Remittances to the Seller would be in compliance with directions issued by Reserve Bank of India for opening and operation of accounts and settlement of payments for electronic payment transactions involving intermediaries vide its notification RBI/2009-10/231 DPSS.CO.PD.No.1102 / 02.14.08/ 2009-10 dated November 24, 2009 (“RBI Intermediary Guidelines”). XXXXXXX has appointed Deutsche Bank AG, a banking company incorporated in Frankfurt under the laws of Federal Republic of Germany and having its registered Head Office at Frankfurt operating in India and having an office interalia at Kodak House, 222, Dr DN Road, Fort, Mumbai – 400001 as the nodal bank. XXXXXX may at its sole discretion add, replace or remove any nodal bank (“Nodal Bank”).
-What do we mean by nodal bank here?
-How is it different from other banks?
-Can any indian bank be a Nodal bank?
-What is the prodedure have an account in this Nodal bank?
-As a partnership firm can we open an escrow account like this in any Indian bank?
Thanks and regards
Jayy
CAclubindia
