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BANKING OMBUDSMAN AND ITS ROLE

  The Banking Ombudsman is an authority created by the Reserve Bank of India (RBI) to address customer grievances regarding banking services. It provides a cost-free, quick, and impartial resolution process for complaints against banks.  Customers can file complaints if they are dissatisfied with the services of a bank or have not received a satisfactory response from the bank within 30 days of lodging a complaint. Complaints given to Ombudsman Cover  -  Non-payment or delay in payment of cheques, drafts, or bills. Issues related to loans or advances. Non-adherence to fair practices code. Unauthorized debits or service charges. Complaints regarding internet banking or mobile banking. Delay in providing banking services. Unauthorized ATM withdrawals. Wrongful Charges. Ombudsman cannot accept complaints those are  handled by a court, tribunal, or arbitrator. Cases older than one year from the cause of action also do not entertained by Ombudsman.  How to File ...
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Foreign Exchange Management - Brief Description

  • NRI - Non Resident Indian
  • PIO - Person of Indian Origin
  • Objective of FEMA - To facilitate foreign trade and payment system.
  • Condition of stay in India for resident - 182 days in previous year.
  • PIO - Foreigners but sometime who had Indian passport.
  • AD category -I (commercial bank) , II & III.
  • Facilities for Residents - Use or remittance of foreign remittance FC deposits accounts.


Rules for Indian Currency -

Nepal & Bhutan - Use of Foreign Currency and Foreign Currency remittance not allowed .
  • Indian currency for any amount can be used.
  • Above 25000/- highest denomination Rs. 100

Rules for Foreign Currency

  • FC can be purchased 60 days in advance from authorized person only.
  • Application from - A2
  • Purchase by depositing cash - max 50000/-
  • >50000 - Debit card / Credit card Bank Account.
  • Form of FC - Coins, Currency notes and traveler Cheques.
  • Ceiling on Coins & Currency notes - USD 3000
  • Import of FC - No Ceiling subject to declaration on form CDF to mandatory if (1) total amount >10000 or (2) FC notes > USD 5000
  • Unused FC - All coins and other Forex up to 2000 can be retained and above USD 2000 surrender to authorized person within 180 days or deposit in RFC(D) account.
  • Liberalized Remittance Scheme(LRS) - Remittance up to USD 250000 per financial year allowed for current & capital a/c transaction.
  • Current A/C transaction


    • Private visit to country.                        
    • Gift or donation outside country.
    • Going abroad for employment or immigration.
    • Maintenance of close relative abroad.
    • Business Travel
    • Expenses in medical treatment abroad.
    • Studied Abroad.
  • Capital A/C Transactions -
    • Opening of foreign currency account abroad.
    • Purchase of property abroad.
    • Making investment abroad.
    • Setting up wholly owned subsidiaries and joint venture abroad.


  •  No loan for capital a/c transaction by bank but for current a/c transaction loan can be given.

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