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An escrow account in simple terms is a third party account. It is a separate bank account to hold money which belongs to others and where the money parked will be released only under fulfilment of certain conditions of a contract. The term escrow is derived from the French term 'escroue" meaning a scrap of paper or roll of parchment, an indicator of the deed that was held by a third party till a transaction is completed.
Consider the following statements:
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Which film was recognized with the best film award at the 69th National Film Awards?