Bank clearing operation on 29,30 and 31 March

Reserve bank of India has issued a note no 1674 about clearing operation on 29, 30 and 31 March 2013. Full note is as under. Clearing op...

Reserve bank of India has issued a note no 1674 about clearing operation on 29, 30 and 31 March 2013. Full note is as under.

Clearing operations on March 29, 30 and 31, 2013

With a view to facilitate accounting of all the Government transactions for the current financial year (2012-2013) by March 31, 2013, it has been decided to conduct special clearing at all clearing houses across the country on March 29, 30 and 31, 2013 as detailed below:

Date	Type of clearing	Presentation clearing		Return clearing
March 29, 2013	Locations where the day is a holiday under Negotiable Instruments Act 1881-	One hour after the extended business hours keeping in view the operational convenience at the local center		Half an hour/One hour after the presentation clearing or as per the operational convenience at the local center.
(Friday)	A Special Clearing with same day return clearing
	Locations where the day is a working day	Normal clearing operations as is followed on any normal working day
March 30, 2013	Normal Clearing as followed on any working Saturday
(Saturday)	In addition, a Special Clearing for credit to Government accounts only		One hour after the extended business hours keeping in view the operational convenience at the local center		Half an hour/One hour after the presentation clearing or as per the operational convenience at the local center
31-Mar-13	A Special Clearing for credit to Government accounts only.		One hour after the extended business hours keeping in view the operational convenience at the local center		Half an hour/One hour after the presentation clearing or as per the operational convenience at the local center
(Sunday)

2. 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.

3. In this regard, a reference is invited to the circular issued by our Department of Government and Bank Accounts (DGBA.GAD.No. H.5486/ 42.01.029 / 2012-13 dated March 21, 2013) on ‘Annual Closing of Government Accounts - Transactions of Central / State Governments - Special Measures for the Current Financial Year (2012-13).

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 March 29, 2013 and March 31, 2013. A separate broadcast message in this regard will be issued through the respective system.
Yours faithfully
(Vijay Chugh)
Chief General Manager