RESOLUTION OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of June 23, 2001 No. 14/22

About approval of the Regulations on procedure for application of penalties against commercial banks for violation of the established requirements for opening of accounts, procedure for transfer and write-off of funds from customer accounts, issues of cash on the salary and other needs, stipulated by the legislation

In pursuance of Item 6 of the resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 264 of June 22, 2001 "About additional measures for strengthening of cash currency circulation and increase in responsibility of commercial banks" the board of the Central bank of the Republic of Uzbekistan decides:

1. Approve the Provision "About Procedure for Application of Penalties against Commercial Banks for Violation of the Established Requirements for Opening of Accounts, Procedure for Transfer and Write-off of Funds from Customer Accounts, Issues of Cash on the Salary and Other Needs, Stipulated by the Legislation" according to appendix.

2. Enact this resolution after ten days from the date of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Appendix

to the Resolution of Board of the Central bank of the Republic of Uzbekistan of June 23, 2001 No. 493

Regulations on procedure for application of penalties against commercial banks for violation of the established requirements for opening of accounts, procedure for transfer and write-off of funds from customer accounts, issues of cash on the salary and other needs, stipulated by the legislation

I. General provisions

1. This Provision is developed in pursuance of the Law of the Republic of Uzbekistan "About electronic payments", resolutions of the Cabinet of Ministers of the Republic of Uzbekistan of June 22, 2001 of N264 "About Additional Measures for Strengthening of Cash Currency Circulation and Increase in Responsibility of Commercial Banks" and resolutions of the Cabinet of Ministers of the Republic of Uzbekistan of February 7, 2006 N18 "About entering of amendment into the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of June 22, 2001 of N264 "About Additional Measures for Strengthening of Cash Currency Circulation and Increase in Responsibility of Commercial Banks".

2. This document establishes the size and procedure for application of penalties against commercial banks, and also their payments for benefit of clients whose rights and the interests were violated as a result of wrongful acts of commercial banks.

3. The measures of responsibility of commercial banks provided by this Provision are obligatory for inclusion in the text of the contract between bank and the client.

II. The sanctions applied to banks for violation of procedure for opening of accounts

4. For unreasonable delay or refusal in opening of accounts by banks after submission of all necessary documents provided by regulations of the Central bank including in case of request of excessive documents for opening of this account type, the bank pays penalty in the amount of percent 0,05 from the established minimum size of the authorized capital of bank.

III. The sanctions applied to banks for untimely issue to clients of cash on the salary and other stipulated by the legislation needs in the presence of means

5. For untimely issue of cash by banks on the salary and other stipulated by the legislation needs to clients, including subjects of entrepreneurship, in the presence of means on their accounts the bank pays penalty in the amount of percent 0,005 from the established minimum size of the authorized capital of bank.

IV. The sanctions applied to banks for non-compliance with established procedure of transfer and write-off of funds from customer accounts

6. The bank pays penalty in the amount of percent 0,1 from the minimum size of the authorized capital of bank for violations of the procedure for transfer and write-off of funds from customer accounts established by the legislation, except for violations of fixed terms of implementation of electronic payments and return of money on mistakenly made electronic payments.

In case of violation by bank of terms of implementation of the electronic payments established by the legislation it shall pay to the client penalty fee in the amount of percent 0,1 from the amount of overdue electronic payment for each day of delay, but no more than 10 percent from the amount of overdue electronic payment.

In case of wrong implementation of electronic payment because of bank it shall transfer funds to the account of the receiver no later than the working day following behind day of identification of mistake. Otherwise the client has the right in the procedure established by the law to demand from bank of return of means, and also payment of penalty fee in the amount of percent 0,1 from the amount of mistakenly made electronic payment for each day of delay, but no more than 10 percent from the amount of mistakenly made electronic payment.

V. Release of banks from payment of penalties

7. Banks are exempted from payment of penalties in the following cases:

a) force majeur circumstances, including possible failure of interbank electronic payment system;

b) in case of representation by the client of bank of the payment documents which are not conforming to the requirements established by the current legislation;

c) suspensions of account transactions of bank or the client according to the procedure, established by the legislation.

VI. Final provisions

8. Disputes between bank and the client are permitted in accordance with the terms of the agreement. In case of impossibility of permission of the arisen disputes over mutual consent they can be considered judicially.

9. The penalty amount paid by bank according to items 4-6 of this provision is subject to partial compensation by the head and chief accountant of bank (branch) which allowed violations.

10. Commercial banks monthly provide in the Central bank of the Republic of Uzbekistan information on claims for the violations allowed by banks and the passed judgments and determinations according to appendix.

Appendix

                               СВЕДЕНИЯ*
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