14:34 Mar 3, 2024
CCILCCIL > Collateral & Funds > FX (USD/INR) Settlement Segment

 

Introduction | Composition | Work Process | Corporate Actions and Benefits |

 Link for eNotice and format of Notice of Deposit and Withdrawal for Forex USD/INR and CLS Segment |

 
Introduction

 

CCIL has instituted a Settlement Guarantee Fund (SGF) for Forex (USD/INR) Settlement Segment now referred as  FX Collateral for its Forex Settlement Segment. Members  are required to deposit their US Dollar collateral contribution in Forex Settlement Segment which are attributed to their margin requirements.

  

Individual member contributions to FX Collateral are based on the Risk Management process applicable for Forex Settlement Segment. 


FX Collateral is received in U S Dollars funds to CCIL’s notified USD Nostro Account. 

 

 
Composition

 

Member contributions to Forex Settlement - FX Collateral are payable in US Dollars funds only.

 

 
 
Work Process

 

Deposits

 

Members desirous of making FX Collateral contributions are required to intimate CCIL about the same using the eNotice System or a physical notice of deposit in a prescribed format (incase of non-availability of eNotice) within the cut off time prescribed for the purpose. The relative contributions are to be remitted directly by the concerned member to the credit of CCIL’s notified  USD Nostro Account.


Member balances are updated by CCIL upon receipt of relative funds into its USD Nostro Account. Updated Transaction Reports and Holding Reports are available for download on CCIL’s Reports Browser. 


Withdrawals 


Members seeking withdrawal from their Forex Settlement Segment -  FX Collateral contributions  are required to intimate CCIL about the same using the eNotice System or a physical notice of withdrawal in a prescribed format within the cut off time prescribed for the purpose.


Withdrawal payments are effected by CCIL by credit of USD funds on relative value date to concerned members’ USD Nostro Accounts with their correspondent banks under advice to the members, after their SGF balances have been suitably reduced. Updated Transaction Reports and Holding Reports are available for download on CCIL’s Reports Browser.


 

 
 
Corporate Actions and Benefits

 

The funds received from members are invested by CCIL in  approved investment avenues such as US treasuries. Interest on members’US Dollar contribution is distributed to members at half yearly intervals. The basis of interest payment is mentioned in Regulations and Work Flow Process available at


https://www.ccilindia.com/Pages/FRX_Notifications.aspx


This interest is remitted in the same manner as FX Collateral withdrawals under advice to members. 


 


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