Civil Services Punjab State Civil Services CCE 2025 General Knowledge Economy National Income Accounting
Some suggest that India needs to move to an escrow-based payment mechanism to ensure a fearless business environment in the country. Which of the following correctly describes an escrow account?
1
A third-party bank account for safeguarding the buyer from the risk of seller defaulting on the quality of goods and services.
2
A bank account used by individuals/firms for routing the funds through tax havens for the purpose of tax evasion.
3
A third-party bank account for safeguarding the seller from the risk of the buyer defaulting on the payment to the seller after having received the goods and/or services.
4
None of the above