escrow account
New Delhi- The Comptroller and Auditor General (CAG) alleged that the Delhi airport Metro link operator is involved in various misdeeds related to the project, flouting government norms and making huge financial benefits. In a draft report, CAG has mentioned that the Delhi Airport Metro Express Line (DAMPEL) has been puzzled with concessions to DAMPEL, [...] Continue Reading »
The draft Real Estate (development and regulatory) Bill has suggested that every builder must maintain escrow account for customer advances and all third-party liabilities so that proper monitoring and use of proceeds is ensured in real estate projects. Last year, the Reserve Bank of India, too, asked banks to put in place an escrow mechanism [...] Continue Reading »
The government wants to make sure that no funds collected through external commercial borrowing for affordable housing scheme, will not be used by any other projects. The government is working on the implementation of the budget announcements. The project specification guideline rule and the routing of funds are under consideration. Government officials are working on [...] Continue Reading »
