Circular No. 1584 - Check Clearing Service - Compatibility of Current Service with Resolution 1631 and Resolution 1682

CIRCULAR NO. 001584

TO FINANCIAL INSTITUTIONS PARTICIPATING IN THE CHECK AND OTHER PAPER CLEARING SERVICE.

PUBLISHES NORMS RELATED TO THE CHECK AND OTHER PAPER CLEARING SERVICE, COMPATibilizing the CURRENT REGULATION OF THE SERVICE WITH THE PROVISIONS OF RESOLUTION NO. 1,631, OF 08/24/89, WITH THE NEW WORDING GIVEN BY RESOLUTION NO. 1,682, OF 01/31/90.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION ON 02/21/90, BASED ON ARTICLE 11, ITEM VI OF LAW NO. 4,595, OF 12/31/64, AND AS A RESULT OF THE PROVISIONS OF RESOLUTION NO. 1,631, OF 08/24/89, WITH THE NEW WORDING GIVEN BY RESOLUTION NO. 1,682, OF 01/31/90, DECIDED THAT:

ART. 1st. THE CLEARING CARDS AND BANK ORDERS CAN ONLY BE RETURNED, IN THE CHECK AND OTHER PAPER CLEARING SERVICE, FOR ONE OF THE FOLLOWING REASONS:

51 - DISCREPANCY IN THE RECEIVED AMOUNT; 52 - RECEIPT MADE OUTSIDE THE DEADLINE; 53 - IMPROPER PRESENTATION; 54 - ABSENCE OR IRREGULARITY OF THE CLEARING STAMP; 55 - ABSENCE OR IRREGULARITY OF MECHANICAL AUTHENTICATION; 56 - INSUFFICIENT TRANSFER FOR THE INDICATED PURPOSE; 57 - DISCREPANCY IN THE INDICATION OF THE DESTINATION BRANCH, ACCOUNT NUMBER OR NAME OF THE BENEFICIARY.

SINGLE PARAGRAPH. REASONS 56 AND 57, MENTIONED IN THE MAIN TEXT, WILL ONLY APPLY TO THE RETURN OF A CLEARING CARD RELATIVE TO A CREDIT DOCUMENT, MODEL C, AND BANK ORDER.

ART. 2nd. ANY PAPER, WHOSE TRANSIT IN THE SERVICE OF CHECK AND OTHER PAPER CLEARING IS NOT AUTHORIZED, AND WHICH IS PRESENTED THROUGH THIS SERVICE, MUST BE RETURNED BY REASON 61 - NON-CLEARABLE PAPER, AND ITS RETURN MAY OCCUR AT ANY TIME.

ART. 3rd. THE OPERATOR OF THE CHECK AND OTHER PAPER CLEARING SERVICE WILL CHARGE THE SENDING BANK, FOR THE RETURN OF DOCUMENT TO THE CLEARING HOUSE, A SERVICE FEE EQUIVALENT TO 1 (ONE) NATIONAL TREASURY BONUS-BTN, WHOSE VALUE WILL ALWAYS BE EXPRESSED IN NEW CRUZEIROS, DISREGARDING THE CENTS.

SINGLE PARAGRAPH. THE SERVICE FEE MAY BE TRANSFERRED TO THE DEPOSITOR ONLY IN THE EVENT OF RETURN, BY REASONS 56 AND 57, OF CLEARING CARD OF CREDIT DOCUMENT, MO- DEL C.

ART. 4th. THE SERVICE FEE, WHICH ARE TREATED IN THE ARTI- CLE PREVIOUS AND ARTICLE 14 OF THE REGULATION ISSUED BY RESOLUTION NO. 1,631, OF 08/24/89, WITH THE NEW WORDING GIVEN BY RESOLUTION NO. 1,682, OF 01/31/90, REVERTS FOR THE BENEFIT OF THE CHECK AND OTHER PAPER CLEARING SERVICE.

ART. 5th. THE FINE TO WHICH PARTICIPANTS ARE SUBJECT OF THE SERVICE, IN ACCORDANCE WITH MNI 4-3-10-1-A AND 3, SHOULD NOT EXCEED THE EQUIVALENT, IN NEW CRUZEIROS, DISREGARDING THE CEN- TEAVOS, TO 36 (THIRTY-SIX) NATIONAL TREASURY BONUSES-BTN, REVERTING- SE FOR THE BENEFIT OF THE SERVICE AND BEING APPLIED DIRECTLY BY THE EXEC- UTOR.

ART. 6th. REASON 41 PROVIDED FOR RETURN OF CHECK IN ART. 6th OF THE REGULATION ISSUED BY RESOLUTION NO. 1,631, OF 08/24/89, ALREADY MENTIONED, CANNOT BE APPLIED FOR RETURN OF CHEQUES THAT, DRAWN ON PLACES PARTICIPATING IN THE SYSTEM IN WHICH PRESENTED, ARE INCORRECTLY SENT AFTER THE EXCHANGE SESSION, TO BRANCHES DIFFERENT FROM THOSE ON WHICH THEY HAD BEEN DRA- WN.

ART. 7th. IN THE REASONS FOR RETURN OF CHEQUES, THE FOLLOWING CHANGES SHALL BE MADE:

I - INCLUDE IN REASON 43, AMONG THE CHEQUES NOT ELIGIBLE FOR REPRESANTATION, DUE TO THE PERSISTENCE OF THE REASON FOR RET- URN, THE CHEQUES PREVIOUSLY RETURNED BY REASON 34;

II - INCLUDE IN REASON 49 (NULL SHIPMENT) THE REPRES- ENTATION OF CHEQUES PREVIOUSLY RETURNED BY REASONS 25 OR 35.

ART. 8th. THIS CIRCULAR WILL ENTER INTO FORCE ON DAY 03/16/90.

ART. 9th. ARE REVOKED THE ALÍNEA "B" OF ITEM 1 AND ITEM 2 OF LETTER-CIRCULAR NO. 1,113, OF 10/24/84, ITEMS 1 AND 2 OF LETTER-CIRCULAR NO. 1,256, OF 07/23/85, LETTER-CIRCULAR NO. 1,340, OF 01/16/86, ITEM III OF ALÍNEA "B" OF ITEM 4 OF LETTER-CIRCULAR NO. 1,506, OF 11/18/86, ALÍNEA "C" OF ITEM 1 OF LETTER-CIRCULAR NO. 1,529, OF 12/15/86, LETTER-CIRCULAR NO. 1,630, OF 05/21/87, ALÍNEA "D" OF ITEM 1 OF LETTER-CIRCULAR NO. 1,827, OF 09/06/88, AND LETTER-CIR- CULAR NO. 1,890, OF 01/26/89.

ART. 10th. AS A RESULT, THE SHEETS NECESSARY FOR THE UPDATE OF THE MANUAL OF NORMS AND INSTRUCTIONS

• MNI ARE ATTACHED.

BRASILIA (DF), FEBRUARY 22, 1990

WADICO WALDIR BUCCHI
PRESIDENT

NOTE: THE SHEETS FOR UPDATING THE MANUAL OF NORMS AND INSTRUCTIONS ARE AVAILABLE AT THE HEADQUARTERS OR REGIONAL OFFICES OF THIS ORGAN.