US Dollar Cheque Clearing

Main purpose of introducing the US Dollar Clearing System was to expedite realization and eliminate delays to obtain credit by the depositors.
Traditionally a US Dollar/cheque/draft needed to be couriered abroad and value
credited to the Bank requiring more than 3 weeks and until the proceeds were withheld for that period of time until the US Dollar/ cheque/draft was honored/dishonored. Under the a revised arrangement, depositors are able to obtain funds as early as the fourth working day, reducing the prevailing delay significantly .In addition the rates (US $5/- to US $ 25/-, )charged by banks to handle such intermediatory services were to able to be eliminated.

The instruments covered include:
- US Dollar cheques/drafts issued by commercial banks in Sri Lanka payable to   Sri Lankan individuals and institutions.
- US Dollar cheques issued by Banks or Exchange Houses abroad drawn on   commercial banks in Sri Lanka

In both instances, the payee is in Sri Lanka and it is them who benefited with the new US Dollar Cheque Clearing that was introduced. All commercial banks in Sri Lanka who are members of the clearing house are eligible to Participate and in the Colombo based US Dollar Cheque Clearing Center located within LankaClear (Pvt) Ltd.

US Dollar Cheque Clearing Procedure Manual