RESOLUTION OF THE BOARD OF DIRECTORS OF NATIONAL BANK OF THE REPUBLIC OF BELARUS

of July 8, 2004 No. 217

About approval of the instruction about procedure for making by National Bank of the Republic of Belarus документарнвх transactions

Based on Articles 26, the Board of directors of National Bank of the Republic of Belarus DECIDES: 53 Bank codes of the Republic of Belarus

1. Approve the enclosed Instruction about procedure for making by National Bank of the Republic of Belarus for documentary operations.

2. Declare invalid the resolution of the Board of directors of National Bank of the Republic of Belarus of April 3, 2000 No. 12.1 "About approval of Rules of issue of guarantees by National Bank of the Republic of Belarus" (The national register of legal acts of the Republic of Belarus, 2000, No. 48, 8/3409).

3. This resolution becomes effective from the date of signing.

Approved by the Resolution of the Board of directors of National Bank of the Republic of Belarus of July 8, 2004 No. 217

The instruction about procedure for making by National Bank of the Republic of Belarus for documentary operations

The instruction about procedure for making by National Bank of the Republic of Belarus for documentary operations (further - the Instruction) is developed according to Articles 26, 53 Bank codes of the Republic of Belarus and establishes procedure for making by National Bank of the Republic of Belarus (further - National Bank) documentary operations.

Chapter 1. General provisions

1. The terms and determinations used in this Instruction have the following value:

clients - legal entities, the separate divisions allocated with these legal entities for separate balance, state governing bodies;

documentary operations - the transactions made by National Bank according to orders of clients, corresponding banks and on its own behalf by calculations in the form of documentary credits, the collection, transactions for bank guarantees;

corresponding bank - bank with which the National Bank establishes correspondence relations with opening of correspondent account (the correspondent with the account) or without opening of correspondent account (the correspondent without account);

the advising bank - bank which is attracted with emitting bank or the performing bank to transfer of the letter of credit to the beneficiary or sending to the beneficiary the notice on obtaining to its advantage guarantees without obligations in return;

the account of Loro - the account opened in National Bank by corresponding bank;

the account "Nostro" - the account of National Bank opened in corresponding bank;

residents - the legal entities created according to the legislation of the Republic of Belarus, with the location in the Republic of Belarus, and also their branches and representations which are outside the Republic of Belarus;

nonresidents - the legal entities created according to the legislation of foreign states, with the location outside the Republic of Belarus, and also their branches and representations which are in the territory of the Republic of Belarus;

the advice - the message sent by bank to his client or corresponding bank; the credit advice - the message on transfer of money into the account (crediting); the debit advice - the message on cash write-off from the account (debiting);

money - foreign currency and Belarusian rubles;

rambursirovaniye - provision of money to the performing bank for implementation of payment according to the letter of credit or on guarantees or compensation paid according to the letter of credit or on guarantee of money;

instructions - instructions about procedure and/or method of making of transactions, can be provided on paper information and/or with use of teletransmission means (telex, fax connection, e-mail, SWIFT, etc.).

2. The terms and determinations used in this Instruction when implementing of transactions by National Bank by calculations in the form of documentary credits have the following value:

the letter of credit - the obligation owing to which the bank operating at the request of the client (prikazodatel) about opening of the letter of credit and according to its specifying (emitting bank) shall register payments to the receiver of money (beneficiary) either pay, accept or consider the draft or confer powers to other (performing) bank to register payments to the receiver of money or to pay, accept or consider the draft. Prikazodatel and emitting bank can match in one person;

bank - the legal entity (the resident or the nonresident) having the right to banking operations;

the internal letter of credit - the letter of credit according to which residents act as emitting bank and the beneficiary (the party according to the letter of credit);

the client of prikazodatel - the legal entity who charged to prikazodatel to perfrom calculation in the form of the letter of credit in which participation of National Bank is provided;

negotsiation - payment of the cost (purchase) by bank of the draft and/or documents according to the letter of credit;

prikazodatel - the National Bank, bank or state body of the Republic of Belarus having the account in National Bank;

free negotsiation - negotsiation in any bank at the choice of the beneficiary;

the international letter of credit - the letter of credit in case of which one of the parties according to the letter of credit is the resident, and another сторонойнерезидент. The international letter of credit can provide carrying out negotsiation by the bank authorized by emitting bank;

confirmatory bank - the bank adding the confirmation to the letter of credit, that is accepting additional obligations to register payment according to the letter of credit, to accept and meet drafts in relation to the obligation of emitting bank or to perform other operations in accordance with the terms of the letter of credit;

the reimbursing bank - the bank making rambursirovaniye according to instructions of emitting bank (reimbursement instructions);

the advertizing bank - the performing bank or the speaker from his name other bank exposing the reimbursement requirement of the reimbursing bank;

the basic agreement - the purchase and sale agreement or other agreement signed between prikazodatel and the beneficiary.

3. Criteria of classification of letters of credit are:

provision or failure to provide documents for payment implementation;

possibility of change or cancellation of the letter of credit without prior notice beneficiary;

method of ensuring payment;

conditions of execution of the letter of credit;

3.1. depending on whether the letter of credit without prior consent of the beneficiary can be changed or cancelled, letters of credit are subdivided on:

revocable letters of credit - letters of credit which can be changed or cancelled by emitting bank on specifying of prikazodatel of the letter of credit without prior notice of the beneficiary at any time;

irrevocable letters of credit - letters of credit which cannot be neither are changed, nor stopped, nor cancelled without the consent of emitting bank, confirmatory bank (if is available) and the beneficiary;

depending on whether accepts other bank in relation to the obligation of emitting bank the obligation of payment, are allocated:

irrevocable the unconfirmed letter of credit - the letter of credit in case of which other bank in relation to the obligation of emitting bank does not assume additional obligations to register payment according to the letter of credit, to accept and meet bills (bills of exchange) or to perform other operations in accordance with the terms of the letter of credit;

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