RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of June 2, 1995 No. 204

About application of bills of exchange in the national economy of the Republic of Uzbekistan

For the purpose of acceleration of calculations in the national economy, strengthening of payment discipline, increase in the financial responsibility of business entities the Cabinet of Ministers decides:

1. Introduce into economic circulation bills of exchange as debt obligation on payment with delay and means of calculation for the delivered goods (the performed works, the rendered services) between business entities of the Republic of Uzbekistan.

The right of release of bills of exchange is granted by commercial banks only in coordination with the Central bank of the Republic of Uzbekistan for the term of no more than three months, and in exceptional cases for up to 6 months. To the specified commercial banks to submit the corresponding reporting to the Central bank within established by it terms.

Confer on the Central bank of the Republic of Uzbekistan responsibility behind observance of provision of the right of release of bank bills.

Transfer of bills of exchange in trust management, and also issuance of credits is forbidden by bills of exchange.

2. Determine that:

the companies can acquire bills of exchange of authorized commercial banks of the Republic of Uzbekistan on the basis of agreements in the established form;

repayment of the bill of exchange (payment against the bill of exchange) is made, as a rule, by the issuer according to the statement of the bill holder (bill presentation). In some cases, under the mutual agreement of the parties, payment can be made by the bank having on that powers from the issuer at the expense of its means;

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