LAW OF THE AZERBAIJAN REPUBLIC

of December 16, 2016 No. 461-VQ

About clearing settlements

This Law according to Item 15 of part 1 of article 94 of the Constitution of the Azerbaijan Republic establishes legal and economic basis of the clearing settlements made in the territory of the Azerbaijan Republic.

Chapter 1. General provisions

Article 1. Purposes of clearing settlements

The purposes of this Law are ensuring transparency of transactions and calculations made between participants of civil circulation in the territory of the Azerbaijan Republic, consumer protection, stimulation of replacement of cash cash calculations by clearing settlements, acceleration of development of bank system.

Article 2. Legislation on clearing settlements

2.1. The legislation on clearing settlements consists of this Law, the Civil code of the Azerbaijan Republic, the Tax code of the Azerbaijan Republic and regulatory legal acts adopted according to them.

2.2. The legislation on clearing settlements does not extend to the Alyatsky free economic zone.

Chapter 2. Regulation of clearing settlements

Article 3. Calculations made via bank transfer

3.1. Clearing settlements are meant as the following:

3.1.1. calculations made by transfer from the bank account of one person for the bank account of other person (including by means of payment instruments (payment cards, the payment order and so forth) and means of payment (mobile telephone sets, the computer and other equipment);

3.1.2. calculations made by means of payment terminals;

3.1.3. calculations made by direct transfer into the bank account of the seller in cash procedure.

3.2. Cashless payment by calculations between two parties, being taxpayers, can be made only in the form established in article 3.1.1 of this Law.

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