Clearing Bank Auto debit letter

From: Date:
(Name & address of the Member)

To:
(Name & Address of the Bank)

Dear Sir,

Sub: Operation of Clearing Bank for Safal National Exchange of India Limited W.E.F.

Ref.: Our Clearing Bank Account No with ,

Bangalore.

With reference to the above, we note that:

1. Safal National Exchange of India Limited has established a clearing and settlement
system, whereby its members will be able to undertake the clearing and settlement
of deals admitted.

2. The bank has been nominated / appointed as a Clearing Bank for the purpose of
Clearing and Settlement by Safal National Exchange of India Limited.

3. As per the Bye-Laws, Rules and Regulations of SNX, the member shall authorise
the Clearing Bank to access their clearing account for debiting & crediting their
accounts as per the instructions received from SNX from time to time.

4. Having due regard to the above, we hereby irrevocably authorise the Clearing
bank to debit and credit our above mentioned account number from time to time as
per instruction received from SNX. Further, we authorise the Clearing Bank to report
balances and other information relating to this account to SNX as may be required by
SNX from time to time.

5. We further hereby authorize SNX to debit and credit my above mentioned account
and to seek balance information from the bank in respect of above mentioned
account.

6. We further hereby undertake to abide by such other or further guidelines /

instructions as may be communicated / decided by SNX.

Yours faithfully
For

(Authorised Signatory)
Signature with Seal
Standing Instruction

(On letter head of the Member)

From, Date:
(Name & address of the Member)

To:
(Name & Address of the Bank)

Dear Sir,

Sub: Standing Instruction.

With reference to the above, we wish to inform you as under:-

1. We have a Settlement account (NO. _______________________) with

your branch, wherein Safal National Exchange of India Limited will credit
the amount of funds pay-out regularly.

2. We have opened a current account for releasing payment to Clients who

have sold the commodities through us, the details of which are as under :-

Bank Account No.

Bank Name

Branch Details

3. On a daily basis at around 11.30 noon, after retaining an amount of Rs.

1,000/-, we request you to transfer the balance amount lying in our
Settlement account to the aforesaid bank account.

Yours faithfully
For

(Authorised Signatory)
Signature with Seal
CC :