Get Escrow Account Opening Procedure In India

Filling out the escrow account opening procedure in India is a critical step for facilitating international trade. This guide will provide you with comprehensive, user-friendly instructions to successfully complete the process online.

Follow the steps to fill out the form effectively.

1. Click ‘Get Form’ button to access the escrow account opening procedure form and open it in your preferred editing tool.
2. Begin by entering the request letter details from the foreign party who is initiating the escrow account. Ensure that you include relevant identification information regarding the parties involved.
3. Attach a copy of the Memorandum of Understanding (MOU) if one exists between the Indian exporter and the counter-party abroad, as this document outlines the terms of the agreement.
4. List the items that are intended for export and import. Ensure that the export items are not on the 'Negative/Restricted List' and that the import items comply with the import trade control policy.
5. Obtain and input a 'No Objection' letter from the central bank of the overseas counter-party to confirm their consent for the escrow arrangements.
6. Review all entered details for accuracy, ensuring compliance with the guidelines provided by the Reserve Bank of India (RBI) regarding escrow accounts.
7. Submit the completed document as per the instructions outlined by RBI, ensuring all required documentation is included.
8. Once submission is successful, save your changes and opt to download, print, or share the form as needed.

Start filling out your escrow account opening procedure online today!