Approved by board decision of National Bank of the Azerbaijan Republic of September 19, 2002 No. 22

The instruction about clearing settlements and money transfers in the Azerbaijan Republic

1. General provisions

1.1. This Instruction is prepared on the basis of the laws of the Azerbaijan Republic "About National Bank of the Azerbaijan Republic", "About banks and banking activity in the Azerbaijan Republic", the Civil code of the Azerbaijan Republic and other legal acts of the Azerbaijan Republic and establishes rules of carrying out clearing settlements, including form and content of the used payment documents, rules of their creation and turnover, and also condition of implementation of money transfers in the territory of the Azerbaijan Republic.

1.2. For the purposes of this Instruction the following basic concepts are used:

1.2.1. Clearing settlement - the payment made without use of bank notes by means of payment documents.

1.2.2. The payment document - the order about payment of money via bank transfer through credit institution (further "bank"), is drawn up in writing on paper (paper) or electronically (electronic medium).

1.2.3. Money transfer - the payment made by way of delivery by physical person to bank of cash without opening of the bank account.

1.2.4. The name - surname, name, middle name of physical person or full name of the legal entity.

1.2.5. Day - the working day.

1.2.6. INN - identification taxpayer number.

1.3. Clearing settlements are carried out through banks in which the corresponding bank accounts are opened if the used form of clearing settlements does not cause other.

1.4. This Instruction regulates the following forms of clearing settlements:

* payments with payment orders;

* payments with collection orders;

* payment under the collection;

* payment under the letter of credit.

1.5. Clearing settlements can be carried out also in other forms provided by the business customs applied in banking practice. The relations in other forms of clearing settlements are governed as agreed by the parties, and in the absence of that by the business customs applied in banking practice.

1.6. The bank shall carry out clearing settlements in the form provided by this Instruction and business customs if the bank account agreement does not provide other.

1.7. Agreement parties independently choose any form of clearing settlements and establish it in the agreement.

Banks do not interfere with contractual relations of the clients. All mutual requirements arising between the payer and the receiver of means are permitted without participation of banks according to the procedure, established by the legislation, except for the circumstances which developed because of banks.

1.8. When implementing payments in all forms of clearing settlements in electronic form also formats of the corresponding settlement system are used according to internal procedural regulations of bank of opportunity.

1.9. Cash write-off from the account is performed according to the order of the client or the court order, and also in the cases established by the law or provided by the contract between bank and the client - without order of the last.

1.10. If the bank account agreement does not provide regulations on crediting of the account, then cash write-off from the account is performed based on the payment documents constituted according to requirements of this Instruction at the level of money on the account.

1.11. If there is not enough money on the account for accomplishment of orders of the client and all requirements imposed on it, then money is charged off account in the sequence established by the law.

1.12. Remittances are made through banks without opening of the bank account. At the same time receipt of cash is regulated by internal procedures of bank.

2. Payment documents

2.1. Banks make account transactions based on payment documents. The question of withdrawal of the payment documents sent on papers or electronically is regulated by bank account agreement taking into account rules of work of settlement system.

The additions which are their integral part can be attached to payment documents.

2.2. When implementing clearing settlements in forms, stipulated in Item 1.4 these Instructions, the following payment documents are used:

* payment orders;

* collection orders;

* collection orders;

* letters of credit.

2.3. In case of the choice by the client of method of submission of payment documents on electronic media electronic payment data go it to the bank servicing it (or, on the contrary, bank to the client) with use of the digital signature and other means of information protection (cryptography, encryption, etc.) and with condition of ensuring their confidentiality.

2.4. The bank accepting from the client of the data on electronic media opens these data and by the methods caused by bank account agreement checks accessory to the client of the digital signature on the document. In the absence of variations the bank accepts the electronic payment document to execution. In the presence of variations the bank does not accept the payment document to execution and notifies on it the client if the bank account agreement does not provide other.

2.5. In the payment document its date and number shall be specified.

2.6. In payment documents deletions, corrections and use of corrective substances are not allowed.

2.7. Payment documents can be submitted to bank within three working days from the date of the statement (without day of the statement), except for payment orders of format "B".

2.8. Payment documents are, as a rule, submitted to bank on number of participants of calculation. By internal procedures of bank also other number of payment documents can be provided. All copies of payment documents shall be filled equally.

2.9. Means are charged off account of the payer based on the first copy of the payment document.

2.10. The payment document submitted by physical person is signed by this person. The payment document submitted by the legal entity is signed with sealing by officials, competent to dispose of the bank account and provided by the list of specimen signatures. Payment documents on the transactions performed on behalf of the legal entity by its branches, representations, and also other structural divisions sign with sealing of person authorized by this legal entity (if branch, the representation or other structural division have seal).

2.11. Banks make entries in payment documents according to the internal procedural regulations.

2.12. Payment documents are given in banks in archive and are stored in it in accordance with the established procedure.

2.13. Banks check the accepted payment documents according to the requirements established by this Instruction and other existing regulatory legal acts of the Azerbaijan Republic. The payment documents constituted with violation of these requirements, and also having shortcoming are not accepted.

Having shortcoming is considered the payment document with expired completion date, corrected, with details inappropriate each other, with records of the amount inappropriate each other in figure and copy-book, with not sealed.

3. Payments with payment orders and money transfers

3.1. In case of payment with the payment order the bank (emitting bank) shall transfer at the request of the payer from its account certain money to account of person (the receiver of means) specified by the payer in the same or other bank (bank beneficiary) no later than the day following behind day of receipt in bank of the payment order if the bank account agreement does not provide other term. By bank account agreement specifying on the respective field of the payment order of specific date of transfer can be provided.

In case of payments (money transfers) made by physical persons without opening of the bank account payment orders are used.

3.2. Absolute details of the payment order:

* name and other details of the payer;

* name and other details of the receiver of means;

* name and other details of emitting bank (except for payment order of the format "B");

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