Examples of Nodal Account in a sentence
Remittances to you for Your Transactions (excluding COD transactions) will be made through a nodal account (the "Nodal Account") in accordance with the directions issued by Reserve Bank of India for the 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.
For the purposes of making payments to the customer (which may be in the same payment form originally used to purchase Your Product), you authorize us to make such payments or disbursements from your available balance in the Nodal Account (as defined in Section S-6).
In the event your balance in the Nodal Account is insufficient to process the refund request, we will process such amounts due to the customer on your behalf, and you will reimburse us for all amounts so paid.
Pension disbursement procedure was modified with effect from January 2012 with the introduction of electronic fund management system (e-FMS) where funds were directly released to the designated functionaries from SERP’s State Nodal Account (SNA) of identified banks.
Centrally Sponsored Schemes (CSS) under Single Nodal Account mechanism: Govt.
Based on the allocation, a drawl limit will be set for every district by the SWSM and it will authorize districts to raise payment advice and payment will be made from Single Nodal Account.
Based on the allocation, a drawl limit will be set for every district by the DWSM and it will authorize districts to raise payment advice and payment will be made from Single Nodal Account.
The central allocation of funds which have been sent to the State Consolidated Fund should be transferred to the State Nodal Account within 15 days other-wise a penal interest of 3% would be charged and would be deducted from the subsequent central releases.
Thus, the implementation must be done through the States.• The fund sharing pattern to be 90:10 for Himalayan and North-Eastern States; 50:50 for other States and 100% for UTs.• The fund released by Central Government to the State Governments is to be deposited in one Single Nodal Account (SNA) that will be maintained by SWSM.• Public Finance Management System (PFMS) should be used for tracking the funds.
Under the revised procedure for fund release under CSS i.e. NSAP and its utilization, the banking set up and fund flow pattern undergone a massive change in this financial year.2. State Bank of India was roped in for smooth implementation of SNA (Single Nodal Account) concept for NSAP fund flow to the districts.