An Authorization Letter to Receive Money is commonly used in India when an individual or organization needs to delegate the authority to collect funds to another party. This document is essential in situations where the authorizer cannot personally receive money or wants to formally empower someone else to conduct financial transactions on their behalf. The letter must comply with Indian legal requirements, including the Indian Contract Act, 1872, and relevant banking regulations. It typically includes detailed information about both parties, specific authorization parameters, transaction details, and validity period. Such authorization letters are widely used in both personal and business contexts, requiring careful drafting to ensure legal validity and protection of all parties' interests. The document may need to be notarized or stamped depending on the jurisdiction within India and the amount involved.
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1. Date and Place: Current date and location where the letter is being executed
2. Recipient Details: Name and address of the bank/institution to whom the authorization letter is addressed
3. Subject Line: Clear indication that this is an authorization letter to receive money
4. Authorizer Information: Full name, address, and contact details of the person giving the authorization
5. Authorized Person Details: Full name, address, and identification details of the person being authorized to receive the money
6. Authorization Statement: Clear and specific statement of authorization, including the exact amount or nature of funds to be received
7. Transaction Details: Specific details about the money to be received, including amount, source, and any reference numbers
8. Duration of Authorization: Validity period of the authorization
9. Signature Block: Space for signatures of the authorizer, authorized person, and witnesses if required
1. Purpose Statement: Statement explaining the reason for the authorization - recommended when dealing with large sums or when required by institutions
2. Relationship Declaration: Statement describing the relationship between the authorizer and authorized person - useful for establishing trust and legitimacy
3. Revocation Clause: Terms under which the authorization can be revoked - important for long-term or high-value authorizations
4. Indemnity Clause: Protection clause for the bank/institution - may be required by some institutions
5. Authentication Requirements: Specific requirements for identity verification - useful for high-value transactions or institutional requirements
1. Identity Proof Attachments: Copies of valid ID documents of both authorizer and authorized person
2. Bank Account Details: Separate schedule containing relevant bank account information
3. Specimen Signature: Specimen signatures of both parties for verification purposes
4. Previous Authorization History: List of any previous authorizations between the parties, if relevant
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