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What Is Beneficiary Account In Commodity Market? |
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Answer» A beneficiary account is a Demat account in the name of an Individual (single or jointly). Such an account could also be in the name of a CORPORATE, a PARTNERSHIP FIRM, a society and a trust. It is similar to a BANK account. This account is to be used for TRANSACTING in commodity balances held by the account holder at Exchange accredited warehouses. These commodity balances would have been - in a physical process set up - represented through a warehouse receipt. A beneficiary account is a Demat account in the name of an Individual (single or jointly). Such an account could also be in the name of a Corporate, a partnership firm, a society and a trust. It is similar to a bank account. This account is to be used for transacting in commodity balances held by the account holder at Exchange accredited warehouses. These commodity balances would have been - in a physical process set up - represented through a warehouse receipt. |
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