Circular No. 3.224

CIRCULAR N. 003224 ------------------ Establishes procedures relating to the Credit Document - DOC. The Board of Directors of the Central Bank of Brazil, in a session held on 11 February 2004, based on art. 10, items III and IV, with the wording given to it by arts. 19 and 20 of Law 7.730, of 31 January 1989, in art. 11, item VI, of Law 4.595, of 31 December 1964, in art. 10 of Law 10.214, of 27 March 2001, and in arts. 10 and 11 of Resolution 2.882, of 30 August 2001, D E C I D E D: Art. 1 Establish that the Credit Document (DOC), an interbank funds transfer order issued on account of or in favor of natural persons or legal entities, clients of financial institutions, may only be sent and received by commercial banks, multiple banks with a commercial portfolio and Caixa Econômica Federal participating in a clearing and settlement system approved by the Central Bank of Brazil, through which said document is processed. Art. 2 The DOC may only be issued in the amount of up to R$ 4.999,99 (four thousand, nine hundred and ninety-nine reais and ninety-nine centavos), in the following modalities: I - DOC E: intended for the transfer of funds with the incidence of the Provisional Contribution on the Movement or Transmission of Values and of Credits and Rights of a Financial Nature - CPMF; and II - DOC D: intended for the transfer of funds without the incidence of CPMF. § 1 DOCs, models A and B, in the possession of clients, must be accepted exclusively by the financial institution holding the account of the beneficiary of the credit transfer. § 2 The clearing and settlement processes of DOCs will be carried out by a system approved by the Central Bank of Brazil. Art. 3 The requirement to constitute a prior deposit on DOC, dealt with in Circular 3.103, of 28 March 2002, is eliminated. Art. 4 Art. 3 of Circular 3.169, of 19 December 2002, is amended, which shall come into force with the following wording: "Art. 3 The VSR must be adjusted each day considering the documents in transit at the Centralizer of Check and Other Paper Clearing - Compe or in a clearing and settlement system approved by the Central Bank of Brazil and that generate transfers between Banking Reserve accounts of financial institutions, as defined below: ...................................................... II - Credit Document - DOC: a) sending financial institution: add the amount of DOCs sent to the clearing and settlement system on the day; b) receiving financial institution: reduce the amount of DOCs received from the clearing and settlement system on the day; ..........................................."(NR) Art. 5 This circular enters into force on 18 February 2004, when Circular 970, of 21 November 1985, the sole paragraph of art. 1 and the sole paragraph of art. 3 of Circular 1.584, of 22 February 1990, Circular 2.652, of 27 December 1995, item III of art. 1 of Circular 3.118, of 18 April 2002, art. 2 of Circular 3.188, of 23 April 2003, and Circular 3.207, of 22 October 2003,
shall be revoked. Brasília, 12 February 2004. Luiz Augusto de Oliveira Candiota Sérgio Darcy da Silva Alves Director Director