RBI/2013-14/536
DPSS.CO.CHD.No./2021/03.01.02/2013-2014
March 26, 2014
The Chairman and Managing Director / Chief Executive Officer
All Scheduled Commercial Banks including RRBs /
Urban Co-operative Banks / State Co-operative Banks /
District Central Co-operative Banks/Local Area Banks
Madam / Dear Sir,
Clearing operations on March 29, 30 and 31, 2014
A reference is invited to the circular issued by our Department of Government and Bank Accounts (DGBA.GAD.No.H.5430/ 42.01.029/2013-14 dated March 26, 2014) on ‘Annual Closing of Government Accounts - Transactions of Central / State Governments - Special Measures for the Current Financial Year (2013-14)’.
2. With a view to facilitate accounting of all the Government transactions for the current financial year (2013-2014) by March 31, 2014, it has been decided to conduct special clearing at all clearing houses across the country on March 29, 30 and 31, 2014 as detailed below:
|
Date |
Type of clearing |
Presentation clearing |
Return clearing |
|
March 29, 2014 |
(i) Normal Clearing as followed on any working Saturday |
||
|
(ii) In addition, a Special Clearing exclusively for credit to Government accounts on the same day. |
(iii) Half an hour/One hour after the extended business hours keeping in view the operational convenience at the local center. |
(iv) Half an hour/One hour after the presentation clearing or as per the operational convenience at the local center. |
|
|
March 30, 2014 |
(v) A Special Clearing exclusively for credit to Government accounts on the same day. |
(vi) Half an hour/One hour after the business hours (as applicable for Mon-Fri day) keeping in view the operational convenience at the local center. |
(vii) Half an hour/One hour after the presentation clearing or as per the operational convenience at the local center. |
|
March 31, 2014 |
(viii) Locations where the day is a holiday under Negotiable Instruments Act 1881- A Special Clearing with same day return clearing. |
(ix) Half an hour/One hour after the business hours keeping in view the operational convenience at the local center. |
(x) Half an hour/One hour after the presentation clearing or as per the operational convenience at the local center. |
|
(xi) Locations where the day is a working day- (xiii) In addition, a Special Clearing exclusively for credit to Government accounts on the same day as per the times schedule indicated in table (xiv and (xv)→ |
(xii) Normal clearing as is followed on any working Monday. |
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|
(xiv) Half an hour/One hour after the extended business hours keeping in view the operational convenience at the local center. |
(xv) Half an hour/One hour after the presentation clearing or as per the operational convenience at the local center. |
||
3. Agency banks doing Government business alone will be permitted to present instruments in the Special Clearing on other participating banks. Other member banks of the Clearing House (including the presenting banks) are required to keep their inward clearing processing infrastructure open during the Special Clearing hours and maintain sufficient balance in their clearing settlement account to meet settlement obligations arising out of the Special Clearing.
4. Operating Procedure for tendering instruments through the three CTS grid Centers will be issued separately by the Presidents of the concerned Grid center.
5. Member banks of Clearing Houses are advised to adhere to the instructions contained in this circular as well as the instructions received from the Regional offices of Reserve Bank of India and Presidents of respective Clearing Houses.
6. Member banks are also advised to be in readiness to participate in the Centralised Payment Systems (RTGS and NEFT) on these days (March 29-31, 2014). A separate broadcast message in this regard will be issued through the respective system indicating the extended time window.
Yours faithfully
(Vijay Chugh)
Chief General Manager
CAclubindia
