Special Clearing Operations on March 31, 2023
Special Clearing Operations on March 31, 2023
A reference is invited to the circular issued by Department of Government and Bank Accounts (DGBA) vide CO.DGBA.GBD.No.S1490/42-01-029/2022-2023 dated March 21, 2023 addressed to all the agency banks on Annual Closing of Government Accounts –Transactions of Central/State Governments – Special Measures for the Current Financial Year (2022-23).
2. Normal clearing timings as applicable to any working “Friday” shall be followed on March 31, 2023. Further, to facilitate accounting of all the Government transactions for the current financial year (2022-23) by March 31, 2023, it has been decided to conduct Special Clearing exclusively for Government Cheques across the three CTS grids on March 31, 2023 as detailed below:
| Location | Presentation Clearing | Return Clearing |
| CTS Grids (New Delhi, Chennai and Mumbai) | Between 17:00 and 17:30 Hours | Between 19:00 and 19:30 Hours |
3. It is mandatory for all banks to participate in the special clearing operations on March 31, 2023. 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.
4. Member banks under the respective CTS Grids are advised to adhere to the instructions contained in this circular as well as instructions issued by the President of the respective CTS grids. Member banks may also 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.
Read More on RBI
