Services

USD-INR Settlement

Introduction

Members of CCIL’s Forex Segment are required to deposit their margin contribution into CCIL’s Settlement Guarantee Fund (SGF) maintained for this business segment.
Individual member contributions to SGF are a function of the Net Debit Cap allotted to the concerned member and the margin factor assigned to it.
SGF is received in U S Dollars funds only to CCIL’s dedicated USD Nostro Account with Deutsche Bank Trust Company Americas ,New York, USA.

Composition

Member contributions to SGF are payable in US Dollars funds only.

Work Process

Deposits

Members desirous of making SGF contributions are required to intimate CCIL about the same using the eNotice System or a physical notice of deposit in a prescribed format 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 USD Nostro Account with Deutsche Bank Trust Company Americas, New York, USA. 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 Segment SGF 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 and other income earned on such investments are distributed amongst members at six monthly intervals net of costs, based on size and tenor of individual member holdings. This interest is remitted in the same manner as SGF withdrawals under advice to members.