In CTS, the presenting bank (or its branch) captures the data (on the MICR band) and the images of a cheque using their Capture System (comprising of a scanner, core banking or other application) which is internal to them and meeting the specifications and standards prescribed for data and images under CTS.
To ensure security, safety and non-repudiation of data / images, end-to-end Public Key Infrastructure (PKI) has been implemented in CTS. As part of the requirement, the collecting bank (presenting bank) sends the data and captured images duly signed digitally and encrypted to the central processing location (Clearing House) for onward transmission to the paying bank (destination or drawee bank). For participating in the clearing process under CTS, the presenting and paying banks use either the Clearing House Interface (CHI) or Data Exchange Module (DEM) that enables them to connect and transmit data and images in a secure and safe manner to the Centralised Clearing House (CCH).
The Clearing House processes the data, arrives at the settlement, and routes the images and requisite data to the paying banks. This is called presentation clearing. The paying banks through their CHI / DEM receive the images and data from the CCH for further processing.
The paying bank’s CHI / DEM also generates the return file for unpaid instruments, if any. The return file / data sent by the paying banks are processed by the Clearing House in the return clearing session in the same way as presentation clearing and return data is provided to the presenting banks for processing.
The clearing cycle is treated as complete once the presentation clearing and the associated return clearing sessions are successfully processed. The entire essence of CTS technology lies in the use of images of cheques (instead of the physical cheques) for payment processing.
Ans. The directions require assessment of income and indebtedness at household level. There is no requirement of treating all members of the household as applicants/ borrowers of a loan which can be provided to an individual member. Board-approved policies of REs may include the methodologies/ operational frameworks to assess income and indebtedness of all members of the household.
Answer: The settlement through Indian Rupees (INR) is an additional arrangement to the existing system that uses freely convertible currencies and will work as a complimentary system. This will reduce dependence on hard (freely convertible) currency.
Ans. Sellers, buyers and financiers are the participants on a TReDS platform.
Ans. Following links can be perused for understanding RTGS and NEFT systems: -
Only CTS-2010 standards compliant instruments can be presented for clearing through CTS.
CTS-2010 standards contain certain benchmarks towards achieving standardization of cheques issued by banks across the country. These include provision of mandatory minimum-security features on cheque forms like quality of paper, watermark, bank’s logo in invisible ink, void pantograph, etc., and standardisation of field placements on cheques. The minimum-security features and standardisation help presenting banks while scrutinising / recognising cheques of drawee banks in an image-based processing scenario.
Ans : Based on the geographical location of branches covered, there are three broad categories of ECS Schemes – Local ECS, Regional ECS and National ECS.These schemes are either operated by RBI or by the designated commercial banks. NACH is also one of the form of ECS system operated by NPCI and further details about NACH is available at NPCI web site under the link http://www.npci.org.in/clearing_faq.aspx.
Local ECS – this is operating at 81 centres / locations across the country. At each of these ECS centres, the branch coverage is restricted to the geographical coverage of the clearing house, generally covering one city and/or satellite towns and suburbs adjoining the city.
Regional ECS – this is operating at 9 centres / locations at various parts of the country. RECS facilitates the coverage all core-banking-enabled branches in a State or group of States and can be used by institutions desirous of reaching beneficiaries within the State / group of States. The system takes advantage of the core banking system in banks. Accordingly, even though the inter-bank settlement takes place centrally at one location in the State, the actual customers under the Scheme may have their accounts at various bank branches across the length and breadth of the State / group of States.
National ECS – this is the centralized version of ECS Credit which was launched in October 2008. The Scheme is operated at Mumbai and facilitates the coverage of all core-banking enabled branches located anywhere in the country. This system too takes advantage of the core banking system in banks. Accordingly, even though the inter-bank settlement takes place centrally at one location at Mumbai, the actual customers under the Scheme may have their accounts at various bank branches across the length and breadth of the country. Banks are free to add any of their core-banking-enabled branches in NECS irrespective of their location. Details of NECS Scheme are available on the website of Reserve Bank of India at http://www.rbi.org.in/scripts//en/web/rbi/-/national-electronic-clearing-service-procedural-guidelines-2345
The list of centres where the ECS facility is available has been placed on the website of Reserve Bank of India at http://www.rbi.org.in/Scripts/ECSUserView.aspx?Id=26. Similarly, the centre-wise list of bank branches participating at each location is available on the website of Reserve Bank of India at http://www.rbi.org.in/scripts/ECSUserView.aspx?Id=27
Answer: Some of the foreign currency accounts that can be opened by resident individuals with an Authorised Dealer bank in India, along with their features are given below:
| Particulars | Exchange Earners Foreign Currency (EEFC) Account | Resident Foreign Currency (Domestic) [RFC(D)] Account | Resident Foreign Currency (RFC) Account |
| Who can open the account | Exchange Earners | Individuals | Individuals |
| Joint account | Jointly with eligible persons; or With resident relative(s) on former or survivor’ basis. Relative as defined under Companies Act, 2013 (viz. members of HUF, spouse, parents, step-parents, son, step-son, daughter-in-law, daughter, son-in-law, brother/sister, step-brother/ step-sister) Relative joint account holder cannot operate the account during the life time of the account holder |
Jointly with any person eligible to open the | Same as EEFC |
| Type of Account | Current only | Current only | Current/ savings/ term deposits |
| Interest | Non-interest earning | Non-interest earning | De-regulated (As decided by the AD bank) |
| Permitted Credits | 1) 100% of foreign exchange received on account of export transactions. 2) advance remittance received by an exporter towards export of goods or services 3) Repayment of loans given to foreign importers 4) Disinvestment proceeds on conversion of ADR/ GDR 5) professional earnings like director’s/ consultancy/ lecture fees, honorarium and similar other earnings received by a professional by rendering services in his individual capacity 6) Interest earned on the funds held in the account 7) Re-credit of unutilised foreign currency earlier withdrawn from the account 8) Payments received in foreign exchange by an Indian startup arising out of sales/ export made by the startup or its overseas subsidiaries |
1) Foreign exchange received as payment/ service/ gift/ honorarium while on visit abroad or from a non-resident who is on a visit to India 2) Unspent amount of foreign exchange acquired from AD for travel abroad 3) Gift from close relative 4) Earning through export of goods/ services, royalty 5) Disinvestment proceed on conversion of shares into ADR/ GDR 6) foreign exchange received as earnings of LIC claims/ maturity/ surrendered value settled in forex from an Indian insurance company |
1) Foreign exchange received by him as superannuation/ other monetary benefits from overseas employer 2) Foreign exchange realised on conversion of the assets referred to in Sec 6(4) of FEMA 3) Gift/ inheritance received from a person referred to in Sec 6(4) of FEMA 4) Foreign exchange acquired before the July 8, 1947 or any income arising on it held outside India with RBI permission 6) Foreign exchange received as earnings of LIC claims/ maturity/ surrendered value settled in forex from an Indian insurance company 7) Balances in NRE/ FCNR (B) accounts on change in residential status |
| Permitted Debits | 1) Any permissible current or capital account transaction 2) Cost of goods purchased 3) Customs duty 4) Trade related loans and advances |
Can be used for any permissible current/ capital account transactions. | No restrictions on utilisation in/ outside India. |
Local cheque collection charges are decided by the concerned bank from time to time and communicated to customer through their CCP as part of the Code of Bank’s Commitment to Customers.
Banks cannot charge more than the following for outstation cheques:
Up to and including Rs.5,000 – Rs.25 per instrument + service tax; Above Rs.5,000 and up to and including Rs.10,000 – not exceeding Rs.50 per instrument + service tax; Above Rs.10,000 and up to and including Rs.1,00,000 – not exceeding Rs.100 per instrument + service tax; Above Rs.1,00,000 – left to the banks to decide. No additional charges such as courier charges, out of pocket expenses, etc., should be levied.
It may be noted, no outstation cheque collection charges to be levied if the collecting bank and the paying bank are located within the jurisdiction of the same CTS grid even though they are located in different cities.
Ans : IDF-MFs can be sponsored by banks and NBFCs. Only banks and Infrastructure Finance companies can sponsor IDF-NBFCs.
| Particulars | Non-Resident (External) Rupee Account Scheme [NRE Account] |
Foreign Currency (Non-Resident) Account (Banks) Scheme [FCNR (B) Account] | Non-Resident Ordinary Rupee Account Scheme [NRO Account] | |
| (1) | (2) | (3) | (4) | |
| Who can open an account | NRIs and PIOs Individual/entities of Pakistan and Bangladesh shall requires prior approval of the Reserve Bank of India |
Any person resident outside India for putting through bonafide transactions in rupees. Individuals/ entities of Pakistan nationality/ origin and entities of Bangladesh origin require the prior approval of the Reserve Bank of India. A Citizen of Bangladesh/Pakistan belonging to minority communities in those countries i.e. Hindus, Sikhs, Buddhists, Jains, Parsis and Christians residing in India and who has been granted LTV or whose application for LTV is under consideration, can open only one NRO account with an AD bank subject to the conditions mentioned in Notification No. FEMA 5(R)/2016-RB dated April 01, 2016, as updated from time to time. Post Offices in India may maintain savings bank accounts in the names of persons resident outside India and allow operations on these accounts subject to the same terms and conditions as are applicable to NRO accounts maintained with an authorised dealer/ authorised bank. |
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| Joint account | May be held jointly in the names of two or more NRIs/ PIOs. NRIs/ PIOs can hold jointly with a resident relative on ‘former or survivor’ basis (relative as defined in Companies Act, 2013). The resident relative can operate the account as a Power of Attorney holder during the life time of the NRI/ PIO account holder. |
May be held jointly in the names of two or more NRIs/ PIOs. May be held jointly with residents on ‘former or survivor’ basis. |
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| Currency | Indian Rupees | Any permitted currency i.e. a foreign currency which is freely convertible | Indian Rupees | |
| Type of Account | Savings, Current, Recurring, Fixed Deposit | Term Deposit only | Savings, Current, Recurring, Fixed Deposit | |
| Period for fixed deposits | From one to three years, However, banks are allowed to accept NRE deposits above three years from their Asset-Liability point of view | For terms not less than 1 year and not more than 5 years | As applicable to resident accounts. | |
| Permissible Credits | Credits permitted to this account are inward remittance from outside India, interest accruing on the account, interest on investment, transfer from other NRE/ FCNR(B) accounts, maturity proceeds of investments (if such investments were made from this account or through inward remittance). Current income like rent, dividend, pension, interest etc. will be construed as a permissible credit to the NRE account. Care: Only those credits which have not lost repatriable character |
Inward remittances from outside India, legitimate dues in India and transfers from other NRO accounts are permissible credits to NRO account. Rupee gift/ loan made by a resident to a NRI/ PIO relative within the limits prescribed under the Liberalised Remittance Scheme may be credited to the latter’s NRO account. |
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| Permissible Debits | Permissible debits are local disbursements, remittance outside India, transfer to other NRE/ FCNR(B) accounts and investments in India. | The account can be debited for the purpose of local payments, transfers to other NRO accounts or remittance of current income abroad. Apart from these, balances in the NRO account cannot be repatriated abroad except by NRIs and PIOs up to USD 1 million, subject to conditions specified in Foreign Exchange Management (Remittance of Assets) Regulations, 2016. Funds can be transferred to NRE account within this USD 1 Million facility. |
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| Repatriablity | Repatriable | Not repatriable except for all current income. Balances in an NRO account of NRIs/ PIOs are remittable up to USD 1 (one) million per financial year (April-March) along with their other eligible assets. |
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| Taxabilty | Income earned in the accounts is exempt from income tax and balances exempt from wealth tax | Taxable | ||
| Loans in India | AD can sanction loans in India to the account holder/ third parties without any limit, subject to usual margin requirements. These loans cannot be repatriated outside India and can be used in India only for the purposes specified in the regulations. In case of loans sanctioned to a third party, there should be no direct or indirect foreign exchange consideration for the non-resident depositor agreeing to pledge his deposits to enable the resident individual/ firm/ company to obtain such facilities. In case of the loan sanctioned to the account holder, it can be repaid either by adjusting the deposits or through inward remittances from outside India through banking channels or out of balances held in the NRO account of the account holder. The facility for premature withdrawal of deposits will not be available where loans against such deposits are availed of. The term “loan” shall include all types of fund based/ non-fund based facilities. |
Loans against the deposits can be granted in India to the account holder or third party subject to usual norms and margin requirement. The loan amount cannot be used for relending, carrying on agricultural/ plantation activities or investment in real estate. The term “loan” shall include all types of fund based/ non-fund based facilities. |
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| Loans outside India | Authorised Dealers may allow their branches/ correspondents outside India to grant loans to or in favour of non-resident depositor or to third parties at the request of depositor for bona fide purpose against the security of funds held in the NRE/ FCNR (B) accounts in India, subject to usual margin requirements. The term “loan” shall include all types of fund based/ non-fund based facilities |
Not permitted | ||
| Rate of Interest | As per guidelines issued by the Department of Regulation | |||
| Operations by Power of Attorney in favour of a resident | Operations in the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels. | Operations in the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments in rupees, remittance of current income to the account holder outside India or remittance to the account holder himself through normal banking channels. While making remittances, the limits and conditions of repatriability will apply. | ||
| Change in residential status from Non-resident to resident | NRE accounts should be designated as resident accounts or the funds held in these accounts may be transferred to the RFC accounts, at the option of the account holder, immediately upon the return of the account holder to India for taking up employment or on change in the residential status. | On change in residential status, FCNR (B) deposits may be allowed to continue till maturity at the contracted rate of interest, if so desired by the account holder. Authorised dealers should convert the FCNR(B) deposits on maturity into resident rupee deposit accounts or RFC account (if the depositor is eligible to open RFC account), at the option of the account holder. |
NRO accounts may be designated as resident accounts on the return of the account holder to India for any purpose indicating his intention to stay in India for an uncertain period. Likewise, when a resident Indian becomes a person resident outside India, his existing resident account should be designated as NRO account. |
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ಉತ್ತರ. ಗ್ರಾಹಕರಿಗಾಗಿ, ಡಬ್ಲ್ಯೂಎಲ್ಎ ಬಳಸುವುದು ಡಬ್ಲ್ಯೂಎಲ್ಎಗಳಲ್ಲಿ ನಗದು ಠೇವಣಿ ಹಾಗೂ ಕೆಲವು ಮೌಲ್ಯವರ್ಧಿತ ಸೇವೆಗಳನ್ನು ಸ್ವೀಕರಿಸಲು ಅನುಮತಿಸುವುದಿಲ್ಲ ಎಂಬುದನ್ನು ಹೊರತುಪಡಿಸಿ ಬೇರೆ ಯಾವುದೇ ಬ್ಯಾಂಕ್ [ಕಾರ್ಡ್ ನೀಡುವ ಬ್ಯಾಂಕ್ನ ಹೊರತಾದ ಬ್ಯಾಂಕ್] ನ ಎಟಿಎಮ್ ಅನ್ನು ಬಳಸುವಂತೆಯೇ ಇರುತ್ತದೆ.
ಉತ್ತರ. ಆರ್ಟಿಜಿಎಸ್ ಹಣ ವರ್ಗಾವಣೆಯ ಇತರ ವಿಧಾನಗಳಿಗಿಂತ ಅನೇಕ ಅನುಕೂಲಗಳನ್ನು ನೀಡುತ್ತದೆ :
ಇದು ಹಣ ವರ್ಗಾವಣೆಗಾಗಿ ಸುರಕ್ಷಿತ ಹಾಗೂ ಸುಭದ್ರ ವ್ಯವಸ್ಥೆಯಾಗಿರುತ್ತದೆ.
ಆರ್ಟಿಜಿಎಸ್ ವಹಿವಾಟುಗಳು/ವರ್ಗಾವಣೆಗಳು ಯಾವುದೇ ಮೊತ್ತದ ಕ್ಯಾಪ್ ಅನ್ನು ಹೊಂದಿರುವುದಿಲ್ಲ.
ಶನಿವಾರಗಳನ್ನು ಒಳಗೊಂಡು ಬಹುತೇಕ ಬ್ಯಾಂಕ್ ಶಾಖೆಗಳು ಕಾರ್ಯನಿರ್ವಹಿಸುತ್ತಿರುವಾಗ ಎಲ್ಲಾ ದಿನಗಳಲ್ಲಿ ಈ ವ್ಯವಸ್ಥೆಯು ಲಭ್ಯವಿರುತ್ತದೆ.
ಫಲಾನುಭವಿ ಖಾತೆಗೆ ಹಣದ ರಿಯಲ್ ಟೈಮ್ [ನೆಜ ಸಮಯದ ]ವರ್ಗಾವಣೆಯಾಗಿರುತ್ತದೆ.
ಹಣರವಾನೆದಾರರು ಭೌತಿಕ ಚೆಕ್ ಅಥವಾ ಡಿಮಾಂಡ್ ಡ್ರಾಫ್ಟ್ ಅನ್ನು ಬಳಸಬೇಕಾಗಿಲ್ಲ.
ಫಲಾನುಭವಿಯು ಕಾಗದದ ಸಾಧನಗಳನ್ನು ಠೇವಣಿ ಮಾಡುವುದಕ್ಕಾಗಿ ಬ್ಯಾಂಕ್ ಶಾಖೆಗೆ ಭೇಟಿ ನೀಡಬೇಕಾಗಿರುವುದಿಲ್ಲ.
ಭೌತಿಕ ಉಪಕರಣಗಳ ಹಾನಿ/ಕಳವು ಅಥವಾ ಮೋಸದ ಎನ್ಖ್ಯಾಶ್ಮೆಂಟ್ ಬಗ್ಗೆ ಫಲಾನುಭವಿಯು ಭಯಪಡಬೇಕಾಗಿಲ್ಲ.
ಅವನ/ಅವಳ ಬ್ಯಾಂಕ್ ಅಂತಹ ಸೇವೆಯನ್ನು ನೀಡಿದರೆ ಹಣರವಾನೆದಾರರು ಇಂಟರ್ನೆಟ್ ಬ್ಯಾಂಕಿಂಗ್ ಬಳಸಿಕೊಂಡು ಅವನ/ಅವಳ ಮನೆ/ಕೆಲಸದ ಸ್ಥಳದಿಂದ ಹಣರವಾನೆಯನ್ನು ಪ್ರಾರಂಭಿಸಬಹುದು.
ವಹಿವಾಟಿನ ಶುಲ್ಕಗಳನ್ನು ಆರ್ಬಿಐ ನಿರ್ಬಂಧಿಸಿದೆ
ವಹಿವಾಟು ಕಾನೂನು ಬೆಂಬಲವನ್ನು ಹೊಂದಿದೆ.
The requirement of ICA in respect of the entity to which lending institutions have exposure is a basic feature of Prudential Framework for Resolution of Stressed Assets dated June 7, 2019, and consequently that of the Resolution Framework. There is sufficient flexibility to the lending institutions to formulate ICAs in respect of a legal entity to which they have exposure that address the specific requirements of each borrowers on a case to case basis, including designing different resolution approaches for different projects under the same borrower within an ICA. Similarly, apart from the escrow account required to be set up at the legal entity level as required by the Resolution Framework, there is no prohibition in setting up additional separate escrow accounts at each project level, if the lenders desire so. Only in respect of borrowers belonging to real estate sector, and have both residential and commercial real estate business, the prescribed thresholds for the financial parameters may be applied at the project level.
Ans. Charges, if any, levied on cash withdrawals shall not exceed 1% of the transaction amount.
Before appointment of an audit firm as SCA/SA of the RBI Regulated Entity, there should be a time gap of minimum one year between this appointment and completion of the assignment of any non-audit works given to the same audit firm in that RBI Regulated Entity or completion of any audit/non-audit works in other RBI Regulated Entities in the Group. This stipulation shall be applicable prospectively, i.e. from FY 2022-23. Therefore, if an audit firm is involved in some non-audit work with the Entity and/or any audit/non-audit work in other RBI Regulated Entities in the Group and completes or relinquishes the said assignment prior to the date of appointment as SCA/SA of the Entity for FY 2021-22, the said audit firm would be eligible for appointment as SCA/SA of the Entity for FY 2021-22.
It is reiterated that the time gap between any non-audit works by the SCAs/SAs for the Entities or any audit/non-audit works for its Group Entities should be at least one year after completion of the audit assignment as SCA/SA.
On February 27, 2017 Government of India notified the Specified Banknotes (Cessation of liabilities) Act 2017. The Act repealed the Specified Banknotes (Cessation of liabilities) Ordinance 2016 providing for cessation of liabilities for the Specified Banknotes (SBNs) and for matters connected therewith and incidental thereto, with effect from December 31, 2016. The SBNs cease to be the liabilities of the Reserve Bank under Section 34 of the RBI Act and cease to have the guarantee of the Central Government.
A grace period has been provided during which the Specified Bank Notes can be deposited at five RBI Offices (Mumbai, New Delhi, Chennai, Kolkata, and Nagpur by Indian citizens who make a declaration that they were outside India between November 9 and December 30, 2016, subject to conditions or any class of persons for reasons that may be specified by notification by the Central Government. The Reserve Bank, if satisfied after making the necessary verifications, that the reasons for failure to deposit the notes till December 30, 2016 are genuine, will credit the value of notes in the KYC (Know Your Customer) compliant bank account of the tenderer.
The grace period for resident Indians expired on March 31, 2017. For non- resident Indians (Indian passport holders), the grace period is till June 30, 2017.
For details on the exchange counter timings at the five aforesaid Regional Offices of RBI, please click here.
Any person aggrieved by the refusal of the Reserve Bank to credit the value of notes as mentioned above may make a representation to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to him/her.
In terms of Section 6 of the Act, whoever knowingly or wilfully makes any false declaration shall be punishable with a fine which may extend to 50,000 INR or five times the amount of the face value of the SBNs tendered whichever is higher.
In terms of Section 5 of the Act, with effect from December 31, 2016 no person shall knowingly or voluntarily hold, transfer or receive any specified banknotes. After the expiry of grace period, holding of not more than 10 notes in total, irrespective of denomination or not more than 25 notes for the purpose of study/ research/ numismatics is permitted. Also, nothing contained in this section shall prohibit the holding of specified banknotes by any person on the direction of a court in relation to any case pending in the court. For deposit of confiscated SBNs, GoI has notified Specified Ban Notes (Deposit of Confiscated Notes) Rules 2017 on May 12, 2017.
In terms of Section 7, contravention of Section 5 shall be punishable with fine which may extend upto 10,000 INR or five times the face value of the SBNs involved in the contravention, whichever is higher.
In case the contravention/default in terms of Sections 6 and 7 is by a company, every person who was in charge of and responsible to the company at the time of contravention/ default shall deemed to be guilty and will be liable to be proceeded against and punished. If the offence is proved to be attributable to the conduct by any director/manager/secretary/officer/employee of the company, such person shall also be deemed to be guilty of the offence and will be liable to be proceeded against and punished accordingly.
The Ministry of Micro, Small and Medium Enterprises vide Office Memorandum (OM) No. 5/2(2)/2021-E/P & G/Policy dated July 2, 2021 has allowed Udyam registration for retail and wholesale trade. Detailed guidelines are available in our circular FIDD.MSME & NFS.BC.No.13/06.02.31/2021-22 dated July 07, 2021.
ಭಾರತೀಯ ರಿಸರ್ವ್ ಬ್ಯಾಂಕ್ ಮೊಬೈಲ್ ಅಪ್ಲಿಕೇಶನ್ ಅನ್ನು ಇನ್ಸ್ಟಾಲ್ ಮಾಡಿ ಮತ್ತು ಇತ್ತೀಚಿನ ಸುದ್ದಿಗಳಿಗೆ ತ್ವರಿತ ಅಕ್ಸೆಸ್ ಪಡೆಯಿರಿ!
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