Regulation 4

Subject to sub-paragraph (2), the US Dollar Cheque Settlement System, being a system operated by Citibank N.A. for the settlement of payment obligations, shall be a designated system for the purposes of the Act only in respect of the settlement of US Dollar inter-bank cheque transactions cleared through the US Dollar Cheque Clearing System.

The designation under sub-paragraph (1) is subject to the condition that Citibank N.A. shall provide to the Authority such information as the Authority may reasonably require for the proper administration of the Act.

The settlement institution of the US Dollar Cheque Settlement System is Citibank N.A.

In this paragraph, “US Dollar Cheque Clearing System” means the US Dollar Cheque Clearing System operated by Banking Computer Services Private Limited for the clearing of payment obligations undertaken by the Automated Clearing House.