RESOLUTION OF BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of February 15, 2020 No. 3/12

About approval of the Regulations on clearing settlements in the Republic of Uzbekistan

According to the laws of the Republic of Uzbekistan and "About payments and payment systems" the Board of the Central bank of the Republic of Uzbekistan makes the decision "On the Central bank of the Republic of Uzbekistan":

1. Approve Regulations on clearing settlements in the Republic of Uzbekistan according to appendix.

2. This resolution becomes effective from the date of official publication.

Approved by the Resolution of Board of the Central bank of the Republic of Uzbekistan of February 15, 2020 No. 3/12

Regulations on clearing settlements in the Republic of Uzbekistan

This Provision according to the Civil code, the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", "About banks and banking activity" and "About payments and payment systems" determines procedure of clearing settlements of legal entities and physical persons in the Republic of Uzbekistan with use of payment documents, except for the calculations perfromed on treasurer execution of budgets of budget systems.

Chapter 1. General provisions

1. In this Provision the following basic concepts are used:

card-index No. 1 - the off-balance account in which it is recorded the payment documents expecting payment;

card-index No. 2 - the off-balance account in which it is recorded the payment documents which are not paid in time;

the letter of credit - contingent obligation of bank on transfer into account of the receiver of means, in case of submission of the documents confirming accomplishment by the payer of terms of the contract on payment or subject to payment of means;

the acceptance - the consent of the payer to payment implementation at his expense or recognition of debt;

operational day - period of time during which acceptance and processing of orders are performed;

value date - date of transfer of money into the account of the receiver based on the payment document;

system of remote servicing (further - system) - set of means of the telecommunications, digital and information technologies, the software and the equipment providing communication between the user and the payment service provider for use of electronic services;

the receiver of means - person receiving money;

payee bank of means - the bank servicing the account on receipt of money of the receiver of means;

the payer of means - person at the expense of whom the payment is made;

payer bank of means - the bank servicing the account from which money of the payer of means is charged off;

personal card - card in which specimen signatures of subjects of business activity are put down, and for other legal entities - specimen signatures and impress of a seal;

means of electronic payments - bank card or other electronic medium containing information and allowing the payer to make payment, and also to make other transactions provided by the contract between the payer and the issuer of means of electronic payment.

2. When implementing clearing settlements through banks the following payment documents are used:

the memorial order in form according to appendix No. 1 to this Provision;

the payment order in form according to appendix No. 2 to this Provision;

payment request in form according to appendix No. 3 to this Provision;

the collection order in form according to appendix No. 4 to this Provision;

the statement on the letter of credit in form according to appendix No. 5 to this Provision.

Clearing settlements can be also perfromed with use of means of electronic payments, at the same time these calculations are perfromed according to the procedure, established by the legislation and rules of the relevant payment service provider.

3. The type of the payment documents applied in case of clearing settlements can be determined according to the agreement (agreement) signed between the payer and the receiver of means, except as specified, stipulated by the legislation.

4. If the bank account agreement does not provide other terms, the relevant payment document is performed in operational day of receipt in bank according to the procedure, established by this Provision, except as specified, provided by paragraphs second and third this Item.

In case of receipt of the payment document after completion of operational day it is considered the received payer bank of means at the beginning of the next operational day and is performed no later than the next operational day.

The international payments are carried out with observance of the requirements established by the legislation, in time no later than two operational days from the moment of receipt of payment documents.

5. Banks have the right to stop account transactions or to refuse their implementation according to requirements of the legislation on fight against legalization of the income received from criminal activities, financing of terrorism and financing of distribution of weapons of mass destruction, execution of tax and court resolutions and acts of other bodies.

6. Ceased to be valid according to the Resolution of Board of the Central Bank of the Republic of Uzbekistan of 21.02.2022 No. 2/8

7. After write-off of funds from the account of the payer of means of means are transferred to the account of the receiver of means, except for implementation of calculations by electronic payments.

8. In case of absence or insufficiency of cash amount on the account of the payer of means write-off of means is made for satisfaction of requirements imposed on it according to the Instruction about procedure for cash write-off from bank accounts of business entities (рег. No. 2342 of March 15, 2012).

9. Banks do not bear responsibility for charge and collection of penalty fee which shall be paid for non-execution or improper execution of agreement obligations, concluded between the payer and the receiver of means.

10. On all questions arising on settlement transactions, the client addresses to the bank servicing him. Disputes between bank and the client are permitted according to the bank account agreement signed between them. In case of not achievement of mutual consent disputes are resolved in court.

11. Calculations between banks in national currency are perfromed through the correspondent accounts of banks opened in the Central bank of the Republic of Uzbekistan (further - the Central bank), through interbank payment system of the Central bank.

12. Electronic payments through interbank payment system of the Central bank are made according to Regulations on procedure of electronic payments through interbank payment system of the Central bank (рег. No. 1545 of February 14, 2006).

Chapter 2. Execution of payment documents and their execution

13. Payment documents shall contain the following details:

name of the payment document sequence number;

document date;

name of the payer of means;

account number of the payer of means;

INN of the payer of means (identification taxpayer number);