Thank you for your explanations.
In the preferences, of Quicktime as well as in Premiere, I enabled display and import of captions, but still, the captions are not recognized. Even when I export a Quicktime movie with a Text-track for the captions to a new Quicktime movie format, all in Quicktime Player 7, when I open the exported file, the Text-track is gone and the subtitles/captions are burnt into the video. It is frustrating.
I appreciate your recommendation to a captioning service, but would they be able to work with Bengali and Sanskrit languages inclusive quotes from ancient scriptures, translated into our Western languages? I am afraid, we will have to do that inhouse.