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ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC AND NATIONAL BANK OF THE KYRGYZ REPUBLIC

of September 9, 2005 No. 420/21/4

About approval of the Regulations on clearing settlements in the Kyrgyz Republic

(as amended on 27-11-2013)

For the purpose of enhancement and establishment of procedure for carrying out clearing settlements in the Kyrgyz Republic in the light of the undertaken reforms in financial bank system and settlement system, the Government of the Kyrgyz Republic and National Bank of the Kyrgyz Republic decide:

1. Approve the enclosed Regulations on clearing settlements in the Kyrgyz Republic.

2. To the ministries, the state committees, administrative departments, state commissions, commercial banks and other financial credit institutes, and also the companies, the organizations (in coordination) and to public institutions to accept this Provision to execution.

3. Declare invalid the order of the Government of the Kyrgyz Republic and National Bank of the Kyrgyz Republic of December 10, 2001 No. 773/30/8 "About Regulations on clearing settlements in the Kyrgyz Republic".

4. Publish this resolution in mass media.

Prime Minister of the Kyrgyz Republic

F.Kulov

Acting as

chairman

National Bank of the Kyrgyz Republic

 

 

Sh. Moldokanov

Approved by the Order of the Government of the Kyrgyz Republic and National Bank of the Kyrgyz Republic of September 9, 2005 No. 420/21/4

Regulations on clearing settlements in the Kyrgyz Republic

I. General provisions

1.1 Introduction

1.1.1 This Provision is developed according to the Civil code of the Kyrgyz Republic, the laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", "About banks and banking activity in Kyrgyz the Republics", "About electronic payments", "About the digital signature" and other regulatory legal acts of the Kyrgyz Republic (further - the legislation) and governs the relations arising between participants when implementing clearing settlements in national currency of the Kyrgyz Republic in its territory.

1.1.2 The provision determines procedure for carrying out clearing settlements in the territory of the Kyrgyz Republic, form of non-cash payment instruments, systems of carrying out clearing settlements and relation between her participants.

1.1.3 The provision extends to legal entities and physical persons when carrying out clearing settlements in the territory of the Kyrgyz Republic.

1.1.4 The terms used in this Provision mean the following:

the acceptance (Latin Acceptus - accepted) - the consent of the payer to payment of cash and commodity documents. The acceptance is applied when calculating for goods, services and the performed works during which payment is made with the consent of (acceptance) of the payer according to the settlement documents which are written out by the supplier;

the bank account - method of reflection of contractual relations between bank and the client on acceptance of the deposit (bank deposit) and (or) making by bank of the transactions connected with implementation of the bank customer service provided by bank account agreement, the legislation and business customs applied in banking practice;

clearing settlement - form of currency circulation in case of which cash flow happens without participation of cash, by cash write-off from the settlement account of the payer and their transfer on the settlement account of the receiver;

identification - the procedure of check of compliance of the identity of the user to the shown name and its powers;

the client - the physical person or legal entity which signed bank account agreement with bank;

clearing center - the organization rendering intermediary services when carrying out clearing settlements between participants of clearing payment system. The clearing center performs exchange of payment documents, collection and payment processing and calculation of net line items of participants of clearing system by offsetting of mutual requirements according to the rules and procedures established by National Bank of the Kyrgyz Republic (further - National Bank);

the correspondent (current) account - the bank account opened by financial credit institutes in National Bank for carrying out interbank calculations;

final settlement - the calculation which is carried out on the accounts of financial credit institutes opened in National Bank. Final settlement is unconditional and irrevocable;

payment - execution of monetary commitment with use of cash or transfer process by the payer of non-cash in the form established by the legislation of the Kyrgyz Republic;

the payer - bank or the client at the expense of whose money calculation is perfromed;

the receiver - bank or the client for benefit of whom money as a result of payment and calculation arrives;

the preavtorization - preliminary issue by the client of permission to bank during the certain period of time and (or) within certain amount to debit the settlement (current) account in case of receipt of the invoice for payment from the specified receiver;

direct debiting of the bank account - form of implementation of calculation in case of which the bank performs debiting of customer account and transfer of payment to the receiver based on the preavtorization operating during the certain period of time and (or) within certain amount;

calculation - cash write-off from the settlement account of the payer and transfer on the settlement account of the receiver according to the submitted payment documents. Calculation is payment completion;

the settlement account - the account opened by financial credit institute based on the agreement for the client (physical person or legal entity), intended for storage of money and on which all current calculations made by the client (receipts, payments, mutual settlings with other legal entities and physical persons) are considered;

retail and regular payments - payments on the averages and small amounts which are not urgent and (or) regular;

net line item - the amount of all transfers of the participant of clearing settlement system got before certain timepoint from all other participants less the amount of all its translations sent all of them to other participants up to this point. If the difference positive, the participant is in net credit line item; if the difference is negative, the participant is in net debit line item. The net credit or net debit line item in estimated time is called final net line item;

ekvayer - the financial credit institute performing acquiring of cards;

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