The Clearing Corporation of India Limited (CCIL) on October 27, 2023, issued the Work-Flow Procedure for FX Collateral
This shall come into effect from November 27, 2023
The following has been stated namely: -
• It states that the Members shall be required to contribute to FX Collateral in relation to the margining rules as applicable to the Forex Settlement Segment.
• The Members desirous of making FX Collateral Contributions shall intimate CCIL via eNotice System or by means of their “Notice of Deposit‟ to CCIL in the prescribed format prior to the actual deposit of funds. CCIL shall not afford credit in respect of funds deposits without proper receipt of requisite “Notice of Deposit‟ from the concerned Members
• It states that the Member shall remit the funds directly to CCIL’s USD nostro Account mentioned above.
• While effecting remittance, members shall ensure that their CCIL Membership ID is indicated together with the keywords ’FXUSDDEP’ in the relative remittance transmitted to the correspondent bank with instructions to incorporate the same in their (correspondent bank’s) transaction reference details transmitted to CCIL
• The CCIL shall account for and update individual member contributions to FX Collateral after receipt of necessary confirmation from its correspondent bank about the actual receipt of funds.
• The Members desirous of seeking fund withdrawals from their FX Collateral contribution shall intimate CCIL via eNotice System or scanned “Notice of Withdrawal” and email to CCIL at [email protected] to CCIL, in the format prescribed for the purpose
The detailed procedure has been attached to the document for reference.
[Notification No.: CCIL/OPS/FX/2023-24/ 48]
