Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016-FAQ

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

1. What is Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 is a scheme notified by the Government of India on December 16, 2016 which is applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. 2. Who is eligible to deposit in PMGKS? The deposit under this Scheme shall be made by any person who declared undisclosed income under sub-section (1) of section 199C of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. 3. In what form will the deposits under this scheme be held? The Deposits shall be held at the credit of the declarant in Bond Ledger Accounts (BLA) maintained with Reserve Bank of India. 4. Who are the authorized agencies where the application and amount of deposit will be accepted? Application and amount for the deposit (in the form of Bond Ledger Account) shall be received by any banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (Authorized Banks). 5. Where can declarants get the application form? Application for the deposit will be available at branches of authorized banks. It is also available in the Reserve Bank of India website. 6. When can a declarant make the deposit into the scheme? The deposits under this Scheme shall be made in a single payment in any of the authorized banks from the 17th day of December, 2016 till 31st day of March, 2017 7. What are the Know-Your-Customer (KYC) norms? Permanent Account Number (PAN) is the KYC document for individuals depositing in the scheme. If a declarant does not hold PAN, he shall apply for PAN and provide the details of such PAN application along with acknowledgement number to the bank while making the application. On receipt of PAN, the details may be updated with the bank from which application was made. 8. What is the minimum and maximum limit for depositing in the scheme? The deposit by a declarant shall not be less than twenty-five per cent of the undisclosed income declared under sub-section (1) of section 199C of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. Deposit shall be made in multiples of ₹ 100. 9. Will any interest be paid on the deposit under the scheme? No interest shall be paid for deposits made in this scheme. 10. After making the deposit, will any documentary evidence be issued? On deposit, an acknowledgement receipt mentioning name of declarant and amount deposited will be duly authorized and provided by the bank from which application was made. Subsequently a certificate of holding for the BLA will be issued which may be collected from the authorized bank. 11. When will the deposit be repaid ? Repayment of the deposit will be made after a period of 4 years from the effective date of deposit (ie., date of tender of cash or the date of realization of draft or cheque or transfer through electronic transfer) 12. What will the declarant get on redemption? On redemption, the entire amount deposited into the scheme will be repaid. 13. How will the declarant get the redemption amount? The redemption amount will be credited to the bank account furnished by the person in the application form. 14. What are the procedures involved during redemption? On the date of maturity, the proceeds will be credited to the bank account as per the details on record. In case there are changes in any details, such as, account number, IFSC code, email ids etc then the investor must intimate Reserve Bank Of India , through the authorized banks promptly. 15. Can the deposit made into this scheme be prematurely redeemed ? No, option for premature redemption of the BLA is not available. 16. Can the BLA be gifted/transferred to a relative or friend on some occasion? No, the BLAs cannot be gifted/transferred to any relative or friend. Transferability of the Bond Ledger Account shall be limited to nominee or to the legal heir of an individual holder, only in the event of death of the declarant. 17. Who will provide other services to the declarants after deposit in the scheme? The banks through which the deposit into this scheme was made will provide other customer services such as change of bank account details, cancellation of nominee etc. 18. What are the payment options for depositing in PMGKS? The deposit shall be made in the form of cash or draft or cheque drawn in favour of the authorised bank accepting such deposit or by electronic transfer. 19. Whether nomination facility is available for these investments? Yes, nomination facility is available as per the provisions of the Government Securities Act 2006 and Government Securities Regulations, 2007. A nomination form is available along with Application form. In case of cancellation/change in nomination, a separate form is to be filled and submitted to the authorized bank. 20. Are the BLAs tradable? No, the Bonds ledger Account are not tradable.

Web Enquiry Process for Commercial & Consumer CIBIL Ids

Web Enquiry Process for Commercial CIBIL Ids

1. Go to www.cibil.com
2. Click Commercial radio button from the Partner Login Section.
3. Enter Login ID and Password.
4. Click Credit Report from the Commercial Home page.
5. Select Borrower Search from the left hand toolbar.
6. Select Product Name from the drop-down list.
7. Select any or all the Search Parameters listed below:
     a. Address Search
     b. DUNS Search

Address Search:
8. Click Address Search radio button and enter the following                mandatory fields.
             a. Enter Borrower Name.
             b. Enter City/State.

DUNS Search:
9. Click DUNS Search radio button and enter the following                   mandatory fields.
              a. Select Identifier Type from the drop-down list.
              b. Enter Identification Number.

Application / Account Details
               a. Select Credit Facility Type from the drop-down list.                           This is an optional field.
               b. Enter Member Reference Number.                                                      This is an optional field.
               c. Enter Loan Amount Applied (in Rs).                                                  This is a mandatory field.
10. Click Search.
11. Click Order Report button to view Commercial Report page.
12. Click HTML, PDF or Text to pull up the report in desired format.
13. You can view or print the report

Note::
• When incorrect login credentials are entered and submitted 3 times in a row, the system automatically locks the account.
• When the User ID gets locked, contact CIBIL at idsupport@cibil.com. (c.c. to Nodal Officer)



Web Enquiry Process for Consumer CIBIL Ids

1. Go to www.cibil.com
2. Click Consumer radio button from the Partner Login Section.
3. Click icon
4. Enter Login ID and Password
5. Click Credit Report w/wo Score
     a. Enter Enquiry details
            i. Enquiry Amount (required field)
           ii. Purpose (required field)
          iii. Member reference number (As defined by the Member)
     b. Enter Consumer Name details
           i. Name: Required Field. (Single Name, Commercial Name,               Number and Special Characters in Name Segment will                     lead to No or wrong match)
         ii. Identification (One of the identifier is required)
        iii. Date of Birth and Gender (required field)
     c. Enter Address details
           i. Current Address, State/UT and Pin code (required felid)
          ii. Permanent Address (If different from Current Address)
     d. Enter Account details
           i. Existing loans or Card details for better match
     e. Click Submit

6. You can view or print the report

Note
• When incorrect login credentials are entered and submitted 3 times in a row, the system automatically locks the account.
• When the User ID gets locked, contact CIBIL at idsupport@cibil.com. (c.c. to Nodal Officer)

Rationalisation of customer charges for Immediate Payment Service (IMPS), Unified Payment Interface (UPI) & Unstructured Supplementary Service Data (USSD)

Special Measures upto March 31, 2017 : Rationalisation of customer charges for Immediate Payment Service (IMPS), Unified Payment Interface (UPI) & Unstructured Supplementary Service Data (USSD)

Following the withdrawal of legal tender characteristics of existing ₹ 500/- and ₹ 1000/- Bank Notes (Specified Bank Notes – SBN) vide Circular No.DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016, the Government has been taking several measures in consultation with the various stakeholders to incentivise greater adoption of digital payments by large sections of the society. 

1.As a temporary measure, it has now been decided that all participating banks and Prepaid Payment Instrument (PPI) issuers shall not levy any charges on customers for transactions upto ₹ 1000 settled on the Immediate Payment Service (IMPS), USSD-based *99# and Unified Payment Interface (UPI) systems.

2. The above measures shall come into effect from January 1, 2017 and shall be applicable till March 31, 2017. In the intervening period, the Reserve Bank of India will facilitate a review of the charges under the aforesaid channels by the concerned stakeholders.

Rationalisation of Merchant Discount Rate (MDR) for transactions upto ₹ 2000/-

Special measures upto March 31, 2017: 

A reference is invited to circular DPSS.CO.PD.No.2361/02.14.003/2011-12 dated June 28, 2012 on Merchant Discount Rates (MDR) structure for debit card transactions wherein banks were advised to cap the MDR for debit card transactions at not exceeding 0.75% of the transaction amount for value upto ₹ 2000/- and not exceeding 1% for transaction amount for value above ₹ 2000/-.

2. Following the withdrawal of legal tender characteristics of existing ₹ 500/- and ₹ 1000/- Bank Notes (Specified Bank Notes – SBN), in order to facilitate wider acceptance of card payments, the following special measures for debit card transactions (including for payments made to Government), are being introduced for a temporary period:

1. For transactions upto ₹ 1000/-, MDR shall be capped at 0.25% of the transaction value.
2. For transactions above ₹ 1000/- and upto ₹ 2000/-, MDR shall be capped at 0.5% of the transaction value.

3. The above measures shall not apply to ATM transactions.

4. The above measures shall come into effect from January 1, 2017 and shall be applicable till March 31, 2017. In the intervening period, the Reserve Bank of India will review the framework for charges for electronic payment transactions, in consultation with the stakeholders.

Exchange facility to foreign citizens

Exchange facility to foreign citizens

1. Attention of Authorized Persons is invited to the A.P. (DIR Series) Circular No. 20 dated November 25, 2016 permitting foreign citizens to exchange foreign exchange for Indian currency notes up to a limit of ₹ 5000/- per week till December 15, 2016.

2. On a review it has been decided that the instructions contained in the A.P. (DIR Series) Circular No. 20 dated November 25, 2016 shall continue to be in force till December 31, 2016.

3. Authorised Persons may follow the above instructions and bring the contents of this circular to the notice of their constituents.

4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

 

RBI NEW INSTRUCTIONS-Compliance to provisions of Master Direction on Know Your Customer (KYC)

A reference may be made to the following provisions of the Master Direction on Know Your Customer (KYC):

(i) Section 8(d) and (e), wherein it is mentioned that concurrent/internal audit system of the Regulated Entities (REs) has to verify the compliance with KYC/AML policies and procedures and submit quarterly audit notes and compliance to the Audit Committee,

(ii) Section 23, wherein instructions on operation of ‘Small Accounts’ are given, and

(iii) Section 67, wherein it is advised that the Permanent account number (PAN) of customers shall be obtained and verified while undertaking transactions as per the provisions of Income Tax (I.T.) Rule 114B applicable to banks, as amended from time to time. Form 60 shall be obtained from persons who do not have PAN. It is clarified that in terms of I.T.Rule 114 B, transactions include opening of accounts with banks, NBFCs, etc;

2. It has been brought to the notice of the RBI that strict compliance with the above provisions is not being ensured in some cases. In view of this, REs are advised as under:

(i) They shall strictly comply with the extant instructions stipulated at Section 8(d) and (e) of the Master Direction;

(ii) In respect of ‘Small Accounts’, the prescribed limits/conditions shall not be breached and compliance therewith shall be strictly monitored. If any customer desires to have operations beyond the stipulated limits, the same shall be allowed only after complying with requirements for opening a normal account including completion of CDD/KYC procedures detailed in Sections 16/17 and provisions of Section 67 of the Master Direction which include quoting of PAN/Form 60 while opening an account with a bank, NBFC, etc. If any account is rendered ineligible for being classified as a small account due to credits/balance in the account exceeding the permissible limits, withdrawals may be allowed within the limit prescribed for small accounts where the limits thereof have not been breached

(iii) BSBD Accounts (PMJDY accounts are akin to BSBDAs), which are not KYC compliant accounts are to be treated as ‘Small Accounts’ and are subjected to the limitations applicable to such accounts. Hence, for allowing normal operations in such accounts, the procedures explained at (ii) above are to be complied with. If any account is rendered ineligible for being classified as a small account due to credits/balance in the account exceeding the permissible limits, withdrawals may be allowed within the limit prescribed for small accounts where the limits thereof have not been breached.

(iv) In respect of KYC compliant accounts where the required CDD procedure has been complied with, REs shall ensure compliance regarding quoting of PAN/obtaining of Form 60 for all transactions in terms of I.T.Rule 114 B which includes opening of accounts with banks, NBFCs, etc. No debit transaction, transfer or otherwise shall be allowed in accounts which do not comply with the above mentioned requirements. To begin with, this rule shall be strictly applied in accounts where both the thresholds listed below are reached:

1. balance of rupees five lakh or more;  and
2. the total deposits (including credits by electronic or other means) made after November 9, 2016, exceed rupees two lakh.

3. It is clarified that provisions of Section 67 of the MD are subject to the exemptions granted to Government, Consular office etc., as provided in Income Tax Rule 114 B.