GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is the maximum value to be stored in a prepaid card?
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Rs. 5,000
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Rs. 10,000
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Rs. 50,000
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No limit
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Explanation:
Detailed explanation-1: -The Prepaid Rule requires that the card issuer provide two disclosures, a long form and a short form, before a cardholder receives a prepaid card. Both forms describe fees, FDIC insurance, and contact information in varying detail.
Detailed explanation-2: -6.3 The maximum value of any prepaid payment instrument (where specific limits have not been prescribed) shall not exceed Rs 50, 000/-. Semi-Closed System Payment Instruments up to Rs 1000/-may be issued without any KYC subject to reporting of annual turnover/suspicious transactions.
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