Notice No. 10/GGBM/2001 of 23 November - Clearing Service Regulations

BANCO DE MOÇAMBIQUE NOTICE No. 10/GGBM/2001 SUBJECT: CLEARING SERVICE REGULATIONS

Given the need to partially amend the Clearing Service Regulations approved by Notice No. 4/GVGBM/2001, published in the Official Gazette No. 26, 3rd Series, on June 27, 2001, following the unification of deadlines for the settlement of checks submitted for clearing as well as for the return of non-cleared checks, resulting from the introduction of electronic clearing, the Bank of Mozambique, under the provisions of Article 43 of Law No. 1/92 of January 3, approves.

Sole Article: The alteration of the wording of letters b) and c) of Article 12 of paragraphs 2, 3 and letter c) of paragraph 4 of Article 13 of Chapter IV of the CLEARING SERVICE REGULATIONS, which forms an integral part of this notice.

This Notice enters into force on the date of its publication, revoking Annex II of the Clearing Service Regulations approved by Notice No. 4/GVBM/2001.

Maputo, November 23, 2001

The Governor of the Bank (Adriano Afonso Maleiane)

CLEARING SERVICE REGULATIONS CHAPTER RETURN OF DOCUMENTS

Sole Article: The letters b) and c) of Article 12 and paragraphs 2, 3 and letter c) of paragraph 4 of Article 13 of Chapter IV of the Clearing Service Regulations shall henceforth read as follows.

Article 12 (Return Notification) a) ....... b) Provided that there are rapid communication means in the place drawn and the place of origin, the drawee bank must issue a CD, observing the provisions of the body of this article, as well as the deadlines defined in paragraph 3 of Article 13 of this chapter. c) The check corresponding to the CD must be delivered in the same place where it was presented for clearing, observing the deadlines defined in paragraph 3 of Article 13 of this chapter. d) ....... i. ....... ii. .......

Article 13 (Deadlines for Availability and Return)

1. .....
2. The deadline for fund availability of checks drawn on places different from the place of presentation is 48 (forty-eight) hours.
3. The deadline for the return of checks settled through the national clearing system is 24 (twenty-four) hours for checks from different places; and 48 (forty-eight) hours for checks from different places, counting from the next business day following the date of presentation.
4. ..... a) ...... b) ..... c) On the day following the period provided for in paragraph [number] of this article, when the corresponding check is not delivered to the bank receiving the deposit.