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The Reserve Bank of India, on Wednesday, notified a ‘Special Clearing’ facility to be conducted on March 31 for government cheques to facilitate accounting of all government transactions for the current financial year ending on Friday.
The clearing facility will be conducted across three Cheque Truncation System (CTS) grids in New Delhi, Chennai and Mumbai. The presentation clearing will be done between 5:00-5:30 pm and the return clearning will be done between 7:00-7:30 pm on March
Return data sent by the paying banks are processed in the return clearing session in the same way as presentation clearing and return data is provided to the presenting banks for processing.
“It is mandatory for all banks to participate in the special clearing operations. All the member banks under the respective CTS Grids 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,” the central bank said.
Further, normal clearing timings, as applicable on any working Friday, will be followed on March 31, it added.
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