Circular No. 2315 — Reduces the blocking and exchange periods for checks cleared by the National Clearing System

CIRCULAR NO. 002315

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

REDUCES THE BLOCKING AND EXCHANGE PERIODS
FOR CHECKS CLEARED BY THE
NATIONAL CLEARING SYSTEM.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 26.05.93, HAVING REGARD TO THE PROVISIONS OF ART. 11, ITEM VI, OF LAW NO. 4,595, OF 31.12.64, DECIDED:

ART. 1. THE BLOCKING PERIODS FOR DEPOSITS MADE WITH CHECKS CLEARED BY THE NATIONAL CLEARING SYSTEM WILL BE THOSE CONTAINED IN THE TABLE IN THE ANNEX, OBSERVED THE FOLLOWING:

I - THEY SHALL BE COUNTED FROM THE NEXT BUSINESS DAY AFTER THE DEPOSIT;

II - THEY SHALL BE INCREASED BY ONE BUSINESS DAY WHEN A MUNICIPAL HOLIDAY OCCURS IN THE DRAWEE CITY, DURING THE BLOCKING PERIOD, LEAVING BANCO DO BRASIL S.A., THE OPERATOR OF THE CHECK AND OTHER PAPER CLEARING SERVICE (SCCOP), RESPONSIBLE FOR TIMELY DISCLOSING TO THE FINANCIAL INSTITUTIONS PARTICIPATING IN THE SERVICE, A LIST WITH THE CODES OF THE MUNICIPALITIES WHERE A MUNICIPAL HOLIDAY WILL OCCUR;

III - THEY SHALL BE INCREASED BY UP TO 2 (TWO) BUSINESS DAYS, WHEN IT IS A CHECK ACCEPTED/DRAWN AGAINST REGULAR ACCESS CITIES THAT ARE NOT INTEGRATED INTO A REGIONAL INTEGRATED SYSTEM (SIRC);

IV - IN CITIES INTEGRATED INTO MORE THAN ONE SIRC, THE SHORTER PERIOD SHALL PREVAIL.

PARAGRAPH 1. CHECKS DRAWN AGAINST CITIES OF
DIFFICULT ACCESS MAY BE BLOCKED FOR 20 (TWENTY) BUSINESS DAYS.

PARAGRAPH 2. THE AMOUNTS DEPOSITED IN CHECKS WILL BE AVAILABLE TO OFFSET DEBITS, IN THE RESPECTIVE CHECKING ACCOUNTS OF THE DEPOSITORS, WITHIN THE PERIODS STIPULATED ACCORDING TO THE
TABLE IN THE ANNEX AND MAY BE WITHDRAWN, DIRECTLY AT THE COUNTER OF THE BANK
ACCEPTING THE DEPOSIT, ON THE BUSINESS DAY FOLLOWING THE END OF THE BLOCKING PERIOD STIPULATED THEREIN.

PARAGRAPH 3. THE TABLE WITH THE BLOCKING PERIODS FOR DEPOSITS AND FOR PHYSICAL DELIVERY OF THE CHECK TO THE CLIENT, IN CASE OF RETURN, MUST BE POSTED IN BANK BRANCHES, IN A PLACE VISIBLE TO THE PUBLIC.

ART. 2. THE PERIODS ESTABLISHED IN THE TABLE IN THE ANNEX FOR RETURN OF CHECKS SETTLED THROUGH THE NATIONAL CLEARING SYSTEM SHALL BE COUNTED:

I - FROM THE DATE OF EXCHANGE, INCLUSIVE, FOR CHECKS EXCHANGED IN SPECIFIC SESSIONS (DAYTIME SESSIONS);

II - FROM THE BUSINESS DAY FOLLOWING THE DATE OF EX- CHANGE, INCLUSIVE, FOR THOSE EXCHANGED IN NORMAL SESSIONS (NIGHT- TIME SESSIONS).

SINGLE PARAGRAPH. THE RETURN OF CHECKS SHALL OCCUR:

A - IN THE SAME SIRC WHERE THE CHECK WAS EXCHANGED, OR;

B - IN THE SIRC OF THE DRAWEE BRANCH, WHEN THE ENDORSEMENT BANK IS PRESENT OR REPRESENTED IN THIS SIRC.

ART. 3. THE COMPENSABLE DOCUMENT "CD-COMMUNICATION OF RETURN" SHALL BE INSTITUTED, IN ORDER TO ALLOW THE DRAWEE BANK TO ANTICIPATE THE DATA OF THE CHECKS RETURNED TO THE BANK ACCEPTING THE DE- POSIT, WHEN THIS BANK IS NOT PRESENT OR REPRESENTED IN THE SIRC OF THE DRAWEE BRANCH.

PARAGRAPH 1. THE OPERATOR SHALL DISCLOSE TO THE PARTICI- PANTS OF THE SCCOP THE STANDARDIZED MODEL OF THE "CD-COMMUNICATION OF RETURN", INSTRUCTIONS FOR COMPLETION AND OPERATIONAL PROCEDURES TO BE OBSERVED BY THE INSTITUTIONS.

PARAGRAPH 2. THE DRAWEE BANK SHALL ISSUE "CD-COMMU- NICATION OF RETURN", OBSERVED THE PROVISIONS IN THE "CAPUT" OF THIS ARTICLE, WHICH SHALL BE CLEARED IN THE SIRC WHERE THE CHECK WAS EXCHANGED UNTIL THE NIGHT- TIME RETURN SESSION, OBSERVED, FOR EACH SITUATION, THE PERIODS CONS- TANT IN THE TABLE IN THE ANNEX.

PARAGRAPH 3. THE CHECK CORRESPONDING TO "CD-CO- MMUNICATION OF RETURN" MUST BE DELIVERED IN THE SAME SIRC WHERE THE SAME WAS CLEARED, OBSERVED THE PERIODS CONSTANT IN THE TABLE IN THE ANNEX.

PARAGRAPH 4. IN THE EVENT OF POTENTIAL LOSSES CAUSED BY INCONSISTENCY OF THE DATA PROVIDED, THE FINANCIAL SETTLEMENT SHALL BE MADE BETWEEN THE INVOLVED PARTIES, THROUGH REMUNERATION NEGOTIABLE WITHIN THE LIMITS CURRENT IN THE MARKET, CLARIFYING THAT:

A - THE ENDORSEMENT BANK IS RESPONSIBLE FOR THE CORRECT INFORMATION OF THE BRANCH CODE/ACCOUNT NUMBER ON THE BACK OF THE CHECK;

B - THE BANK ISSUING THE "CD-COMMUNICATION OF RETURN" IS RESPONSIBLE FOR THE EXACT TRANSCRIPTION OF THE DATA CONSTANT IN THE CHECKS RETURNED.

PARAGRAPH 5. THE "CD-COMMUNICATION OF RETURN" MAY BE CHALLENGED BY THE BANK ACCEPTING THE DEPOSIT:

A - BY THE SAME REASONS AND PERIODS ESTABLISHED IN MNI 6-2-4 FOR CHALLENGING THE RETURN OF CHECKS, IN WHAT IS APPLICABLE;

B - FOR ABSENCE OR INCONSISTENCY OF MANDATORY DATA;

C - ON THE BUSINESS DAY FOLLOWING THE PERIODS PREVIEWED IN THE TABLE IN THE ANNEX, WHEN THE CORRESPONDING CHECK IS NOT DELIVERED TO THE BANK ACCEPTING THE DEPOSIT.

ART. 4. THE COMPENSABLE DOCUMENT "CR-COMMUNICATION OF REMITTANCE" SHALL BE INSTITUTED, UNIQUELY AND EXCLUSIVELY TO ALLOW THE BANK ACCEPTING THE DEPOSIT TO ANTICIPATE TO THE DRAWEE BANK, WHEN THIS IS NOT PRESENT OR REPRESENTED IN THE SIRC WHERE THE CHECK WAS AC- CEPTED, THE DATA OF THE CHECKS CLEARED WITH VALUE HIGHER THAN THE VALUE- LIMIT ESTABLISHED FOR CHECKS EXCHANGED IN SPECIFIC SESSIONS.

PARAGRAPH 1. THE OPERATOR SHALL DISCLOSE TO THE PARTICI- PANTS OF THE SCCOP THE STANDARDIZED MODEL OF THE "CR-COMMUNICATION OF REMI- TTANCE", INSTRUCTIONS FOR COMPLETION AND OPERATIONAL PROCEDURES TO BE OBSERVED BY THE INSTITUTIONS.

PARAGRAPH 2. THE "CR-COMMUNICATION OF REMITTANCE" SHALL BE CLEARED IN SÃO PAULO (SP), IN THE NIGHTTIME EXCHANGE SESSION ON THE SAME DATE OF ACCEPTANCE.

PARAGRAPH 3. THE CHECK CORRESPONDING TO "CR-CO- MMUNICATION OF REMITTANCE" MUST BE DELIVERED IN SÃO PAULO (SP), IN THE SES- SION OF NIGHTTIME EXCHANGE, OBSERVED THE FOLLOWING PERIODS:

A - UNTIL THE BUSINESS DAY FOLLOWING THE DELIVERY OF THE "CR-COMMUNICATION OF REMI- TTANCE", WHEN ACCEPTED IN THE SIRC OF STATE CAPITALS (EX- CEPT SÃO PAULO) OR IN THE SIRC OF THE INTERIOR OF SÃO PAULO;

B - UNTIL THE SECOND BUSINESS DAY FOLLOWING THE DELIVERY OF THE "CR-COMMUNICATION- OF REMITTANCE", WHEN ACCEPTED IN THE SIRC OF THE INTERIOR OF OTHER STATES.

PARAGRAPH 4. IN THE EVENT OF POTENTIAL LOSSES CAUSED BY THE INCORRECT TRANSCRIPTION OF THE DATA OF THE CHECKS IN THE "CR-COMMUNICATION OF REMITTANCE", THE FINANCIAL SETTLEMENT SHALL BE MADE BE- TWEEN THE INVOLVED PARTIES, THROUGH REMUNERATION NEGOTIABLE WITHIN THE CURRENT MARKET LIMITS.

PARAGRAPH 5. THE "CR-COMMUNICATION OF REMI-
TTANCE" MAY BE RETURNED BY THE DRAWEE BANK:

A - BY THE SAME REASONS AND PERIODS ESTABLISHED IN MNI 6-2-4 FOR RETURN OF CHECKS, IN WHAT IS APPLICABLE;

B - FOR ABSENCE OR INCONSISTENCY OF MANDATORY DATA;

C - ON THE FOLLOWING BUSINESS DAY, WHEN THE CORRESPONDING CHECK IS NOT DELIVERED TO THE DRAWEE BANK ACCORDING TO THE PERIODS ESTABLISHED IN PARAGRAPH 3 OF THIS ARTICLE.

ART. 5. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION, CLARIFYING THAT THE SYSTEMATIC HEREIN PREVISED SHALL GOVERN FROM 01.07.93, WITH CHECKS OF NATIONAL CLEARING ACCEPTED UNTIL 30.06.93 SUBJECT TO THE RULES IN FORCE UNTIL THAT DATE.

ART. 6. ITEMS 1 AND 4 OF LETTER-CIRCULAR NO. 1,866, OF 09.12.88, THE LETTER-CIR- CULAR NO. 1,867, OF 09.12.88, ARTICLE 3 OF LETTER-CIRCULAR NO. 2,176, OF 06.06.91 AND THE SINGLE PARAGRAPH OF ARTICLE 1 OF LETTER-CIRCULAR NO. 2,233, OF 12.11.91, ARE REPEALED, FROM 01.07.93, AND, APPROPRIATELY, THE UPDATE OF THE MNI-MANUAL OF RULES AND INSTRUCTIONS SHALL BE DISCLOSED.

BRASÍLIA (DF), MAY 26, 1993

FRANCISCO AMADEU PIRES FELIX
DIRECTOR

ANNEX

NATIONAL CLEARING SYSTEM

PERIODS FOR: A - BLOCKING OF DEPOSIT/RETURN OF CHECK.
B - PHYSICAL DELIVERY OF CHECK TO DEPOSITOR, IN CASE OF RETURN.

LOCATION OF ACCEPTANCE OF CHECK / LOCATION OF EXCHANGE	DRAWEE CITY: CAPITAL OF SÃO PAULO	DRAWEE CITY: CAPITAL OF OTHER STATE	DRAWEE CITY: OWN STATE INTERIOR	INTERIOR OF SÃO PAULO	INTERIOR OF OTHER STATE	INTERIOR OF OTHER STATE
Capital of São Paulo	A: - / B: -	A: 3 / B: 5	A: - / B: -	A: 3 / B: 5	A: - / B: -	A: 4 / B: 7
Capital of State, Except São Paulo	A: 3 / B: 5	A: 4 / B: 7	A: - / B: -	A: 4 / B: 7	A: 3 / B: 5	A: 5 / B: 9
Interior of São Paulo	A: 3 / B: 5	A: 4 / B: 7	A: - / B: -	A: 4 / B: 7	A: - / B: -	A: 5 / B: 9
Interior of State, Except São Paulo	A: 4 / B: 7	A: 5 / B: 9	A: 3 / B: 5	A: 5 / B: 9	A: 4 / B: 7	A: 6 / B: 11

• PERIODS IN BUSINESS DAYS, COUNTED FROM THE DAY FOLLOWING ACCEPTANCE.
• IN CITIES INTEGRATED INTO MORE THAN ONE CLEARING SYSTEM, THE SHORTER PERIOD PREVAILS.
• IN CASE OF MUNICIPAL HOLIDAY IN THE DRAWEE CITY, THERE WILL BE AN INCREASE OF ONE BUSINESS DAY TO THE NORMAL PERIOD.
• IN REGULAR ACCESS CITIES NOT INTEGRATED INTO SIRC, THE PERIOD MAY BE INCREASED BY UP TO TWO BUSINESS DAYS.
• CHECK DRAWN AGAINST A CITY OF DIFFICULT ACCESS WILL UNDERGO A BLOCKING OF TWENTY BUSINESS DAYS.