Regulation (NAP) - Treatment of Accounting Documents and Checks During the Co-circulation Period

IP CD IGO . 99 NAP PERMANENT APPLICATION REGULATION PROPOSER(S) ENTRY INTO FORCE ISSUE DATE DOC NO. PAGE 1/3 B.O.A. Subject: Treatment of Accounting Documents and Checks During the Co-circulation Period

Whereas, in accordance with the provisions of Decree-Law No. 215/2017 of October 3, the co-circulation period of the two Dobra families is from January 1, 2018 to June 30, 2018; It is absolutely necessary that during the aforementioned period, banking financial institutions proceed with the treatment of accounting documents, namely financial statements, bank statements, checks, among others, in order to distinguish bookkeeping across the two Dobra families. In these terms, under the powers established by paragraph 1 of Article 56 of Law No. 28/92 of August 3, supplemented by Article 8 and paragraph 4 of Article 9 of Decree-Law No. 215/2017, the Board of Directors of the Central Bank of São Tomé and Príncipe resolves as follows:

Article 1. (Object and Scope)

1. This NAP regulates the procedures applicable to banking accounting and checks.
2. This NAP is applicable to all banking financial institutions operating within national territory.

Article 2. (Treatment of Accounting Documents)

1. The accounting reports of operations carried out during the co-circulation period, generated from the computer platform, must be expressed in the nDob abbreviation.
2. In exceptional cases duly justified and authorized by the Central Bank, institutions must apply the nDob abbreviation to all accounting reports using the following stamp model: [Stamp Model 1] Bank Logo / Bank Name / In nDob / Date: //2018 / 1.50cm x 3.00cm [Stamp Model 2] Bank Logo / Bank Name / In Dob / 1.000 / Date: //2018 / 4.1cm x 3.03cm

Article 3. (Treatment of Checks)

1. Banks must, during the co-circulation period and as needed, issue new checks with the nDob abbreviation.
2. In duly justified exceptional cases, institutions must, as needed, apply the nDob abbreviation to already printed checks using the following stamp model: [Stamp Model 3] Bank Logo / Bank Name / In nDob / Payable until 30.09.2018 / 4.1cm x 3.00cm
3. The stamp referred to in the preceding paragraph, applied to the upper right corner of the check, must contain the bank's logo and name, be red in color, and measure 3cm x 1.5cm.
4. Holders of checks with the nDob abbreviation must issue them only during the co-circulation period.
5. The checks referred to in this article have a maximum collection deadline of September 30, 2018, after which they lose validity.

Article 4. (Treatment of Post-dated Checks)

1. Holders of post-dated checks in the Current Dobra family (Dob) must visit their respective institution counters by December 31, 2017, to update the value of these instruments according to the conversion rate defined in Decree-Law No. 11/2016.
2. The update referred to in the preceding paragraph is effected by applying the following stamp model: [Stamp Model 4] Bank Logo / Bank Name / In Dob/1000 / Date: //2018 / 1.50cm x 3.00cm
3. The stamp referred to in the preceding paragraph, applied to the upper right corner of the check, must contain the bank's logo and name, be expressed as Dob/1000, be red in color, and measure 3cm x 1.5cm.

Article 5. (Transitional Provisions)

1. Issuers and holders of post-dated checks shall be liable for any damages resulting from the failure to update the values of these checks.
2. Upon conclusion of the co-circulation period, the Dob abbreviation shall be the sole form of value expression in national currency, both in accounting reports, checks, and price indications.
3. Doubts arising from the application of this regulation shall be clarified by the Central Bank.

Article 6. (Publication) The procedures mentioned in this NAP shall be disseminated through the most appropriate communication and publicity channels.

Article 7. (Entry into Force) This NAP enters into force on the date of its publication.

Done in São Tomé, on October 30, 2017. [Footer] Reviewed / Revocation Data: