Circular Letter No. 1201 — Amendments to the MNI — BCB — BR

Carta-Circular n° 1201, de 08 de abril de 1985.
CARTA-CIRCULAR N° 1201
We communicate that, in order to improve the regulations governing the Check Clearing Service and Other Papers, amendments have been made to sections 4-3-3, 4-3-4, and 4-3-6 of the Manual of Norms and Instructions (MNI).

Consequently, sheets intended for updating the aforementioned Manual are attached hereto.
Brasília (DF), April 08, 1985.
DEPARTMENT OF BANKING OPERATIONS
José Costa de Oliveira
CHIEF
This text does not replace the one published in the DOU and Sisbacen.

TITLE: REGULATIONS AND SPECIAL PROVISIONS – 4
CHAPTER: Check Clearing Service and Other Papers – 3
SECTION: Documents in Clearing - 3
Circular Letter n° 1201, dated 08.04.85 – MNI Update n° 843.

1 - The following papers have transit through the Service:(*) a) checks, including payment orders and travel checks; b) Export Credit Declaration (DCE); c) Difference Adjustment Document - DAD (document no. 3 of this chapter); d) Credit Document - DOC (document no. 2 of this chapter); e) documents for the refund of federal taxes (payment orders, credit orders, and checks); f) clearing slips:
I - for registered collection at banks (document no. 1 of this chapter); II - for bank orders; III - for deposits between branches of the same bank; g) National Treasury Notes; h) receipts, including payment orders, if they contain the necessary elements to characterize them as such.

2 - The following are clearable through the System: () a) Local:
I - documents drawn on the System itself;
II - clearing slips related to the collection of titles, drawn on any location, provided that the destination financial institution maintains a branch in the System; b) Regional Integrated:
I - documents drawn on locations within the System itself or on locations of another Regional Integrated System interconnected with this one, even if they were forwarded by non-participating bank agencies; II - clearing slips related to the collection of titles, drawn on any location, provided that the destination financial institution maintains a branch in the System; c) National - checks and payment order receipts, drawn on locations not covered by the Local System or Regional Integrated System (or by the System Interconnected with it) in which they are being exchanged. ()

3 - It is prohibited, for the purpose of forwarding to the Service, to attach any document to clearable papers, except in the case of Difference Adjustment Document (DAD).

4 - All documents must contain (on the back and stamped) the date, the name of the Sender, their code number, and the declaration "Liquidated through the Check Clearing Service and Other Papers".

5 - The affixing of this clearing stamp substitutes the Sender's signature for all legal purposes and effects, thereby making them responsible for the authenticity and validity of the receipts or the last endorsement.

6 - The cancellation of the clearing stamp is only valid when authenticated by the Sender, becoming unnecessary, however, in cases where the re-presentation of the document is made by the same Participant indicated in the first presentation.

7 - Until the respective clearing is considered perfect and final, the Recipient is a fiduciary depositary of the documents forwarded to them by the Sender.

8 - With regard to checks, in particular, the following must also be observed:
a) the affixing of the clearing stamp also makes the Sender responsible, vis-à-vis the drawee establishment, for the eventual non-existence or insufficiency of the chain of endorsements;

a) only those that have been prepared in accordance with the standards and requirements referred to in MNI 16-8-1 may transit through the Service; b) the transit of checks containing a clearing stamp with the date of the useful day prior to the session in which they are being exchanged is admitted, when of value lower than one MVR, rounded up to the nearest ten thousand cruzeiros fraction, only in specific sessions for the exchange of these documents; a) no check may be re-presented more than once; b) the re-presentation of a returned check due to insufficient funds can only be done after at least two useful days have elapsed, counted from the useful day immediately following its first presentation; c) checks returned for "discrepancy or insufficiency in the issuer's signature" may be re-presented, at the Sender's discretion, after the discrepancy or insufficiency in the first return has been remedied by the affixing of new signatures.

9 - With reference to checks and payment order receipts liquidable through the National System, the following must also be observed:
a) they are exchanged, in special envelopes, during normal exchange sessions held:
I - in the capital of the State of São Paulo; or II - in any other State or Territory capital, provided that the drawee establishments are represented in the respective clearinghouse; b) they must receive a special stamp on the back, containing the name of the capital of the State or Territory where the exchange must take place and the date on which they are being exchanged, in addition to the name of the Sender, their code number, and the declaration "Liquidated through the Check Clearing Service and Other Papers".

10 – Clearing slips may only transit through the Service:
a) on the same date of receipt, re-presentation being prohibited; b) mechanically authenticated by the Sender, admitting, in case of error, complementary authentication or registration of a new authentication with cancellation of the previous one;

c) if their respective receipts occurred until the day stipulated for maturity or, in the case of titles with maturity "at sight" or "upon presentation", until 15 days after the date of their issuance.

11 - Forwarding to the Service of clearing slips relating exclusively to the Credit Document (DOC) or to the collection of promissory notes that were received on the first useful day after their respective maturities is admitted, only when these fall on a non-useful day.

12 - Regarding clearing slips relating to promissory notes paid with discount, their forwarding to the Service is only admitted if:
a) the conditions for granting the privilege must necessarily appear in the collection block; b) the receipts occurred until the date stipulated for this purpose or until the next useful day, if the date established for the privilege falls on a non-useful day.

13 - If discount conditions are provided for in the promissory notes, they must necessarily appear in the corresponding collection blocks.

TITLE: REGULATIONS AND SPECIAL PROVISIONS – 4
CHAPTER: Check Clearing Service and Other Papers – 3
SECTION: Documents in Return - 4
Circular Letter n° 1201, dated 08.04.85 – MNI Update n° 843.

1 - Except as provided in items 2, 3, 4, 6, and 7, documents that are not returned until the useful day following the date contained in the clearing stamp are considered liquidated.

2 - Checks of value lower than the limit referred to in item "c" of item 4-3-3-8, exchanged in the specific sessions for these documents, may be returned until the second useful day following the date contained in the clearing stamp. (*)

3 – In addition to the deadlines provided for in items 1 and 2, in Regional Integrated Systems, participants have an additional useful day deadline for return, when:
a) the documents are drawn on a centralized location, where a holiday is scheduled on the useful day following the exchange session, provided that the expression "municipal holiday" is stamped on them; b) the documents are improperly forwarded, after the exchange session, to agencies other than the drawees.

4 - Occurring municipal holiday in a centralizing location of a Regional Integrated System, the challenged documents, whose clearing stamps contain the same date as the event, may transit through the return session of the second useful day after the holiday.

5 - Returns within the deadlines provided for in item "a" of item 3, or in item 4, may be challenged immediately, in the same return session, or until the return sessions of the following useful day, if the operator proves the non-existence of the municipal holiday.

6 - The norms established in item "a" of item 3 and in items 4 and 5 also apply to checks of value lower than the limit referred to in item "c" of item 4-3-3-8, exchanged in the specific sessions for these documents. (*)

7 - The deadlines for returning checks liquidated through the National System are indicated in document no. 4 of this chapter. The Operator will publish the list of hard-to-access locations (Black List).

8 - The determining reasons for the return must always be specified on the back of the documents, legibly and without erasures. In the case of checks and clearing slips, the reasons are indicated obligatorily through the return stamp.

9 - Checks may only be returned for the following reasons:
a) insufficient funds; b) discrepancy or insufficiency in the issuer's signature; c) written counter-order from the issuer;

d) account closed; e) absence or irregularity of the clearing stamp; f) formal irregularity or error in filling out; g) improper clearing; h) when issued by entities and bodies of the direct and indirect federal public administration, they are out of compliance with the requirements set forth in art. 74, § 2nd (second) of Decree-Law n. 200, of 25.02.67.

10 - In returns of checks, the existence or non-existence of funds must invariably be marked, regardless of the reasons that justified them, except if returned for "improper clearing".(*)

11 - The following hypotheses are classified as "improper clearing" for return purposes:

a) re-presented more than once; b) re-presented only once, after having been refused in the first presentation under the allegation of "written counter-order from the issuer" or "account closed"; c) re-presented before the minimum interval of two useful days, counted from the useful day immediately following its first presentation, if initially refused with the indication of "insufficient funds"; d) re-presented with the same "discrepancy or insufficiency in the issuer's signature" alleged in the first return; e) presented to another establishment other than the drawee; f) presented to the drawee establishment itself, if the place of payment, stated in the documents, is not integrated into the clearing system in which they were presented; g) lacking mandate endorsement, when forwarded by another banking establishment other than that indicated in the special crossing.

12 - It is prohibited to return under the allegation of "improper clearing" checks that, drawn on locations participating in the system in which they were presented, were improperly forwarded, after the exchange session, to agencies other than those on which they were drawn.

13 - Checks that find themselves in the circumstances treated in the previous item may be returned for other reasons, until the second useful day subsequent to the session in which they are exchanged, provided that, in the return session of the first useful day after the exchange, the drawee bank delivers to the Sender bank written communication about the occurrence, accompanied by a photocopy (front and back) of the checks in question.

14 - Checks lacking the issuer's signature are classifiable as "formal irregularity" for return purposes.

15 - For checks returned for the second time, with insufficient funds or due to "account closed", the formalities regarding the Registry of Issuers of Checks Without Funds (CCF), governed by MNI 16-9-12, must be complied with.

16 – Returns of checks shall not be considered, for the purpose of counting the maximum number of re-presentations:
a) by an establishment other than the drawee; b) by the drawee establishment itself, if the place of payment stated in the document does not integrate the same system in which it was presented; c) re-presented before the minimum interval of two useful days, counted from the

useful day immediately following its first presentation.

17 - The return of a check re-presented before the minimum interval of two useful days, counted from the useful day immediately following its first presentation, does not constitute a reason for interrupting the deadline for re-presentation of a check initially returned with insufficient funds.

18 - In returns of checks forwarded to the National System, the following must also be observed:
a) they may only be returned in the same clearinghouse in which they were exchanged; b) they must always be indicated through the normal return stamp, legibly and without erasures, indicating the determining reason for the return and the date on which the check is being challenged by the drawee banking branch;

c) on the upper external part of the return stamp, the date of the session in which the check is actually being returned must be indicated, by stamp. This measure is the exclusive responsibility of banking branches participating in the Service in their respective State or Territory capitals; d) for the purpose of counting the return deadline, a check without indication of the Federation Unit in which the drawee agency is located is considered drawn on a location in the interior of the same State or Territory in which it was accepted for deposit; e) if a municipal holiday occurs in the location of the drawee banking branch within the return deadline, checks eventually returned must contain on the back, stamped, the expression "municipal holiday". The deadline for returning these checks is automatically extended by one day; f) participants cannot challenge, during the session, the return of checks whose deadlines for this purpose have expired. A challenge to a return thus effected is only admitted in the subsequent return session; g) challenges made improperly must be regularized through the return of the documents, obligatorily until the subsequent return session, which may even occur on the same day; (*) h) in the hypothesis provided for in item "e", the challenge may be made up to 30 calendar days after the date of the return of the check. The Clearinghouse where the respective exchange occurred, with communication to the Operator, must have attached to the check the document proving the non-existence of the municipal holiday alleged for the return outside the regulatory deadline; i) challenges made in conformity with the previous item must be immediately communicated, by the Operator, to the Central Bank/Banking Supervision Department, with a view to adopting appropriate measures.

19 - Clearing slips may only be returned for the following reasons:
a) discrepancy in the amount received; b) receipt made outside the deadline; c) improper clearing; d) absence or irregularity of the clearing stamp; e) absence or irregularity of mechanical authentication; f) insufficient transfer for the indicated purpose;

g) discrepancy in the indication of the destination agency, account number, or payee name.

20 - Occurring return for any of the reasons provided for in the previous item, except those of items "f" and "g", the Sender must immediately inform the drawee or payer, aiming to regularize the matter, being entirely responsible for any damage caused to third parties by non-compliance with these instructions.

21 - The reasons "insufficient transfer for the indicated purpose" and "discrepancy in the indication of the destination agency, account number, or payee name" only apply for the return of Credit Document (DOC), when the purpose to which it is destined cannot be fulfilled due to insufficiency in the amount transferred or discrepancy in its filling. In these cases, the Sender bank must credit the returned value to the sender/debtor, under notice.

22 - The values of clearing slips returned for "absence or irregularity of the clearing stamp" or "absence or irregularity of mechanical authentication" or still, for "improper clearing" will be obligatorily passed on to the cashiers of the Recipients, on the same day of the return.

23 - It is prohibited to return any document for adjustment of differences found in the forwarding of clearable papers from Participant to Participant.

TITLE: REGULATIONS AND SPECIAL PROVISIONS – 4
CHAPTER: Check Clearing Service and Other Papers – 3
SECTION: Documents in Return - 4
Circular Letter n° 1113, dated 24.10.84 – MNI Update n° 783.

24 - The adjustment of differences verified in the compensatory movement is always initiated by the Participant who finds themselves financially prejudiced, using the Difference Adjustment Document (DAD). To the favored Participant belongs the duty to communicate the fact to the prejudiced establishment, immediately after the discovery of the difference, through the form called Difference Communication Document (DCD).

25 - The Difference Adjustment Document (DAD) may be challenged, upon delivery or during the subsequent return session, if the documentation attached to it is not sufficient to prove the difference.

26 - The Difference Adjustment Document (DAD) that refers to a difference already compensated previously must be returned for "improper clearing".

27 - The return of a document to the clearinghouse is subject to the payment of a service fee to the Operator, equivalent to 3% (three percent) of the MVR, rounded up to the nearest cruzeiro fraction, which reverts to the benefit of the Service. The service fee collected on a document whose return is challenged in the manner provided for in MNI 4-3-7-3 will not be refunded by the Operator. (*)

28 - The return of the Difference Adjustment Document (DAD) is exempt from the payment of the service fee mentioned in the previous item.

29 - The service fee is the responsibility of the Recipient, and may be transferred to third parties, when resulting from the return of a check for:
a) insufficient funds; b) discrepancy or insufficiency in the issuer's signature; c) written counter-order from the issuer; d) account closed; e) issuance, by entities and bodies of the direct and indirect federal public administration, out of compliance with the requirements set forth in art. 74, § 2nd (second), of Decree-Law n. 200, of 25.02.67. (*)

30 - The service fee is the responsibility of the Sender, and non-transferable to third parties, when resulting from the return of:
a) clearing slip for:
I - discrepancy in the amount received;
II - receipt made outside the deadline;

III - improper clearing;
IV - absence or irregularity of the clearing stamp; V - absence or irregularity of mechanical authentication; b) check for:
I - absence or irregularity of the clearing stamp; II - formal irregularity or error in filling out; III - improper clearing.

31 - The service fee is also the responsibility of the Sender, and may be transferred to third parties, when resulting from the return of the Credit Document (DOC) for any of the following reasons:
a) insufficient transfer for the indicated purpose; b) discrepancy in the indication of the destination agency, account number, or payee name.

32 - In case of concurrence of causes for the return, that which implies Sender responsibility prevails, for the purpose of charging the service fee.

TITLE: REGULATIONS AND SPECIAL PROVISIONS – 4
CHAPTER: Check Clearing Service and Other Papers – 3
SECTION: Clearing Sessions - Exchange - 6.
Circular Letter n° 1201, dated 08.04.85 – MNI Update n° 843.

1 - The exchange takes place through direct delivery, to each Recipient, of closed envelopes, containing the documents to be cleared to debit and credit, with their respective sum tapes duly authenticated. The Sender expressly declares the quantity and total value of the documents contained in each envelope, assuming full responsibility for them.

2 - According to local needs and conveniences, the exchange session may be divided into two or more time slots.

3 - It is prohibited for Participants to open the envelopes during exchange sessions.

4 - In each exchange session, in the presence of representatives of the Sender and Recipient establishments, the Operator must open at least one envelope for verification of its content, or as many as requested by a duly accredited Bank Central employee, registering the occurrence. Any irregularities eventually found are the responsibility of:
a) the Sender, when classifiable in the following hypotheses:
I - absence of sum tape;
II - summation error;
III - sum tape lacking authentication;
IV - lack of indication or incorrect indication of the quantity of documents; V - documents lacking the clearing stamp; VI - papers not provided for in section 3 of this chapter or accompanied by other documents; b) the Recipient, when related to the transit of checks:
I - prepared out of compliance with the standards provided for in MNI 16-8-1; II - lacking indication of the client's registration number in CPF or CGC or, still, the word EXEMPT in the field destined for respective personalization; III - lacking indication of the place where payment must be made.

TITLE: REGULATIONS AND SPECIAL PROVISIONS – 4
CHAPTER: Check Clearing Service and Other Papers – 3
SECTION: Clearing Sessions – Exchange – 6.
Circular Letter No. 1201, dated 08.04.85 – At. MNI No. 843.

5 - The schedule of the sessions must be fixed by consensus of the Participants, observed that:
a) the start of the exchange session must occur at least two hours after the closing of the external business hours of the majority of the Participants in the market; in order to allow the forwarding to the Service of all documents on the same day they are received; b) only when duly justified, an interval shorter than that provided in item "a" is admitted, provided that the Participants, in a meeting specially convened by the Executive, assume the commitment to forward to the Service the entirety of the documents on the same day they are received; c) the change of time of the sessions is subject to the authorization of the Superior Administration of the Executive, who will previously hear the Central Bank/Department of Banking Operations.

6 - In markets centralizing Regional Integrated Systems, the Executive will fix one or more times for the specific exchange of checks with a value lower than the limit referred to in item "c" of item 4-3-3-8. (*)

7 - If there is a municipal holiday in a market centralized by a Regional Integrated System, the event is not considered, throughout the System, for purposes of forwarding papers to the Service.

8 – If there is a municipal holiday in a market centralizing a Regional Integrated System:
a) the event is not considered, in other markets of the System, for purposes of forwarding papers to the Service; b) documents whose clearing stamps contain the date of the holiday may transit through the exchange sessions held in that market, on the next business day following the event.

TITLE: REGULATIONS AND SPECIAL PROVISIONS – 4
CHAPTER: Check Clearing Service and Other Papers – 3
SECTION: Clearing Sessions – Exchange – 6.
Circular Letter No. 1142, dated 12.12.84 – At. MNI No. 804.

9 - The norms established in items 7 and 8 also apply to checks with a value lower than the limit stipulated in item 6. (*)

10 - For purposes of forwarding checks and receipts of payment orders to the National System, the municipal holidays scheduled for the drawee markets are not considered.

Circular Letter No. 1201 — Amendments to the MNI

Lineage: Superseded

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