What changed
RBI instructed National Clearing Cells to organize special clearings on March 30 and 31, 2011, with same-day return clearing in the evening or night. Clearing Houses under their jurisdiction must also conduct these clearings to facilitate timely crediting of government revenue.
What it means for you
Banks must ensure that instruments related to government revenue received from the public are processed and credited to government accounts by the end of the financial year. This requires coordination with local Clearing Houses and adherence to operational convenience at local centers.
What you must do
- Implement instructions from National Clearing Cells or Clearing Houses for special clearings on March 30 and 31.
- Ensure same-day return clearing is conducted in the evening or night on those dates.
- Coordinate with local Clearing Houses to align with operational convenience at your center.
- Prioritize processing of government revenue instruments to meet the March 31 deadline.
Who it affects
All Scheduled Commercial Banks including RRBs, Urban Co-operative Banks, State Co-operative Banks, District Central Co-operative Banks
What is the purpose of the special clearing on March 30 and 31, 2011?
To facilitate accounting of all government transactions for the financial year 2010-11 by March 31, 2011, ensuring government revenue instruments are realized and credited to government accounts on time.
Do we need to conduct special clearings at all local centers?
Yes, but with flexibility for operational convenience at each local center, as advised by the National Clearing Cells and Clearing Houses under RBI's regional offices.