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Clearing House is a place or an institution where mutual claims and accounts are
settled as between banks. Clearing house ordinarily has to perform only the function of
settling the differences between banks at the end of each clearing or at the end of each day.
The clearing system in its present form is a remarkable instance of evolution, it was not
suddenly created but it is the outcome of a gradual growth brought about as a necessity to
meet the requirements of time. In deeds developments although has been due to forces
from without rather than from within. The Walk Clerks were apparently the pioneer of the
existing system.
The early history of the clearing system is largely a matter of conjecture. It originated in the
simple exchange walk clerks of draft payable at their respective banks. Little did walk clerks
realize that they were instituting machinery which would eventually become the center for
the exchange of bankers charges not only for London but for the whole England and Wales ?
tally of balances between them until they settle with each other .Daily cheque clearing began around 1770
when the bank clerk meet at the 5 bells a tavern in Lombard street in the city of London to exchanging all their
cheques in one place and settle the balance in cash.
The first organization for clearing cheque was the Bankers Clearing House established in
London in the 19th century. It was founded by Lubbocks bank on Lombard Street in a single
room where clerk for London bank meet each day to exchange cheques and settle accounts.
In 1832 Charles Babbage who was a friend of a founder of the clearing house published a
book on mass production The Economy of machinery and Manufactures in which Babbage
described how the clearing house operated.
In a large room Lombard street about 30 clerks from the several London bankers take
their stations ,in alphabetical order ,at desk placed round the room ,each having a small
open box by his side and the name of the firm to which he belongs . From time to time other
clerks from every house enter the room and passing along , drop in to the box the cheques
due by that firm to the house room which this distributor is sent.
In 1935 before the establishment of Reserve Bank of India the functions of clearing is
conducted in this subcontinent under the custody of Imperial Bank of India. In 1948 after
the establishment of State bank of Pakistan this bank takes the responsibility of clearing
house. After 1972 clearing house is conducted under the custody of Bangladesh Bank.
Settlement:
Digital signature:
The use of the public key Infrastructure (PKI) will ensure data
authenticity integrity and non repudiation, adding strength to the entire system. The PBM of
the presenting bank will affix digital signature on each file from the sending point. The
image and data must be secured using the PKI throughout the entire transmission cycle
between the presenting bank clearing house and the paying bank.
Scanning standard:
Internal control:
Saving of time
Easy control of banking system
Economic policy
Development of banking system
Development of money system.
There are 4 clearing each day at the BBs clearing house. The first
clearing starts at 10.30 are and return of the first clearing are at
5.30 pm. The same day clearing starts at 11 am and return occurs
at 2 pm. The instruments cleared through the clearing houses are
cheques, bankdrafts,and, pay orders, dividend warrants drawn on
commercial banks.
All clerks that are in the clearing house by the time appointed for
final delivery shall be entitled to deliver their articles, though they
may not have been able to pass them to the different desks before
the clock strikes
All returns in the clearing house upon the stroke of the clock at the
time appointed for final delivery must be received by the clearer
and credited the same day
Inspectors are instructed to close the doors and not reopen them
until such return have been delivered
E-commerce payments