Module: | Continuous Clearing (CCSR) & Penalties
Q22: With reference to the operational windows defined for the Cheque Continuous Clearing system, consider the following statements:
I. The window for Presenting Banks to upload images is from 10:00 AM to 4:00 PM on all business days.
II. The window for Drawee Banks to process and confirm instruments remains open until 7:00 PM.
III. Instruments presented after 4:00 PM are rejected by the system immediately.
II. The window for Drawee Banks to process and confirm instruments remains open until 7:00 PM.
III. Instruments presented after 4:00 PM are rejected by the system immediately.
✅ Correct Answer: B
Statement I is Correct: The designated Presentation Window for banks to upload instruments to the clearing house is 10:00 AM to 4:00 PM.
Statement II is Correct: To allow for the processing of items presented at the very end of the window (e.g., 3:59 PM), the Confirmation/Processing Window for Drawee banks extends until 7:00 PM.
Statement III is Incorrect: Instruments presented after 4:00 PM are not necessarily "rejected" in a technical error sense, but they are typically queued for the next business day's clearing cycle, rather than being processed in the current day's continuous session.
Statement II is Correct: To allow for the processing of items presented at the very end of the window (e.g., 3:59 PM), the Confirmation/Processing Window for Drawee banks extends until 7:00 PM.
Statement III is Incorrect: Instruments presented after 4:00 PM are not necessarily "rejected" in a technical error sense, but they are typically queued for the next business day's clearing cycle, rather than being processed in the current day's continuous session.