Regulatory Alerts2015-07-02 | Circular No. RTGS/03/2015Added · Updated
Request for Extensions of the LankaSettle System after Business Hours
The Central Bank of Sri Lanka issued Circular No. RTGS/03/2015 to address the inappropriate frequency of requests by participants to extend the LankaSettle System's operating hours beyond the scheduled 4:30 p.m. deadline. The regulator mandates that such extensions be granted only in cases of unforeseen contingencies to prevent operational inconvenience to the bank and other participants. Participants must now submit written justification from senior management to the Director of the Payments and Settlements Department by 4:00 p.m. on the respective business day to request any extension.
සි මුල් සි සිරාජුව
දිව්යාන්තික ප්රතිපාලන වාරිකි
CENTRAL BANK OF SRI LANKA
එක්ස් සු සිස්සි අද්යාත්මිකාවා දියුරුවානාකුරු, දිරුපානාකුරු දිව්යාන්තිකාවා Payments and Settlements Department
02 July 2015
Ref. 34/07/029/0001/002
Circular No. RTGS/03/2015
To: All Participants of the LankaSettle System
Request for Extensions of the LankaSettle System after Business Hours
As you are aware, in terms of Rules 1.2 and 1.3 in the Volume 4 of the LankaSettle System Rules Version 2.1 issued in August 2013, the LankaSettle System is operated by the Central Bank of Sri Lanka (CBSL) based on a fixed business schedule. Accordingly, participants are required to complete all transactions by 4.30 p.m. on every business day. Further, a request for an extension for an operating day could be made by a LankaSettle participant, only in a critical circumstance.
However, it was observed that some Participants have made requests from Payments and Settlements Department (PSD) of CBSL on several occasions in the past few months to extend the closure time of the LankaSettle System, particularly just before the scheduled time for closing the System without adhering to the said System Rules. These practices have caused greater inconvenience not only to the operations of the relevant departments of CBSL but also to other LankaSettle Participants as well. The relevant departments of CBSL are compelled to keep their systems on, until said transactions are completed.
Therefore, you are hereby advised not to make requests to extend business hours of LankaSettle System beyond the stipulated time in the Daily Operating Schedule other than in the event of unforeseen contingencies. In such instances, a written request to the Director, PSD has to be sent by an officer of the senior management of the Participant Institution before 4.00 p.m. of the respective business day with appropriate details in justifying the request.
(Mrs.) R A S M Dayarathna
Director/Payments and Settlements
(Mrs.) C M D N K Seneviratne
Superintendent/Public Debt
8 සිතු සිතු, අංක 30, ජනාධිපති සිතුතා, කොළඹ 01
තැ . අං . 590, කොළඹ 01, සි ලංකාව
94 11 2477042/642
94 11 2387009
psd@cbsl.lk
www.cbsl.gov.lk
Level 8, No. 30, Janadhipathi Mawatha, Colombo 1
P.O. Box 590, Colombo 01, Sri Lanka.
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