What changed
RBI instructed National Clearing Cells to organize special clearings with same-day return on March 31, 2012. Clearing houses under their jurisdiction must also conduct these clearings to facilitate government revenue realization by year-end.
What it means for you
Banks must process government-related cheques and instruments on March 31 evening/night to meet fiscal year closing deadlines. This ensures government accounts reflect all receipts for 2011-12, avoiding reconciliation issues. Banks need to coordinate with local clearing houses for operational convenience.
What you must do
- Ensure your bank participates in the special clearing on March 31, 2012, as advised by National Clearing Cells.
- Coordinate with local clearing houses to align timings and operational arrangements for the evening/night clearing.
- Instruct branch staff to prioritize government revenue instruments for same-day realization and credit to government accounts.
- Refer to DGBA circular dated March 19, 2012, for additional measures on annual closing of government accounts.
Who it affects
All Scheduled Commercial Banks including RRBs, Urban Co-operative Banks, State Co-operative Banks, District Central Co-operative Banks, Clearing Houses and National Clearing Cells
Why is a special clearing needed on March 31, 2012?
To ensure all government revenue instruments received from the public are realized and credited to government accounts before the close of the financial year 2011-12.
What should member banks do to comply?
Implement instructions from National Clearing Cells or local clearing houses, and ensure participation in the special clearing with same-day return on March 31 evening/night.