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        FEMA & RBI

        RBI’s annual closing of accounts

        June 29, 2013

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        On account of annual closing of accounts, RBI’s books will not be kept open for transactions to be put through on July 1, 2013. Hence, transactions that settle on T+0 basis cannot be put through on July 1; market participants may, however, undertake transactions that settle other than on T+0 basis in the usual manner. Further, services such as RTGS, transfer of funds and settlement of securities will also not be available on July 1, 2013.

        Ajit Prasad

        Assistant General Manager

        Press Release : 2012-2013/2216

        Annual closing of accounts restricts same-day (T+0) settlements and suspends RTGS, fund transfers and securities settlement. Annual closing of accounts at the Reserve Bank causes the bank's books to be closed on the specified date, preventing processing of same-day (T+0) settlements; transactions that settle on later value dates may proceed as usual. RTGS, fund transfers and securities settlement services will be unavailable on that date, requiring market participants to adjust settlement and liquidity arrangements.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Annual closing of accounts restricts same-day (T+0) settlements and suspends RTGS, fund transfers and securities settlement.

                                Annual closing of accounts at the Reserve Bank causes the bank's books to be closed on the specified date, preventing processing of same-day (T+0) settlements; transactions that settle on later value dates may proceed as usual. RTGS, fund transfers and securities settlement services will be unavailable on that date, requiring market participants to adjust settlement and liquidity arrangements.


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