| 195. | As stated in Section 1.1, the sole purpose of the General Account is to facilitate operations of Term Deposit Accounts.
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Credit Entries Rules
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General rules
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| 196. | General Account can ONLY be funded i.e. credited through the following operations:
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| | i. | Funds received directly from accountholder's Bank Account(s). |
| | ii. | Funds received from the account holders' Term Deposit Account
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Funds received directly from accountholder's Bank accounts)
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| 197. | DTFC must match the name of remitter with the name on General Account before crediting the funds to the General Account. In case of difference, DTFC must return the funds back to the remitter.
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| 198. | DTFCs must record the name of the remitter, IBAN number of the remitter and value date as part of posting the credit entry to the General Account.
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| 199. | DTFC may receive funds from multiple accountholder's bank accounts to fund a General Account. In this case, DTFC should proceed with credit the General Account provided conditions laid down in 9.2.3.1 and 9.2.3.2 are satisfied.
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Funds received from the account holders' Term Deposit Account(s)
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| 200. | Upon maturity of Term Deposit Account, DTFC must credit the principle and profit amount separately to the General Account from which Term Deposit Account was funded in the first place.
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| 201. | DTFCs must record the details of the credit i.e. whether it is Principle or Profit, account number of Term Deposit Account / Term Deposit deal number, profit rate, currency, deal date, start date, maturity date and amount part of posting the credit entry to the General Deposit Account. In case of Islamic Term Deposit Account, details of underlying commodity, quantity and price sold & bought of the commodity must be recorded.
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| 202. | Upon cancellation of the Term Deposit Account, DTFC must credit principle amount only to the General Account from which Term Deposit Account was funded in the first place.
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| 203. | DTFC can credit the General Account from multiple Term Deposit Accounts (upon cancellation or maturity), provided conditions laid down in 9.2.4.1, 9.2.4.2 and 9.2.4.3 are met.
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Debit Entries Rules
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General Rules
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| 204. | Funds from General Account can only be withdrawn i.e. debited through the following operations:
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| | i. | Funds withdrawn by accountholder of the General Account. |
| | ii. | Funds remitted to the Term Deposit Account |
| | iii. | Deductible charges
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| 205. | Funds can only be withdrawn from General Account based on the instructions or agreement of the accountholder.
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Funds withdrawn by accountholder of the General Account
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| 206. | From time to time accountholder may wish to withdraw the funds from General Account. Finance must remit the funds back to the same Bank account of the account holder from which General Account was initially funded i.e. the source.
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| 207. | In case, General Account was initially funded from multiple accounts belong to the accountholder, DTFCs can remit the funds back to any of the accounts from which General Account was initially funded as per the instructions or agreement of the account holder.
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Transfers between General Accounts
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| 208. | If account holder have more than one General Accounts in a DTFC, then transfers between these accounts within the DTFC is permissible provided all General Accounts are held under the same name.
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