Circular No. 3112 — Establishes procedures for compliance with the Brazilian Payments System for financial transactions related to the Agricultural Activity Guarantee Program (Proagro)

CIRCULAR NO. 003112

Establishes procedures for compliance with the Brazilian Payments System for financial transactions related to the Agricultural Activity Guarantee Program (Proagro).

The Collegiate Board of the Central Bank of Brazil, in a session held on April 17, 2002, considering the provisions of Law 10.214 of March 27, 2001, and Article 11 of Resolution 2.882 of August 30, 2001,

DECIDED:

Article 1. Establish the following procedures to be adopted by financial institutions, from the date of entry into operation of the Brazilian Payments System (SPB), for the remittance of amounts to the Central Bank of Brazil, related to the surcharge of the Agricultural Activity Guarantee Program (Proagro) and refunds of amounts paid by the same program:

I - daily verification of the amounts to be remitted, recorded as a debit to accounting rubric 6514.10.60-9, held by the institution, by consulting transaction PCBC700 - Balance/Statement Inquiry - Financial Institution, of the Central Bank Information System - Sisbacen;

II - transfer, by the institutions themselves, of the amounts ascertained, to be carried out by 16:00 hours, Brasília time, by means of a manual debit entry to their respective Bank Reserve accounts.

§ 1. The breakdown of the amounts may be obtained through transaction PGRO400 - Proagro Reimbursements and Refunds Inquiry - Financial Institutions, of Sisbacen.

§ 2. The settlement of amounts the responsibility of rural credit cooperatives shall be carried out by the institution holding a Bank Reserve account with which the cooperative has an agreement.

Article 2. In accordance with the provisions of the Rural Credit Manual (MCR), the amounts referred to in this circular shall be increased, from the date scheduled for their respective settlement, with daily interest calculated at a rate of 24% per annum (twenty-four percent per year).

Article 3. This circular enters into force on the date of its publication.

Brasília, April 17, 2002

Sérgio Darcy da Silva Alves
Director