Special clearing for govt transactions on Mar 30, 31

The Reserve Bank today said special clearing for government transactions will be conducted at all clearing houses across the country on March 30 and 31.
"With a view to facilitate accounting of all the Government transactions for the current financial year (2015-16) by March 31, 2016, it has been decided to conduct special clearing at all clearing houses across the country on March 30 and 31, 2016", Reserve Bank said in a notification.
RBI said normal clearing will be followed on both days and a special clearing exclusively for government transactions (receipts and payments), with return clearing on the same day will be conducted both on March 30 and 31.

"It is mandatory for all banks to participate in the special clearing operations on these two days", RBI said.
All member banks of the clearing house are required to keep their inward clearing processing infrastructure open during the special clearing hours, RBI said.
Also, they should maintain sufficient balance in their clearing settlement account to meet settlement obligations arising out of the special clearing, it added.
However, participation in the outward clearing is left to banks depending upon the instruments received by them towards credit-to/payment-from government accounts, it said.
RBI has asked member banks to be in readiness to participate in the Centralised Payment Systems (RTGS and NEFT) on these days.