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The document ceased to be valid since  September 16, 2020 according to the Resolution of Board of the Central bank of the Republic of Uzbekistan of September 4, 2020 No. 13/9

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Ministry of Justice

Republic of Uzbekistan

On February 5, 1999 No. 622

Approved by Board of the Central bank of the Republic of Uzbekistan of December 26, 1998 No. 74

(as amended on 20-04-2019)

Regulations on the measures and sanctions applied by the Central bank to commercial banks, microcredit institutions and pawnshops for violation of requirements of the regulatory legal acts regulating activities of banks and other credit institutions

I. General provisions

1.1. This Provision according to the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", "About banks and banking activity" and "About microcredit institutions" determines procedure for application of measures and sanctions by the Central bank against commercial banks, microcredit institutions and pawnshops for violation of the regulatory legal acts regulating activities of banks and other credit institutions.

1.2. Central Bank of the Republic of Uzbekistan according to this Provision can apply penalties against the banks which allowed violations of the current legislation, the regulations and rules regulating procedure for making of banking activities.

1.3. The amount of levied penalties is credited according to the Chart of accounts of financial accounting of the Central bank of the Republic of Uzbekistan No. 289 of 25.12.99 into the balance sheet account H45994 - "Other interest-free income".

II. The sanctions applied to banks for violation of regulations of mandatory reserve requirements and the established economic standard rates

2.1. According to Article 29, 51 and 53 Laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan" for violation of instructions of the Central bank by bank on providing the established standard rates of deposition of mandatory reserve requirements on their structure or the size, the Central bank collects from this bank of the amount of not paid in means, and also penalty in the amount of, not exceeding double refunding rate, from the amount of not paid in means.

2.2. For violation by banks and their branches of the established economic standard rates and the bank law, the Central bank has the right to collect penalty in the amount up to 0.1 percent from the established minimum size of the authorized capital for each violated standard rate, but it is not higher than one percent from the above-stated size on all set of the violated standard rates or to limit carrying out separate transactions for a period of up to six months.

2.3. In case of non-compliance with the standard rate by bank on forming of reserve fund according to loans (on possible losses according to loans) during month under report. Central Bank directs the instruction about introduction of remedial measures by bank.

In case of failure to carry out by bank of the above-stated instruction or neediness of forming of the Reserve fund according to loans within the last three months which creates real threat to interests of investors and creditors of bank, the Central Bank according to article 53 of the Law of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan" to limit carrying out credit operations up to six months or establishes additional economic standard rates.

2.4. In the presence at bank of overdue debt according to loans, including on factoring and leasing transactions, over 10% of the total amount of credit investments the Central bank directs the instruction about acceptance of adequate measures by bank on decrease in overdue debt.

In case of failure to carry out of the instruction by bank, or growth of overdue loan debt within the last three months which will create real threat to interests of investors and creditors of bank. Central Bank has the right to change for this bank economic standard rates for a period of up to six months or to impose ban on implementation of credit operations by bank for up to six months.

III. Sanctions for abuse of regulations, on use of the centralized credits and refinance credits, and also margins on them

3.1. For excess of the size of the margin established by the Central bank on centralized credit resources the penalty in double size of the additional income gained due to excess of margin is levied from commercial banks.

3.2. In cases of non-return by commercial bank at the scheduled time received by them refinance credits, percent in the amount of double effective rate of Central Bank refinancing are levied from this bank.

In cases of non-return by commercial bank fully or partially of the purpose-oriented centralized loans repaid by his clients, percent in the amount of double effective rate of Central Bank refinancing for each overdue day are levied from this bank.

3.3. In case of assumption of inappropriate use of purpose-oriented loans of refinancing, the penalty in the amount of double effective rate of Central Bank refinancing from the amount of the refinance credits used not for purpose is collected from bank. The amount of the refinance credits used not for purpose is subject to early collection.

IV. Sanctions for violation of payment discipline

4.1. For formation of debit balance on the correspondent account opened in the Central Bank of the Republic of Uzbekistan (CBRU), the commercial bank pays penalty in the amount up to 0,1 of % of the established minimum size of the authorized capital. The penalty is levied for benefit of the Central bank after final overlapping of debit balance and on set shall not exceed 1% of the established minimum size of the authorized capital.

4.2. For each case of return of not correctly provided flights of electronic payment documents (further in the text of EPD) commercial banks are paid by penalty for benefit of the Main Center of Informatization (MCI) of TsBRU (the Territorial Center of Informatization (TCI) in the amount of 1% of the total amount of flight, but no more 0,1 of % of the established minimum size authorized the capitals

4.3. In case of untimely idea in confirmation GTsI (TTsI) of transfer or write-off of means on the received EPD for previous day. The head Territorial administration of the Central bank (GTU) collects from commercial bank penalty in the amount of 3% in each hour of delay, but no more than 0.1% of the established minimum size of the authorized capital.

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