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Rule · CBU · 9 Jun 2012 · 17/4

Amendments to the Regulation on the Procedure for Commercial Banks to Grant Loans to Farmer Holdings Pledged with Future Harvest

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The Central Bank of Uzbekistan amends the Regulation on lending to farmer holdings by updating terminology to replace 'Water Users Associations' with 'Water Consumers Associations' and modifying the approving authority for tax documents to the district (city) state tax inspection. The amendments introduce specific balance sheet account codes for short-term grain and long-term cotton loans, mandate the use of separate loan accounts for formalizing obligations, and establish a collection procedure prioritizing interest recovery when borrower funds are insufficient. These changes apply to commercial banks and are effective ten days after state registration.

UzbekistanCentral Bank of the Republic of Uzbekistan

Document as of June 25, 2012

25 (525) — 123 — Article 287
CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN
DECISION OF THE BOARD

287 On Amendments to the Regulation on the Procedure for Commercial Banks to Grant Loans to Farmer Holdings Pledged with Future Harvest

Registered by the Ministry of Justice of the Republic of Uzbekistan on June 22, 2012, Registration No. 1337-2

(Enters into force on July 2, 2012)

In accordance with the laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" (Information Bulletin of the Oliy Majlis of the Republic of Uzbekistan, 1995, No. 12, Article 247) and "On Banks and Banking Activity" (Information Bulletin of the Oliy Majlis of the Republic of Uzbekistan, 1996, Nos. 5-6, Article 54), the Board of the Central Bank of the Republic of Uzbekistan decides:

  1. Amendments to the Annex of the Regulation "On the Procedure for Commercial Banks to Grant Loans to Farmer Holdings Pledged with Future Harvest" approved by Decision No. 563 of the Board of the Central Bank of the Republic of Uzbekistan dated March 1, 2004 (Registration No. 1337, April 16, 2004) (Collection of Legislation of the Republic of Uzbekistan, 2004, No. 15, Article 182) shall be made in accordance with the Annex.

  2. This Decision enters into force ten days after the day of its state registration by the Ministry of Justice of the Republic of Uzbekistan.

Chairman of the Central Bank F. MULLAJONOV

Tashkent,
June 9, 2012,
No. 17/4

Collection of Legislation of the Republic of Uzbekistan, 2012

*

Document as of June 25, 2012

Article 287 — 124 — No. 25 (525)
Republic of Uzbekistan
Annex to Decision No. 17/4 of the Board of the Central Bank of the Republic of Uzbekistan dated June 9, 2012

Amendments to the Regulation on the Procedure for Commercial Banks to Grant Loans to Farmer Holdings Pledged with Future Harvest

  1. In the fifth bullet point of paragraph 5, the words "SFU (Water Users Associations)" shall be replaced with the words "SIU (Water Consumers Associations)".

  2. In the fifth bullet point of paragraph 6, the words "approved by the local (district) office of the State Tax Service" shall be replaced with the words "approved by the district (city) state tax inspection".

  3. Paragraph 11 shall be stated in the following wording:

"11. Granted loans are accounted for in the balance sheet accounts 13301 — 'Short-term loans granted for the production of grain for purchase by the State' and 14301 — 'Long-term loans granted for the production of cotton raw material for purchase by the State'."

  1. Paragraph 12 shall be stated in the following wording:

"12. Loans granted under separate loan accounts are formalized based on the order of the credit department and are accounted for in the accounts named 'Short-term obligations of debtors' (91901) and 'Long-term obligations of debtors for loans and leases' (91905), depending on the loan term, until they are fully settled."

  1. Paragraph 17 shall be stated in the following wording:

"17. In the event that the debtor's main claim does not have sufficient funds in the deposit account to recover interest and the loan balance, the debt is recovered in the manner established by the Instruction on the Procedure for Deducting Funds from Bank Accounts of Economic Entities (Registration No. 2342, March 15, 2012) (Collection of Legislation of the Republic of Uzbekistan, 2012, No. 11, Article 127). In loan repayment, interest is recovered first."

  1. These amendments are coordinated with the Ministry of Finance of the Republic of Uzbekistan, the Ministry of Agriculture and Water Resources, the State Committee for Management of State Property, the State Committee for Land Resources, Geodesy, Cartography and State Cadastre, and the Uzbek Farmers Association.

Minister of Finance R. AZIMOV
June 9, 2012

Minister of Agriculture and Water Resources Z. ROZIEV June 9, 2012

Acting Chairman of the State Committee for Management of State Property A. ABDUKHAKIMOV June 9, 2012

Chairman of the State Committee for Land Resources, Geodesy, Cartography and State Cadastre S. ARABOV June 9, 2012

Chairman of the Uzbek Farmers Association F. BERDIEV June 9, 2012

Collection of Legislation of the Republic of Uzbekistan, 2012

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Source: Central Bank of the Republic of Uzbekistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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