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The document ceased to be valid since January 4, 2015 according to Item 2 of the Resolution of Board of National Bank of the Republic of Kazakhstan of October 22, 2014 No. 199

RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of April 25, 2000 No. 178

About approval of Rules of carrying out transactions with documentary credits banks of the Republic of Kazakhstan

(as amended on 17-11-2005)

For the purpose of enhancement of the regulatory legal base regulating implementation of cashless payments in the territory of the Republic of Kazakhstan, the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of carrying out transactions with documentary credits by banks of the Republic of Kazakhstan and enact them from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan.

2. To management of payment systems (Musayev R. N.):

1) together with Legal department (Sharipov S. B.) to take measures to state registration in the Ministry of Justice of the Republic of Kazakhstan of this resolution and Rules of carrying out transactions with documentary credits by banks of the Republic of Kazakhstan;

2) in two weeks from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan to bring this resolution and Rules of carrying out transactions with documentary credits by banks of the Republic of Kazakhstan to data of regional branches of National Bank of the Republic of Kazakhstan, having obliged them to bring data the resolution and Rules to the attention of banks of the second level.

3. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Zhangeldin E. T.

 

Chairman

National Bank of G. A. Marchenko

Approved by the resolution of Board of National Bank of the Republic of Kazakhstan of April 25, 2000 No. 178

Rules of carrying out transactions with documentary credits banks of the Republic of Kazakhstan

These rules are developed according to the Laws of the Republic of Kazakhstan "About banks and banking activity in the Republic of Kazakhstan" and "About payments and money transfers", the business customs applied in banking practice and regulate procedure of transactions with documentary credits by banks of the Republic of Kazakhstan.

Chapter 1. General provision

1. The documentary credit (further - the letter of credit) - the form of documentary calculations providing obligation of bank assumed by it according to the statement and according to instructions of the client or at own discretion to make payment to the specified beneficiary or its order, or the acceptance and payment of the bills of exchange exposed by the beneficiary or negotsiation against the documents provided by the letter of credit to fixed term if all conditions of the letter of credit are complied.

The letter of credit represents the transaction isolated from the purchase and sale agreement or other agreement on which it can be based.

2. The concepts used in these rules:

The advising bank - the bank authorized by emitting bank on transfer to the beneficiary of the letter of credit and/or changes to it without obligations from its party.

Bank drawee - the bank specified in bill of exchange as the payer.

Emitting bank - the bank opening the letter of credit according to the statement of prikazodatel of the letter of credit and incurring the obligation on execution of the letter of credit subject to its terms and conditions.

Irrevocable the letter of credit - the letter of credit which cannot be changed or cancelled without the consent of emitting bank, confirmatory bank and the beneficiary.

The beneficiary - legal entity or physical person for benefit of which the letter of credit opens.

The performing bank - the bank authorized by emitting bank to accept, to check documents and to perform the letter of credit subject to its terms and conditions.

The commercial account - the document which is written out by the beneficiary addressed to prikazodatel of the letter of credit and containing type of goods, their description, quantity, cost and total amount.

Negotsiation - accounting (purchase) of bills of exchange before payment due dates on them.

The revocable letter of credit - the letter of credit which can be changed or cancelled by emitting bank without prior notice of the beneficiary.

Confirmatory bank - the bank assuming liability in addition to the obligation of emitting bank, on execution of the letter of credit subject to its terms and conditions.

The confirmed letter of credit - the letter of credit including mark about additional guarantee of its execution from other bank which is not emitting bank.

The paid letter of credit - the letter of credit when which opening the prikazodatel makes available to emitting bank the amount of money (covering) equal to the amount of the letter of credit, on effective period of the letter of credit with condition of possible use of this money for payments for the letter of credit.

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