Circular Letter No. 1319 — Amends the MNI

Circular Letter No. 1319, of December 13, 1985.

CIRCULAR LETTER No. 1319

To
Financial Institutions.

We communicate that the Financial Note to be used in the movement and utilization of the financial resources of the Union Budget, instituted by Decree No. 91,959, of November 19, 1985, may transit through the Check and Other Papers Clearing Service.

2. Consequently, the sheet necessary for the update of section 4-3-3 of the Manual of Norms and Instructions (MNI) is attached.

Brasília (DF), December 13, 1985.

DEPARTMENT OF BANKING OPERATIONS
José Costa de Oliveira
HEAD

This text does not replace the published version in the DOU and Sisbacen.

TITLE: REGULATIONS AND SPECIAL PROVISIONS
CHAPTER: Check and Other Papers Clearing Service – 3
SECTION: Documents in Clearing - 3
Circular Letter No. 1319, of 13.12.85 – MNI Update No. 903.

1 - The following papers have transit through the Service:
a) checks, including payment order checks and travel checks; b) Declaration of Export Credit (DCE); c) Difference Adjustment Document — DAD (document No. 1 of this chapter); d) documents for the refund of federal taxes; e) clearing sheets:
I - of Collection Block, models A and B (document No. 2 of MNI 16-8); II - of Credit Documents, models A and C (document No. 3 of MNI 16-8); f) receipts, including payment order receipts, if they contain the elements necessary to characterize them as such:
g) Financial Note instituted by Decree No. 91,959, of November 19, 1985. (*)

2 - The following are clearable through the System:
a) Local:
I - documents drawn on the System itself;
II - clearing sheets 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 the locations of the System itself or on locations of another Regional Integrated System linked to this one, even if they have been forwarded by non-participating bank branches; II - clearing sheets 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 or Regional Integrated System (or by the System linked to it) in which they were being exchanged.

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

TITLE: REGULATIONS AND SPECIAL PROVISIONS
CHAPTER: Check and Other Papers Clearing Service – 3
SECTION: Documents in Clearing - 3
Circular Letter No. 1319, of 13.12.85 – MNI Update No. 903.

4 - The documents forwarded to the Service must contain, obligatorily:
a) on the back of all documents, a clearing stamp with the date of the exchange session, the name of the Sender, their code number, and the declaration "Forwarded for Settlement through the Check and Other Papers Clearing Service"; b) on the front of checks: a crossing stamp, which can be special (in black) or general (in white).

5 – The affixing of the 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, before the drawee establishment, for the eventual non-existence or insufficiency of the chain of endorsements; b) only those checks that have been prepared in accordance with the standards and requirements referred to in MNI 16-8-1 may transit through the Service; c) checks may only be presented or re-presented by another establishment, other than that indicated in the special crossing, when provided with a mandate endorsement; d) the transit of checks is admitted, containing a clearing stamp with the date of the exchange session of the business day prior to the session in which they are being exchanged, when of a value lower than one MVR, rounded up to the nearest ten thousand cruzeiros fraction, only in the specific sessions for the exchange of these documents; e) with reference to re-presentation:
I - no check may be re-presented more than once; II - the re-presentation of a check is prohibited after it has been refused in the first presentation on the grounds of "written counter-order from the issuer" or "account closed";

TITLE: REGULATIONS AND SPECIAL PROVISIONS
CHAPTER: Check and Other Papers Clearing Service – 3
SECTION: Documents in Clearing - 3
Circular Letter No. 1319, of 13.12.85 – MNI Update No. 903.

III - the re-presentation of a check returned for insufficient funds may only be made after at least two business days have elapsed, counted from the business day immediately following its first presentation; IV - 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 clearable through the National System, it is also necessary to observe:
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 clearing house; 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 be carried out and the date on which they are being exchanged, in addition to the name of the Sender, their code number, and the declaration "Forwarded for Settlement through the Check and Other Papers Clearing Service".

10 - Except for the provisions in the following item, clearing sheets may only transit through the Service:
a) on the very 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 had occurred within the time limits allowed in MNI 1-10-8 and 16-10-9.

11 - The forwarding to the Service of clearing sheets is admitted, exclusively, for the Credit Document, models A and B, until the business day following the receipt, re-presentation being prohibited. In this case, the clearing sheets may contain a clearing stamp with the date of the business day prior to the session in which they are being exchanged.