BANKING: Special Clearing operations on March 30 and 31, 2015
A reference is invited to the circular issued by our Department of Government and Bank Accounts (DGBA.GAD.No.4318/42.01.029/2014-15 dated March 25, 2015) on ‘Annual Closing of Government Accounts - Transactions of Central / State Governments - Special Measures for the Current Financial Year (2014-15)’.
With a view to facilitate accounting of all the Government transactions for the current financial year (2014-2015) by March 31, 2015, it has been decided to conduct special clearing at all clearing houses across the country on March 30 and 31, 2015 as detailed below:
Schedule for various types of clearing
Participation in the outward clearing is the choice left to banks depends upon the instruments received by them towards credit-to/payment-from Government accounts. However, 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.
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.
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, 2015). A separate broadcast message in this regard will be issued through the respective system indicating the extended time window.