What changed
RBI directed all clearing houses to conduct special presentation and return clearing on September 14 and 15, 2013, exclusively for government receipts (advance income tax and corporate tax). Only agency banks handling government business are allowed to present instruments; other member banks must keep inward clearing infrastructure operational and maintain adequate settlement account balances.
What it means for you
Banks must ensure their clearing operations are fully functional on these two days, even though it's a weekend. Agency banks get exclusive presentation rights, but all banks face settlement obligations from the special clearing. This facilitates timely government tax accounting by the September 15 due date.
What you must do
- Ensure inward clearing processing infrastructure is open during special clearing hours on Sep 14-15.
- Maintain sufficient balance in your clearing settlement account to meet obligations from special clearing.
- Coordinate with your local clearing house and RBI regional office for exact timings.
- Prepare to participate in RTGS and NEFT on these days as per separate broadcast messages.
Who it affects
All scheduled commercial banks including RRBs, UCBs, state/district co-operative banks, and local area banks, Agency banks handling government business, Clearing houses across the country
Which instruments are eligible for this special clearing?
Only instruments related to government receipts, specifically advance tax payments under income tax and corporate tax, are eligible for presentation in this special clearing.
Do all banks need to participate in the special clearing?
Yes, all member banks of clearing houses must keep their inward clearing processing infrastructure open and maintain sufficient settlement account balances. However, only agency banks doing government business are permitted to present instruments.