Rtgs transaction

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Aananth (Querist)
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18 September 2016 For Property sale, for registration purpose, I can request my buyer to use "RTGS" for transaction of Rs 41 Lacs. My Bank is Canara Bank. It seems there is no upper limit. What precautions I should take apart from providing required information like Beneficiary account, branch, name, FICR Code. Is there any chance of fraud?
Thanks Expert in advance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 September 2016 IFSC code of the branch is required. No chance of fraud as fund is transferred from one bank to another bank. Ensure correct bank ac and IFSC code.

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Aananth

Aananth (Querist)
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18 September 2016 Thanks Expert. It is necessary to have it writing from buyer or documented, Regards

Aananth

Aananth (Querist)
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19 September 2016 Is it necessary to have the following: An Agreement and after receiving message from Sellers Bank or Buyers receipt to have registration, If 10 AM is deposited within two hours every thing is possible?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 September 2016 It will take two to four hours. Have registration after confirmation from sellers bank.

Aananth

Aananth (Querist)
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21 September 2016 Thanks Expert Regards

Aananth

Aananth (Querist)
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23 September 2016 Dear Expert
The following Agreement is to be made:
AGREEMENT:

Buyer:

Seller:

Subject:
The buyer undertake/s to settle the following amount through RTGS from Bank
On registration date
to the seller’s account in “KKK” Bank (detail below), Tamilnadu and the receipt of that payment shall be narrated in sale deed.
1. Amount to be remitted:
2. Remitting customer’s account number which is to be debited:
3. Name of the beneficiary bank and branch:
4. The IFSC Number of the receiving branch:
5. Name of the beneficiary customer:
6. Account number of the beneficiary customer:
7. Seller to receiver information, if any: After receipt of message from Seller’s Bank, Registration shall be effected..
8. Zerox copy of this agreement is given to the Buyer.
Name of Buyer& ID Proof:
Signature:
Witness Name & Signature:
Date:
Place:

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 September 2016 It is Okay.....................................

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Aananth

Aananth (Querist)
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26 September 2016 Thanks expert. Regards

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