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Approval of the Regulation on the Procedure for Carrying Out Currency Exchange Operations with Individuals in Commercial Banks

The Central Bank of Uzbekistan approved a regulation governing currency exchange operations with individuals and individual entrepreneurs in commercial banks. The document establishes operational rules for conversion departments and currency exchange branches, including requirements for staffing, security, and equipment. It mandates the use of international payment cards for non-cash currency sales and requires the recording of transactions in an electronic system, with specific documentation and identity verification needed for transactions exceeding 500 times the minimum monthly wage.

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Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on 06.11.2017, registration number 2944

Date of Entry into Force

08.11.2017

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02.07.2018

08.11.2017

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Russian Uzbek O’zb Uzb|Russian

Document lost force 02.07.2018

Resolution of the Board of the Central Bank of the Republic of Uzbekistan

On Approval of the Regulation on the Procedure for Carrying Out Currency Exchange Operations with Individuals in Commercial Banks

[Registered by the Ministry of Justice of the Republic of Uzbekistan on November 6, 2017, registration number 2944]

This resolution has lost its force based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 28, 2018, No. 16/8 "On Declaring the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 28, 2018, No. 16/8 'On Approval of the Regulation on the Procedure for Carrying Out Currency Exchange Operations with Individuals in Commercial Banks' Invalid" (registration number 2944-1, 29.06.2018).

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", "On Banks and Banking Activity", and "On Regulation of Currency", and the Decree of the President of the Republic of Uzbekistan dated September 2, 2017, No. PF-5177 "On Further Measures to Liberalize Currency Policy", the Board of the Central Bank of the Republic of Uzbekistan has decided:

  1. Approve the Regulation on the Procedure for Carrying Out Currency Exchange Operations with Individuals in Commercial Banks in accordance with the Appendix.

  2. This resolution enters into force from the date of its official publication.

Chairman of the Central Bank M. NURMURATOV

Tashkent city,

September 23, 2017,

No. 26/16

APPENDIX

to the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated September 23, 2017, No. 26/16

REGULATION

On the Procedure for Carrying Out Currency Exchange Operations with Individuals in Commercial Banks

This Regulation establishes the procedure for carrying out currency exchange operations with individuals, including individual entrepreneurs operating without legal entity status, in commercial banks, in accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", "On Banks and Banking Activity", and "On Regulation of Currency", and the Decree of the President of the Republic of Uzbekistan dated September 2, 2017, No. PF-5177 "On Further Measures to Liberalize Currency Policy".

Chapter 1. General Provisions

  1. The following main concepts are used in this Regulation:

conversion department (hereinafter referred to in the text as the conversion department) — a structural unit established for providing services to carry out non-cash currency exchange operations with individuals who are residents of the Republic of Uzbekistan (hereinafter referred to in the text as individuals) and individual entrepreneurs in the form of foreign currency;

currency exchange branch — a stationary branch that carries out operations to exchange foreign currency in cash and on international payment cards from individuals into national currency in cash, and to sell foreign currency in cash to individuals who are non-residents of the Republic of Uzbekistan, in accordance with legislative acts;

document confirming identity — a passport, a residence permit in the Republic of Uzbekistan, or a military ID for military personnel of the Republic of Uzbekistan;

individual entrepreneur — an individual entrepreneur operating without legal entity status (hereinafter referred to in the text as IE);

daily documents — documents for accounting for currency exchange operations formalized during the operational day;

operational day — the time set by the commercial bank for serving individuals;

bank card — a payment card issued by a commercial bank, personalized, used as a payment instrument, and allowing its holder to carry out operations with funds in the bank account and/or funds authorized by the bank, including non-cash settlements (payments) through the account, and to withdraw cash funds and bank credit;

international payment card — an international payment card in foreign currency issued by commercial banks of the Republic of Uzbekistan based on agreements with international payment systems;

valuables — national and foreign currencies.

  1. The buying and selling rates for foreign currency are determined independently by commercial banks, taking into account the demand and supply for foreign currency.

  2. The buying and selling rates for foreign currency by a commercial bank may be changed during the operational day.

Chapter 2. Organization of the Conversion Department's Activities

  1. The conversion department is opened based on an order of the head of the commercial bank. This order must specify the staff units, the official responsible for managing the department's activities, and those overseeing it.

  2. The staff units and number of employees of the conversion department, as well as the volume of currency operations carried out by the department, are approved by the order of the bank head.

  3. The following information must be brought to the attention of customers by placing it on the official website of the commercial bank and on stands or other technical devices in a visible place in the building where the conversion department is located:

working hours of the conversion department;

procedure for buying and selling foreign currency;

buying and selling rates for foreign currency;

types of operations carried out by the conversion department;

information about international payment cards opened by the bank, their capabilities, and the procedure for using them;

amount of intermediary fees charged for opening an international payment card.

  1. The conversion department must be located only within the building of the commercial bank and must have payment terminals, computing equipment, computer equipment connected to the Interbank Single Electronic System (hereinafter referred to in the text as the electronic system) with appropriate software, telephone communication, a non-combustible iron cabinet (safe), necessary normative-legal documents and informational materials, fire safety alarm systems, and video surveillance cameras.

  2. It is prohibited for department employees to hand over tasks assigned to them to other persons without the corresponding order of the bank head.

Chapter 3. Carrying Out Foreign Currency Sale Operations in the Conversion Department

  1. The sale of foreign currency is carried out by conversion departments in non-cash form using international payment cards.

  2. The daily amount of non-cash foreign currency sales in the conversion department is determined based on the order of the head of the commercial bank.

  3. An individual or IE submits a document confirming their identity to the conversion department to buy foreign currency, and a specialist of the conversion department accepts a copy of the document.

  4. If the individual does not have a bank card, the specialist of the conversion department advises the individual to apply to the plastic cards department to open a bank card in their name in the prescribed manner.

An IE transfers funds from their corresponding account to buy foreign currency.

  1. Funds in national currency are withdrawn from the individual's bank card through a payment terminal at the commercial bank's selling rate for foreign currency on the day the operation is performed, and the original copy of the terminal receipt confirming the withdrawal of funds in national currency is given to the individual, and a copy is attached to the daily documents.

A payment document confirming that funds have arrived at the bank's corresponding account at the commercial bank's selling rate for buying foreign currency from the IE's corresponding account is printed and attached to the daily documents.

  1. The relevant information in the document confirming the identity of the individual or IE is entered into the electronic system by the specialists of the conversion department. In this case, a reference form No. 09017 in accordance with Appendix 1 to this Regulation is formalized in two copies. The references are signed by the department specialist and the respective individual or IE, and the specialist's personal stamp and the department stamp are affixed to them. One copy of the reference is given to the respective individual or IE, and the second copy, along with a copy of the document confirming identity (and a copy of the certificate for the IE), is attached to the daily documents in the form of Registry No. 09008 in accordance with Appendix 2 to this Regulation.

  2. Foreign currency is transferred to the international payment card based on the reference form No. 09017 and the terminal receipt in national currency or the payment document confirming the payment of funds.

  3. If the individual or IE does not have an international payment card, a bilateral agreement is concluded between the bank and the individual or IE regarding the opening of a bank account in foreign currency, and based on the agreement, the specialist of the conversion department opens a bank account in foreign currency in their name. One copy of the agreement is given to the individual or IE, and the second copy is attached to the daily documents. Agreements are concluded in the state language; in necessary cases, they may also be concluded in Russian or Karakalpak.

  4. The international payment card is given to the individual or IE by the specialist of the conversion department after signing the "Journal of Registration of Issued International Payment Cards." This journal must be numbered, stitched with a thread, and certified by the seal of the commercial bank and the signature of the branch head.

Chapter 4. Carrying Out Operations to Buy Foreign Currency on International Payment Cards

  1. An individual or IE applies to any conversion department of the commercial bank to sell foreign currency on their international payment card. In this case, the specialist of the conversion department checks the authenticity of the international payment card belonging to this individual or IE based on their document confirming identity.

  2. The commercial bank carries out the sale of foreign currency on the international payment card of the individual or IE in accordance with the buying rate for foreign currency on the day the operation is performed. In this case, within the limits of the foreign currency on the international payment card of the individual or IE, funds may be fully or partially exchanged into national currency. The original copy of the terminal receipt confirming the payment of foreign currency or, in the case of payment from their account, an internal payment document of the bank is given, and a copy is attached to the daily documents.

  3. Foreign currency is purchased by the specialist of the conversion department by entering relevant information into the electronic system. In this case, a reference form No. 09020 in accordance with Appendix 3 to this Regulation is formalized in two copies. The references are signed by the department specialist and the individual or IE, and the specialist's personal stamp and the department stamp are affixed to them. One copy of the reference is given to the individual or IE, and the second copy is attached to Registry No. 09021 in the form of Appendix 4 to this Regulation and attached to the daily documents.

Individuals may exchange foreign currency on international payment cards into cash national currency through currency exchange branches.

  1. At the end of the day, copies of documents confirming the identity of individuals and IEs, copies of IE certificates, terminal receipts, and bank internal payment documents are submitted to the respective department by the specialist of the conversion department. Based on the submitted documents, national currency is transferred to the bank card of the individual and the account of the IE.

Chapter 5. Registration of Currency Exchange Branches

  1. A currency exchange branch is opened based on an order of the head of the commercial bank. The order on opening a currency exchange branch must specify the location (postal address) of the currency exchange branch, the staff units of its employees, and the officials responsible for managing and overseeing the branch's activities.

  2. For the registration of a currency exchange branch, the commercial bank applies in writing to the relevant territorial Main Directorate of the Central Bank (hereinafter referred to in the text as the territorial Main Directorate), attaching a copy of the order on opening the currency exchange branch. The territorial Main Directorate registers the currency exchange branch within 3 working days and sends a certificate (hereinafter referred to in the text as the certificate) in the form of Appendix 5 to this Regulation to the commercial bank.

  3. The registered currency exchange branch is recorded in the "Journal of Registration of Currency Exchange Branches" in the form of Appendix 6 to this Regulation by the territorial Main Directorate.

  4. In case of loss of the certificate, the commercial bank must apply in writing to the territorial Main Directorate, attaching the following documents:

an act indicating the reasons for the loss of the certificate;

a copy of the document from the findings authority confirming the actual loss of the certificate.

  1. A duplicate of the certificate is issued by the territorial Main Directorate within 3 working days. The word "Duplicate" and the date of its issuance are written on the duplicate of the certificate.

  2. If the location (postal address) of the currency exchange branch changes, the commercial bank notifies the territorial Main Directorate in writing, indicating the change in the location (postal address) of the currency exchange branch and the reasons for it. In this case, the commercial bank applies for re-registration of the currency exchange branch on general grounds.

Chapter 6. Organization of the Work of the Currency Exchange Branch

  1. The working schedule of the currency exchange branch must be agreed upon with the working hours of the organization where it operates.

  2. The following operations are carried out in the currency exchange branch:

buying foreign currency in cash from individuals and non-resident individuals into cash national currency;

selling foreign currency to non-resident individuals (hereinafter referred to in the text as non-residents);

exchanging foreign currency on international payment cards of individuals and non-residents into cash national currency;

accepting foreign currency from individuals and non-residents for collection;

accepting foreign currency of doubtful authenticity from individuals and non-residents for expertise;

providing foreign currency of individuals and non-residents in small or large amounts in the same foreign currency.

  1. An intermediary fee may be charged for carrying out currency exchange operations, except for operations to sell and buy foreign currency. The amount of the intermediary fee is determined by commercial banks.

  2. The currency exchange branch must be equipped with a stand containing the following information in a place convenient for customers to review:

working hours of the currency exchange branch;

buying and selling rates for foreign currency;

currency exchange operations carried out by this currency exchange branch;

rules for determining the authenticity and usability of banknotes;

procedure for buying and selling foreign currency from individuals and non-residents;

amount of intermediary fees charged for currency exchange operations;

copy of the certificate of registration of the currency exchange branch.

  1. Two employees — a controller and a cashier — must work simultaneously in the currency exchange branch, and they must be provided with special clothing (uniform). In necessary cases, based on the order of the head of the commercial bank, experienced cashiers and controllers may be attracted to work temporarily in the currency exchange branch.

  2. Commercial banks must provide the currency exchange branch with a non-combustible iron cabinet (safe), telephone communication, security and fire safety alarm systems, a detector or tester for determining the authenticity of currency, computer and computing equipment with appropriate software, as well as necessary normative-legal documents and informational materials.

  3. The currency exchange branch must have a copy of the relevant order on the appointment of the controller and cashier to their positions.

  4. It is prohibited for the controller or cashier to entrust their assigned tasks to another person without the corresponding order of the bank head and to allow strangers into the currency exchange branch.

  5. A stamp indicating the surname is attached to each employee of the currency exchange branch, and for the controller, additionally, a stamp indicating the name, registration number, and address of the branch of the commercial bank is attached.

It is prohibited to store valuables and stamps in the currency exchange branch outside of working hours.

  1. The cashier of the currency exchange branch is given a seal for sealing bags containing valuables. Its plate indicates the registration number and abbreviated name of the currency exchange branch. The cashier is given the seal by the commercial bank after signing a journal.

A copy of the seal impression certified by the head of the collection department (area) and the cash manager of the commercial bank is given to the cashier of the currency exchange branch. This sample is shown to the collector when bags containing valuables are taken. A second copy of the sample is given to the evening cash of the commercial bank.

  1. Employees hired must be introduced by the commercial bank to the relevant provisions of legislative acts on material liability, as well as rules on the storage, receipt, issuance, handling, recounting, and transportation of valuables, the procedure for conducting currency exchange operations and accounting for them.

Chapter 7. Duties of Employees of the Currency Exchange Branch

  1. The controller of the currency exchange branch:

receives bags containing valuables, participates in opening them, and in case of shortage or surplus of valuables, draws up an act in two copies, signs it together with the cashier, and sends one copy to the bank;

calculates the equivalent of national and foreign currency presented for exchange and the intermediary fee;

records currency exchange operations performed in the relevant registry;

fills out and signs references and receipts;

signs documents for currency exchange operations performed at the end of the working day;

counts remaining valuables at the end of the working day by bundles and controls the full filling of bags with these valuables by bundles;

draws up a report on performed operations, reviews it based on copies of relevant registries and references, and signs it;

compares actual balances of valuables with the report on performed operations and, in case of shortage or surplus of valuables, draws up an act in two copies and signs it together with the cashier. One copy is sent to the commercial bank, and the second copy is attached to the daily documents of the currency exchange branch;

immediately reports in writing to the Internal Control Service of the bank about suspicious operations.

  1. The cashier of the currency exchange branch:

draws up orders for receiving valuables and submits them to the commercial bank;

receives bags containing valuables brought by collectors and opens them in the presence of the controller and collector, or receives valuables from the commercial bank's cash and brings them to the currency exchange branch;

checks the authenticity and usability of banknotes presented for exchange;

signs registries, receipts, and references, as well as acts drawn up by the controller;

counts remaining valuables at the end of the working day, sorts them by bundles, and places valuables in bags under the supervision of the controller.

  1. The cashier is personally responsible for stacking money and coins and their wrapping and binding.

  2. The following are prohibited:

exchanging national currency for foreign currency "over the counter";

carrying out a currency sale operation without entering information about currency exchange operations into the electronic system;

carrying out currency exchange operations without issuing the relevant reference;

issuing relevant references without performing the currency exchange operation;

the presence of personal savings in national currency in the amount exceeding half of the minimum monthly wage in the currency exchange branch.

Chapter 8. Supply of the Currency Exchange Branch with Valuables and References and Their Use

  1. The cashier fills out a requisition form No. 09001 in the form of Appendix 7 to this Regulation in two copies for receiving valuables. One copy of the requisition form remains in the commercial bank's cash, and the second copy is attached to the daily documents.

A responsible employee of the commercial bank's accounting department draws up a list of valuables prepared for sending to the currency exchange branch in three copies based on the requisition form of the currency exchange branch and the corresponding cash and off-balance sheet orders. Each of them is signed by the person with material liability of the commercial bank.

Valuables prepared for sending to the currency exchange branch are placed in a collection bag by persons with material liability along with a copy of their list, after which the bag is sealed. The registration number of the currency exchange branch and the name of the commercial bank are written on each collection bag attached to the currency exchange branch. After the collector receives the bags, they sign the second copy of the list of valuables.

  1. Supplying the currency exchange branch with valuables before the start of the working day or bringing additional valuables during the working day is carried out by collectors, except in cases where the currency exchange branch is located in the building of the commercial bank.

  2. Bags brought by collectors are received by the cashier in the presence of the controller. In this case, the integrity of the sealed seal on the bag and the clarity of the seal impression are carefully checked. When the cashier opens the bag and checks the valuables placed in it, the controller and collector must be present next to them.

  3. After comparing the first copy of the list drawn up based on the requisition form of the currency exchange branch and the corresponding cash and off-balance sheet orders with the second copy and the account of received valuables, the second copy of the list confirming the receipt of valuables is signed by the controller and cashier, certified by the stamp of the currency exchange branch, and the second copy of the list is returned to the collector for submission to the collection department. The first copy of the list is attached to the daily documents of the currency exchange branch.

Chapter 9. Carrying Out Currency Operations in the Currency Exchange Branch

  1. Foreign currency is bought in unlimited amounts from individuals and non-residents in the currency exchange branch.

  2. Information about operations performed by the currency exchange branch is entered into the electronic system.

In case of buying foreign currency, if the operation is equal to or exceeds the amount equal to 500 times the minimum monthly wage, such operations must be carried out by entering relevant information into the electronic system. In this case, a document confirming identity is required from individuals, and a passport from non-residents, and copies of them are attached to the daily documents.

  1. The cashier must verify the authenticity and usability for payment of foreign currency presented by individuals and non-residents using technical means.

  2. When purchasing foreign currency from individuals and non-residents, the certificate in Form 09002 according to Annex 8 of this Regulation is prepared in two copies. Both copies of this certificate are signed by the controller, the cashier, and the individual or non-resident, and stamped with the stamp of the currency exchange branch and the personal stamps of the controller and cashier.

  3. When foreign currency is purchased from individuals, the second copy of the certificate in Form 09002 is given to them, and the first copy is attached to the daily documents. This certificate confirms that the foreign currency was purchased by the currency exchange branch, but it does not grant the right to re-exchange unused national currency into foreign currency.

  4. When foreign currency is purchased from non-residents based on a passport and a customs declaration confirming the import of foreign currency from abroad, or based on a terminal receipt confirming withdrawal from their international payment cards, the first copy of the certificate in Form 09002 is given to them. This certificate serves as the basis for re-exchanging unused national currency into foreign currency. The operation amount must not exceed the amount of currency specified in the customs declaration. The second copy of the certificate is attached to the daily documents along with a copy of the non-resident's passport, and the controller places a mark on the customs declaration confirming that the currency was exchanged.

  5. When foreign currency is purchased from non-residents without presenting a passport and a customs declaration confirming the import of foreign currency from abroad, this operation is formalized in accordance with Clause 50 of this Regulation.

  6. Operations to exchange foreign currency on international payment cards and cash foreign currency into national currency are formalized in Register No. 09003 in the format according to Annex 9 of this Regulation.

  7. Foreign currency on international payment cards of individuals and non-residents at the currency exchange branch is exchanged for cash national currency. They are given one copy of the certificate in Form 09002 confirming the purchase of currency and the original copy of the terminal receipt. Copies of the certificate and the terminal receipt are attached to the daily documents.

  8. The sale of foreign currency to non-residents is carried out when the currency exchange branch presents the first copy of the certificate in Form 09002, an ATM receipt, or documents confirming that the national currency funds were obtained from legal sources as a result of conducting international current transactions within the republic.

  9. When foreign currency is sold to non-residents, the certificate in Form 09007 according to Annex 10 of this Regulation confirming the sale of foreign currency is prepared in two copies. One copy of the certificate in Form 09007 is given to the non-resident, and the second copy is attached to Register No. 09010 in the format according to Annex 11 of this Regulation along with a copy of their passport and serves as the basis for preparing the report.

  10. Currency exchange branches may accept unusable or withdrawn foreign currency identified as such from individuals and non-residents for collection.

  11. Acceptance of foreign currency for collection is carried out on the basis of an application from individuals and non-residents, with the collection fee charged, upon presentation of an identity document by individuals and a passport by non-residents. The application from the individual and non-resident must clearly indicate their place of residence.

  12. When foreign currency is accepted for collection, one copy of the certificate in Form 09004 according to Annex 12 of this Regulation, filled out in two copies, is given to the individual and the non-resident, and the second copy serves as the basis for preparing the report and is attached to the daily documents along with a copy of the individual's identity document and a copy of the non-resident's passport.

  13. After the collection fee is charged for foreign currency accepted for collection from a foreign bank, the accepted foreign currency may be transferred to the individual's or non-resident's foreign currency or national currency account in the bank, or given in cash form according to the individual's wish.

  14. If a foreign bank refuses to exchange cash foreign currency accepted for collection, the commercial bank sends a written notice to the address specified in the application, attaching a copy of the document confirming that the foreign bank refused to pay for the cash foreign currency accepted for collection.

  15. Acceptance of cash foreign currency for expertise by the currency exchange branch, where doubts about its authenticity arise, is carried out upon presentation of an identity document by individuals and a passport by non-residents. In this case, the certificate in Form 09005 according to Annex 13 of this Regulation confirming the acceptance of cash foreign currency for expertise is prepared in two copies. One copy of the certificate in Form 09005 is given to the individual, and the second copy is attached to the daily documents along with a copy of their identity document.

  16. Commercial banks form an expert commission to determine the authenticity of foreign currency accepted for expertise. A protocol is drawn up by the commission based on the results of the expertise. This protocol specifies the type of currency, nominal value, year of issue, series and number, issuing bank, and other specific features of the foreign currency accepted for expertise. If it is not possible to identify the specific features of the foreign currency during the expertise, commercial banks may send cash foreign currency with doubts about its authenticity to other commercial banks or foreign banks for expertise.

If the cash foreign currency is found to be genuine as a result of the expertise, the collection fee is charged, and the foreign currency is returned to the individual based on the certificate in Form 09005.

  1. Cash foreign currencies found to be fake by the expert commission are not returned to their owners and are sent to law enforcement agencies along with the attached expertise protocol. A copy of the expertise protocol may be given to the currency owner upon their request.

  2. Operations to exchange damaged foreign currency for undamaged foreign currency of the same type may be carried out at the currency exchange branch. Such operations are formalized in Register No. 09011 in the format according to Annex 14 of this Regulation. Such operations with an equivalent of 500 times or more of the minimum monthly wage are carried out upon presentation of an identity document by individuals and a passport by non-residents, with the collection fee charged. Foreign currency is considered damaged if there are grounds specified in Clause 70 of this Regulation.

When such operations are carried out, the certificate in Form 09012 according to Annex 15 of this Regulation is prepared in two copies, and one copy is given to the individual, and the second copy is attached to the daily documents. If the operation amount is 500 times or more of the minimum monthly wage or more, a copy of the individual's identity document is also attached to the daily documents.

  1. Operations to exchange foreign currency into smaller or larger amounts of the same foreign currency may be carried out at the currency exchange branch. Such operations with an equivalent of 500 times or more of the minimum monthly wage are carried out upon presentation of an identity document by individuals and a passport by non-residents, with the collection fee charged.

In such operations, the certificate in Form 09013 according to Annex 16 of this Regulation is prepared in two copies and entered into Register No. 09011. One copy of this certificate is given to the individual or non-resident, and the second copy is attached to the daily documents. If the operation amount is 500 times or more of the minimum monthly wage or more, a copy of the individual's identity document or a copy of the non-resident's passport is also attached to the daily documents.

  1. Operations to exchange cash currency of one foreign country into cash currency of another foreign country (conversion) may be carried out at the currency exchange branch. Such operations with an equivalent of 500 times or more of the minimum monthly wage are carried out upon presentation of an identity document by individuals and a passport by non-residents.

  2. Conversion operations are formalized in Register No. 09014 "Register of Accounted (Exchanged) Cash Foreign Currency" in the format according to Annex 17 of this Regulation. When a conversion operation is carried out, the certificate in Form 09015 according to Annex 18 of this Regulation is prepared in two copies. One copy of this certificate is given to the individual, and the second copy is attached to the daily documents.

If the operation amount is 500 times or more of the minimum monthly wage or more, a copy of the individual's identity document is also attached to the daily documents.

Chapter 10. Determining the Usability for Payment of Foreign Currency

  1. Foreign currency is considered damaged in the following cases:

if it has preserved the name of the issuing bank, the numerical and word representation of the currency value, the main image (picture) of the front and back sides, as well as anti-counterfeiting elements (watermarks, magnetic marks, colored fibers embedded in the paper, including fibers visible in ultraviolet light, confetti, security threads, microtext, luminescent images, and other main features);

if it is crushed and dirty;

if it has glued torn corners or parts;

if the banknote is glued and has small tears;

if there are small oil stains and other spots, writings, and places of stamps, provided they do not hinder the determination of the authenticity of the banknote and do not block more than 50 percent of the main signs of usability for payment;

if banknotes have small holes.

  1. Foreign currency is considered unusable in the following cases:

if it has not preserved the main signs of usability for payment;

if the original color has changed or faded;

if it is burned or scorched;

if paint or ink has been spilled on more than 50 percent of the main signs of usability for payment;

if there is the effect of chemical reagents on the banknote;

if it is intentionally damaged to a certain extent (main images, in particular the nominal value, have been altered, security threads have been removed, large writings are present);

if it has been withdrawn from circulation by the issuing bank;

if banknotes have clear printing errors (absence or incorrect placement of watermarks or security threads), images are not fully printed, or have become smudged.

  1. Unusable currency signs may be accepted by the currency exchange branch for sending to the issuing bank for collection.

  2. The controller and cashier of the currency exchange branch are responsible for the authenticity and usability for payment of the foreign currency they have accepted.

Chapter 11. Closing the Operational Day at the Currency Exchange Branch

  1. At the end of the operational day, a report in the format of Report No. 09016 according to Annex 19 of this Regulation is prepared for operations carried out based on relevant copies of certificates and registers.

  2. The report on carried-out operations, securities, and registers must be taken to the commercial bank on the same day using the services of the collection service, except in cases where the currency exchange branch is located in the building of the commercial bank.

It is prohibited to leave securities at the currency exchange branch at the end of the day.

  1. The cashier prepares a supplementary inventory in three copies for the securities to be taken to the commercial bank. The inventory is signed by the cashier and the controller. The cashier places the securities, as well as one copy of the inventory, into a bag together with the report and supporting documents, and seals it.

  2. Before taking the bag containing the securities, the collector presents their service ID, the relevant power of attorney granting the right to take the securities, and a visit sheet to the cashier. The cashier writes in the corresponding column of the visit sheet the time of handover of the securities, the bag number, the equivalent of the amount of handed-over securities in national currency, signs it, returns the collector's documents, and gives the sealed bag with the securities.

The collector checks the clarity of the seal impression, its conformity with the sample, and the equality of the amounts written on the visit sheet with the amount indicated in the supplementary inventory, signs the third copy of the supplementary inventory remaining with the cashier, writes the date, stamps it with the seal of the name of the collection department (section), and accepts the bag together with the second copy of the supplementary inventory.

  1. The brought bags and their supplementary inventories are accepted by the evening cash staff of the commercial bank and handed over to the cash manager in the morning.

  2. Responsible employees of the bank accounting check the correctness of the report prepared based on the submitted documents, the complete handover of securities, and their correct use, draw up orders for reflecting the operations entered in the report of the currency exchange branch on the bank balance, as well as for settling the amounts of change in the account of the cashier of this currency exchange branch. All documents and drawn-up orders are checked by the head of the department or chief accountant responsible for currency exchange operations of the commercial bank and attached to the daily documents.

  3. The cashier and controller of the exchange branch engage in counting, sorting, preparing, and wrapping securities that are currently available. In this case, the cashier of the exchange branch must ensure that the balance of securities received from the commercial bank at the beginning of the day, taking into account operations with securities during the working day, corresponds to the amount of securities remaining on hand at the end of the day for each type of security.

In cases where a shortage or excess of securities is identified, the cashier must notify the commercial bank in writing. The cashier sends a notice about the shortage or excess of funds to the commercial bank together with the report on operations performed on that day. A protocol in two copies is drawn up regarding the identified excess funds or shortage, which is signed by the cashier and the controller. The first copy of the protocol is sent to the commercial bank together with the report. Lost securities are recovered from responsible persons, and excess funds are credited to the income of the commercial bank.

  1. Currency exchange operations are carried out in accordance with the requirements of this Regulation on holidays, weekends, and in currency exchange branches working on a shift day-and-night basis.

Chapter 12. Closing the Currency Exchange Branch

  1. The currency exchange branch is closed in the following cases:

at the discretion of the commercial bank;

when sanctions are applied by the Central Bank of the Republic of Uzbekistan to the commercial bank for conducting currency operations.

  1. An order is issued by the head of the commercial bank regarding the closure of the currency exchange branch, and a copy of the order is sent within 3 working days from the date of its issuance to the relevant territorial Main Directorate attached to a supervisory letter. Based on the order of the head of the commercial bank regarding the closure of the currency exchange branch, the relevant entry is made in the journal of registration of the currency exchange branch by the territorial Main Directorate.

Chapter 13. Supervision of the Activity of the Conversion Department and Currency Exchange Branch in Conducting Currency Operations

  1. The activity of the conversion department and currency exchange branch in compliance with the requirements of legislation must be monitored by the commercial bank at least once a month.

  2. The Central Bank of the Republic of Uzbekistan may conduct inspections in accordance with legislation regarding compliance with the requirements of legislation in the conduct of currency operations in the activity of conversion departments and currency exchange branches.

  3. The joint activity of close relatives is prohibited in the conversion department or currency exchange branch.

  4. The hiring, rotation, and professional development of employees of the conversion department and currency exchange branch are regulated independently by commercial banks based on internal documents developed by them.

  5. In case of identification of a shortage or excess of funds in the branch, as well as other violations, the bank sends materials to law enforcement agencies after a service inspection.

Chapter 14. Final Provisions

  1. If cases of regular violations are identified during the conduct of currency exchange operations, the Central Bank has the right to temporarily suspend the conduct of currency operations by commercial banks.

  2. Persons guilty of violating the requirements of this Regulation are held accountable in the manner established by legislation.

Regulation on the Procedure for Conducting Currency Exchange Operations with Individuals in Commercial Banks

ANNEX 1

Approval of the Regulation on the Procedure for Carrying Out Currency Exchange Operations with Individuals in Commercial Banks

APPENDIX 7

09001-form

(Stamp of the currency exchange branch)

I grant permission

APPLICATION for obtaining cash for carrying out operations in a currency exchange branch

(Full Name of the currency exchange branch employee)

(Name of the currency exchange branch)

I request your permission to:

I. As of "_" _____________ 20, the following amounts of cash in national and foreign currencies:

a) in national currency: ________________________________________________________

(amount written in numbers and words) b) in cash foreign currency: ______________________________________________________

(name of the currency, amount written in numbers and words)

II. Certificates: _________________________________________________________

(form of required certificates is written)

(Signature of the currency exchange branch employee)

Approval of the Regulation on the Procedure for Carrying Out Currency Exchange Operations with Individuals in Commercial Banks

APPENDIX 8

09002-form 1st copy

Emblem of the Commercial Bank

(Name of the commercial bank)

(Stamp of the currency exchange branch)

_____ _______ -number certificate

20 ___ year "____" (day) _____________ (month)

___________________________________________________________ was exchanged. (name of the currency, amount written in numbers and words type of currency, amount in figures and in words)

______________________ sums were paid out. sums paid out.

(Signature of the currency holder-holder's signature)

(Signatures of the currency exchange branch employees)

This certificate is delivered in confirmation of the fact of exchange of foreign currency against sums. This certificate gives a right to reexchange foreign currency.

This certificate is delivered in confirmation of the fact of exchange of foreign currency against sums. This certificate gives a right to reexchange foreign currency.

09002-form 2nd copy

Emblem of the Commercial Bank

(Name of the commercial bank)

(Stamp of the currency exchange branch)

_____ _______ -number certificate

20 ___ year "____" (day) _____________ (month)

___________________________________________________________ was exchanged. (name of the currency, amount written in numbers and words type of currency, amount in figures and in words)

______________________ sums were paid out. sums paid out.

(Signature of the currency holder-holder's signature)

(Signatures of the currency exchange branch employees)

This certificate is delivered in confirmation of the fact of exchange of foreign currency against sums. This certificate does not give any right to reexchange foreign currency.

This certificate is delivered in confirmation of the fact of exchange of foreign currency against sums. This certificate does not give any right to reexchange foreign currency.

Approval of the Regulation on the Procedure for Carrying Out Currency Exchange Operations with Individuals in Commercial Banks

APPENDIX 9

09003-form registry

(Stamp of the currency exchange branch)

REGISTRY for accounting of operations for exchanging foreign currency on international payment cards and cash foreign currency into national currency

20___ year "_____" (day)

(month)

Full Name

Foreign currency withdrawn from international payment card

Cash foreign currency

Rate

Amount in national currency

Time of operation

Certificate number

name

amount

name

amount

1

2

3

4

5

6

7

8

9

Total amount of national currency

(written in numbers and words)

Total amount of foreign currency

(written in numbers and words)

Currency exchange branch employees

(signatures and stamps)

Approval of the Regulation on the Procedure for Carrying Out Currency Exchange Operations with Individuals in Commercial Banks

APPENDIX 10

09007-form

Emblem of the Commercial Bank

(Name of the commercial bank)

(Stamp of the currency exchange branch)

_____ ________-number certificate

20 ___ year "____" (day) _____________ (month)

from (Full Name)

___________________________________________________________ accepted. (amount of national currency written in numbers and words)

________________________________________________________________ given. (amount of foreign currency written in numbers and words)

Teller's stamp and signature _______________

Controller's stamp and signature _______________

Customer's signature ________________

Approval of the Regulation on the Procedure for Carrying Out Currency Exchange Operations with Individuals in Commercial Banks

APPENDIX 11

09010-form registry

(Stamp of the currency exchange branch)

REGISTRY for accounting of the sale of foreign currency to non-residents

20__ year "__________"

(day) (month)

No.

Sold foreign currency

Rate

Amount of national currency

Certificate number

Time of operation performed

name

amount

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