RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF BELARUS

of October 9, 2018 No. 455

About approval of the Instruction about procedure of calculations by means of the bank payment obligation

Based on paragraphs of the fourteenth and twenty first 26, Article parts one 39, parts three of article 266-2 of the Bank code of the Republic of Belarus the Board of National Bank of the Republic of Belarus DECIDES: Articles

1. Approve the Instruction about procedure of calculations by means of the bank payment obligation it (is applied).

2. This resolution becomes effective since October 29, 2018.

Approved by the Resolution of Board of National Bank of the Republic of Belarus of October 9, 2018 No. 455

The instruction about procedure of calculations by means of the bank payment obligation

Chapter 1. General provisions

1. This Instruction determines procedure banks, the non-bank credit and financial organizations (further – banks) calculations in non-cash form by means of the bank payment obligation.

2. For the purposes of this Instruction following terms have the following values:

basic conditions – the data transferred by the undertaking bank and (or) bank receiver to interbank system of comparison;

the bank payment obligation – the irrevocable and independent obligation of the undertaking bank operating at the request of the client (prikazodatel) or on its own behalf to make payment or to fulfill obligations with payment deferral and to pay at the scheduled time certain amount of money to bank receiver (bank of the beneficiary) based on the established basic conditions or in case of the acceptance of discrepancy of data;

bank receiver – the beneficiary according to the bank payment obligation which is bank of the beneficiary;

the bank of prikazodatel – bank which serves prikazodatel and at the same time can be the undertaking bank;

the beneficiary – the party (the receiver of money) according to the basic agreement (obligation) who is the client of payee bank;

the internal bank payment obligation – the bank payment obligation according to which the undertaking bank and bank receiver are banks of the Republic of Belarus;

data – the information approved by the parties according to the basic agreement (obligation) sent by prikazodatel to the undertaking bank, the beneficiary in bank receiver for the subsequent direction in interbank system of comparison as basic conditions in accordance with the terms of this system;

money – Belarusian rubles or foreign currency;

the client – bank, the legal entity, physical person, the individual entrepreneur, the notary performing notarial activities in notarial bureau (further – the notary) served according to the bank payment obligation;

interbank system of comparison – the information system providing processing of the messages concerning use of the bank payment obligation, automatic comparison of data, the direction of messages to the banks participating in the bank payment obligation;

the international bank payment obligation – the bank payment obligation according to which the undertaking bank and (or) bank receiver are foreign banks;

the undertaking bank – bank which issues the bank payment obligation at the request of prikazodatel, bank of prikazodatel or on its own behalf;

the basic agreement (obligation) – the agreement signed between prikazodatel and the beneficiary, providing implementation of calculations by means of the bank payment obligation;

prikazodatel – the client at the request of whom the undertaking bank issues the bank payment obligation;

the established basic conditions – the basic conditions which underwent automatic comparison in interbank system of comparison and approved by the banks which confirmed the participation in the bank payment obligation;

fixed term – the term determined for making payment in basic conditions (payment at sight or with payment deferral).

The terms "foreign bank", "nonresident" and "resident" are used in the values determined respectively by subitems 1.9-1.11 of Item 1 of article 1 of the Law of the Republic of Belarus of July 22, 2003 No. 226-Z "About currency control and currency exchange control".

3. When implementing calculations by means of the bank payment obligation banks are guided by the Bank code of the Republic of Belarus, this Instruction, other regulatory legal acts of the Republic of Belarus, regulations of international treaties, the international rules and customs, regulations of the right, applicable to the international bank payment obligations. For automatic comparison of data banks use the corresponding messages in interbank system of comparison.

4. Banks have the right to determine according to the legislation features of implementation of calculations by means of the bank payment obligation regarding the questions which are not settled by this Instruction.

Chapter 2. Release of the bank payment obligation

5. When making transactions with the bank payment obligation the banks participating in the bank payment obligation are limited to work with data.

Banks do not bear responsibility for authenticity, accuracy, completeness of the data provided by clients but only provide their exact reflection in case of the subsequent direction in interbank system of comparison.

6. The bank payment obligation is issued by the undertaking bank on its own behalf or at the request of the client (prikazodatel) based on the statement of the client (prikazodatel) or other representative it persons. At the same time if the bank of the client (prikazodatel) is not the undertaking bank, such bank can be the authorized person of the client (prikazodatel).

7. Bank payment obligations can be issued for calculations for goods (works, services) or implementation of other payments provided by the basic agreement (obligation).

8. The rights and obligations of the undertaking bank and the client (prikazodatel) in connection with release of the bank payment obligation are determined in the agreement signed between the client (prikazodatel) and the undertaking bank and also in the agreement signed between the client (prikazodatel) and bank of the client (prikazodatel) (in case of its availability) if the bank of the client (prikazodatel) is not the undertaking bank.

Effective period of the bank payment obligation is limited to date of its expiration.

9. The client (prikazodatel) submits the application on release of the bank payment obligation in the undertaking bank on paper or in electronic form.

For release of the bank payment obligation are specified in the statement:

type of the bank payment obligation (international or internal);

the name of the undertaking bank;

the location of the undertaking bank;

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