Special Clearing operations on March 30 and 31, 2016 - Reserve Bank Of India
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Special Clearing operations on March
30 and 31, 2016
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RBI/2015-16/347
DPSS.CO.CHD.No./2313/03.01.03/2015-16
March 28, 2016
The
Chairman and Managing Director / Chief Executive Officer
All Scheduled Commercial Banks including Regional Rural Banks/
Urban Co-operative Banks / State Co-operative Banks /
District Central Co-operative Banks/Local Area Banks
Madam
/ Dear Sir,
Special
Clearing operations on March 30 and 31, 2016
A
reference is invited to the circular issued by our Department of Government
and Bank Accounts (DGBA.GAD.No.2969/42.01.029/2015-16
dated March 17, 2016) on ‘Annual Closing of Government Accounts
- Transactions of Central / State Governments - Special Measures for the
Current Financial Year (2015-16)’.
2.
With a view to facilitate accounting of all the Government transactions for
the current financial year (2015-16) by March 31, 2016, it has been decided
to conduct special clearing at all clearing houses across the country on March 30 and 31, 2016 as detailed
below:
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Date
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Type of clearing
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Presentation clearing
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Return clearing
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March
30, 2016
(Wednesday)
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Normal
Clearing as followed on any working Wednesday
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In
addition, a Special Clearing exclusively for Government transactions
(receipts and payments) with return clearing on the same day as per the
schedule indicated below.
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March
31, 2016
(Thursday)
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Normal
Clearing as followed on any working Thursday
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In
addition, a Special Clearing exclusively for Government transactions
(receipts and payments) with return clearing on the same day as per the
schedule indicated below.
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Schedule
for various types of clearing
a.
CTS grid locations (Chennai, Mumbai and New Delhi)
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Special Presentation
clearing
on March 30 & 31, 2016***
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P2F session timings for the
instruments
presented through the Special Clearing
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Return clearing for the
instruments
presented through the special clearing
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Between
20.00 and 20.30 hours
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Between
21.00 and 21.30 hours
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Between
22.00 and 22.15
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***
Under the special clearing, single session will be run for both CTS-2010
and non-CTS-2010 standard instruments together. No segregation is
required.
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b.
Special clearing in non-MICR/ECCS clearing houses
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Presentation clearing
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Return clearing
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One
hour after the extended business hours keeping in view the operational
convenience at the local center
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Half
an hour/One hour after the presentation clearing keeping in view the
operational convenience at the local center.
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3.
It is mandatory for all banks to participate in the special clearing
operations on these two days. All member banks of the Clearing House 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. However, participation in the outward clearing is
left to banks depending upon the instruments received by them towards credit-to/payment-from
Government accounts.
4.
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.
5.
Member banks are also advised to be in readiness to participate in the
Centralised Payment Systems (RTGS and NEFT) on these days (March 30-31,
2016). A separate broadcast message in this regard will be issued through
the respective system indicating the extended time window.
Yours
faithfully
(Nanda
S. Dave)
Chief General Manager
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