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DD to RTGs ( NEED PVT LTD COMPANY with Surplus fund ) (ADV - Financial)

by bhartisaurabh416, Thursday, August 31, 2023, 09:48 AM (306 days ago) @ tirupati

Certainly, let me address your concerns:

Account Transparency and DD Handling: We value your concerns about transparency and security. To ensure transparency, we will perform the RTGS transaction in your presence and provide you with real-time details, including the recipient account. Regarding the Demand Draft (DD), we understand the importance of neutral custody. Our process allows for the DD to be held by a mutually agreed-upon third party, such as a bank manager, lawyer, or relevant authority. This approach safeguards the integrity of the transaction.

Balanced Balance Verification: Your point about balance verification is valid.Dual Verification Strategy: We agree that balance verification should indeed be a bilateral process. To achieve this, we propose implementing a dual verification strategy that involves both the donor company's home branch and the recipient's local branch. Here's how it will work:

Donor Company's Home Branch Verification: We will initiate the balance verification process by coordinating with the donor company's home branch. Our dedicated team will engage with the respective bank officials to verify the account balance at the source. This initial step will provide a baseline for comparison.

Recipient's Local Branch Verification: Simultaneously, we will approach the recipient's local branch to independently verify the balance of the designated recipient account. This step ensures that the recipient's account is properly reviewed within their operational jurisdiction.

Coordinated Communication: To ensure accuracy and fairness, we will facilitate clear and coordinated communication between the donor company's home branch and the recipient's local branch. This collaboration will facilitate the exchange of verified balance information, enabling both parties to access accurate data.

Neutral Third-Party Verification: In cases where the donor company's home branch is not located in the same city as the recipient, we propose involving a neutral and reputable third-party auditing firm. This auditing firm will conduct an independent verification of the account balance at the donor company's home branch, bridging the geographical gap and ensuring impartiality.

Documentation and Transparency: Throughout this process, we will diligently document each step of the balance verification procedure. This documentation will include communication records, verification reports, and any relevant correspondence. This level of transparency guarantees that the verification process is well-documented and accessible for scrutiny.

Legal Compliance: As legal professionals, we understand the significance of adhering to the principles of natural justice. We assure you that our proposed balance verification process is in line with legal and ethical standards, promoting equal application of verification procedures for both parties.

In summary, we have developed a comprehensive strategy that encompasses dual verification, coordinated communication, third-party involvement, documentation, and legal compliance. This approach addresses the geographical challenge while ensuring that both parties have a fair and accurate assessment of the account balances. We are committed to upholding the highest standards of professionalism, transparency, and equity throughout this process.

Equitable Application of Law: We understand your perspective on the application of law and principles of equity. While we aim for fairness, it's important to note that in this transaction, the donor company is providing double the amount. Consequently, there is a protocol to follow. However, we remain committed to ensuring that the process respects legal and ethical standards while addressing your concerns effectively.

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