RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of August 5, 2005 No. PP-147

About guarantees of uninterrupted ensuring cash payments from deposit accounts in banks

Consider absolutely inadmissible the facts when commercial banks and their branches, raising funds of the population and business entities on deposits, involving them in turnover and gaining at the expense of it income of bank, actually building the wellbeing at the expense of investors, at the same time accurately do not fulfill the direct commitments before them, are indifferent to legal requests, to needs and needs of investors, moreover, abuse the provision in case of satisfaction of their requests, ignore their interests.

The similar facts take place and in activities of regional and city departments of the Central bank of the Republic of Uzbekistan and National Bank of foreign economic activity.

It must be kept in mind that the similar relations undermine confidence to banks, are the reason of reasonable discontent of investors, limit and do not stimulate attraction of available funds of the population, entrepreneurs and businessmen, business entities on deposits in commercial banks, do not promote reducing extra bank cash turnover, destabilize all system of currency circulation, cause significant economic damage to the country.

For the purpose of eradication of the specified shortcomings, further strengthening of cash currency circulation, reducing extra bank turnover of cash, ensuring uninterrupted issue by banks of cash from deposit accounts of business entities in banks:

1. Recognize the work which is carried out by commercial banks on stimulation of attraction of free money of the population and business entities into deposit accounts in banks and to implementation of free issue on the first demand of, cash from their accounts, unsatisfactory.

It is wide to Central Bank of the Republic of Uzbekistan to use everything the mechanisms and levers of impact provided to it by the law and the existing regulatory legal acts for liquidation in the shortest possible time of the above-stated facts of manifestation from employees of commercial banks of bureaucracy, red tape, the heartless relation and racketing.

2. To Central Bank of the Republic of Uzbekistan, commercial banks till September 1, 2005 to take necessary measures for review of relevant provision and procedure for issue of the money which is on deposit accounts in banks, providing uninterrupted cash disbursements of money to the population, business entities, physical persons and legal entities according to their requirement.

Read out uninterrupted cash disbursement of money to the population and business entities from deposit accounts as one of the most important estimative criteria of efficiency and reliability of activities of commercial banks when summing up their work in quarter, half-year and for the whole year.

3. Accept offers of the Central bank of the Republic of Uzbekistan and commercial banks that when summing up work, in case of repeatedly repeating (more than three times a month) violations of established procedure on immediate payment of cash to the population and business entities from deposit accounts of banks, heads of territorial departments and branches of commercial banks are subject to release from post.

Approve Regulations on procedure for stimulation and increase in responsibility of heads and officials of commercial banks for providing uninterrupted cash disbursement of means according to appendix.

4. To Central Bank of the Republic of Uzbekistan in the presence of systematic delays in cash disbursement of means to apply to commercial banks severe measures of responsibility, up to revocation of license on the right of making of banking activities.

5. For ensuring uninterrupted payments of cash:

to commercial banks to create the cash reserves providing operational completion of need for cash and satisfaction of requests of clients in the divisions;

To Central Bank of the Republic of Uzbekistan to form regional reserve funds of cash.

6. To Central Bank of the Republic of Uzbekistan:

provide commercial banks according to requests of their branches with cash money without restrictions within means on correspondent accounts of banks in the Central bank of the Republic of Uzbekistan, including at the expense of means of reserve funds of payment processing centers and turnover cash desks;

perform operational redistribution of cash between regions of the republic, having provided uninterrupted ensuring need for cash.

7. Ceased to be valid according to the Presidential decree of the Republic of Uzbekistan of 06.03.2019 No. UP-5684

8. To Central Bank of the Republic of Uzbekistan quarterly to generalize situation with ensuring unconditional and free payment of cash from deposit accounts of the population and business entities and to provide information in the Office of the President of the Republic of Uzbekistan.

9. To the State Tax Committee of the Republic of Uzbekistan:

strengthen control of implementation of the made decisions on restriction of extra bank turnover, completeness of delivery by business entities of cash and cash proceeds from sales of goods, works and services in cash desks of banks;

establish tough control of compliance of the cash and trade revenue which is handed over in cash desks of banks to actually developing amounts of the retail turnover and paid services, and also compulsory use of cash registers and settlement terminals by retailers and service industries. In case of identification of the facts of illegal refusal in acceptance of payment with use of plastic cards to take responsibility measures to perpetrators according to the legislation.

10. To the Ministry of Justice of the Republic of Uzbekistan together with the Central bank of the Republic of Uzbekistan, other interested ministries and departments in a month:

make offers in the Cabinet of Ministers on changes and amendments in the existing acts of the legislation in connection with adoption of this resolution;

provide reduction of departmental regulatory legal acts in compliance with provisions of this resolution.

11. To impose control of execution of this resolution on the Prime Minister of the Republic of Uzbekistan Mirziyoev Sh. M. and the Chairman of the Central bank of the Republic of Uzbekistan Mullazhanov F. M.

Appendix

to the Resolution of the President of the Republic of Uzbekistan of August 5, 2005 No. PP-147

Regulations on procedure for stimulation and increase in responsibility of heads and officials of commercial banks for providing uninterrupted cash disbursement of means

1. This Provision determines procedure for stimulation and increase in responsibility of commercial banks, their heads and officials for providing free cash disbursements of money from deposit accounts of the population and business entities in banks.

2. The incentive system and liability for timely implementation of payments with cash on the first demand of clients is established for:

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