Law of the Republic of Kazakhstan No. 97-1 of April 28, 1997, On the Circulation of Bills of Exchange in the Republic of Kazakhstan

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LAW OF THE REPUBLIC OF KAZAKHSTAN
On the Circulation of Bills of Exchange in the Republic of Kazakhstan (as amended and supplemented as of August 31, 2025) Changes have been made to the preamble in accordance with the Law of the Republic of Kazakhstan dated June 30, 2025, No. 205-VIII (entered into force on August 31, 2025) (see old version).

This Law, in accordance with the Convention establishing a uniform law on order and simple bills, the Convention having the purpose of resolving certain conflicts of laws regarding order and simple bills, and the Convention on stamp duty regarding order and simple bills dated June 7, 1930, regulates the circulation of bills of exchange in the Republic of Kazakhstan and defines the functions of a bill of exchange as a payment instrument and a means of credit. The main purpose of this Law is to regulate social relations related to the circulation of bills of exchange in the Republic of Kazakhstan. The main tasks of this Law are:
1) establishing requirements for order and simple commercial bills;
2) determining the procedure for the circulation of bills of exchange in the Republic of Kazakhstan;
3) regulating the use of bills of exchange for making non-cash payments and/or money transfers.
The activities of the National Bank of the Republic of Kazakhstan in the field of bill circulation are based on the following principles:
1) legality;
2) transparency;
3) ensuring equality of all before the law, respect for the rights and freedoms of subjects of bill relations.

Definitions have been amended in accordance with the Law of the Republic of Kazakhstan dated December 24, 2001, No. 276-II (see old version); Law of the Republic of Kazakhstan dated July 9, 2003, No. 482-II (see old version); Law of the Republic of Kazakhstan dated July 2, 2018, No. 168-VI (see old version).

Definitions used in this Law:
Aval - a bill guarantee, under which the person who performed it assumes the obligation to make a payment on the bill (in full or in part) on behalf of another person obligated under the bill.
Avalist - a person who performed an aval.
Acceptance - written consent to pay the bill.
Allonge - an additional sheet attached to the bill for performing endorsements.
Bronze bill - a bill issued to a fictitious person.
Currency of the bill - the monetary unit in which the amount of the bill is expressed.
Drawer - a legal or physical person who issued the bill.
Holder - the owner of the bill who has the right to receive the amount of money specified in it.
Bill of exchange - a payment document of a strictly established form containing a unilateral unconditional monetary obligation.
Bill paper - a type of stamped paper possessing a certain degree of protection and intended for composing a bill on it.
Grace day - a grace period extending the payment term specified on the bill.
Discount - a percentage charged when discounting bills before the payment term.
Domiled bill - a bill payable by a third party in a place other than the residence of the payer, on behalf of and at the expense of the payer, with such indication on the bill itself.

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Friendly bills - bills issued by persons to each other without the intention of the drawer to make payment on it, but solely for the purpose of raising funds through mutual discounting of these bills at a second-level bank. Endorsement - a transfer inscription on the back of the bill or on an allonge, certifying the assignment of rights under this bill to another person. Endorser - a person transferring the bill. Endorsee - a person in whose favor the bill is transferred by endorsement. Commercial bill - a bill issued based on sales contracts, performance of work, or provision of services (excluding financial services). Brokerage fee - remuneration paid to an intermediary for concluding a transaction with a bill. Place of residence - the place of residence of a physical person (postal address) or the location of a legal person (postal address). "Not to order" - a formula included in the bill by the drawer, meaning the prohibition of transferring the bill via endorsement. "without recourse", "without protest" - a clause included in the text of the bill by the holder, endorser, or avalist, releasing the holder from the obligation to protest the bill in case of non-acceptance or non-payment by the drawer. Persons obligated under the bill - those persons against whom a claim can be made to pay the bill: the drawer, endorser, payer, acceptor, and avalist. Order bill (draft/tratta) - a bill containing an unconditional offer (order) by the drawer (drawer/trassant) to a third party (drawee/trassate) to pay the first holder (remittent) or by his order at a specified time in the future, or upon presentation, the amount of money specified in the bill. Recommendatory endorsement - an inscription on the bill made by the holder, aimed at transferring certain rights under the bill within the limits established by the endorser. Simple bill (solo) - a bill containing an unconditional obligation of the drawer to pay upon demand or at a specified time in the future the amount of money specified in the bill to the holder. Protest of the bill - a written act certifying non-dating of acceptance, or refusal of acceptance or payment. Recourse - a reverse claim on a non-accepted or unpaid bill. Rekambo - a claim that may be оформлен as a bill (reverse draft), presented by a person who lost possession of the bill, to one of the persons obligated under the bill. Rekambo may include the paid amount of the bill, interest, penalty, and costs associated with the protest. Rimessa - an order bill in foreign currency, purchased by the debtor with national currency from a third party and sent by him to his foreign creditor to settle the debt to him. Discount office - a second-level bank (hereinafter - bank) holding a license to conduct discount operations. Financial bill - a bill issued for the purpose of raising funds, as well as based on transactions for the provision of financial services. Cession - assignment of a claim in an obligation in accordance with civil legislation.

Section I
ON ORDER AND SIMPLE BILLS

Chapter 1. ON THE COMPOSITION AND FORM OF AN ORDER BILL
Article 1.
An order bill must contain:
1) the word "bill" included in the text of the document itself and expressed in the language in which this document was drawn up;
2) an unconditional order to pay a certain amount of money;
3) the name of the person who must pay (the payer);
4) indication of the payment term;
5) indication of the place where payment must be made;
6) the name of the person to whom or by whose order payment must be made;
7) indication of the date and place of drawing up the bill;
8) signature of the person issuing the bill (the drawer).

Article 2.
A document missing any of the requirements specified in the preceding article shall not have the force of an order bill, except for cases defined in the following paragraphs.
An order bill with no specified payment term shall be considered payable on demand.
In the absence of a special indication, the place indicated next to the name of the payer is considered the place of payment and, at the same time, the place of residence of the payer.
An order bill in which the place of its drawing up is not specified is recognized as signed at the place indicated next to the name of the drawer.

Article 3.
An order bill may be issued as payable by the order of the drawer.
It may be issued to the drawer himself.
It may be issued at the expense of a third party.

Article 4.
An order bill may be payable at the place of residence of a third party or in the same place where the place of residence of the payer is located, or in any other place.

Article 5.
In an order bill payable on demand or at a specified time after presentation, the drawer may stipulate that interest will accrue on the amount of the bill. In any other order bill, such a condition is considered as not written. The interest rate must be specified in the bill; in the absence of such an indication, the condition is considered as not written. Interest accrues from the date of drawing up the order bill, unless another date is specified.

Article 6.
If the amount of the order bill is specified both in words and in figures, then in case of discrepancy between these specifications, the bill has force for the amount specified in words.
If the amount in an order bill is specified several times, either in words or in figures, then in case of discrepancy between these specifications, the bill has force only for the smaller amount.

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Article 7.
If there are signatures on an order bill of persons unable to be bound by an order bill, forged signatures, or signatures of fictitious persons, or signatures that for any other reason cannot bind those persons who placed them or on whose behalf they were signed, the signatures of other persons still retain their force. A missing signature on a bill may be supplemented provided that an officially certified statement written on the order bill confirms the intent of the person who was supposed to place their signature.

Article 8.
Anyone who signed an order bill as a representative of a person on whose behalf they were not authorized to act is obligated as a party to the bill and, if they paid, has the same rights as the person indicated as the represented party. The same position applies to a representative who exceeded their authority.

Article 9.
The drawer is liable for acceptance and for payment.
They may relieve themselves of liability for acceptance; any condition by which they relieve themselves of liability for payment is considered as not written.

Chapter 2. ON ENDORSEMENT
Article 10.
Any order bill, even if issued without an indication of order, may be transferred via endorsement.
If the drawer placed the words "not to order" or any equivalent expression in the order bill, the document may be transferred only in compliance with the form and consequences of a standard cession.
An endorsement may be made even in favor of the payer, regardless of whether they accepted the bill or not, or in favor of the drawer, or in favor of any other person obligated under the bill. These persons may in turn endorse the bill.

Article 11.
An endorsement must be simple and unconditional. Any condition restricting it is considered as not written.
A partial endorsement is invalid.
An endorsement on bearer has the force of a blank endorsement.

Article 12 amended by the Law of the Republic of Kazakhstan dated July 9, 2003, No. 482-II (see old version).
Article 12.
An endorsement must be written on the order bill or on an attached sheet (allonge). It must be signed by the endorser.
An endorsement may not contain an indication of the person in whose favor it was made, or it may consist of a single signature of the endorser (blank endorsement). In the latter case, for the endorsement to have force, it must be written on the back of the order bill or on an allonge.

Article 13.
An endorsement transfers all rights arising from the order bill. If the endorsement is blank, the holder may:
1) fill in the blank in their own name or in the name of another person;
2) endorse the bill again via the blank or in the name of another person;
3) transfer the bill to a third party without filling in the blank and without performing an endorsement.

Article 14.
The endorser is liable for acceptance and for payment, unless there is a contrary condition.
They may prohibit further endorsement; in such a case, they are not liable to persons in whose favor the bill was endorsed thereafter.

Article 15.
The person in possession of an order bill is considered the lawful holder if they base their right on a continuous series of endorsements, even if the last endorsement is blank. Struck-out endorsements are considered as not written in this case. When another endorsement follows a blank endorsement, the person who signed the last endorsement is considered to have acquired the bill via the blank endorsement. If anyone lost possession of the bill due to any event, the person in possession of the bill who bases their right on the order specified in the previous paragraph is obliged to return the bill only if they acquired it in bad faith or, when acquiring it, acted with gross negligence.

Article 16.
Persons against whom a claim is brought on an order bill may not oppose the holder with defenses based on their personal relations with the holder or with previous holders, unless the holder, when acquiring the bill, acted consciously to the detriment of the debtor.

Article 17.
If an endorsement contains the clause "currency for collection," "for collection," "as proxy," or any other clause intending a simple mandate, the holder may exercise all rights arising from the order bill, but they may endorse it only in the manner of a recommendatory endorsement. Obligated persons may in such a case raise against the holder only such defenses that could have been raised against the endorser. The mandate contained in a recommendatory endorsement is not terminated due to the death or incapacity of the mandator.

Article 18.
If an endorsement contains the clause "currency as security," "currency as pledge," or any other clause intending a pledge, the holder may exercise all rights arising from the order bill, but the endorsement made by them has force only as a recommendatory endorsement. Obligated persons may not raise against the holder defenses based on their personal relations with the endorser, unless the holder, upon receiving the bill, acted consciously to the detriment of the debtor.

Article 19.
An endorsement made after the payment term has the same consequence as a preceding endorsement. However, an endorsement made after protest for non-payment or after the expiration of the term established for making a protest has the consequence of a standard cession. Since the contrary is not proven, an undated endorsement is considered to have been made before the expiration of the term established for making a protest.

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Chapter 3. ON ACCEPTANCE
Article 20.
An order bill may, before the payment term, be presented by the holder or even simply by the person in possession of the bill, for acceptance by the payer at their place of residence.

Article 21.
In any order bill, the drawer may stipulate that the bill must be presented for acceptance with or without a specified term.
They may prohibit the presentation of the bill for acceptance in the bill, unless it concerns an order bill payable by a third party, or a bill payable in a place other than the place of residence of the payer, or a bill payable at a specified time after presentation. They may also stipulate that presentation for acceptance may not occur before a specified term. Each endorser may stipulate that the bill must be presented for acceptance with or without a specified term, unless the bill has been declared by the drawer as not subject to acceptance.

Article 22.
Order bills payable at a specified time after presentation must be presented for acceptance within one year from the date of their issuance.
The bill may shorten this last term or stipulate a longer term.
These terms may be shortened by endorsers.

Article 23.
The payer may request that the bill be presented to them a second time the day after the first presentation.
Interested parties may rely on the fact that this request was not fulfilled only if this request was mentioned in the protest.
The holder is not obliged to transfer the bill to the payer presented for acceptance.

Article 24.
Acceptance is noted on the order bill. It is expressed by the word "accepted" or any other equivalent word; it is signed by the payer. The simple signature of the payer made on the face of the bill has the force of acceptance. If the bill is payable at a specified time from presentation or if it must be presented for acceptance within a specified term due to a special condition, the acceptance must be dated with the day it was given, unless the holder requires it to be dated with the day of presentation. In the absence of a date, the holder, to preserve their rights of recourse against endorsers and against the drawer, must certify this omission by timely making a protest.

Article 25.
Acceptance must be simple and unconditional, however, the payer may limit it to part of the amount.

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Any other change made by acceptance to the content of the order bill is equivalent to refusal of acceptance. However, the acceptor is liable according to the content of their acceptance.

Article 26.
If the drawer indicated in the order bill a place of payment other than the place of residence of the payer, without indicating a third party with whom payment should be made, the payer may indicate such a person upon acceptance. In the absence of such an indication, it is presumed that the acceptor obligated themselves to make payment themselves at the place of payment. If the bill is payable at the place of residence of the payer, the latter may indicate in the acceptance any address in the same place where payment must be made.

Article 27.
By means of acceptance, the payer assumes the obligation to pay the order bill on time.
In case of non-payment, the holder, even if they are the drawer, has a direct claim against the acceptor based on the order bill, regarding everything that can be claimed according to Articles 47 and 48.

Article 28.
If the payer, who placed an inscription of their acceptance on the order bill, struck it out before returning the bill, it is considered that acceptance was refused.
Since the contrary is not proven, it is considered that the striking out was done before the return of the document.
However, if the payer notified their acceptance to the holder or to any of the signatories in writing, they are obligated to them according to the conditions of their acceptance.

Chapter 4. ON AVAL
Article 29.
Payment on an order bill may be secured in full or in part of the bill amount by means of an aval.
This security is provided by a third party or even by one of the persons who signed the bill.

Article 30.
An aval is given on the order bill or on an additional sheet. An aval may be given by a separate act with an indication of the place where it was given.
It is expressed by the words "count as aval" or any other equivalent formula; it is signed by the person giving the aval.
For an aval, only the signature placed by the avalist on the face of the order bill is sufficient, unless this signature is placed by the payer or the drawer.
The aval must indicate on whose behalf it was given. In the absence of such an indication, it is considered to have been given on behalf of the drawer.

Article 31.
The avalist is liable in the same way as the person on whose behalf they gave the aval.
Their obligation is valid even in the case where the obligation they guaranteed turns out to be invalid for any reason other than a defect of form.

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By paying the order bill, the avalist acquires the rights arising from the order bill against the person on whose behalf they gave the guarantee, and against those who are obligated to this person under the order bill.

Chapter 5. ON THE PAYMENT TERM
Article 32.
An order bill may be issued as payable:
on demand; at a specified time after presentation; at a specified time after drawing up; on a specific day.
Order bills containing either another designation of the term or successive payment terms are invalid.

Article 33.
An order bill payable on demand is paid upon its presentation. It must be presented for payment within one year from the date of its drawing up.
The drawer may shorten this term or stipulate a longer term. These terms may be shortened by endorsers.
The drawer may establish that an order bill payable on demand may not be presented for payment before a specified term. In such a case, the term for presentation runs from this term.

Article 34.
The payment term for an order bill drawn up at a specified time after presentation is determined either by the date of acceptance or by the date of protest.
In the absence of a protest, an undated acceptance is considered to have been made by the acceptor on the last day of the term provided for presentation for acceptance.

Article 35.
The payment term for an order bill issued for one or several months from drawing up or from presentation, expires on the corresponding day of the month in which payment must be made. If there is no corresponding day in that month, the payment term expires on the last day of that month. If an order bill is issued for one and a half months or for several months with a half from drawing up or from presentation, whole months must first be counted. If the payment term is designated for the beginning, middle (middle of January, middle of February, etc.), or end of the month, these expressions mean the first, fifteenth, or last day of the month. The expression "eight days" or "fifteen days" means not one or two weeks, but terms of full eight or fifteen days. The expression "half a month" means a term of fifteen days.

Article 36.
If an order bill is payable on a specific day in a place where a calendar other than that of the place of issuance is accepted, the payment term is considered designated according to the calendar of the place of payment.

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If different calendars apply at the place of issue and at the place of payment of a bill of exchange payable at a fixed period after date, the corresponding date according to the calendar of the place of payment is established for the date of issue, and the payment term is determined accordingly. The time limits for presentation of bills of exchange are calculated according to the rules of the preceding paragraph. These rules are not applicable if any clause made in the bill of exchange, or even simply the content of the document, indicates the intention to accept other rules.

Chapter 6. ON PAYMENT
Article 37 amended by the Law of the RK of 09.07.03 No. 482-II (see old version)
Article 37.
The holder of a bill of exchange payable at a fixed date or at a fixed period after date or at sight must present the bill of exchange for payment either on the day when it is to be paid or on one of the two following working days.

Article 38.
The drawee may require that the bill of exchange be handed over to him by the holder with a receipt for the payment.
The holder cannot refuse to accept partial payment. In the case of partial payment, the drawee may require that a note of such payment be made on the bill of exchange and a receipt be issued to him.

Article 39.
The holder cannot be compelled to accept payment of a bill of exchange before it falls due.
The drawee who pays before it falls due does so at his own risk and peril.
One who pays at maturity is discharged from the obligation unless there was fraud or gross negligence on his part. He is obliged to check the regularity of the chain of indorsements, but not the signatures of the indorsers.

Article 40.
If a bill of exchange is drawn in a currency that is not current at the place of payment, the sum may be paid in the local currency at the exchange rate on the day the payment falls due.
If the debtor is in default of payment, the holder may, at his option, require that the sum of the bill of exchange be paid in the local currency at the exchange rate either on the day the payment falls due or on the day of payment. The exchange rate of foreign currency is determined according to the customs prevailing at the place of payment. However, the drawer may stipulate that the sum payable shall be calculated at the rate indicated in the bill of exchange. If the sum of the bill of exchange is denominated in a currency that has the same name in the country of issue and in the country of payment but different exchange rates, it is presumed that the currency of the place of payment was intended.

Article 41.
In the event that a bill of exchange is not presented for payment within the time limit specified in Article 37, each debtor has the right to deposit the sum of the bill with a person specially authorized by law at the expense, risk, and peril of the holder.

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Chapter 7. ACTION IN CASE OF NON-ACCEPTANCE OR NON-PAYMENT
Article 42.
The holder may exercise his right of recourse against indorsers, the drawer, and other liable persons:
upon the maturity of the bill; if payment has not been made; even before the maturity of the bill:
1) if there has been a total or partial refusal of acceptance;
2) in the event of the drawee being declared bankrupt, regardless of whether he has accepted the bill or not, in the event of his cessation of payments, even if this circumstance has not been established by a court, or in the event of unsuccessful enforcement against his property;
3) in the event of the drawer being declared bankrupt on a bill not subject to acceptance.
The procedure for establishing by a court the fact of the drawee's cessation of payments, as well as the procedure for enforcement against property, is established by Article 94 of this Law.
A recourse action against persons liable for acceptance and payment of the bill may be brought no later than the maturity date of the bill (for points 2 and 3 of this article).

Article 43.
Refusal of acceptance or payment must be confirmed by an act certifying the fact of refusal (protest for non-acceptance or non-payment).
Protest may be replaced by a statement made on the bill of exchange itself and signed by the drawee, except in cases where the drawer in the text of the bill of exchange requires the protest to be made by an official act. The aforementioned statement must be made within the time limits established for making protests and entered into the registry in accordance with the current legislation of the Republic of Kazakhstan. In this case, an undated indorsement is presumed to have been made before the protest. Protest for non-acceptance must be made within the time limits established for presentation for acceptance. If, in the case provided for in the first paragraph of Article 23, the first presentation took place on the last day of the period, the protest may still be made on the following day. Protest for non-payment must be made either on the day when the bill of exchange is to be paid or on one of the two following working days. Protest for non-acceptance discharges from presentation for payment and from protest for non-payment. In the event of the drawee's cessation of payments, regardless of whether he has accepted the bill or not, or in the event of unsuccessful enforcement against the property of the drawee, the holder may exercise his rights only after presenting the bill to the drawee for payment and after making a protest. In the event of the drawee being declared bankrupt, regardless of whether he has accepted the bill or not, as well as in the event of the drawer being declared bankrupt on a bill not subject to acceptance, it is sufficient for the holder to present a court decision declaring him bankrupt to exercise his rights.

Article 44.
The holder must notify his indorser and the drawer of non-acceptance or non-payment within four working days following the day of protest or, in the case of the clause "without expenses," following the day of presentation. Each indorser must, within two working days following the day of receipt of the notice, inform his indorser of the notice received, indicating the names and addresses of those who sent the previous notices, and so on, up to the drawer. The aforementioned time limits run from the moment of receipt of the previous notice.

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If, in accordance with the preceding paragraph, a notice is sent to anyone who has signed the bill of exchange, the same notice must be sent within the same time limit to the person who gave the aval for him. In the event that any indorser has not indicated his address or has indicated it illegibly, it is sufficient that the notice be sent to the indorser who precedes him. The person who must send the notice may do so in any form, even by simply returning the bill of exchange. He must prove that he sent the notice within the established time limit. It will be considered that the time limit is observed if the letter containing the notice is sent by mail within the specified time. The person who does not send the notice within the above time limit does not lose his right; he is liable for damages that may occur due to his negligence, provided, however, that the amount of compensable losses cannot exceed the sum of the bill of exchange. In the event of protest for non-acceptance or non-payment, the notary is obliged to warn all persons liable on the bill by sending them a written notice in accordance with the addresses indicated on the bill or requested from the persons requesting the protest. The expenses for such notice are added to the expenses of the protest.

Article 45.
The drawer, indorser, or avalist may, by means of a clause included in the document and signed "without expenses," "without protest," or any other equivalent clause, discharge the holder from making, to exercise his right of recourse, protest for non-acceptance or non-payment. This clause does not discharge the holder from presenting the bill of exchange within the established time limits, nor from sending the notice. The burden of proof of non-observance of time limits lies with the person who refers to this circumstance in a dispute with the holder. If the clause is included by the drawer, it has effect with respect to all persons who signed the bill; if it is included by an indorser or avalist, it has effect only with respect to himself. If, despite the clause included by the drawer, the holder makes a protest, the expenses of the protest fall on him. If the clause comes from an indorser or an avalist, the expenses of the protest, if any was made, may be claimed from all persons who put their signatures.

Article 46.
All who have issued, accepted, indorsed a bill of exchange, or put an aval on it are jointly and severally liable to the holder.
The holder has the right to bring an action against all these persons, against each individually and against all together, without being obliged to observe the sequence in which they undertook the obligation. Such a right also belongs to each person who signed the bill of exchange after he has paid it. An action brought against one of the liable persons does not prevent the bringing of actions against others, even if they undertook the obligation after the initial defendant.

Article 47.
The holder may demand from the person against whom he brings an action:
1) the sum of the bill of exchange, not accepted or not paid, with interest, if it was stipulated;
Subparagraph 2 amended in accordance with the Law of the RK of 02.01.21 No. 399-VI (entered into force from January 1, 2021) (see old version)

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2) a penalty on the sum of the bill in the amount of the base rate of the National Bank of the Republic of Kazakhstan on the day on which the bill was to be paid;
3) expenses for protest, expenses for sending notice, as well as other expenses.
In addition, the holder who brought the action may include a commission in the amount of 0.01 percent of the sum of the bill in the amount of the claim.
If the action is brought before the maturity of the payment, the discount interest is deducted from the bill sum. This discount interest is calculated according to the official discount rate (bank rate) existing at the place of residence of the holder on the day of bringing the action.

Article 48.
The person who paid the bill of exchange may demand from the persons liable to him:
1) the entire sum paid by him;
Subparagraph 2 amended in accordance with the Law of the RK of 02.01.21 No. 399-VI (entered into force from January 1, 2021) (see old version)
2) interest on the said sum, calculated at the rate of the base rate of the National Bank of the Republic of Kazakhstan on the day on which the bill was paid by the plaintiff;
3) expenses incurred by him.
The person who paid the bill and brought an action against the persons liable on the bill may include a commission in the amount of 0.05 percent of the sum of the bill in the amount of the claim.

Article 49.
Each person against whom an action has been brought or may be brought may demand the handing over to him, against payment, the bill of exchange with the protest and with a receipt for payment.
Each indorser who has paid the bill of exchange may strike out his indorsement and the indorsements of the indorsers following him.

Article 50.
In the event of exercising recourse after partial acceptance, the person who pays the sum for which the bill was not accepted may demand a note of this payment on the bill and the issuance of a receipt to him. The holder is obliged, in addition, to hand over to him a certified copy of the bill and the act of protest so that he can exercise subsequent recourse.

Article 51 amended by the Law of the RK of 09.07.03 No. 482-II (see old version)
Article 51.
Each person who has the right to bring an action may, unless otherwise stipulated, receive payment by means of a new bill (back bill), drawn payable at sight on one of the persons liable to him, with payment at the place of residence of this person. The back bill includes, in addition to the sums specified in Articles 47 and 48, also the brokerage fee for the back bill. If the back bill is issued by the holder, its sum is determined at the rate for bills of exchange payable at sight, issued to the place of residence of the liable person at the place of payment of the original bill. If the back bill is issued by an indorser, its sum is determined at the rate for bills of exchange payable at sight, issued to the place of residence of the guarantor at the place of residence of the drawer of the back bill.

Article 52.
Upon expiration of the time limits established:

Source: Information System "PARAGRAPH" for presenting a bill of exchange payable at sight or at a fixed period after sight; for making protest for non-acceptance or non-payment; for presentation for payment in the case of the clause "without expenses," - the holder loses his rights against indorsers, against the drawer, and against other liable persons, except the acceptor. In the event of non-presentation for acceptance within the time limit stipulated by the drawer, the holder loses the rights arising from non-payment as well as from non-acceptance, unless it follows from the content of the condition that the drawer intended to release himself only from liability for acceptance. If the time limit for presentation is stipulated in the indorsement, only the indorser may rely on it.

Article 53.
If presentation of the bill of exchange or making of protest within the established time limits is prevented by force majeure (legislative order of any state or another case of force majeure), these time limits are extended. The holder is obliged to notify his indorser of the case of force majeure without delay and make a note on the bill of exchange or on the allonge about this notice, indicating its date and putting his signature; otherwise, the rules of Article 44 apply. After the cessation of the action of force majeure, the holder must without delay present the bill for acceptance or payment and, if necessary, make a protest. If the action of force majeure continues for more than thirty days after the payment date, neither presentation of the bill nor making of protest is necessary for exercising recourse. For bills of exchange payable at sight or at a fixed period after sight, the thirty-day period runs from the day on which the holder notified his indorser of the force majeure; this notice may follow even before the expiration of the time limit for presentation of the bill; for bills of exchange payable at a fixed period after sight, the thirty-day period is increased by the period from presentation indicated in the bill of exchange. Force majeure does not include circumstances concerning the holder personally or the person to whom he entrusted the presentation of the bill or the making of the protest.

Chapter 8. ON INTERMEDIATION

1. GENERAL PROVISIONS
   Article 54.
   The drawer, indorser, or avalist may designate any person for acceptance or payment in case of need.
   A bill of exchange may be accepted or paid under the conditions established below by a person acting as an intermediary for any of the debtors liable in the order of recourse.
   The intermediary may be a third party, even the drawee, or any person already liable by virtue of the bill of exchange, except the acceptor.
   The intermediary must notify within two working days the person for whom he acted as intermediary of his intermediation. In case of failure to observe this time limit, he is liable in the corresponding cases for damage caused by his negligence, provided, however, that losses are to be compensated in an amount not exceeding the bill sum.

Source: Information System "PARAGRAPH"
2. ACCEPTANCE BY INTERMEDIATION
Article 55.
Acceptance by intermediation may take place in all cases where the holder of a bill of exchange subject to acceptance has the right to recourse before the maturity of the payment.
If a person was designated for acceptance or for payment at the place of payment in the bill of exchange in case of need, the holder may, before the maturity of the payment, exercise his right of recourse against the person who made this designation and against persons who put their signatures after this designation was made, but all this only on condition that he presented the bill of exchange to the designated person and that in case of refusal of the latter to accept, this refusal was certified by protest. In other cases of intermediation, the holder may refuse acceptance by intermediation. However, if he allows acceptance, he loses the right to recourse before the maturity of the payment against the person on whose behalf the acceptance was given and against those persons who put their signatures after him.

Article 56.
Acceptance by intermediation is noted on the bill of exchange; the acceptance is signed by the intermediary. It indicates for whose account it is made; in the absence of such indication, the acceptance is considered to have been made for the drawer.

Article 57.
The acceptor by intermediation undertakes with respect to the holder and with respect to indorsers who made inscriptions after the person on whose behalf he acted as intermediary, on the same grounds as this person. Despite the acceptance by intermediation, the person on whose behalf it was made, as well as persons responsible for him, may demand from the holder against payment of the sum specified in Article 47, the handing over of the bill, protest, and in the corresponding case - an account with a receipt of payment.

3. PAYMENT BY INTERMEDIATION
   Article 58.
   Payment by intermediation may take place in all cases where either upon the maturity of the payment or before the maturity of the payment, the holder has arisen the right to recourse.
   Payment must cover the entire sum payable to the person for whom the payment is made.
   It must be made no later than the next day after the last day provided for making protest for non-payment.

Article 59.
If the bill of exchange has been accepted by intermediaries having their place of residence at the place of payment, or in the event that persons having their place of residence there have been designated for payment in case of need, the holder must present the bill to all these persons and in the corresponding cases make protest for non-payment no later than the next day after the last day provided for making the protest. If the protest is not made within this time limit, the person who designated the person for payment in case of need, or the person on whose behalf the bill was accepted, as well as subsequent indorsers, cease to be obliged.

Article 60.
The holder who refused payment by intermediation loses his right of recourse against those who would be released from liability.

Article 61.
Payment by intermediation must be certified by a receipt made on the bill of exchange, indicating the person for whom the payment was made. In the absence of such indication, it is considered that the payment was made for the drawer. The bill of exchange and the protest, if any was made, must be handed over to the person who made the payment by intermediation.

Article 62.
The person who made the payment by intermediation acquires the rights arising from the bill of exchange against the person for whom he paid, and against those who are liable to this latter person by the bill of exchange. However, he cannot re-indorse the bill of exchange. Indorsers following the person who put his signature on the bill and for whom payment was made are released from liability. In the event of competition of several offers to pay by intermediation, preference is given to the one who releases the largest number of persons from liability. The intermediary, knowing that he violates this rule, loses his right of recourse to those who would be released from liability.

Chapter 9. ON MULTIPLICITY OF COPIES AND ON COPIES

1. MULTIPLICITY OF COPIES
   Article 63.
   A bill of exchange may be issued in several identical copies.
   These copies must be equipped with sequential numbers in the text of the document itself; otherwise, each of them is considered as a separate bill of exchange.
   If the bill does not indicate that it is issued in a single copy, the holder may demand the issuance of several copies at his expense. For this, he must apply to his immediate indorser, who is obliged to assist him with respect to his indorser, and so on, up to the drawer. Indorsers are obliged to reproduce indorsements on new copies.

Article 64.
Payment made on one copy discharges from liability, even if it was not stipulated that this payment extinguishes other copies. However, the drawee continues to be liable on each copy accepted by him and not returned to him.

Source: Information System "PARAGRAPH"
The indorser who has delivered copies to various persons, as well as subsequent indorsers, are obliged on all copies on which their signature appears and which have not been returned.

Article 65.
The person who sent one of the copies for acceptance must indicate on the other copies the name of the person in whose hands this copy is. This last person is obliged to hand it over to the lawful holder of another copy. If he refuses to do so, the holder may exercise the right of action only after certifying by protest that:
1) the copy sent for acceptance was not handed over to him despite his request;
2) acceptance or payment could not be obtained on another copy.

2. COPIES
   Article 66.
   Each holder of a bill of exchange has the right to make copies of it.
   The copy must exactly reproduce the original with indorsements and all other notes found on it. It must indicate up to what point it is carried.
   It may be indorsed and avalized in the same order and with the same consequences as the original.

Article 67.
The copy must indicate the person in whose hands the original document is.
The latter is obliged to hand over the specified document to the lawful holder of the copy.
If he refuses to do so, the holder may exercise the right of recourse against indorsers or avalists only after certifying by protest that the original was not handed over to him despite his request.
If on the original document after the last indorsement made before making the copy there is a clause: "from here indorsement is valid only on the copy" or any other equivalent formula, then the indorsement placed after this on the original is invalid.

Chapter 10. ON CHANGES
Article 68.
In the event of a change in the text of the bill of exchange, persons who put their signatures after this change are liable in accordance with the content of the changed text; persons who put their signatures before this are liable in accordance with the content of the original text.

Chapter 11. ON LIMITATION OF ACTIONS
Article 69.
Claims arising from a bill of exchange against the acceptant are extinguished by the expiration of three years from the day of the payment date.
Claims of the holder against indorsers and against the drawer are extinguished by the expiration of one year from the day of the protest made within the established time limit, or from the day of the payment date in the case of a clause on the turnover without expenses.

Source: Information System "PARAGRAPH"

The claims of endorsers against each other and against the drawer are extinguished by the expiration of six months, counted from the day on which the endorser paid the bill, or from the day of filing a claim against it.

In the event of the loss of the right or the expiration of the statute of limitations, the right of action against the drawer, who did not provide coverage, or against the drawer or endorser who were unjustly enriched, or against the acceptor, who received coverage or was unjustly enriched, is preserved.

The running of the statute of limitations may be suspended in accordance with the current legislation of the Republic of Kazakhstan.

Article 70.

Interruption of the statute of limitations is valid only with respect to the person against whom an action exceeding the statute of limitations was taken.

Chapter 12. GENERAL PROVISIONS

Article 71.

Payment on an order bill, the due date of which falls on a legally established non-working day, may be demanded only on the next working day. Similarly, all other actions relating to an order bill, in particular, presentation for acceptance and protest, may be performed only on a working day.

If any of these actions must be performed within a specified period, the last day of which is a legally established non-working day, such period is extended to the next working day after the expiration of the period. Non-working days falling during the running of the period count toward the period.

Non-working days are equated to working days recognized as non-working in accordance with the current legislation of the Republic of Kazakhstan.

Article 72.

The day from which the period begins to run is not included in the periods established by law or in the bill.

Article 73.

No grace days, neither by law nor judicial, are permitted.

Chapter 13. ON A SIMPLE BILL

Article 74.

A simple bill contains:

1) the word "bill" included in the text itself and expressed in the language in which the document is drawn up;
2) an unconditional promise to pay a certain sum of money;
3) indication of the payment date;
4) indication of the place where payment must be made;
5) the name of the person to whom or to whose order payment must be made;
6) indication of the date and place of drawing up the bill;
7) the signature of the person issuing the document (the drawer).

Article 75.

Source: Information System "PARAGRAPH"

A document missing any of the indications specified in the preceding article does not have the force of a simple bill, except in cases specified in the following paragraphs.

A simple bill, the payment date of which is not specified, is considered payable on demand.

In the absence of a special indication, the place of drawing up the document is considered the place of payment and, at the same time, the place of residence of the drawer.

A simple bill not specifying the place of its drawing up is considered signed at the place indicated next to the name of the drawer.

Article 76.

The provisions relating to an order bill and concerning:

endorsement (Articles 10-19); payment date (Articles 32-36); payment (Articles 37-41); action in case of non-acceptance or non-payment (Articles 42-49, 51-53); payment by intervention (Articles 54, 58-62); copies (Articles 66, 67); amendments (Article 68); statute of limitations (Articles 69, 70); non-working days, calculation of periods, and prohibition of grace days (Articles 71, 72, 73)

apply to a simple bill, insofar as they are not incompatible with the nature of this document.

The provisions relating to an order bill payable by a third party or at a place other than the place of residence of the payer (Articles 4 and 26), the condition regarding interest (Article 5), disagreements regarding the indication of the sum to be paid (Article 6), the consequences of placing any signature in the circumstances provided for in Article 7, the consequences of the signature of a person who acts without authority or exceeds their authority (Article 8) also apply to a simple bill.

Similarly, the provisions regarding aval (Articles 29-31) apply to a simple bill; in the case provided for in the last paragraph of Article 30, if the aval does not specify for whom it is given, it is considered that it is given for the drawer of the simple bill.

Article 77.

The drawer of a simple bill is obliged, just as the acceptor of an order bill.

Simple bills payable at a definite time after sight must be presented to the drawer for notation within the periods specified in Article 22. The period from presentation runs from the day of the notation signed by the drawer on the bill. The refusal of the drawer to provide a dated notation is satisfied by a protest (Article 24), the day of which serves as the initial moment for the running of the period from presentation.

Section II
ORDER OF CIRCULATION OF BILLS OF EXCHANGE IN THE REPUBLIC OF KAZAKHSTAN

Chapter 14. GENERAL PROVISIONS

Article 78 amended by the Law of the Republic of Kazakhstan dated 09.07.03 No. 482-II (see old version); redacted in the edition of the Law of the Republic of Kazakhstan dated 03.07.13 No. 121-V (see old version); amendments made in accordance with the Law of the Republic of Kazakhstan dated 02.07.18 No. 168-VI (see old version)

Article 78

Source: Information System "PARAGRAPH"

Bill circulation in the Republic of Kazakhstan is a set of relations arising regarding the issuance on the territory of the Republic of Kazakhstan of simple and order commercial bills, the transfer of the right of claim under bills, including those issued outside the Republic of Kazakhstan, the fulfillment of obligations under such bills and operations related to them, their accounting by accounting offices, as well as the issuance of simple and order bills by the central and local executive bodies of the Republic of Kazakhstan.

Central executive bodies issue simple and order bills based on a decision of the Government of the Republic of Kazakhstan.

Article 79 redacted in the edition of the Law of the Republic of Kazakhstan dated 03.07.13 No. 121-V (see old version); amendments made in accordance with the Law of the Republic of Kazakhstan dated 30.06.25 No. 205-VIII (entered into force on August 31, 2025) (see old version)

Article 79

Relations regarding the circulation of bills in the Republic of Kazakhstan are regulated by the Geneva Bills Conventions, as well as the legislation of the Republic of Kazakhstan, consisting of this Law, other legislative acts of the Republic of Kazakhstan, normative legal acts of the National Bank of the Republic of Kazakhstan, issued in accordance with them.

The National Bank of the Republic of Kazakhstan develops and approves normative legal acts in the field of bill circulation in accordance with the goals and objectives of this Law and the legislation of the Republic of Kazakhstan.

The list of subordinate normative legal acts adopted by the National Bank of the Republic of Kazakhstan in accordance with the laws of the Republic of Kazakhstan on matters within its competence is determined in the Regulation on the National Bank of the Republic of Kazakhstan.

Article 80 amended by the Law of the Republic of Kazakhstan dated 24.12.01 No. 276-II (see old version); by the Law of the Republic of Kazakhstan dated 09.07.03 No. 482-II (see old version); redacted in the edition of the Law of the Republic of Kazakhstan dated 03.07.13 No. 121-V (see old version)

Article 80

A bill obligation arises from the moment of transfer of a properly formatted bill by the drawer. A commercial bill is issued to defer payment under sales contracts, performance of works, provision of services (excluding financial services).

A bill obligation has force if the bill is drawn up in accordance with the requirements established by Articles 1 - 9 of this Law.

Article 81.

An allonge together with the bill constitutes a single document.

The allonge must contain an inscription allowing unambiguous determination of the belonging of the allonge to a specific bill. An allonge may be attached to the bill in such a way that the endorsement begins on the bill itself and ends on the allonge.

Amendments made to the article in accordance with the Law of the Republic of Kazakhstan dated 09.07.03 No. 482-II (see old version); by the Law of the Republic of Kazakhstan dated 02.07.18 No. 168-VI (entered into force on July 1, 2019) (see old version)

Article 82.

The sum of the bill is the monetary sum for which it is drawn. The sum of the bill does not include interest indicated in it, penalties, and other expenses related to operations with the bill.

The currency of a bill issued on the territory of the Republic of Kazakhstan is the tenge.

Circulation on the territory of the Republic of Kazakhstan of a bill in foreign currency issued by a resident of the Republic of Kazakhstan for operations with non-residents of the Republic of Kazakhstan is permitted.

Source: Information System "PARAGRAPH"

Article 83 redacted in the edition of the Law of the Republic of Kazakhstan dated 09.07.03 No. 482-II (see old version)

Article 83.

Banks and organizations carrying out certain types of banking operations, having the corresponding license, are entitled to carry out the following types of operations with bills:

acceptance of bills for collection; provision of services for payment of bills by the payer; payment of domiciled bills; acceptance of bills by intervention.

Operations for the discounting of bills are carried out only by accounting offices.

Banks are entitled to aval bills only if they have a license for the issuance of bank guarantees providing for performance in monetary form.

See: Rules for conducting operations with order and simple bills by second-level banks and organizations carrying out certain types of banking operations

The Law is supplemented by Article 83-1 in accordance with the Law of the Republic of Kazakhstan dated 24.12.01 No. 276-II; Article 83-1 redacted in the edition of the Law of the Republic of Kazakhstan dated 09.07.03 No. 482-II (see old version); Article 83-1 amended in accordance with the Law of the Republic of Kazakhstan dated 08.07.05 No. 69-III (see old version)

Article 83-1.

Bills on the territory of the Republic of Kazakhstan may be issued on ordinary and bill paper.

Requirements for the levels of protection of bill paper produced on the territory of the Republic of Kazakhstan or imported into its territory, as well as technical requirements for bill paper, are established by the National Bank of the Republic of Kazakhstan.

In the event of the issuance of a bill on bill paper, the text of such a bill must be drawn up in the state and Russian languages. The additional use of other foreign languages is permitted.

Chapter 15. FUNCTIONS OF A BILL AS A MEANS OF PAYMENT AND CREDITING

Article 84.

Legal and physical persons on the territory of the Republic of Kazakhstan have the right to use simple and order bills in settlements between themselves, provided that this is provided for in the relevant contract and does not contradict this Law.

Settlements by bills through accounting offices are carried out in the manner established by the National Bank of the Republic of Kazakhstan.

The procedure for sending bills accepted for collection by communication institutions is determined by normative legal acts of the authorized body of the Republic of Kazakhstan, issued in agreement with the National Bank of the Republic of Kazakhstan, and by a contract between the communication institution and the accounting office.

Article 85. Excluded by the Law of the Republic of Kazakhstan dated 09.07.03 No. 482-II (see old version)

Article 86 amended by the Law of the Republic of Kazakhstan dated 09.07.03 No. 482-II (see old version); by the Law of the Republic of Kazakhstan dated 08.07.05 No. 69-III (see old version); by the Law of the Republic of Kazakhstan dated 02.07.18 No. 168-VI (see old version)

Article 86.

Acceptance of bills by accounting offices by endorsement before the due date with payment of the bill sum to the presenter is called discounting of bills. The accounting office has the right to deduct a discount from the bill sum, established by the accounting office independently.

Source: Information System "PARAGRAPH"

The procedure for discounting bills, as well as the implementation of operations with bills by banks and organizations carrying out certain types of banking operations, is established by normative legal acts of the National Bank of the Republic of Kazakhstan.

Article 87. Excluded by the Law of the Republic of Kazakhstan dated 09.07.03 No. 482-II (see old version)

Article 88.

Coverage of a bill is understood as the establishment by the drawer of such relations with the person indicated in the bill as the payer, by virtue of which the drawer has the right to demand the performance of any obligations by the payer. At the same time, the amount of such obligation must be no less than the amount of payment under the bill.

The holder of the bill has the right to demand coverage of the bill from the drawer.

The drawer is obliged to ensure coverage of the bill by the due date.

Article 89 amended by the Law of the Republic of Kazakhstan dated 09.07.03 No. 482-II (see old version)

Article 89.

Securing payment of a letter of credit, repayment of a bank loan by pledge of a bill is carried out in the manner established by the National Bank of the Republic of Kazakhstan.

Transfer of a bill as collateral is carried out in compliance with the requirements for the formatting of an endorsement.

In other cases, pledge of a bill is not permitted.

Pledge of bills and registration of such transactions on the territory of the Republic of Kazakhstan are carried out through corresponding accounting offices.

Chapter 16. CIRCULATION OF BILLS OF NON-RESIDENTS OF THE REPUBLIC OF KAZAKHSTAN, OPERATIONS WITH BILLS IN FOREIGN CURRENCY

Article 90.

Circulation of bills issued by non-residents of the Republic of Kazakhstan on the territory of the Republic of Kazakhstan is regulated by the bill legislation of the Republic of Kazakhstan.

A bill obligation accepted by a resident of the Republic of Kazakhstan outside the Republic of Kazakhstan will be valid on the territory of the Republic of Kazakhstan only if all requirements established by the bill legislation of the Republic of Kazakhstan were observed in this case.

Article 91.

The exchange rate of the bill currency is determined according to the exchange rate of such currency established by the accounting office servicing the payer or having accepted the bill for discounting.

Article 92.

Remessa may be used only by an accounting office having a license of the National Bank of the Republic of Kazakhstan for conducting currency operations, in mutual settlements with a non-resident of the Republic of Kazakhstan.

Chapter 16-1. Excluded in accordance with the Law of the Republic of Kazakhstan dated 09.07.03 No. 482-II (see old version)

Chapter 17. LIABILITY FOR VIOLATION OF BILL LEGISLATION

Article 93 redacted in the edition of the Law of the Republic of Kazakhstan dated 09.07.03 No. 482-II (see old version)

Source: Information System "PARAGRAPH"

Article 93.

A protest of non-acceptance or non-payment of a bill is performed by a notary within one working day from the moment of presenting the bill to him by making the corresponding inscription on it and drawing up a written act certifying the fact of non-acceptance or non-payment.

A protest of non-dating of acceptance must be performed in the manner and within the periods established for performing a protest of non-acceptance of a bill.

Article 94 amended by the Law of the Republic of Kazakhstan dated 09.07.03 No. 482-II (see old version)

Article 94.

Enforcement against the property of the payer under a bill is carried out only on the basis of a court order or a court decision.

The court has no right to consider the terms of the contract that served as the basis for the issuance of the bill, except in cases where the bill was declared invalid.

In cases where the bill was drawn up in violation of the requirements established by Articles 1 and 74 of this Law, the bill is declared invalid. In the event of a dispute arising from obligations arising from an invalid bill, the dispute is considered as a case of violation of obligations under the contract specified in the second paragraph of this article.

Article 95 amended by the Law of the Republic of Kazakhstan dated 09.07.03 No. 482-II (see old version)

Article 95.

The issuance of friendly, bronze, and financial bills is prohibited on the territory of the Republic of Kazakhstan.

The risk of non-payment under a friendly or bronze bill is borne by the holder of the bill presenting the friendly or bronze bill.

Legal and physical persons are obliged to immediately report to the relevant law enforcement agencies about facts of presentation of bronze bills.

A person guilty of issuing a friendly, bronze, or financial bill bears responsibility in accordance with the laws of the Republic of Kazakhstan.

Article 96 amended by the Law of the Republic of Kazakhstan dated 09.07.03 No. 482-II (see old version)

Article 96.

The risk of loss of a bill is borne by the holder. Loss of a bill by the holder entails the loss of the right of claim under it, except in cases where the drawer recognized the issuance of the lost bill. Payment under a lost bill may also be made provided that the right of claim under it is restored by court order.

A statement on the restoration of rights under a lost bill is considered by the court in the manner provided for by the current legislation of the Republic of Kazakhstan.

Issuance of a bill in place of a lost one and restoration of transfer inscriptions on the bill are carried out at the expense of the holder who lost it.

A person obliged to deliver the bill bears responsibility for the loss of the bill from the moment of accepting it for shipment until delivery to the addressee. In the event of loss of the bill, it is obliged to compensate the holder of the bill or the accounting office performing operations for collecting the lost bill for all expenses related to the restoration of rights under such a bill.

Article 97. Excluded by the Law of the Republic of Kazakhstan dated 09.07.03 No. 482-II (see old version)

Chapter 18. Excluded by the Law of the Republic of Kazakhstan dated 09.07.03 No. 482-II (see old version)

Source: Information System "PARAGRAPH"

President
Republic of Kazakhstan N. NAZARBAYEV