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

I. The Indian party is eligible for making uoverseas direct investment in terms of --- the Indian company to the Reserve Bank through the AD Category – I bank giving details of remittances / beneficiaries, etc. (2) A person resident in India may transfer by way of sale the shares acquired as stated above provided that the proceeds thereof are repatriated immediately on receipt thereof and in any case not later than 90 days from the date of sale of such securities. (3) Foreign companies are permitted to repurchase the shares issued to residents in India under any ESOP Scheme provided (i) the shares were issued in accordance with the Rules / Regulations framed under Foreign Exchange Management Act, 1999, (ii) the shares are being repurchased in terms of the initial offer document, and (iii) an annual return is submitted through the AD Category – I bank giving details of remittances / beneficiaries, etc. , (4) In all other cases, not covered by general or2 special permission, approval of t the Reserve Bank is required to be obtained befosre acquisition of a foreign security. u g C.2 Pledge of a foreign security by a puerson resident in India A The shares acquired by persons reside.nt in India in accordance with the provisions f . e of Foreign Exchange Managem.ent Act, 1999 or Rules or Regulations made w thereunder are allowed to be p ledged for obtaining credit facilities in India from an n w AD Category – I bank / Public Financial Institution. a r C.3 General permidssion in certain cases h t Residents are pWermiitted to acquire a foreign security, if it represents – a) qualification shares for becoming a director of a company outside India to the extent prescribed as per the law of the host country where the company is located provided it does not exceed the limit prescribed for the resident individuals under the Liberalized Remittance Scheme (LRS) in force at the time of acquisition; b) part / full consideration of professional services rendered to the foreign company or in lieu of Director’s remuneration. The limit of acquiring such shares in terms of value is restricted to the overall ceiling prescribed for the resident individuals under the Liberalized Remittance Scheme (LRS) in force at the time of acquisition;

Question: What is the timeline specified for Direct Investment by Residents in Joint Venture?
Answer: not later than 90 days
Regulator: RBI

5. Closure of Fraud Cases --- Manager) of RBI, the details of fraud cases of ₹0.1 million and above closed along with reasons for the closure after completing the process as given below. below are complete and prior approval is obtained from the SSM. causative factors and plugged the lacunae and the fact of which has been certified by the appropriate authority (Board / Audit Committee of the Board) pending fraud cases especially where the banks have completed staff side action. Similarly, banks may vigorously follow up with the police authorities and/or court for final disposal of fraud cases. those fraud cases involving amounts up to ₹2.5 million, where: (a) The investigation is on or challan/ charge sheet has not been filed in the Court for more than three years from the date of filing of First Information Report (FIR) by the CBI/Police or (b) The trial in the courts, after filing of charge sheet/challan by CBI / Police, has not started or is in progress. approval for closure of such cases from the SSM and follow up of such cases after closure as mentioned below. to the SSM of the bank. The cases may be closed after getting the approval of the SSM. The banks should maintain the record of details of such cases in a separate ledger. Even after closure of the fraud cases for limited statistical purposes, banks should vigorously follow up with the investigating agencies (CBI / Police) to ensure that the investigation process is taken to its logical conclusion. Similarly, the banks should continue to ensure that they are regularly and appropriately represented in the court proceedings as and when required. All the relevant records pertaining to such cases must be preserved till the cases are finally disposed of by CBI / Police or Courts, as the case may be. their own internal policy for closure of fraud cases, incorporating the above norms and other internal procedures / controls as deemed necessary.

Question: How much is specified for Closure of Fraud Cases under section 5?
Answer: ₹0.1 million
Regulator: RBI

SECTION - C --- 114 115Omitted Part X: Annex I 116 Omitted 113 Deleted/discontinued vide AP (DIR Series) Circular No.1 dated July 07, 2016 prior to deletion it read as “1) Invocation of Bank Guarantee/ Standby Letter of Credit for import of service: In terms of A.P.(DIR Series) Circular No. 13 dated November 17, 2006 read with A.P. (DIR Series) circular No. 11 dated October 5, 2009, in case of invocation of the guarantee issued for import of services, the Authorised Dealer is required to submit to the Chief General Manager-in-Charge, Foreign Exchange Department, Foreign Investments Division (EPD), Reserve Bank of India, Central Office, Mumbai- 400001 a report on the circumstances leading to the invocation of the guarantee relating to import of services” 114 Numbering updated post issuance of AP (DIR Series) Circular No.1 dated July 07, 2016 115 Deleted/discontinued vide AP (DIR Series) Circular No. 05 dated June 09, 2022. Prior to deletion it read as “Statement for reporting of non-resident guarantees issued and invoked in respect of fund and non-fund based facilities between two persons resident in India (Annex I): A non-resident can guarantee fund and non-fund based facilities availed by one resident from another. A reporting format has been prescribed to capture such guarantees issued and invoked. Authorized Dealer Category-I banks are required to furnish such details by all its branches, in a consolidated statement, during the quarter, as per the format in Annex to the Chief General Manager, Foreign Exchange Department, ECB Division, Reserve Bank of India, Central Office Building, 11th floor, Fort, Mumbai – 400 001 (and in MS-Excel file through email) so as to reach the Department not later than 10th day of the following month.” 116 Deleted/discontinued vide AP (DIR) Circular No. 05 dated June 09, 2022. Part XI: Compounding: The compounding of contraventions under Foreign Exchange Management Act (FEMA), 1999 is a voluntary process by which an applicant can seek compounding of an admitted contravention of any provision of FEMA, 1999 under Section 13(1) of the FEMA, 1999. The Forms prescribed are given below: 1) The format of the application (Annex-I). 2) The details of irregularities whether relating to Foreign Direct Investment, External Commercial Borrowings, Overseas Direct Investment and Branch Office/ Liaison Office, as applicable (Annex-II). 3) Undertaking that the applicant is not under investigation of any agency such as DOE, CBI, etc. in order to complete the compounding process within the time frame (Annex-III) 4) Mandate and details of their bank account (Annex IV): In case the application has to be returned for any reason, the application fees of Rs.5000/- received along with the application fees is also returned. To expedite the refund of compounding fees in such cases, it has been decided to credit the same to the applicant’s account through NEFT requiring the obtaining of a mandate.

Question: What is the amount specified for Reporting under Foreign Exchange Management Act, 1999?
Answer: Rs.5000
Regulator: RBI

13.1 It is necessary to ensure that the cash handling staff in banks are fully conversant --- Annex VIII Illustrative examples on calculation of Penalty as per the Penal Provisions prescribed under Para 11 (I) Counterfeit notes detected in soiled note remittances A currency chest has sent the following soiled notes remittance to an Issue Office of RBI for processing and the below mentioned counterfeit notes are detected: Then the penalty imposed as per the revised provisions for the counterfeit notes detected shall be as under: n a. Denominations of ₹5, ₹10 and ₹20: Rwecovery of notional value of counterfeit a notes i.e., ₹20*4 = ₹80. r d b. Denomination of ₹50: Recoveryh of notional value of counterfeit notes i.e., ₹50*9 t i = ₹450 and penalty @ 50W% of the notional value i.e., ₹225, i.e., a total of ₹675 shall be recovered. c. Denomination of ₹100 and above: Recovery of notional value of counterfeit notes i.e., ₹100*40 + ₹200*2 + ₹500*2 + ₹2000*1 = ₹7400 and penalty as per CPM of 30.57 (>20), i.e., @ 200% of notional value = ₹14800. CPM = [(40+2+2+1) * 10,00,000] / [1192000+90000+170000+20000] = 30.57. (II) Counterfeit notes detected in the CC balance during inspection / audit by RBI During the audit/inspection of currency chest by Issue Office, RBI. the following counterfeit notes are detected:

Question: What is the amount specified for Counterfeit Notes, 2025 – Detection, Reporting and Monitoring under paragraph 13.1?
Answer: ₹675
Regulator: RBI

RBI/FED/2016-17/12 --- FED Master Direction No. 17/2016-17 January 1, 2016 (Updated as on January 12, 2026) (Updated as on October 01, 2025) (Updated as on June 13, 2025) (Updated as on August 29, 2024) (Updated as on March 01, 2024) (Updated as on November 21, 2022) (Updated as on May 31, 2022) (Updated as on January 06, 2022) (Updated as on December 07, 2021) (Updated as on October 28, 2020) (Updated as on January 27, 2020) (Updated as on April 01, 2019) (Updated as on February 02, 2018) (Updated as on January 12, 2017) (Updated as on October 20, 2016) (Updated as on March 31, 2016) (Updated as on February 04, 2016) To All Authorised Dealer Category – I banks Madam / Dear Sir, Master Direction – Import of Goods and Services Import of Goods and Services into India is being allowed in terms of Section 5 of the Foreign Exchange Management Act 1999 (42 of 1999), read with Notification No. G.S.R. 381(E) dated May 3, 2000 viz. Foreign Exchange Management (Current Account Transaction) Rules, 2000. These Regulations are amended from time to time to incorporate the changes in the regulatory framework and published through amendment notifications. 2. Within the contours of the Regulations, Reserve Bank of India also issues directions to Authorised Persons under Section 10(4) and Section 11(1) 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. 3. Instructions issued on import of goods and services into India have been compiled in this Master Direction. The list of underlying circulars/ notifications which form the basis of this Master Direction is furnished in the Appendix. Reporting instructions can be found in Master Direction on reporting (Master Direction No. 18 dated January 01, 2016).

Question: Which section is referenced in connection with Import of Goods and Services?
Answer: Section 5
Regulator: RBI

4. Eligibility Criteria for authorisation of ETPs --- a) An entity seeking authorisation as an ETP operator to commence or carry on ETP operations shall fulfil the following criteria: (i) General Criteria a. The entity shall be a company incorporated in India. b. Shareholding by non-residents, if any, in the entity seeking authorisation as an ETP operator shall conform to all applicable laws and regulations, including the Foreign Exchange Management Act, 1999. c. The entity seeking authorisation as an ETP operator or a minimum of two of its key managerial personnel shall have experience of at least three years in operating trading infrastructure in financial markets. (ii) Financial Criteria: An entity seeking authorisation as an ETP operator under these Directions shall have a minimum net-worth of ₹5 crore (Rupees five crore only) and shall continue to maintain this minimum net- worth at all times. (iii) Technological Criteria: The entity seeking authorisation as an ETP operator shall, at the minimum, fulfil the following technological requirements: a. Obtain and maintain robust technology infrastructure with a high degree of reliability, availability, scalability and security in respect of its systems, data and network, appropriate to support its operations and manage the associated risks. b. Ensure capability to disseminate trade information on a real-time basis or near real-time basis.

Question: What is the amount specified for Eligibility Criteria for authorisation of ETPs under section 4?
Answer: ₹5 crore
Regulator: RBI

2. Directions for OTC foreign exchange transactions --- (i) Authorised Dealers shall classify users as retail or non-retail for the purpose of offering foreign exchange derivative contracts and foreign currency interest rate derivative contracts. (ii) The following users shall be eligible to be classified as non-retail users: (a) All India Financial Institutions (AIFIs) and Non-Banking Finance Companies (NBFCs) (including Standalone Primary Dealers (SPDs) and Housing Finance Companies (HFCs)); (b) Insurance Companies regulated by the Insurance Regulatory and Development Authority of India (IRDAI); (c) Pension Funds regulated by the Pension Fund Regulatory and Development Authority (PFRDA); (d) Mutual Funds and Alternative Investment Funds regulated by the Securities and Exchange Board of India (SEBI); (e) Resident users with (a) minimum net worth of ₹500 crore; or (b) minimum turnover of ₹1000 crore, as per the latest audited financial statements; and (f) Persons resident outside India other than individuals. (iii) Any user who is not eligible to be classified as a non-retail user shall be classified as a retail user. (iv) Any user who is otherwise eligible to be classified as a non-retail user shall have the option to get classified as a retail user. (v) Any user who is otherwise eligible to be classified as a retail user shall have the option to get classified as a non-retail user subject to the condition that the user makes a request to an Authorised Dealer in this regard and the Authorised Dealer is satisfied that the user has the risk management capabilities suitable for classification as a non- retail user. (i) Authorised Dealers may offer the following foreign exchange contracts, involving INR or otherwise, to users (both retail and non-retail): (a) foreign exchange cash; (b) foreign exchange tom; and (c) foreign exchange spot. Note: Money changing transactions are not in the scope of these Directions and shall be governed by the Master Direction – Money Changing Activities dated January 01, 2016, as amended from time to time, or any other rule, regulation or Direction issued in this regard. (ii) Authorised Dealers may offer the following foreign exchange derivative contracts, involving INR or otherwise, to retail users: (a) foreign exchange forward; (b) foreign exchange swap; (c) currency swap; (d) purchase of foreign exchange call option (European); (e) purchase of foreign exchange put option (European); (f) purchase of foreign exchange call spread; and (g) purchase of foreign exchange put spread.

Question: What monetary value is prescribed for Directions for OTC foreign exchange transactions under section 2?
Answer: ₹1000 crore
Regulator: RBI

12.1 It is necessary to ensure that the cash handling staff in banks are fully conversant --- with the security features of a banknote. design and security features of all the banknotes shown in Annex VIII have been supplied to all the banks with instructions to display them prominently at the branches for information of the public. Details of security features of the New Design banknotes of ₹2000, ₹500, ₹200, ₹100, ₹50, ₹20 and ₹10 are available at the link https://paisaboltahai.rbi.org.in. programmes on the security features of genuine Indian banknotes for all bank personnel handling cash to enable detection of Counterfeit Notes at the point of receipt itself. These trainings shall cover detection, impounding and reporting of Counterfeit Notes. RBI will provide faculty support and training materials, whenever necessary. Annex I Counterfeit Banknote Stamp Each banknote, which on examination of various security features / parameters, is determined as a counterfeit one, shall be branded with a stamp "COUNTERFEIT BANKNOTE". For this purpose, a stamp with a uniform size of 5 cm x 5 cm with the following inscription may be used. BANK DATE Annex II Acknowledgement Receipt to be Issued to the Tenderer of Counterfeit Notes Name of the Bank: Address: Serial Number of the Receipt: ________ Date: __________ The note(s) described below received from……………………………. (Name and address of the tenderer) is/are counterfeit and has/have therefore been impounded and stamped accordingly. Total number of Counterfeit Notes: (Signature of the Tenderer) (Signature of the Counter Staff) (Official Seal) Annex III Consolidated Monthly Report to the Police Date: _____________ Name of the Bank: District: Name and Address of the Nodal Bank Officer: Ref. No. ………… The Inspector of Police ___________Police Station, Consolidated Report for the month of ________ Detail of Counterfeit Notes: 2. The Counterfeit Notes are enclosed for information and necessary action. 3. Kindly acknowledge receipt. Yours faithfully, Authorised signatory Official Seal Encl:

Question: How much is specified for Counterfeit Notes, 2024 – Detection, Reporting and Monitoring under paragraph 12.1?
Answer: ₹500
Regulator: RBI

2. Definitions --- Some key terms used in the regulations are given below: a bank/ firm/ company, provident fund balance or superannuation benefits, amount of claim or maturity proceeds of insurance policy, sale proceeds of shares, securities, immovable property or any other asset held in India in accordance with the provisions of the Foreign Exchange Management Act, 1999 (FEMA) or rules/ regulations made under FEMA. citizen of India. citizen of any country other than Bangladesh or Pakistan or such other country as may be specified by the Central Government, satisfying the following conditions: a) Who was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or b) Who belonged to a territory that became part of India after the 15th day of August, 1947; or c) Who is a child or a grandchild or a great grandchild of a citizen of India or of a person referred to in clause (a) or (b); or d) Who is a spouse of foreign origin of a citizen of India or spouse of foreign origin of a person referred to in clause (a) or (b) or (c) Explanation: PIO will include an ‘Overseas Citizen of India’ cardholder within the meaning of Section 7(A) of the Citizenship Act, 1955. Updated up to April 28, 2016 (cf. AP (DIR Series) circular No 64/2015-16/[(1)/13(R)] dated April 28, 2016. The Original Master Direction No. 12/2015-16 was issued on January 1, 2016 3 Inserted vide FEM (Remittance of Assets) Regulations, 2016 dated April 1, 2016 and A.P.(DIR Series) Circular No. 64/2015-16 [(1)/13(R)] dated 28.04.2016. Prior to insertion it read as “Person of Indian Origin’ (PIO) means a citizen of any country other than Bangladesh or Pakistan who had (a) at any time held Indian passport or (b) he or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955; or (c) the person is a spouse of an Indian citizen or a person referred to in (a) or (b).”

Question: What section number is cited regarding Remittance of Assets?
Answer: Section 7
Regulator: RBI

3. Levy of penalty --- Soiled note remittances to RBI shall not be shown as withdrawal by chest(s). In case such remittances to RBI are wrongly reported as 'withdrawal', a penalty of ₹50,000 shall be levied irrespective of the value of remittance and period of such wrong reporting. All currency chest diversions (both between chests of the same bank and between chests of different banks) have to be reported through ‘Diversion Module’ of CyM-CC Portal. The CC sending the diversion should initiate the diversion entry. The receiving CC should acknowledge the same. Diversions should not be reported as deposit/withdrawal. A penalty of ₹50,000 shall be levied for any such wrong reporting. Penal interest at the prevailing rate for delayed reporting of the instances where the currency chest had reported “net deposit” shall not be charged. However, in order to ensure proper discipline in reporting currency chest transactions, a flat penalty of ₹50,000 shall be levied on the currency chests for delayed reporting, irrespective of the value of net deposit.

Question: What is the amount specified for Levy of penalty under section 3?
Answer: ₹50,000
Regulator: RBI

5. Extension of validity period of the approval of LO and PO --- i. Requests for extension of time for LOs may be submitted before the expiry of the validity of the approval, to the AD Category-I bank concerned under whose jurisdiction the LO/nodal office is located. The designated AD Category - I bank may extend the validity period of LO/s for a period of 3 years from the date of expiry of the original approval / extension granted if the applicant has complied with the following conditions and the application is otherwise in order: a. The LO should have submitted the Annual Activity Certificates for the previous years and b. The account of the LO maintained with the designated AD Category – I bank is being operated in accordance with the terms and conditions stipulated in the approval letter. Such extension has to be granted, as expeditiously as possible and in any case not later than one month from the receipt of the request under intimation to the General Manager, Reserve Bank of India, CO Cell, New Delhi quoting the reference number of the original approval letter and the UIN. Reserve Bank shall update the information on its website immediately. ii. Further, entities engaged in construction and development sectors and Non-Banking Finance Companies are permitted to open a liaison office for two years only. No further extension would be considered for liaison offices of entities which are Non-Banking Finance Companies and those engaged in construction and development sectors (excluding infrastructure development companies). Upon expiry of the validity period, the offices shall have to either close down or be converted into a Joint Venture / Wholly Owned Subsidiary in conformity with the extant Foreign Direct Investment policy.

Question: What time limit applies to Extension of validity period of the approval of LO and PO under section 5?
Answer: for a period of 3 years
Regulator: RBI

2. Incentive for Exchange of soilWed notes / adjudication of mutilated notes over the --- counter at bank branches: Illustration 1: Incentive for Exchange of soiled notes over the counter at bank branches * @ ₹2 per packet Illustration 2: Incentive for adjudication of mutilated notes over the counter at bank branches * @ ₹2 per piece 3. Incentives for distribution of coins: Illustration: n Coin Distribution in Urban Area: Incentive Amount for 3 bags @ ₹65 per bag: ₹195 (before tax) Coin Distribution in Semi-Urban/ Rural Area: Incentive Amount for 3 bags @₹75 per bag: ₹225 (before tax) Note: In terms of para 5.1 of Chapter 3-Cash Department of lssue Department Manual 2021, 5000 pieces of 50 paise coins; 2500 pieces of ₹1, ₹2 or ₹5 coins; 2000 pieces of ₹10 or ₹20 coins would be deemed to constitute one bag.

Question: What monetary value is prescribed for Incentive for Exchange of soilWed notes / adjudication of mutilated notes under section 2?
Answer: ₹195