1. What does Beneficiary Name/Owner Name mean?

A. The Beneficiary Name is the name mentioned on the Bank’s statement which is eligible to receive the funds provided all supporting documents are in order.

2. What is a DED Letter?

3. Can I submit an Expired Trade license?

A. When you submit an application with an Expired Trade license:

a. For Limited Liability Companies (LLC), the refund will be credited only to the company’s Account (IBAN Number), provided all required documents submitted are valid and a recent DED letter showing company’s status is submitted.

b. For Sole Proprietorship (Single Owner), the refund will be credited only to the company’s Account (IBAN Number) or the Owner’s Personal Account, provided all required documents submitted are valid and a recent DED letter showing company’s status is submitted.

4. Can I provide any IBAN Number?

A. No. Refunds are strictly to be credited to company’s IBAN Account number or owner’s IBAN Account number provided that the owner’s name is reflected as a single owner on a valid Trade License.

5. Can I submit my request with more or less amount than the refund certificate amounts?

A. No. The amount of the requested refund should match the total amount of the attached Refund Certificates. Any discrepancies in the amounts will result in the request being rejected.

6. Is a Bank Account statement /Bank letter mandatory when requesting for a refund?

A. Yes. A valid Bank Account statement /Bank letter showing the Account holder name, Bank name and the IBAN number is mandatory. Providing an Invalid IBAN Number without proper supporting documents from the bank will result in the rejection of the refund request application.

7. Is Refund Certificate mandatory?

A. Yes. Requests without attaching relevant refund certificates will immediately be rejected.

8. Can I re-submit same Refund Certificate/Request more than once?

A. No. Resubmitting the same Refund Certificate or Request duplication will result in the request being rejected.

A. DED letter is a letter recently issued by Department of Economic and Development showing the current status of the company. The DED letter should not more than 30 days old at the time of application.

9. Is POA/Power of Attorney mandatory?

A. POA/Power of Attorney is mandatory only when the refunds Payout Account Type is individual (one of the partner’s IBAN Account No.) and the company type is partnership.

10. What are the common reasons of Refund Request rejections?

A. The common reasons for e-Guarantee Refund Request rejections are as follows: I. For Individual Accounts as Refund Beneficiary:-

Not submitting a valid Bank Account statement or Bank Letter. Unavailable/Irrelevant or Expired Trade license. A mismatch in IBAN Number and Bank Details with the submitted documents. For Partnerships, Absence of DED letter/Power of Attorney. Irrelevant/Inaccurate/Incomplete Refund Certificates. A mismatch in Refund requested amount and the submitted Refund Certificates.

II. For Business/Company Accounts as Refund Beneficiary:-

11. What care should be taken before uploading PDFs

Not submitting a valid Bank Account statement or Bank Letter. A mismatch in IBAN Number and Bank Details with the submitted documents. Irrelevant Account Name (Doesn’t Match with Guarantee Establishment Name) Irrelevant/Inaccurate/incomplete Refund Certificates A mismatch in Refund requested amount and the submitted Refund Certificates.

A. Customers can either print the statement, scan it for upload or can convert the PDF file using below steps: 1. Open the document2. Press Ctrl + P3. In the printing option change the printer name to Microsoft Print to PDF (refer image)4. Click on Print and save this as plain PDF. 5. Now you can use this PDF to upload as required documents.