Commentary on Amendments and Additions to the Regulation on Organizing Cash Operations, Collection, and Transport of Valuables in Commercial Banks

COMMENTARY ON AMENDMENTS AND ADDITIONS TO THE "REGULATION 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. 17/5 dated June 11, 2011, "On Amendments and Additions to the Regulation on Organizing Cash Operations, Collection, and Transport of Valuables in Commercial Banks," was registered with the Ministry of Justice of the Republic of Uzbekistan under No. 1831-2 on June 21, 2011.

These amendments and additions enter into force on July 31, 2011.

The main purpose of introducing amendments and additions to this regulation is the introduction of new concepts and explanations thereof, as well as introducing amendments and additions to the relevant clauses of this regulation based on the requirements of newly adopted normative legal acts.

Specifically, explanations have been provided for the concepts of collection service, collection point, and slip, which involve the collection of customer receipts by a service organization based on contracts for transporting the bank's valuables, the organization of special places by entities operating in markets and trade complexes for handing over receipts via the collection service, and terminal receipts confirming operations conducted using bank plastic cards.

Furthermore, Clause 24 of the regulation was supplemented with two new sub-clauses, according to which a commission shall be formed to destroy all existing seals and stamps of the bank (branch) if the bank's name or address has changed, or if its activities have been terminated. The registration and destruction of seals and stamps shall be carried out in accordance with the "Regulation on the Procedure for Manufacturing, Storing, and Using Seals and Stamps" (registration No. 1077, October 27, 2001).

The third sub-clause of Clause 72 of the regulation is stated in a new edition, establishing that Clause 50 of the regulation, i.e., a special payment blank of a new form, must be used for the payment of tax payments by individuals.

In accordance with the "Regulation on the Procedure for Maintaining Accounting Records and Organizing Accounting Work in Banks of the Republic of Uzbekistan" (registration No. 1834, July 11, 2008), the first sub-clause of Clause 73 is stated in a new edition. According to it, accounting staff must pre-check and formalize documents in the manner specified in the regulation No. 1834 before customers deposit cash into bank accounts.

Sub-clause "v" was added to Clause 89 of the regulation, establishing that the payment of interest on deposits and the return of deposits shall be carried out based on the requirements of the "Regulation on the Procedure for Conducting Deposit Operations in Banks of the Republic of Uzbekistan" (registration No. 2205, March 4, 2011).

The procedure for conducting outgoing operations using plastic cards is reflected in the newly added Clause 89-1 of the regulation.

Clauses 166, 203, and 215 of the regulation are stated in a new edition, establishing that unusable and counterfeit money shall be accounted for at a nominal value of "1 sum per unit" in account "90145 'Unusable banknotes and coins for payment'."

Clause 269 of the regulation was supplemented with a new second sub-clause, establishing that securities, property, and others accepted as collateral shall be stored at their nominal value.

The regulation was supplemented with a new Clause 271-1, establishing that if funds to be handed over to the Central Bank at the cash desk of a bank branch are not sent, they shall be credited to account 10198 and accounted for in the book of form 141A (Appendix 51).

Clause 327 of the regulation was supplemented with a new fifth sub-clause, establishing that operational cash desks located outside the bank in the territory of cities divided into districts, operated by banks (branches), shall be organized in accordance with the requirements of Clause 331 of the regulation, and the receipts of these cash desks must be handed over to the organizing bank (branch) via the collection service.

Clause 330 of the regulation is stated in a new edition, providing detailed provisions on the guarding of operational cash desks located outside the bank building and their equipping with guarding and fire safety signaling devices.

The regulation was supplemented with a new Clause 355-1, establishing that collection points for accepting receipts may be organized in markets and trade complexes with 100 or more permanent trading stalls, and the procedure for their organization is defined.

These amendments and additions to the regulation serve to further develop the organization of cash and collection operations in commercial banks (branches), as well as the organization of guarding and equipping banks (branches) and operational cash desks located outside the bank building with technical protection devices.

Sirojev S.B.
Deputy Director
Department of Emission-Cash Operations
Central Bank of the Republic of Uzbekistan