RBI/2004/231
DIT(CO). 2313 /06.50.13/2004
June 05, 2004
All Clearing Houses managed by RBI, SBI, Associate
Banks & Public Sector Banks
Dear Sirs,
Payment of Treasury Bills passed
by Treasury Officers of State Governments through clearing houses
The following clarifications
are issued on the types of instruments, which can be collected through the clearing
house process.
2.The provisions with regard to
the types of documents and process of endorsements by which documents can
be cleared through clearing houses spelt out in the Uniform Regulations &
Rules for Bankers’ Clearing Houses (URRBCH) are as under:
- The objects of the clearing house is to make
arrangements for speedy and economic collection of cheques, bills and other
documents, [cf. Regulation 1 of URRBCH];
- All cheques and other documents passing through
the clearing shall bear a clearing house stamp. Documents will include cheques,
banker’s demand drafts, dividend warrants, pay orders, Indian postal orders
and bills accepted payable at a member banks but will not include coupons
and bankers’ fixed deposit receipts, [cf. Rule 14 of URRBCH];
- The clearing house stamp affixed by the member
on the document shall denote that the instrument is discharged by endorsement
by such member, [cf. Rule 15 of URRBCH];
- All documents to be cleared must be properly
endorsed or other wise discharged before being sent to the clearing house,
[cf. Rule 16 of URRBCH].
3.It is now clarified that documents,
which are not negotiable but are endorsable can also be routed
through the clearing house system for collection.
4.The contents of this letter
may please be brought to the notice of all clearing houses managed by your
bank and the members thereof under advice to us.
Please acknowledge receipt of this
circular.
Yours faithfully,
Sd/-
(Arun Pasricha)
General Manager