BI extends clearance schedule for Jakarta<\/p>\n
JAKARTA (JP): Bank Indonesia, the central bank, will begin a
\nnew clearing schedule for banks in the city on April 1 to improve
\nclearing efficiency and security.<\/p>\n
The changes are stipulated in Bank Indonesia's ruling No.
\n28\/160\/KEP\/DIR and its circular letter No. 28\/169\/UPG, both dated
\nMarch 5.<\/p>\n
Under the new schedule, Bank Indonesia, which also acts as a
\nclearing house for local clearing banks, will accept all clearing
\ninstruments, such as checks, drafts or other forms of
\nindebtedness, from clearing banks until 4:00 p.m. every clearing
\nday. Currently the deadline is 12:00 a.m.<\/p>\n
The central bank will provide information on the clearing
\nresults on a given day from 7:00 p.m. to 9:00 p.m. and from 7:00
\na.m. to 9:00 a.m. the next day. It will return all clearing
\ninstruments to the participating banks between 12:30 p.m and 4:00
\np.m. the following day.<\/p>\n
The new changes will allow customers to submit their clearing
\ndocuments to their banks until 3:00 p.m.<\/p>\n
\"The clearing schedule changes serve as one of the central
\nbank's efforts to improve the efficiency and security of clearing
\nactivities,\" the central bank said in a statement.<\/p>\n
With the new clearing schedule, banks will have more time to
\nexamine the originality of any clearing instruments they receive
\nand, if necessary, they can countercheck with their customers.<\/p>\n
Under the current schedule, banks receive clearing instruments
\nfrom the central bank at night, and are required to return them
\nto the central bank the same night.<\/p>\n
For the inter-bank call-money market, the new schedule states
\nthat banks can submit their clearing instruments to the central
\nbank until 10:30 a.m. the day after the banks receive them. The
\ncentral bank will return the clearing instruments to the
\nparticipating banks the following day between 12:30 a.m. and 4:00
\np.m.<\/p>\n
\"If banks suffer clearing losses, the new schedule will
\nprovide them with ample time to look for the needed funds to meet
\ntheir financial obligations,\" the statement said.<\/p>\n
The current schedule gives only one hour for banks to look for
\nsuch funds, from 5:00 p.m. to 6:00 p.m. But the new schedule
\ngives banks 15 and a half hours, from 7:00 p.m. to 10.30 a.m. on
\nthe following day, to seek the funds. (rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bi-extends-clearance-schedule-for-jakarta-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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