Clarification on Amendments to the Instruction on Organizing Cash Operations, Collection, and Transport of Valuables in Commercial Banks

CLARIFICATION ON AMENDMENTS TO THE INSTRUCTION ON ORGANIZING CASH OPERATIONS, COLLECTION, AND TRANSPORT OF VALUABLES IN COMMERCIAL BANKS

The Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 26/2 dated September 10, 2011, "On Amendments to the Instruction on Organizing Cash Operations, Collection, and Transport of Valuables in Commercial Banks," was registered with the Ministry of Justice of the Republic of Uzbekistan on October 6, 2011, under No. 1831-3. These amendments enter into force on October 16, 2011.

Based on the Decision of the President of the Republic of Uzbekistan No. PQ-1516 dated April 6, 2011, "On Preparation for and Commemoration of the 20th Anniversary of State Independence of the Republic of Uzbekistan," and the Decision of the Council of the Senate of the Oliy Majlis of the Republic of Uzbekistan dated June 13, 2011, the sample and design of the commemorative coin with a value of "500 sum" were approved.

The Central Bank of the Republic of Uzbekistan issued the commemorative coin with a value of "500 sum" into circulation starting September 1, 2011.

Accordingly, information regarding the issued commemorative coin with a value of "500 sum" has been reflected in paragraphs 61 and 63 of this Instruction, respectively.

Paragraph 6 of the Decree of the President of the Republic of Uzbekistan No. PF-4354 dated August 24, 2011, "On Additional Measures to Create a Favorable Business Environment for Further Development of Small Business and Private Entrepreneurship," establishes the task of simplifying the procedure for small business and private entrepreneurship entities to hand over cash receipts to bank cash desks.

In light of these requirements, the second sub-paragraph of paragraph 364 of the Instruction was supplemented, establishing that "entities of small business and private entrepreneurship may independently hand over cash receipts to the cash desk of the bank (bank branch) where their main account is opened, in an amount up to twenty times the minimum wage."

Paragraph 375 of the Instruction states that the transport of money, coins, and other valuables is carried out based on contracts concluded between the parties, written orders of banks, and orders of the Central Bank and its territorial Main Directorates, through the local branches of the Collection Association under the Central Bank of the Republic of Uzbekistan.

For the purpose of clarifying these requirements, the third sub-paragraph of paragraph 375 was supplemented. According to it, banks (bank branches) are not permitted to directly transport (on their own) cash in national and foreign currencies and other valuables.

These amendments to the Instruction primarily serve to create favorable conditions for the further development of small business and private entrepreneurship, strengthen money circulation, and further develop the organization of cash and collection matters in commercial banks.

N.Y. KHAYITALIEV, Director of the Emission-Cash Operations Department Central Bank of the Republic of Uzbekistan