Annexure A

(To be stamped as per relevant State Stamp Act)

Format of the Undertaking to be submitted by the Beneficiary in case of Insufficient/ Incomplete Details:

Date: ____________________
 
To,
The ICICI Bank Limited
_______________ Branch
_____________________
 
Subject: Undertaking to indemnify ICICI Bank for crediting inward remittance(s) with
incomplete/insufficient details on remittance/remitter

ICICI Bank Limited (“ICICI Bank”) from time to time, receives requests for remittance of foreign exchange into
the accounts held by us with ICICI Bank as detailed in Schedule I (“Accounts”). In certain cases, the
instructions for effecting the remittance may be incorrect or incomplete as follows:
1. The beneficiary’s name in SWIFT is incomplete and/or there is an error in the spelling of the
beneficiary’s name as detailed in Schedule II in the inward remittance request but the account number is
matching as per ICICI Bank’s record; or
2. The beneficiary’s name in SWIFT is incomplete and/or there is an error in the spelling of the
beneficiary’s name as detailed in Schedule II in the inward remittance request and the account number
(without the leading zeros) is matching as per ICICI Bank’s records; or
3. The beneficiary’s name in SWIFT in the inward remittance request is correct but the account number
(without the leading zeros) is matching as per ICICI Bank’s records

Since the aforesaid discrepancies may occur often, in order to reduce the delay in processing of such
transactions, we hereby request ICICI Bank to process such remittances upon our confirmation on each such
remittance through disposal instructions, that the payments by the remitter(s) are validly made under our contract
with such remitter(s) and are under a valid underlying documents and therefore, we are entitled to such payment.
We request you to please credit the amounts mentioned in the SWIFT instructions into the Account maintained
with ICICI Bank as per Schedule-I.1

We hereby declare and undertake jointly and severally to indemnify and keep ICICI Bank fully indemnified,
saved and harmless of, from or against any loss, damage or risk that might arise to ICICI Bank on account of
each such remittance being credited to our Account in the above scenarios. We authorize you to debit our
Account at prevailing TT selling rate and interest thereon for the period funds remained credited to our account
at the prevalent rate of interest or the rate of interest being charged on overdraft facility availed by us from ICICI
Bank, in the event funds need to be repatriated back.

We declare and undertake that foreign inward remittance received by us is not designed to contravene or evade
the provisions of the Foreign Exchange Management Act, 1999 (the FEMA) or any of the Rules or Regulations
made or Notifications or directions or orders issued under the Act. We shall ensure compliance with all FEMA
related reporting (if any) to RBI with regard to this foreign inward remittance. We undertake that the funds
received through above foreign inward remittance will be used for the ‘purpose’ as declared in the disposal
instruction provided to ICICI Bank.
1
CLG Comment: This indemnity is only sought when money is to be remitted into accounts maintained with the Bank.
Credit of these sums of money will have to be in the Account mentioned and not based on the disposal instructions.
Yours faithfully,
 
 
Name & Signature of the Authorized Signatory

SCHEDULE I
Details of Accounts held with ICICI

<To be filled in by customer>

SCHEDULE II
Details of incomplete and /or incorrect name variation of the Beneficiary mentioned in the inward remittance
request

<To be filled in by customer>