udit6969/indian-regulatory-bfsi-benchmark-v1 huggingface dataset:
Regulator: RBI

7. Examination of the Banknotes before Issuing over Counters, Feeding ATMs --- and Remitting to Issue Offices of RBI that banknotes in the denominations of ₹100 and above are not put into re-circulation without the notes being machine processed for authenticity. The said instructions shall be applicable to all bank branches, irrespective of the volume of daily cash receipt. ATMs, and to curb circulation of Counterfeit Notes, it is imperative to put in place adequate safeguards/ checks before loading ATMs with notes. Dispensation of Counterfeit Notes through the ATMs would be construed as an attempt to circulate the Counterfeit Notes by the bank concerned. This shall also be applicable to White Label ATM Operators in terms of circular DPSS.CO.OD.No.1916/06.07.011/2018-19 dated March 7, 2019. as wilful involvement of the chest branches concerned in circulating Counterfeit Notes and may attract special investigation by police authorities, and other action like suspending the operation of the chest concerned.

Question: What is the amount specified for Examination of the Banknotes before Issuing over Counters, Feeding ATMs under section 7?
Answer: ₹100
Regulator: RBI

3. Foreign Exchange Regulations relating to General/ Health Insurance from --- insurers in India i) "Person resident in India" and "Foreign Currency" will have the same meaning as defined under Foreign Exchange Management Act, 1999. (ii) “Insurers” means the Indian Insurance Companies as defined in Section 3(9) of The Insurance Laws (Amendment) Act, 2015 and registered with Insurance Regulatory and Development Authority of India (IRDAI) to carry out general/health insurance/reinsurance business in India. Payment of premium in foreign exchange means and includes payment of premium in foreign exchange and/or payment of premium in INR derived by sale of foreign exchange to an authorised dealer or an authorised money-changer. Appropriate documentary evidence may be insisted upon at the time of accepting payment. Resident of India may take general/health insurance policy permitted by IRDAI from Indian insurer on payment of premium in INR, where claims arising under the policies outside India are to be settled in foreign currency. Resident outside India may take general/health insurance policy as permitted by IRDAI from Indian Insurers. Claims arising under the policies are to be settled in INR if payment of premium is in INR and in any currency if payment of premium is in foreign currency. However, Insurance cover on risks inside India (including All Risks Insurance) on assets in India owned by Indian branches/offices of foreign companies, banks, etc., may be issued only in INR. Indians, Nepalese and Bhutanese resident in Nepal and Bhutan as well as offices and branches of Indian, Nepalese and Bhutanese firms, companies or other organizations in these two countries are treated as resident in India for purpose of transactions in INR. Payment of claims to such persons against general/health insurance policies may be freely made in INR. Payments in foreign currency towards claims under general/health insurance policies will require prior approval of Reserve Bank, except where premium thereon was also collected in foreign currency.

Question: Which section is referenced in connection with Foreign Exchange Regulations relating to General/ Health Insurance?
Answer: Section 3
Regulator: RBI

RBI/DCM/2018-19/63 --- Master Direction DCM (CC) No.G-3/03.41.01/2018-19 July 3, 2018 The Chairman and Managing Director / Chief Executive Officers, All Banks Madam / Dear Sir, Master Direction on Currency Distribution & Exchange Scheme (CDES) based on performance in rendering customer service to the members of public In terms of the Preamble, under Section 45 of the RBI Act, 1934 and 35 A of the Banking Regulation Act, 1949, the Bank issues guidelines / instructions for realising the objectives of our Clean Note Policy. With a view to sustaining these objectives, the Bank has formulated a scheme of incentives titled Currency Distribution and Exchange Scheme (CDES) in order to ensure that all bank branches provide better customer services to members of public. subject. The Direction will be updated from time to time as and when fresh instructions are issued. 3. This Master Direction has been placed on RBI website at www.rbi.org.in. Yours faithfully, (Manas Ranjan Mohanty) Chief General Manager Encl: As above Annex Circular on “Currency Distribution & Exchange Scheme (CDES)” for bank branches including currency chests based on performance in rendering customer service to members of public 1. The Currency Distribution & Exchange Scheme (CDES) for bank branches including currency chests has been formulated in order to ensure that all bank branches provide better customer service to members of public with regard to exchange of notes and coins, in keeping with the objectives of Clean Note Policy. As per the scheme, banks are eligible for the following financial incentives for providing facilities for exchange of notes and coins: 3. Operational Guidelines to avail performance-based incentives – i) The incentives will be paid on the soiled notes actually received in the Issue Office of the RBI. Banks need not submit a separate claim in this regard. Currency chest branch will have to pass on the incentive to the linked branches for the soiled notes tendered by them on a pro-rata basis. ii) Similarly, incentive will be paid in respect of the adjudicated notes received along with the soiled note remittances / sent separately by registered / insured post in a sealed cover to the RBI. No separate claim is required to be made. -------------------------------------

Question: What section number is cited regarding Currency Distribution & Exchange Scheme?
Answer: Section 45
Regulator: RBI

4. General Route --- 5. Voluntary Retention Route (VRR) 5.1. Eligible investors: Foreign Portfolio Investors 5.2. Eligible instruments: (i) Any instrument listed under Schedule 1 to Foreign Exchange Management (Debt Instruments) Regulations, 2019 notified, vide, Notification No. FEMA. 396/2019- RB dated October 17, 2019, other than units of domestic mutual funds or Exchange Traded Funds (ETFs) which invest less than or equal to 50 per cent in equity, as specified at 1A(d) of that schedule, and partly paid debt instruments. However, investments shall be permitted in ETFs that invest only in debt instruments. (ii) Repos and reverse repos, subject to the amount borrowed or lent under repo not exceeding 10 per cent of the investments by an FPI under VRR. Provided that: (a) FPI investment in unlisted corporate debt securities in the form of non- convertible debentures/bonds issued by public or private companies shall be subject to end-use restriction on investment in real estate business, capital market and purchase of land. (b) An FPI may invest in ‘to be listed’ corporate debt securities. If the corporate debt security is not listed within such period prescribed by SEBI for the purpose, the FPI shall immediately sell the corporate debt security to the issuer or to a third party. For this purpose, the terms of offer to an FPI investing in such securities shall contain a clause requiring the issuer to immediately redeem/buyback the corporate debt security in such an eventuality. (c) An FPI which proposes to acquire default bonds shall disclose to the Debenture Trustees the terms of its offer to the existing debenture holders / beneficial owners from whom it is acquiring the bonds. 5.3. Investment limit: Investments under VRR shall be subject to the investment limit stipulated for FPI investments under the General Route as specified in paragraph

Question: What is provided under paragraph 4 of the Master Direction - Reserve Bank of India concerning General Route?
Answer: 5. Voluntary Retention Route (VRR) 5.1. Eligible investors: Foreign Portfolio Investors 5.2.
Regulator: RBI

7. Tenure of Internal Ombudsman / Deputy Internal Ombudsman --- (1) The appointment of the Internal Ombudsman / Deputy Internal Ombudsman in the regulated entity is of a contractual nature. The tenure of the Internal Ombudsman / Deputy Internal Ombudsman in the regulated entity shall be a fixed term of not less than three years, but not exceeding five years. (2) The Internal Ombudsman / Deputy Internal Ombudsman shall not be eligible for reappointment or for extension of term in the same regulated entity. The tenure of the Internal Ombudsman / Deputy Internal Ombudsman shall be indicated in the appointment letter. (3) The Internal Ombudsman / Deputy Internal Ombudsman cannot be removed before the completion of his / her contracted term without the explicit approval of the Reserve Bank of India. In case the vacancy arises on account of reasons beyond the control of the regulated entity (such as death, resignation, incapacitation, terminal illness, etc.), the regulated entity shall inform Reserve Bank of India within 10 working days from the date of such vacancy. The regulated entity shall appoint a new Internal Ombudsman / Deputy Internal Ombudsman as per eligibility criteria specified under clause 5 and clause 6 of these Directions within three months from the date of vacancy and submit a report within 5 working days from the date of appointment of the new Internal Ombudsman / Deputy Internal Ombudsman as per clause 15 of Chapter V of these Directions. (4) The Principal Nodal Officer or the Nodal Officer, liaising with the offices of the RBI Ombudsman, shall not act as Internal Ombudsman / Deputy Internal Ombudsman or vice versa, even during the temporary absence of either.

Question: In the Master Direction - Reserve Bank of India, what does section 7 state about Tenure of Internal Ombudsman / Deputy Internal Ombudsman?
Answer: (1) The appointment of the Internal Ombudsman / Deputy Internal Ombudsman in the regulated entity is of a contractual nature.
Regulator: RBI

9. Secretariat and Cost of the office of Internal Ombudsman --- (1) The regulated entity shall depute such number of its officers or other staff to the office of the Internal Ombudsman as is considered necessary for the smooth functioning of the offices of the Internal Ombudsman. All other requisite office infrastructure, including information technology support shall be made available to the office of the Internal Ombudsman to enable the Internal Ombudsman discharge his / her responsibilities effectively and efficiently. (2) Customer Service Committee / Consumer Protection Committee of the Board of the regulated entity shall determine the structure of emoluments, facilities and benefits accorded to the Internal Ombudsman / Deputy Internal Ombudsman, which should be appropriate keeping in view the stature and position of the Internal Ombudsman / Deputy Internal Ombudsman being at the apex of the grievance redress mechanism of the regulated entity as also the need to attract experienced persons with requisite expertise. These emoluments, facilities and benefits accorded to the Internal Ombudsman / Deputy Internal Ombudsman, once determined, shall not be changed during the tenure of Internal Ombudsman / Deputy Internal Ombudsman. (3) The office of the Internal Ombudsman shall preferably be placed in the Head Office or Corporate Office of the regulated entity.

Question: In the Master Direction - Reserve Bank of India, what does section 9 state about Secretariat and Cost of the office of Internal Ombudsman?
Answer: (1) The regulated entity shall depute such number of its officers or other staff to the office of the Internal Ombudsman as is considered necessary for the smooth functioning of the offices of the Internal Ombudsman.
Regulator: RBI

6. Registration with police authorities --- Applicants from Bangladesh, Sri Lanka, Afghanistan, Iran, China, Hong Kong, Macau or Pakistan desirous of opening BO/LO/PO in India shall have to register with the state police authorities. Copy of approval letter for ‘persons’ from these countries shall be marked by the AD Category-I bank to the Ministry of Home Affairs, Internal Security Division-I, Government of India, New Delhi for necessary action and record.

Question: In the Master Direction - Establishment of Branch Office, what does section 6 state about Registration with police authorities?
Answer: Applicants from Bangladesh, Sri Lanka, Afghanistan, Iran, China, Hong Kong, Macau or Pakistan desirous of opening BO/LO/PO in India shall have to register with the state police authorities.
Regulator: RBI

4. General Route --- (vii) The primary responsibility of complying with all applicable limits for investment in Government securities shall lie with the FPIs and custodians. 4.4. Investment in corporate debt securities shall be in terms of the following: (i) Minimum residual maturity requirement: An FPI may invest only in corporate debt securities with original/residual maturity of above one year. (ii) An FPI shall not invest in: (a) corporate debt securities with any optionality clause that is exercisable within a year from the date of investment; (b) debt mutual fund schemes with maturity or Macaulay duration of the portfolio less than one year4; (c) partly paid debt instruments; and (d) amortised corporate debt instruments where the duration of the instrument is up to one year. (iii) [***]i (iv) Issue-wise limit: Investment by any FPI, including investments by related FPIs, shall not exceed 50 per cent of any issue of a corporate debt security. In case an FPI, including related FPIs, had invested in more than 50 per cent of any single issue before this stipulation came into effect, vide A.P. (DIR Series) Circular No. 31 dated June 15, 2018, the FPIs shall not make further investments in that issue until this limit is complied with. (v) [***]ii (vi) FPI investment in unlisted corporate debt securities in the form of non-convertible debentures/bonds issued by public or private companies shall be subject to end- use restrictions on investments in real estate business, capital market and purchase of land. (vii) An FPI may invest in ‘to be listed’ corporate debt securities. If the corporate debt security is not listed within such period prescribed by Securities and Exchange Board of India (SEBI) for the purpose, the FPI shall immediately sell the corporate debt security to the issuer or to a third party. For this purpose, the terms of offer 4 The categorization of debt mutual fund schemes and meaning of the expression ‘Macaulay duration of the portfolio’ shall be as per the SEBI’s Master Circular for Mutual Funds dated June 27, 2024, as amended from time to time.

Question: What does paragraph 4 of the Master Direction - Reserve Bank of India cover regarding General Route?
Answer: (vii) The primary responsibility of complying with all applicable limits for investment in Government securities shall lie with the FPIs and custodians.
Regulator: RBI

2. Within the contours of the Regulations, the Reserve Bank issues directions to --- Authorised Persons under Section 11 of the Foreign Exchange Management Act (FEMA), 1999. These directions lay down the modalities as to how the foreign exchange business has to be conducted by the Authorised Persons with their customers / constituents with a view to implementing the regulations framed. Further, Reserve Bank of India, in public interest and / or to regulate the financial system of the country to its advantage, issues directions to agencies undertaking foreign exchange transactions under Section 45W of the Reserve Bank of India Act, 1934.

Question: What does paragraph 2 of the Master Direction - Risk Management and Inter-Bank Dealings cover regarding Within the contours of the Regulations, the Reserve Bank issues directions?
Answer: Authorised Persons under Section 11 of the Foreign Exchange Management Act (FEMA), 1999.
Regulator: RBI

2. Calculation of the Overall Net Open Position --- This involves measurement of risks inherent in Authorised Dealers’ mix of long and short position in different currencies. It has been decided to adopt the "shorthand method" which is accepted internationally for arriving at the overall net open position. Authorised Dealers may, therefore, calculate the overall net open position as follows: i. Calculate the net open position in each currency (paragraph 1 above). ii. Calculate the net open position in gold. iii. Convert the net position in various currencies and gold into Rupees in terms of existing RBI / FEDAI Guidelines. All derivative transactions including forward exchange contracts should be reported on the basis of Present Value (PV) adjustment. iv. Arrive at the sum of all the net short positions. v. Arrive at the sum of all the net long positions. Overall net foreign exchange position is the higher of (iv) or (v). The overall net foreign exchange position arrived at as above must be kept within the limit approved by the Authorised Dealers’ Board. 3 5 Note: Authorised Dealers should report all derivative transactions including forward exchange contracts on the basis of PV adjustment for the purpose of calculation of the net open position. Authorised Dealers may select their own yield curve for the purpose of PV adjustments. Authorised Dealers however should have an internal policy approved by their ALCO regarding the yield curve/(s) to be used and apply it on a consistent basis.

Question: In the Master Direction - Risk Management and Inter-Bank Dealings, what does section 2 state about Calculation of the Overall Net Open Position?
Answer: This involves measurement of risks inherent in Authorised Dealers’ mix of long and short position in different currencies.
Regulator: RBI

1. Certificate of Incorporation --- 2. Memorandum (up-to-date) and Articles of Association 3. Board resolution for conducting money transfer activities, submission of application and its contents including authorization of an official to make the application. 4. Details of associates, group companies, etc. 5. PAN Card/s of the Director/s. 6. Bank Account details and sealed confidential reports from banks. 7. A certificate from Chartered Accountant certifying Net Owned Funds 8. Balance Sheet and P&L A/c statement for the last three years. 9. Business plan for the next three years. 10. Conduct certificate from the local police authorities.

Question: What is provided under paragraph 1 of the Master Direction – Reporting under Foreign Exchange Management Act, 1999 concerning Certificate of Incorporation?
Answer: 2. Memorandum (up-to-date) and Articles of Association 3. Board resolution for conducting money transfer activities, submission of application and its contents including authorization of an official to make the application.
Regulator: RBI

4.1 Reports to the Board --- Banks should ensure that all frauds of ₹0.1 million and above are reported to their Boards promptly on their detection. Such reports should, among other things, take note of the failure on the part of the concerned branch officials and controlling authorities, and give details of action initiated against the officials responsible for the fraud.

Question: In the Master Directions on Frauds – Classification and Reporting by commercial banks, what does section 4.1 state about Reports to the Board?
Answer: Banks should ensure that all frauds of ₹0.1 million and above are reported to their Boards promptly on their detection.
Regulator: RBI

3. General procedural instructions --- (1) The reporting system for overseas investment (or financial commitment) has been revised and incorporated in the FED Master Direction No. 18/2015-16 dated January 1, 2016. (2) With effect from March 2, 2010 online reporting of the ODI forms has been operationalised in a phased manner. The system enables online generation of the Unique Identification Number (UIN), acknowledgment of remittance/s (or financial commitment), filing of the Annual Performance Reports (APRs), disinvestment report and easy accessibility to data at the AD level for reference purposes. The online reporting would be required to be made by the Centralized Unit/Nodal Office of AD Category - I banks. The Overseas Investment Application is hosted on the Reserve Bank's Web2site at https://oid.rbi.org.in , and a link has been made available for acce2ssing the Application on the main page of the website. AD Category – I banks would be responsible for t s the validity of the information reported ounline. g a) The application foru overseas investment (or financial A commitment) unde r the approval route would continue to be . f . submitted to thee Reserve Bank in physical form as hitherto, in . w addition to the online reporting of Part I as contemplated n abovew, for approval purposes. a r b) Ind case of disinvestment by way of closure / winding up / h tvoluntary liquidation / merger/ amalgamation of JV/ WOS under i W the Automatic Route, in terms of A. P. (Dir Series) Circular No. 29 dated March 27, 2006/ A. P. (Dir Series) Circular No. 73 dated June 29, 2011, a report should continue to be submitted by the designated AD Category - I bank, in Part III of form ODI, to Reserve Bank in the online application. In all other cases of disinvestment, an application along with the necessary supporting documents should be submitted to the Reserve Bank as per the existing procedure. c) As per the new reporting system, AD Category – I banks would be able to generate the UIN online under the automatic route.

Question: What does paragraph 3 of the Master Direction – Direct Investment by Residents in Joint Venture cover regarding General procedural instructions?
Answer: (1) The reporting system for overseas investment (or financial commitment) has been revised and incorporated in the FED Master Direction No.