In connection with private visits abroad, viz., for tourism purposes, etc., foreign exchange up to US$10,000, in any one calendar year may be obtained from an authorised dealer. The ceiling of US$10,000 is applicable in aggregate and foreign exchange may be obtained for one or more than one visits provided the aggregate foreign exchange availed of in one calendar year does not exceed the prescribed ceiling of US$10,000 {The facility was earlier called B.T.Q or F.T.S.}. This US$10,000 (BTQ) can be availed of by a person alongwith foreign exchange for travel abroad for any purpose, including for employment or immigration or studies. However, no foreign exchange is available for visit to Nepal and/or Bhutan for any purpose.

Answer: Unless otherwise specifically stated in the features of the account, a foreign currency account maintained by a person resident in India with an authorized dealer in India can be opened, held and maintained in the form of current or savings or term deposit account in cases where the account holder is an individual, and in the form of current account or term deposit account in all other cases. The account can be held singly or jointly in the name of person eligible to open, hold and maintain such account.

No bank can refuse to accept outstation cheques deposited for collection or refuse to offer its products to customers.

The G S Act and the G S Regulations came into force with effect from December 1, 2007. The G S Act applies to Government securities created and issued by the Central Government or a State Government, whether before or after the commencement of this Act. The G S Act will apply to all Government securities created and issued even prior to December 1, 2007.

The potential users of the NDS-OM Web Module are GAHs permitted by RBI to access the NDS OM Web Based Module. So far, GAHs have only the indirect access through CSGL route for placing their order/bid feed into NDS-OM. Now in addition to the indirect access, permitted GAHs can directly deal on the NDS-OM Web system, subject to controls set by PM. The access to the GAH to the NDS-OM Web Based Module is granted on a request made on his behalf by its Primary Member.

A Nostro account is a bank account established in a foreign country usually in the currency of that country for the purpose of carrying out transactions there. For example most commercial banks maintain US dollar accounts with their correspondent banks in USA in order to facilitate settlement of interbank and customer transactions in US dollar.

Ans. The documents/formats listed in the FED Master Direction No. 18/2015-16 titled ‘Master Direction – Reporting under Foreign Exchange Management Act, 1999’ dated January 01, 2016 (Updated as on September 18, 2019) can be used for applying for compounding. The above Master Direction can be downloaded from the Reserve Bank’s website by clicking on the link /en/web/rbi/-/notifications/master-direction-reporting-under-foreign-exchange-management-act-1999-updated-as-on-may-12-2023-lt-span-gt-10202 and the documents as applicable therein should be submitted along with the application.

100% foreign exchange earnings can be credited to the EEFC account subject to the condition that the sum total of the accruals in the account during a calendar month should be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments.

For the borrowers eligible for resolution under the circular dated August 6, 2020 on Resolution Framework for COVID-19-related Stress, the circular dated August 6, 2020 will be applicable if a resolution process under the circular is invoked. For all other borrowers, the extant instructions as otherwise applicable shall still be in force. However, if any entity is otherwise eligible to be resolved under the Resolution Framework, only Resolution Framework can be used for resolving the stress arising out of the pandemic.

ଉତ୍ତର. ଅଣ-ବ୍ୟାଙ୍କ ସଂସ୍ଥାଗୁଡ଼ିକୁ ହ୍ଵାଇଟ ଲେବଲ୍ ଏଟିଏମ୍ ସ୍ଥାପନ କରିବାକୁ ଅନୁମତି ଦେବାର ଯୁକ୍ତିଯୁକ୍ତ କାରଣ ହେଉଛି ଏଟିଏମର ଭୌଗୋଳିକ ବିସ୍ତାରକୁ ଆହୁରି ବିସ୍ତାର କରିବା, ଯାହା ଦ୍ଵାରା ବିଶେଷ କରି ଗ୍ରାମାଞ୍ଚଳରେ ଗ୍ରାହକ ସେବା ବୃଦ୍ଧି ହୋଇପାରିବ ।

For the borrowers eligible for resolution under the circular dated August 6, 2020 on Resolution Framework for COVID-19-related Stress, the circular dated August 6, 2020 will be applicable if a resolution process under the circular is invoked. For all other borrowers, the extant instructions as otherwise applicable shall still be in force. However, if any entity is otherwise eligible to be resolved under the Resolution Framework, only Resolution Framework can be used for resolving the stress arising out of the pandemic.

ଉତ୍ତର. ଏନଇଏଫଟି ହେଉଛି ଏକ ଇଲେକ୍ଟ୍ରୋନିକ ପାଣ୍ଠି ସ୍ଥାନାନ୍ତର ବ୍ୟବସ୍ଥା ଯେଉଁଥିରେ ଏକ ନିର୍ଦ୍ଦିଷ୍ଟ ସମୟ ପର୍ଯ୍ୟନ୍ତ ପ୍ରାପ୍ତ ହୋଇଥିବା ଦେଣନେଣ ଗୁଡିକୁ ବ୍ୟାଚ ପ୍ରକ୍ରିୟାକରଣ କରାଯାଏ । ଏହାର ବିପରୀତ, ଆରଟିଜିଏସ ରେ, ଆରଟିଜିଏସ ବ୍ୟବସାୟ ସମୟ ମଧ୍ୟରେ ଦେଣନେଣ ଆଧାରରେ ଦେଣନେଣ ଉପରେ ନିରନ୍ତର ଭାବରେ ପ୍ରକ୍ରିୟାକରଣ କରାଯାଏ ।

ଉତ୍ତର. ଜଣେ ଧାରକ ହେଉଛି ଏକ ବ୍ୟକ୍ତି / ସଂଗଠନ ଯିଏ ପିପିଆଇ ଜାରିକର୍ତ୍ତା ଙ୍କ ଠାରୁ ପିପିଆଇ ପ୍ରାପ୍ତ / କ୍ରୟ କରନ୍ତି ଏବଂ ସାମଗ୍ରୀ ଏବଂ ସେବା କ୍ରୟ ପାଇଁ ବ୍ୟବହାର କରନ୍ତି , ଯେଉଁଥିରେ ଆର୍ଥିକ ସେବା, ଟଙ୍କା ପଠାଇବା ସୁବିଧା ଇତ୍ୟାଦି ଅନ୍ତର୍ଗତ । ଯଦିଓ, ଏକ ଗିଫ୍ଟ ପିପିଆଇ କ୍ଷେତ୍ରରେ, ଲକ୍ଷିତ ହିତାଧିକାରୀ (ଯିଏ କ୍ରେତା ନୁହଁନ୍ତି) ମଧ୍ୟ ଏକ ଧାରକ ହୋଇପାରନ୍ତି ।

'ମୌଳିକ ସଞ୍ଚୟ ବ୍ୟାଙ୍କ ଜମା ଖାତା' ଧାରକ ସେହି ବ୍ୟାଙ୍କରେ ଅନ୍ୟ ଏକ ସଞ୍ଚୟ ଖାତା ଖୋଲିବା ପାଇଁ ଯୋଗ୍ୟ ନୁହଁନ୍ତି । ଯଦି ଗ୍ରାହକଙ୍କର ସେହି ସମାନ ବ୍ୟାଙ୍କରେ ଆଉ ଅନ୍ୟ ଏକ ସଞ୍ଚୟ ଖାତା' ଅଛି, ତେବେ ତାଙ୍କୁ 'ମୌଳିକ ସଞ୍ଚୟ ବ୍ୟାଙ୍କ ଜମା ଖାତା' ଖୋଲିବାର 30 ଦିନ ମଧ୍ୟରେ ସେଇ ଖାତାକୁ ବନ୍ଦ କରିବାକୁ ପଡିବ ।

Persons resident in India as defined under Foreign Exchange Management Act, 1999 are eligible to invest in SGB. Eligible investors include individuals, HUFs, trusts, universities and charitable institutions. Individual investors with subsequent change in residential status from resident to non-resident may continue to hold SGB till early redemption/maturity.

The provisions relating to process of selection / removal / qualification, etc. would be fully applicable to foreign banks operating under the branch model (FBOBM). However, in respect of FBOBM, any reference to the Board in terms of para 2.5 of the aforesaid circular detailing the selection process would be treated as equivalent to the Regional or Head Office Compliance. Further, in terms of para 2.7 on detailing the reporting line, any reference to the Board/ACB would be treated as equivalent to Regional or Head Office Compliance in case of FBOBM.

As per Clause 8 of the Scheme, the Ombudsman for Digital Transactions shall receive and consider complaints on deficiency in services against System Participants defined in the Scheme on any of the following grounds:

4.(1) Prepaid Payment Instruments: Non-adherence to the instructions of Reserve Bank by System Participants about Prepaid Payment Instruments¹ on any of the following:

1. Failure in crediting merchant's account within reasonable time;

2. Failure to load funds within reasonable time in wallets / cards;

3. Unauthorized electronic fund transfer;

4. Non-Transfer / Refusal to transfer/ failure to transfer within reasonable time, the balance in the Prepaid Payment Instruments to the holder’s ‘own’ bank account or back to source at the time of closure, expiry of validity period etc., of the Prepaid Payment Instrument;

5. Failure to refund within reasonable time / refusal to refund in case of unsuccessful / returned / rejected / cancelled / transactions;

6. Non-credit / delay in crediting the account of the Prepaid Payment Instrument holder as per the terms and conditions of the promotions offer(s) from time to time, if any;

7. Non-adherence to any other instruction of the Reserve Bank on Prepaid Payment Instruments.

The existing SCAs/SAs of the Entity can continue (including as Joint Auditors) only if they fulfill the eligibility criteria and have not completed the stipulated tenure of three years as SCAs/SAs of the Entity. Till the appointment of SCAs/SAs for FY 2021-22, as per the requirements of the Circular and applicable statutory provisions, the SCAs/SAs for FY 2020-21 can continue for the Limited Review for Q1, Q2, etc.

1. The regulatory reporting under FETERS (R Return) will be undertaken by the Bank maintaining SNRR A/c.

2. Any credit / debit to / from an SNRR account from / to an offshore account of the non-resident entity holding the SNRR account will be reported under AD bank transfer.

3. Any credit / debit to / from an SNRR account from / to a domestic (Indian) party will be reported basis underlying transaction (import, export, Trade Credit, services, ECB, etc).

Please note that bank holding SNRR account shall follow the reporting procedure as applicable to other INR Vostro accounts held by it. Please also refer to A.P. (DIR Series) Circular No. 25 March 20, 2019 on Compilation of R-Returns: Reporting under FETERS.

It is not necessary that individual alongwith his related parties have shareholding in the NOFHC. However, if any individual belonging to the Promoter Group chooses to become a promoter of the NOFHC, he along with his relatives (as defined in Section 6 of the Companies Act 1956) and along with entities in which he and / or his relatives hold not less than 50 per cent of the voting equity shares can hold voting equity shares not exceeding 10 per cent of the total voting equity shares of the NOFHC. [para 2 ( C ) (ii) (a) of the guidelines]