NEFT Clearing Centre definition

NEFT Clearing Centre means any office designated by the Nodal Department in each of the centres to which NEFT system is extended, for receiving, processing and sending the NEFT SFMS message and the debiting and crediting of accounts of the participating banks and institutions for settlement of payment obligations or one or more of these functions. National Clearing Cell, Nariman Point, Mumbai is being designed as the NEFT Clearing Centre (NCC) for purposes of the NEFT System.
Sample 1

Examples of NEFT Clearing Centre in a sentence

  • Step-3 : The pooling centre forwards the message to the NEFT Clearing Centre (operated by National Clearing Cell, Reserve Bank of India, Mumbai) to be included for the next available batch.Step-4: The Clearing Centre sorts the funds transfer transactions destination bank-wise and prepares accounting entries to receive funds from the originating banks (debit) and give the funds to the destination banks (credit).

  • For example, if a customer submits a fund transfer request at 12.05 p.m. to a NEFT-enabled branch, the branch in turn forwards the message through its pooling centre to the NEFT Clearing Centre for processing in the immediately available batch which (say) is the 1.00 pm batch.

  • Third Step : The pooling centre forwards the message to the NEFT Clearing Centre to be included for the next available batch.

  • The parties to a funds transfer under this NEFT System are the sending bank, the sending Service Centre, the NEFT Clearing Centre, the receiving Service Centre and the beneficiary branch.

  • The NEFT Clearing Centre shall generate, dispatch and maintain records of transactions.

  • The sending bank shall prominently display at its premises / on its website for the benefit of customers providing information, inter-alia, the cut-off timings up to which it shall receive the NEFT application forms from its customers for different settlements and the likely timings of the settlements by the NEFT Clearing Centre.

  • The sending Service Centre shall transmit the NEFT SFMS message to the NEFT Clearing Centre by using the communication network designated by Reserve Bank of India.

  • The service charges to be levied by the originating banks would be in terms of the instructions issued from time to time under the framework of charges to be levied by the banks for offering various electronic products There are no processing charges levied by the NEFT Clearing Centre up to March 31, 2011.

  • Mismatch, if any, shall be investigated and promptly followed up with the NEFT Clearing Centre.

  • The Receiving NEFT Service Centre shall be responsible for receiving NEFT SFMS message from the NEFT Clearing Centre in accordance with procedure and time schedules specified.

Related to NEFT Clearing Centre

  • Recognised Clearing System means any clearing system listed in Section 246A of the Taxes Act (including, but not limited to, Euroclear, Clearstream Banking AG, Clearstream Banking SA and CREST) or any other system for clearing shares which is designated for the purposes of Chapter 1A in Part 27 of the Taxes Act, by the Irish Revenue Commissioners, as a recognised clearing system.

  • European Clearing Systems means, collectively, Clearstream, Luxembourg and Euroclear.

  • Relevant Clearing System means (i) Euroclear, (ii) Clearstream, Luxembourg, or (iii) any other recognised clearing system in which ETP Securities of a Series may be cleared.

  • recognised clearing house means an organisation recognised as such pursuant to FSMA;

  • Clearing Member means a registered broker-dealer which is a clearing member under the rules of O.C.C. and a member of a national securities exchange qualified to act as a custodian for an investment company, or any broker-dealer reasonably believed by the Custodian to be such a clearing member.

  • Clearing Account has the meaning set forth in Section 2.7.1 hereof.

  • Clearing System means Monte Titoli S.p.A., with offices in Piazza degli Affari no. 6, Milan, Italy ("Monte Titoli").

  • Additional Financial Centre(s means the city or cities specified as such in the relevant Final Terms;

  • Clearing Systems means Euroclear and Clearstream, Luxembourg;

  • Capacity Resource Clearing Price means the price calculated for a Capacity Resource that offered and cleared in a Base Residual Auction or Incremental Auction, in accordance with Tariff, Attachment DD, section 5.

  • American Express Meeting Planner Account or “AMEX MPA” is the method by which all Master Account charges under this Agreement shall be settled with an American Express Meeting Planner Account or AMEX MPA number. The appropriate and authorized AMEX MPA number will be provided to the Contractor only when a final invoice is received, reviewed, and approved by the AOC, in accordance with the provisions of this exhibit.

  • Clearing Corporation The meaning specified in Section 8-102(a)(5) of the UCC.

  • Clearing Agreement means Clearing, Settlement and Sponsorship Services Agreement by and between the Borrower and Fifth Third Bank dated as of June 30, 2009, as the same may be amended, modified, supplemented, restated or amended and restated from time to time.

  • Principal Financial Centre means, in relation to any currency, the principal financial centre for that currency provided, however, that:

  • Central Repository means the repository responsible for the receipt, consolidation, and retention of all information reported to the CAT pursuant to SEC Rule 613 and the CAT NMS Plan.

  • Global Receipt Depository means, with respect to any Receipt issued hereunder, DTC or such other entity designated as Global Receipt Depository by the Corporation in or pursuant to this Deposit Agreement, which entity must be, to the extent required by any applicable law or regulation, a clearing agency registered under the Securities Exchange Act of 1934, as amended.

  • Financial Centre means such financial centre or centres as may be specified in relation to the relevant currency for the purposes of the definition of “Business Day” in the ISDA Definitions or indicated in the Final Terms or, in the case of Covered Bonds denominated in euro, such financial centre or centres as the Calculation Agent may select.

  • Clearing Account Agreement means that certain agreement relating to clearing account services by and among Mortgage Borrower, Lender and Clearing Account Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to the operation and maintenance of, and application of funds in, the Clearing Account.

  • Clearing Corporation Security means securities which are in the custody of or maintained on the books of a Clearing Corporation or a nominee subject to the control of a Clearing Corporation and, if they are Certificated Securities in registered form, properly endorsed to or registered in the name of the Clearing Corporation or such nominee.

  • Foreign Depository means (a) Euroclear, (b) Clearstream Banking, societe anonyme, (c) each Eligible Securities Depository as defined in Rule 17f-7 under the Investment Company Act of 1940, as amended, identified to the Fund from time to time, and (d) the respective successors and nominees of the foregoing.

  • Clearing Costs means all of the Investor’s broker and Transfer Agent fees. “Clearing Date” shall be the date on which the Investor receives the Put Shares as DWAC Shares in its brokerage account.

  • Foreign Clearing Agency means Clearstream and the Euroclear Operator.

  • Principal Financial Center means, in the case of any Currency, the principal financial center where such Currency is cleared and settled, as determined by the Administrative Agent.

  • Relevant Financial Centre Day means a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in the principal financial centre or centres for the currency in which payment falls to be made (or, in the case of payments which fall to be made in euro, a Euro Business Day or, where such currency is a National Currency Unit (as defined in Condition 9) and the Notes have been redenominated into euro pursuant to Condition 9, the former principal financial centre or centres) and in any other place set out in the Final Terms;

  • National Repository means any Nationally Recognized Municipal Securities Information Repository for purposes of the Rule.

  • Clearing System Business Day means in relation to an Index, any day on which the principal domestic clearing systems customarily used for settling trades in securities comprising such Index is (or, but for the occurrence of an event beyond the control of the Company or the Hedging Counterparty as a result of which such clearing system cannot clear the transfer of such securities, would have been) open for the acceptance and execution of settlement instructions.