Special Clearing Operations on March 31, 2020

Reserve Bank of India today advised all the banks to be ready to conduct a Special Clearing exclusively for Government cheques at all clearing houses across the country on March 31, 2020.

According to the regulator’s communication normal clearing timings as applicable to any working Tuesday shall be followed on March 31, 2020. Additionally, a Special Clearing exclusively for Government cheques at all clearing houses across the country on March 31, 2020, to facilitate accounting of all the Government transactions for the current financial year (2019-20) by March 31, 2020. The Circular of RBI said that it is mandatory for all banks to participate in the Special Clearing on March 31, 2020.

The clearing presentation will be between 1700 and 1730 hours. (One hour after normal working hours keeping in view operational convenience at local center). Clearing return will be between 1900 and 1930 hours (Half an hour / one hour after presentation clearing keeping in view operational convenience at the local center). These timings are applicable to CTS grids location (Chennai, Mumbai and New Delhi) and ECCS centers.

Member banks of clearinghouses are advised to adhere to instructions contained in this circular as well as instructions received from Regional Offices of Reserve Bank of India and President of respective clearinghouses. In the case of image-based clearing at CTS locations, the operating procedure for March 31, 2020, will be advised to all member banks by the President of the respective CTS location. Member banks are also asked to be guided by the circular NPCI/2016-17/CTS/Circular No.32 dated October 3, 2016, issued by NPCI to all member banks regarding clearing type for instruments to be presented in Special Clearing sessions, it said.

Banks are also advised by RBI to be in readiness to participate in RTGS on March 31, 2020. A separate broadcast message will be issued indicating the extended time window. About reporting of Central and State Government transactions to RBI, including uploading of GST / e-receipts luggage files, the reporting window on March 31, 2020, will be extended and kept open till 1200 hours on April 1, 2020.