RBI authorises special clearing operations
Updated: Mar 22, 2013 06:00:00pm
“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,” said RBI in a statement.
The RBI guidelines follows the request by the Government of India and some State Governments to facilitate collection and accounting of all Government tax receipts for the current financial year (2012-13) up to March 31, 2013.
The RBI has asked all the members banks of clearing houses to adhere to 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 March 29, 2013 and March 31, 2013,” said RBI. (KNN)