Approved by Board of National Bank of Tajikistan of March 1, 2001 No. 62

The instruction No. 112 about clearing settlements in the Republic of Tajikistan

This Instruction "About clearing settlements in the Republic of Tajikistan" (further the Instruction) is published according to statyam 5 and 66 Laws of the Republic of Tajikistan "About National Bank of Tajikistan" and article 36 of the Law of the Republic of Tajikistan "About banks and banking activity".

I. General part

1. The instruction about clearing settlements regulates general approaches to the organization of calculations and single document flow in banks. In case of variety of patterns of ownership, activities of the companies in the conditions of development of the commodity-money relations, the Instruction proceeds from liberty principle of the choice by the companies of forms of calculations, their fixing in agreements, non-interference of bank to contractual relations of the companies. This Instruction extends on legal entities irrespective of patterns of ownership and the physical persons who are engaged in business activity without formation of legal entity.

2. Settlement transactions are performed by banks, other credit institutions from the accounts of the companies and physical persons of entrepreneurs opened at them. The bank stores money of the companies on their accounts, credits the amount arriving into these accounts, carries out orders of the companies about their transfer, issue from accounts and about carrying out other banking activities provided by this Instruction and the agreement.

Cash write-off from the account is performed by bank based on the order of the account holder.

Without order of the client cash write-off, being on the account, is allowed by a court decision, and also in other cases established by current laws of the Republic of Tajikistan.

In the presence on the account of money which amount is sufficient for satisfaction of all requirements imposed to the account holder write-off of these funds from its account is performed on first come orders of the account holder and other documents for write-off (calendar priority) if other is not provided by the law.

In case of insufficiency of money on the account for satisfaction of all of requirements imposed to the account holder cash write-off is performed in the following priority:

- first of all write-off according to the executive documents providing transfer or issue of money - from the account for the satisfaction of requirements about indemnification caused to life and health and also requirements about collection of the alimony is performed;

in - second priority write-off according to the executive documents providing transfer or issue of money for calculations for dismissal wage payment and compensation with persons working according to the employment contract, including under the contract and also on payment of remunerations for copyright is made.

- in the third queue write-off according to the payment documents providing payments in budget funds is made. The companies shall transfer in case of receipt of funds for salary payment the income and social tax into the budget;

- in the fourth queue write-off according to the executive documents providing satisfactions of other monetary claims is made;

- in the fifth queue write-off according to other payment documents according to the procedure of calendar priority is made.

Write-off of funds from the account on the requirements relating to one queue is made according to the procedure of calendar priority of receipt of documents. In case of total absence of money on the customer account accounting and control of execution of requirements to its account is imposed on the client. For this purpose the bank reflects to the client executive documents under list in the special book in which the document transfer fact to the client is registered. At the same time the bank in writing notifies the receiver of means on transfer of executive documents to the payer due to the lack of means on the account. The account holder in case of receipt of funds on its settlement account shall provide every other day after receipt of the account statement to the servicing bank for execution not performed requirements orders in above the specified procedure. In case of loss of communication with the client and closing of the settlement account in connection with not carrying out account transactions, the bank returns all documents with indication of the reasons of non-execution to the receiver.

3. The following main forms of clearing settlements are established:

- payment orders (summary payment orders);

- checks;

- letters of credit;

- plastic cards;

- memorial orders (only for banks and non-bank credit institutes).

Forms of calculations between the payer and the receiver of means are determined by the agreement (agreement).

The listed documents are paid according to the procedure of priority to the settlement account of the client, following from transaction content, but without the right of the payer to refuse payment. In the absence of means on the account of the payer, these payment documents relating to the third group of priority can be transferred to the payer according to the procedure, established in Item 2.

4. Use by banks, as one of forms of clearing settlements, memorial orders is allowed (appendix No. 1).

5. Mutual claims by calculations between the payer and the receiver of means are considered by the parties in accordance with the established procedure without participation of bank institutions.

The claims connected with implementation of settlement transactions go the client to the bank servicing it.

6. Legal entities and physical persons bear responsibility according to the current legislation for abuse of regulations of making of settlement transactions.

Submission of the claim and presentation of the claim does not stop account transaction.

7. According to the current legislation calculations between the companies carry out commercial banks and other non-bank financial organizations ("banks" are referred to as). Implementation of calculations on account of settlement for the third parties is forbidden. Carrying out similar calculations is admissible only in case of presentation in payer bank officially of the drawn-up soglasiya of the tax authorities controlling payers and the receiver of means about what it shall be made a reference in settlement documents with indication of the name of tax authority, number and date of issue of permission.

II. Procedure for execution of settlement documents

8. Settlement documents shall conform to requirements of standards and contain:

a) name of the settlement document;

b) number of the settlement document, number, month, year of its statement. The number is specified in figures, month - in cursive script, year - figures. On the settlement documents completed on computers designation of month is allowed by figures;

c) name of the payer, number of its bank account;

d) bank name of the payer (head bank), its number;

e) name of a consignee of means, number of its bank account;

e) the bank name of the receiver, bank number - the receiver of means;

g) purpose of payment. Along with the text name it is possible to put down specification symbol;

h) the payment amount designated by figures and copy-book;

i) on the first copy remaining in payer bank, and third (except checks) the copy sent to bank получателяподпись authorized persons of the company and print of the seal appropriated to it (which samples are shown to bank) irrespective of method of production of the settlement document.

The rational reducing the name of the payer and receiver of means which is not complicating work of banks and clients is allowed;

9. Settlement documents on the transactions performed by branches, representations, departments on behalf of the legal entity are signed by persons authorized by this legal entity.

Settlement documents on the transactions performed by the entrepreneur without formation of legal entity are accepted to execution in the presence on them one signature specified in card with the specimen signature without impress of a seal.

10. Settlement documents are accepted to execution irrespective of their amount.

Documents acceptance from the companies is carried out by bank during the day depending on working hours of bank with clients.

At the same time the documents accepted by bank from the companies to operational time it is carried out by him on balance in the same day.

11. Payment orders, letters of credit, are written out, as a rule with use of technical means in one step under carbon paper or by reproduction of originals in the number of copies necessary for bank and all parties participating in calculations.

Checks are drawn by hand by ink or ball pen. Blots and erasures in settlement documents are not allowed.

12. Write-off of funds from the account of the payer is made only based on the first copy of the settlement document.

III. Payments with payment orders

13. The payment order, hereinafter referred to as "order", represents the order of the company to the servicing bank about transfer of certain amount from the account into the account of person specified by the payer in this or other bank.

14. The payer represents to bank the order on the form of the established form (appendix No. 2).

15. Orders are valid within 10 days from the date of the statement (day of the statement is not taken into consideration).

16. Orders are accepted from the payer to execution only in the presence of means on the account if other is not stipulated between bank and the account holder.

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