Every eligible foreign exchange contract, entered into between members, will get novated and be replaced by two new contracts - between CCIL and each of the two parties, respectively. Deal confirmation files will be transmitted over the INFINET to CCIL, and will form the starting point for processing by it. Following the multilateral netting procedure, the net amount payable to, or receivable from, CCIL in each currency will be arrived at, member-wise. The Rupee leg will be settled through the members' current accounts with RBI and the USD leg through CCIL's account with the Settlement Bank at New York.