Circular No. 2.644

CIRCULAR N. 002644 ------------------ Amends the limit value of checks exchanged in the specific sessions of the Check and Other Paper Clearing Service (SCCOP) and provides other measures. The Board of Directors of the Central Bank of Brazil, in a session held on 29.11.95, based on art. 11, item VI, of Law No. 4.595, of 31.12.64, D E C I D E D: Art. 1 The limit value of checks exchanged in the specific sessions of the SCCOP is amended to R$129.99 (one hundred and twenty-nine reais and ninety-nine centavos), which shall take effect as of the night exchange session of 04.12.95. Art. 2 The limit value of checks to be exchanged in the specific sessions of the SCCOP shall eventually be amended by the Central Bank of Brazil/Banking Operations Department (DEBAN), taking into account technological evolution, productivity gains, and the reliability and security of the Service. Art. 3 The institutions participating in the SCCOP designated by DEBAN shall inform, through the Central Bank Information System (SISBACEN), consistent statistical data on the qualification and quantification of the documents processed by the Service. Paragraph 1 The instructions for submitting the information referred to in this article shall be disclosed by DEBAN, and shall be provided with a maximum lag of 3 (three) business days; Paragraph 2 Failure to comply with the established deadline entails the imputation of a serious infraction to the administrators of the institution, for the purposes of art. 44, paragraph 4, of Law No. 4.595, of 31.12.64, if no acceptable formal justification is presented, at the discretion of the Central Bank of Brazil/DEBAN, within up to 5 (five) business days after the occurrence, in correspondence signed by two directors. Art. 4 A check with a value lower than the limit value may only be processed in the specific sessions for the exchange of that document if it contains a clearing stamp with the date of the day of its acceptance and, consequently, with the date of the business day prior to that of the session in which it is being exchanged. Art. 5 This Circular enters into force on the date of its publication. Art. 6 Circular No. 1.954, of 10.05.91, is revoked. Brasília, 29 November 1995 Alkimar Ribeiro Moura Director of Monetary Policy