Common use of Remittance of Collections Clause in Contracts

Remittance of Collections. 2.1 Bank will make a daily closure of the amount at 23:59 hours for amount received through Debit/Credit Cards/Aggregator Service. The amount so collected will be credited to the TDB Account on the next working day under any circumstance. The amount collected digitally will be transmitted to respective accounts of devaswom accounts officer maintained for a particular devaswom group. The amounts received after the aforementioned cut off times will be treated as receipts on the next working days and credited to TDB account of accredited bank branch accordingly. In any case the amount will be remitted on T+1 basis to the accredited bank branch, “T” being the date of transaction by the end user. The accredited branch will be settling with partner bank of TDB by T+1, “T” being the credit to accredited bank branch. 2.2 Bank will be liable to pay penalty at Bank Rate for delayed settlements as per Payment and Settlement Act 2007 of RBI. 2.3 The rate of exchange from US$ to INR shall be the rate of exchange prevailing on the transaction date. 2.4 In case of customer/end user dispute, TDB would facilitate the resolution by providing necessary documents/ information.