At the time of making applications, the Promoters/Promoter Group will have to furnish a road map and methodologies they would adopt to comply with all the requirements of the corporate structure indicated in para 2 (C)(ii) and (iii) of the guidelines and realign the business between the entities to be held under the NOFHC [para 2(C)(iv) of the guidelines] within a period of 18 months. After the ‘in-principle approval’ is accorded by RBI for setting up of the bank, the actual setting up of NOFHC and the bank, re-organization of the Promoter Group entities to bring the regulated financial services entities under the NOFHC as well as realignment of business among the entities under the NOFHC have to be completed within a period of 18 months from the date of in-principle approval or before commencement of banking business, whichever is earlier.

• The application form can be downloaded from the RBI’s website. However, banks shall also get forms printed and made available to the investors.

In case of premature redemption, investors can approach the concerned bank/SHCIL offices/Post Office/agent thirty days before the coupon payment date. Request for premature redemption can only be entertained if the investor approaches the concerned bank/post office at least one day before the coupon payment date. The proceeds will be credited to the customer’s bank account provided at the time of applying for the bond.

SGL or CSGL are a demat form of holding government securities with the RBI. Just as an investor can hold shares in demat form with a depository participant, he can also hold government securities in an account with a bank or a PD. Securities kept on behalf of customers by banks or PDs are kept in a segregated CSGL A/c with the RBI. Thus, if the bank or the PD buys security for his client, it gets credited to the CSGL account of bank or PD with the RBI.

Proposals not covered by the conditions under the automatic route require the prior clearance of the regulatory authority for which a specific application in form ODI is required to be made to the Reserve Bank of India.

సర్క్యులర్ జారీచేసినప్పటి నుంచి, అంటే ఆగస్టు 10, 2012 నుంచి ‘‘నో ఫ్రిల్’’ అకౌంట్లు అన్నిటినీ బి.ఎస్.బి.డి.ఎ అకౌంట్లుగా పరిగణించవచ్చు. ప్రస్తుతం ఉన్న ‘నో ఫ్రిల్’ అకౌంట్ హోల్డర్లు బ్యాంకును సంప్రదించినప్పుడు ఎటిఎం కార్డు మరియు తదితర నిర్ణీత సదుపాయాలను బ్యాంకులు అందించవచ్చు. అయితే, సర్క్యులర్ జారీచేసిన తరువాత కొత్త అకౌంట్లను తెరిచే కస్టమర్లకు, అకౌంట్లను తెరిచిన వెంటనే నిర్ణీత సదుపాయాలు కల్పించాలి.

సమాధానం. ఇఎంవి చిప్ మరియు పిన్ కార్డులో డేటా, చిప్ లో నిలువ చేసివుండగా, మ్యాగ్నెటిక్ స్ట్రైప్ కార్డులో ఉన్న డేటా మ్యాగ్నెటిక్ స్ట్రైప్ లో నిలువచేయబడుతుంది. మ్యాగ్నెటిక్ స్ట్రైప్ కార్డులతో పోలిస్తే, ఇఎంవి చిప్ మరియు పిన్ కార్డులు సురక్షితమైనవిగా పరిగణించబడుతున్నాయి.

Ans. మాస్ ట్రాన్సిట్ సిస్టమ్స్ పిపిఐల (పిపిఐ-ఎంటిఎస్) యొక్క విశిష్టతలు ఈ కింది విధంగా ఉంటాయి:

1. ఇవి, మాస్ ట్రాన్సిట్ సిస్టమ్ ఆపరేటర్లు జారీచేసే సెమీ- క్లోజ్డ్ పిపిఐలు.
2. మాస్ ట్రాన్సిట్ సిస్టమే కాకుండా, ఇలాంటి పిపిఐ-ఎంటిఎస్ లు, రవాణా వ్యవస్థ అనుబంధ /సంబంధిత కార్యకలాపాలు జరిపే వ్యాపారస్తులవద్ద లేక రవాణా సంస్థ ప్రాంగణం లోని వ్యాపారస్తుల వద్ద మాత్రమే ఉపయోగించాలి.
3. ఇవి రీలోడ్ చేయదగినవి
4. గరిష్ట బకాయి ఏ సమయంలోనూ ₹3,000/- పరిమితిని మించకూడదు.
5. క్యాష్-అవుట్ లేదా రిఫండ్ లేదా ఫండ్స్ బదిలీ అనుమతించబడవు
6. ఇష్యూయర్ యొక్క బోర్డు ఆమోదించిన పాలసీ ప్రకారం వాటిని రీవ్యాలిడేట్ చేయవచ్చు (కొత్త ఇన్స్ట్రుమెంట్ జారీతో సహా)
7. ఇలాంటి పిపిఐల లావాదేవీలకు, అడిషనల్ ఫేక్టర్ ఆఫ్ ఆతెంటికేషన్, ఎఎఫ్ఎ అవసరం లేదు

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 and 50 paise per transaction to the Clearing house and destination bank respectively. Bank branches do not generally levy processing / service charges for debiting the accounts of customers maintained with them.

The bond can be gifted/transferable to a relative/friend/anybody who fulfills the eligibility criteria (as mentioned at Q.no. 4). The Bonds shall be transferable in accordance with the provisions of the Government Securities Act 2006 and the Government Securities Regulations 2007 before maturity by execution of an instrument of transfer which is available with the issuing agents.

Yes.  Government securities are eligible for conversion from one form of holding to another as well as consolidation, sub-division and renewal as per the terms and conditions prescribed in the G S Regulations.

Response

All the existing 'No-Frill' accounts may be treated as BSBDA accounts from the date of the circular i.e., August 22, 2012 and banks may offer the prescribed facilities as per the circular such as issuing ATM card etc., to the existing ‘No-Frill’ account holders as and when the customer approaches the bank. However, for customers opening new accounts after the issue of our circular should be provided with the prescribed facilities immediately on opening of the account.

• Product structure of the series of IIBs for retail investors is yet to be finalised. It will be finalised in the due course and accordingly, the same would put in the public domain.

A person resident in India is free to make any payment in Indian Rupees towards meeting expenses on account of boarding, lodging and services related thereto or travel to and from and within India of a person resident outside India who is on a visit to India.

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 and 50 paise per transaction to the Clearing house and destination bank respectively. Bank branches do not generally levy processing / service charges for debiting the accounts of customers maintained with them.

CG and SG match on a price- time priority basis and T Bills Match on a yield-time priority basis. For a bid in CG/SG to match with an offer, the bid price has to be equal to or greater than the offer price. For an offer in CG/SG to match with a bid, the offer price has to be equal to or less than the offer price. In case of T Bills, the bid yield has to be equal to or less than the offer yield and vice versa for offers. At the same price/yield, the order which has come first to the system will get priority.

At the time of making applications, the Promoters/Promoter Group will have to furnish a road map and methodologies they would adopt to comply with all the requirements of the corporate structure indicated in para 2 (C)(ii) and (iii) of the guidelines and realign the business between the entities to be held under the NOFHC [para 2(C)(iv) of the guidelines] within a period of 18 months. After the ‘in-principle approval’ is accorded by RBI for setting up of the bank, the actual setting up of NOFHC and the bank, re-organization of the Promoter Group entities to bring the regulated financial services entities under the NOFHC as well as realignment of business among the entities under the NOFHC have to be completed within a period of 18 months from the date of in-principle approval or before commencement of banking business, whichever is earlier.

Banks are free to fix Prime Lending Rate (PLR) for credit limits over Rs.2 lakhs with the approval of their respective Boards, which should be the minimum rate charged by them for such credit limits. PLR is to be declared and has to be uniformly applicable at all branches. The banks may authorise their Asset-Liability Management Committee (ALCO) to fix interest rates on Deposits and Advances, subject to their reporting to the Board immediately thereafter. The banks should also fix maximum spread over the PLR with the approval of the ALCO/Board for all advances other than consumer credit.

An illustrative list of Intermediary Agencies is as under: 1. State sponsored organizations for on-lending to Weaker Sections.@ 2. Distributors of agricultural inputs/implements. 3. State Financial Corporations (SFCs)/State Industrial Development Corporations (SIDCs) to the extent they provide credit to weaker sections. 4. National Small Industries Corporation (NSIC). 5. Khadi and Village Industires Commission (KVIC). 6. Agencies involved in assisting the decentralized sector. 7. Housing and Urban Development Corporation Ltd. (HUDCO). 8. Housing Finance Companies approved by National Housing Bank (NHB) for refinance. 9. State sponsored organization for SCs/STs (for purchase and supply of inputs to and/or marketing of output of the beneficiaries of these organizations). 10. Micro Finance Institutions/Non-Government Organisations (NGOs) on-lending to SHGs. @ ‘Weaker Sections’ in Priority Sector includes following: Small and marginal farmers with land holdings of 5 acres and less, landless labourers, tenant farmers and share-croppers; Artisans, village and cottage industries where individual credit requirements do not exceed Rs.25,000/-. Small and marginal farmers, sharecroppers, agricultural and non-agricultural labourers, rural artisans and families living below the poverty lines are the beneficiaries. The family income should not exceed Rs. 11,000/- per annum. Scheduled Castes and Scheduled Tribes. Beneficiaries are persons whose family income from all sources does not exceed Rs.7200/- per annum in urban or semi urban areas or Rs.6,400/- per annum in rural areas. They should not own any land or the size of their holding does not exceed one acre in the case of irrigated land and 2.5 acres in the case of unirrigated land ( land holding criteria do not apply to SC/ST). Beneficiaries under Scheme of Liberation and Rehabilitation of Scavengers (SLRS). Advances granted to Self-Helf Groups (SHGs) for reaching the rural poor.

An application for direct investment in a JV/WOS may be made in form ODI to:The Chief General Manager,Overseas Investment Division,Exchange Control Department,Reserve Bank of India, Central Office,Amar Building, Sir P.M.Road,Mumbai 400 001.

అవును. ఇలాంటి కస్టమర్లు రాతపూర్వకంగా సమ్మతిని ఇవ్వాలి మరియు బి.ఎస్.బి.డి.ఎల్లో లభించే విశిష్టతలు మరియు సేవలను వాళ్ళకు తెలియజేయాలి.

సమాధానం. ప్రస్తుతం వాడుకలోగల మ్యాగ్నెటిక్ స్ట్రైప్ కార్డులను డిసెంబరు 31, 2018లోగా ఇఎంవి చిప్ మరియు పిన్ కార్డులుగా మార్చవలసిందిగా బ్యాంకులను ఆదేశించడం జరిగింది. కార్డు హోల్డర్ తన మ్యాగ్నెటిక్ స్ట్రైప్ కార్డు, ఇఎంవి చిప్ మరియు పిన్ కార్డుగా మార్చబడకపోతే, అందుకొరకు తమ బ్యాంకును వెంటనే సంప్రదించాలి.

Ans. The meaning of KYC is as defined in paragraph 6 of the MD-PPIs. The KYC / Anti-Money Laundering (AML) / Combating Financing of Terrorism (CFT) guidelines issued by the Department of Regulation (DoR), RBI, in “Master Direction – Know Your Customer Direction, 2016”, shall apply mutatis mutandis to all the entities issuing PPIs.

Yes, these securities are eligible to be used as collateral for loans from banks, financial Institutions and Non-Banking Financial Companies (NBFC). The Loan to Value ratio will be the same as applicable to ordinary gold loan prescribed by RBI from time to time. Granting loan against SGBs would be subject to decision of the bank/financing agency, and cannot be inferred as a matter of right.

Yes.  Government securities, as per eligibility, can be stripped separately for interest and principal and reconstituted as well.

The NDS-OM system ensures that orders place by a GAH will not match with its Primary Member. Similarly orders placed by two GAH of the same Primary Member will not match.

• Fixed Income Money Market and Derivatives Association of India (FIMMDA) will come out with valuation guidelines shortly.

Residents may book their tickets in India for their visit to any third country. That is residents can book their tickets for travel for instance to London/New York through domestic/foreign airlines in India itself.

At the time of making applications, the Promoters/Promoter Group will have to furnish a road map and methodologies they would adopt to comply with all the requirements of the corporate structure indicated in para 2 (C)(ii) and (iii) of the guidelines and realign the business between the entities to be held under the NOFHC [para 2(C)(iv) of the guidelines] within a period of 18 months. After the ‘in-principle approval’ is accorded by RBI for setting up of the bank, the actual setting up of NOFHC and the bank, re-organization of the Promoter Group entities to bring the regulated financial services entities under the NOFHC as well as realignment of business among the entities under the NOFHC have to be completed within a period of 18 months from the date of in-principle approval or before commencement of banking business, whichever is earlier.

No. It will not be mandatory for the retail investor to maintain a constituent subsidiary general ledger (CSGL) account with a bank or a primary dealer (PD) through whom it proposes to participate in the auction. It will, however, be convenient for the investor to have such an account.

Response

Yes. Such customers should give their consent in writing and they should be informed of the features and extent of services available in BSBDAs.

Yes, the PD/ bank through whom the application is made must clearly indicate such mode of crediting the securities.

Yes. In respect the following categories the banks have freedom to charge interest rate without reference to PLR:Loans covered by refinance schemes of term lending institutions.Interest rates on bank lending to intermediary agencies.Bill discounting by banks.Advances/overdrafts against domestic/NRE/FCNR(B) deposits.Banks are also free to determine the rates of interest without reference to PLR for the following categories:a. Loans for purchase of consumer durables.b. Loans to individuals against shares and debentures /bonds.c. Other non-priority sector personal loans.However, it is not the intention to allow any concessionality in case of such loans and therefore banks should not charge rates below PLR,regardless of the size of the loan amount.

Requests under the normal route are considered by taking into account the prima facie viability of the proposal, business track record of the promoters, experience and expertise of the promoters, benefits to the country, etc.

సమాధానం. పిపిఐ బ్యాలెన్సులపై వడ్డీ ఏదీ చెల్లించబడదు.

Interest on the Bonds will be taxable as per the provisions of the Income-tax Act, 1961 (43 of 1961). The capital gains tax arising on redemption of SGB to an individual has been exempted. The indexation benefits will be provided to long terms capital gains arising to any person on transfer of bond.

STRIPS is the acronym for 'Separate Trading of Registered Interest and Principal of Securities'. These are basically "zero-coupon" securities where the investor receives a payment at maturity only. STRIPS allow investors to hold and trade the individual interest and principal components of eligible Government securities as separate securities of varying tenure. They are popular with investors who want to receive a known payment on a specific future date and want to hold securities of desired maturity.

The Primary Member has the right to cancel/hold or release any outstanding order of the GAH. For instance, in case of any connectivity issues at the GAH end, the GAH can request the Primary Member to either cancel or hold his orders. Orders held by the Primary Member can only be released by the Primary Member. Orders placed by the GAH cannot be modified by the Primary Member. Trades once concluded on the NDS OM Web Module cannot be cancelled.

Persons resident in India are permitted to maintain foreign currency accounts in India under following two Schemes: EEFC Accounts:- To avoid exchange loss on conversion of foreign exchange into Indian Rupee & Rupee into foreign exchange, residents can retain upto 50% of foreign currency remittances received from abroad in a foreign currency account, viz., EEFC account, with an authorised dealer in India. Funds held in EEFC account can be utilised for current account transactions and also for approved capital account transactions as specified by the extant Rules/Regulations/Notifications/Directives issued by the Government/RBI from time to time. RFC Accounts :- Returning Indians, i.e., those Indians, who were non-residents earlier, and are returning now for permanent stay, are permitted to open, hold and maintain with an authorised dealer in India a Resident Foreign Currency (RFC) Account to keep their foreign currency assets. Assets held outside India at the time of return can be credited to such accounts. The foreign exchange (i) received or acquired as gift or inheritance from a person referred to sub-section (4) of section 6 of FEMA,1999 or (ii) referred to in clause (c) of section 9 of the Act or acquired as gift or inheritance therefrom may also be credited to this account. The funds in RFC account are free from all restrictions regarding utilisation of foreign currency balances including any restriction on investment outside India. The facility is also available to residents provided foreign exchange to be credited to such account is received out of certain specified type of funds/accounts. c. RFC (Domestic)Account:- A person resident in India can open, hold and maintain with an authorized dealer in India, a Resident Foreign Currency (Domestic) Account, out of foreign exchange acquired in the form of currency notes, Bank notes and travellers cheques from any of the sources like, payment for services rendered abroad, as honorarium, gift, services rendered or in settlement of any lawful obligation from any person not resident in India. The account may also be credited with/opened out of foreign exchange earned like proceeds of export of goods and/or services, royalty, honorarium, etc., and/or gifts received from close relatives (as defined in the Companies Act) and repatriated to India through normal banking channels by resident individuals.

At the time of making applications, the Promoters/Promoter Group will have to furnish a road map and methodologies they would adopt to comply with all the requirements of the corporate structure indicated in para 2 (C)(ii) and (iii) of the guidelines and realign the business between the entities to be held under the NOFHC [para 2(C)(iv) of the guidelines] within a period of 18 months. After the ‘in-principle approval’ is accorded by RBI for setting up of the bank, the actual setting up of NOFHC and the bank, re-organization of the Promoter Group entities to bring the regulated financial services entities under the NOFHC as well as realignment of business among the entities under the NOFHC have to be completed within a period of 18 months from the date of in-principle approval or before commencement of banking business, whichever is earlier.

Yes. At the instance of the investor, subsequent conversion to the physical form is allowed.

Yes. The banks may announce different PLRs for credit limits over Rs. 2 lakhs for different maturities provided the transparency and uniformity of treatment originally envisaged continues to be maintained. The banks, which have moved over to declaration of tenor-linked PLRs should always indicate the specific tenor for which the declared PLR is applicable. Banks may announce a separate Prime Term Lending Rate (PTLR) for term loans of three years and above. Banks may also prescribe separate PLRs and spreads over PLRs for loan component and cash credit component.

Proposals under the normal route are approved by the Special Committee on Indian Direct Investment Abroad, which consists of the representatives of the Ministry of Finance, Ministry of External Affairs and Ministry of Commerce of the Government of India and the Reserve Bank of India.

సమాధానం. కార్డులు, వాలెట్లు, మరియు దానిలో ఉన్న మొత్తాన్ని ఉపయోగించగల ఏదైనా రూపంలో లేదా ఇన్స్ట్రుమెంట్ రూపంలో, పిపిఐలను జారీచేయవచ్చు. పేపర్ ఓచర్ల రూపంలో పిపిఐలు ఇంకెంత మాత్రం జారీచేయబడవు.

TDS is not applicable on the bond. However, it is the responsibility of the bond holder to comply with the tax laws.

The Primary Member being responsible for the settlement of the trades done by the GAH on the NDS OM Web Based Module, will have a view of the Orders placed by the GAH as well as the trades done by the GAH.

In terms of sub-section 4, of Section (6) of the Foreign Exchange Management Act, 1999, a person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such person when he was resident outside India or inherited from a person who was resident outside India. (Please also refer to the Liberalised Remittance Facility of USD 25,000 discussed below).

Yes.   A fee of Rupees twenty is payable for renewal, conversion or sub-division of Government security and a fee of Rupees One hundred is payable for issue of a duplicate Government security. However, no fee is payable for conversion of GPN into SC and SGL/CSGL or SC into SGL/CSGL, consolidation of Government securities and renewals due to filling up of interest cages at the back of the GPN or filling up of transfer endorsement cages at the back of the SC.