of March 29, 2001 No. 67
About approval of the Instruction about procedure for making of banking documentary operations
1. Approve the Instruction about procedure for making of banking documentary operations it (is applied).
2. Recognize invalid:
The instruction about banking activities on international settlements (documentary credits, guarantees, the collection) approved by Board of National Bank of the Republic of Belarus on August 25, 1998 (the protocol No. 15.3) (The bulletin of normative legal information, 1998, No. 23; National register of legal acts of the Republic of Belarus, 2000, No. 34, 8/3066);
the resolution of Board of National Bank of the Republic of Belarus of February 24, 2000 No. 6.8 "About approval of changes and amendments in the Instruction about banking activities on international settlements (documentary credits, guarantees, the collection) approved by Board of National Bank of the Republic of Belarus on August 25, 1998 (the protocol No. 15.3)" (The national register of legal acts of the Republic of Belarus, 2000, No. 34, 8/3066).
Chairman of the board
Approved by the Resolution of Board of National Bank of the Republic of Belarus of March 29, 2001 No. 67
1. This Instruction determines procedure for carrying out by banks and non-bank credit and financial organizations (further – banks) calculations in non-cash form in the form of the letter of credit, the collection, and also transactions by bank guarantees and reserve letters of credit.
2. For the purposes of this Instruction following terms have the following values:
advising – the direction the advising bank to the beneficiary of the notice on opening of the letter of credit (issue of the bank guarantee) or change of the letter of credit (bank guarantee) reproducing conditions of the letter of credit (bank guarantee) or his (her) change and being confirmation of the fact that the advising bank made sure of authenticity of the letter of credit (bank guarantee) or his (her) change;
the advising bank – bank which performs advising of the letter of credit (bank guarantee) or his (her) change at the request of emitting bank (guarantor);
bank of the beneficiary – the bank serving the beneficiary on the transactions connected with advising, execution and confirmation of the letter of credit, and also advising, issue and execution of the bank guarantee;
bank of the instructing party – the bank serving the instructing party on the transactions connected with issue of the bank guarantee;
bank of prikazodatel – the bank, other than emitting bank, serving prikazodatel;
remitting bank – bank which performs the collection at the request of principal or on its own behalf;
emitting bank – bank which opens the letter of credit at the request of prikazodatel or on its own behalf;
the beneficiary – the party for benefit of which the letter of credit is open (the bank guarantee is issued);
the internal bank guarantee – the bank guarantee according to which all parties are residents;
the internal collection – the collection according to which all parties are residents;
the guarantor – the bank which issued the bank guarantee;
money – Belarusian rubles or foreign currency;
documentary operations – transactions by calculations in the form of the letter of credit, the collection, and also transaction according to bank guarantees and reserve letters of credit;
the collecting bank – any bank, except remitting bank, participating in the collection;
the instruction – specifying (order) about procedure and (or) method of making of transactions, received by bank from the client or other bank;
execution of the letter of credit – accomplishment of the obligation (implementation of payments at sight, in case of approach of term according to obligations of deferred payment, according to the bills of exchange accepted by bank) or negotsiation according to the letter of credit;
the performing bank – the bank given authority to perform the letter of credit subject to its terms and conditions, or any other bank if execution of the letter of credit is provided in any other bank;
the client – bank, the legal entity, physical person, including the individual entrepreneur, the notary served by bank on documentary operations;
the counterguarantor – the bank issuing counterguarantee for benefit of the guarantor or other counterguarantor;
the international letter of credit (the international bank guarantee, the international collection) – the letter of credit (the bank guarantee, the collection) according to which at least one of the parties participating in the obligation is nonresident;
proper representation – submission of documents in accordance with the terms of the letter of credit (bank guarantee), the provisions of the international rules and the international standard banking practice applicable to the letter of credit (bank guarantee);
negotsiation – purchase by the performing bank of the bill of exchange which is written out by the beneficiary on the bank other than this performing bank, and (or) documents constituting proper representation by provision of advance payment or consent to provide advance payment to the beneficiary no later than banking day in which compensation is due to the performing bank;
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