RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of December 5, 1998 No. 266

About approval of Rules of application of checks for the territories of the Republic of Kazakhstan

For the purpose of enhancement of the regulatory framework providing functioning of payment system of the Republic of Kazakhstan, the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of application of checks for the territories 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 (Sizova S. I.) register this resolution and the approved Rules in the Ministry of Justice of the Republic of Kazakhstan;

2) to bring this resolution and the registered Rules to the attention of branches of National Bank of the Republic of Kazakhstan, having obliged them to bring this resolution and the above rules to the attention of banks of the second level.

3.   No. 65 is excluded according to the Resolution of Board of National Bank of the Republic of Kazakhstan of 01.07.2011

4. To accounting department (Rakhmetova S. K.) together with Department of banking supervision (Zhumagulov B. K.) and Legal department (Sizova S. I.) prepare and submit for consideration of Board of National Bank of the Republic of Kazakhstan the project of changes and amendments in the Rules of conducting financial accounting and the reporting in banks of the Republic of Kazakhstan approved by Board of National Bank of the Republic of Kazakhstan (the protocol of December 16, 1994 No. 25), for the purpose of reduction in compliance with the enclosed Rules.

5. From the date of entry into force of Rules of application of checks for the territories of the Republic of Kazakhstan to declare invalid:

1) the Regulations on payments with checks in the Republic of Kazakhstan approved by Board of National Bank of the Republic of Kazakhstan (the minutes of November 15, 1994 No. 22);

2) the Regulations on Clearing House of National Bank of the Republic of Kazakhstan for carrying out check clearing approved by Board of National Bank of the Republic of Kazakhstan (the minutes of November 15, 1994 No. 22);

3) the Regulations on payments with certified checks approved by the resolution of Board of National Bank of the Republic of Kazakhstan of January 22, 1997 No. 16.

6. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Abdulina N. K.

Approved by the resolution of Board of National Bank of the Republic of Kazakhstan of December 5, 1998 No. 266

Rules of application of checks for the territories of the Republic of Kazakhstan

Chapter 1. General provisions

1. These rules determine procedure for the conclusion and compulsory provisions of the check usage agreement of checks, establish the procedure of issue and use of checks and the checkbook, and also regulate features of implementation of payments in the Republic of Kazakhstan with use of checks.

2. The relations arising in case of application of checks for the territories of the Republic of Kazakhstan are regulated by legal acts of the Republic of Kazakhstan and these rules.

3. Action of regulations of these rules does not extend to the relations connected with use of travel checks. The specified relations are governed by the rules established by bank the issuer of such travel checks and the business customs accepted in banking practice.

4. The basic concepts used in these rules:

1) bank of the issuer - the bank which issued the checkbook and to which the order on payment of money is addressed;

2) bank of the payee - bank to which the payee showed the check for payment or transfer of the received check for the subsequent payment;

3) issue of the check - payment method in case of which payment is made by issue by the issuer of the payment document of the same name to the payee;

4) the certified check is the check containing guarantee of bank of the issuer on payment of the amount specified by this bank irrespective of availability of sufficient amount of money of the issuer in bank of the issuer;

5) the usage agreement of checks - the agreement owing to which the bank of the issuer assumes liability to pay checks of the client of the issuer (physical person or legal entity) and the client shall follow the rules of issue and use of checks established by bank;

6) check clearing - the process of collection, reconciliation, mutual offsetting of checks performed by the clearing organization and determination of net line items of banks of participants;

7) Clearing House - the organization performing process of collection, reconciliation, sorting and offsetting of demands in reconvention of participants of clearing and the subsequent determination of their net line items (balance), and also accomplishment by bank of the specified actions according to demands in reconvention between clients;

8) the back of the check is part of the check on which necessary details of this check are specified. For the purposes of these rules backs of checks are also understood as the copies of checks which are consistently stitched in checkbooks;

9) the non-quaranteed check is check which does not contain the corresponding guarantee of bank of the issuer;

10) the uncovered check is check which was not previously provided with the deposit;

11) the covered check is check which is provided with the deposit which is previously introduced by the issuer in bank;

12) the check - the payment document containing the written order of the issuer to bank receiver based on the contract between them about payment of the amount of money specified in such order to the payee;

13) the checkbook - the stitched and consistently numbered check forms. The checkbook can consist of one check form;

14) the issuer - person who drew the check;

15) the payee - person for benefit of whom the check was drawn, including the issuer if the check was drawn to them for itself.

5. The check shall contain the following obligatory details:

1) name "check";

2) series and number of the check;

3) it is excluded

4) the name (name) of the issuer or person representing it;

5) individual identification (business and identification) number of the issuer/payee;

6) the amount in figures and copy-book, date, the place of issue of the check and the signature of the issuer or person representing it and its seal (for the legal entity);

7) name (name) of the payee;

7-1) No. 65 is excluded according to the Resolution of Board of National Bank of the Republic of Kazakhstan of 01.07.2011

8) it is excluded

9) the bank name of the issuer obliged to pay the check;

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