On Amendments and Additions to the Regulation on the Procedure for Carrying Out Electronic Payments Through the Interbank Payment System of the Central Bank

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on 16.02.2023, registration number 1545-5

Date of entry into force

16.02.2023

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[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.21.00.00 Bank Activity / 07.21.10.00 Interbank Operations and Operations between Legal and Physical Persons] [ TSZ: 1. Finance / Banks and other credit institutions. Credits]

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

On Amendments and Additions to the Resolution "On Approval of the Regulation on the Procedure for Carrying Out Electronic Payments Through the Interbank Payment System of the Central Bank"

[Registered by the Ministry of Justice of the Republic of Uzbekistan on February 16, 2023, registration number 1545-5]

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 Payments and Payment Systems", the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Amendments and additions shall be made to the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 17, 2006, No. 1/3 "On Approval of the Regulation on the Procedure for Carrying Out Electronic Payments Through the Interbank Payment System of the Central Bank" (registration number 1545, February 14, 2006) (Collection of Legislation of the Republic of Uzbekistan, 2006, Nos. 6-7, Article 48), 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,

January 4, 2023,

No. 30/27

APPENDIX

to the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 4, 2023, No. 30/27

Amendments and Additions being made to the Resolution "On Approval of the Regulation on the Procedure for Carrying Out Electronic Payments Through the Interbank Payment System of the Central Bank"

1. The Preamble of the Resolution shall be worded as follows:

"In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and "On Payments and Payment Systems", the Board of the Central Bank of the Republic of Uzbekistan resolves:".

2. In the Regulation:

a) the Preamble shall be worded as follows:

"This Regulation establishes the procedure for carrying out payments based on electronic payment documents through the interbank payment system of the Central Bank.";

b) Paragraph 14 shall be worded as follows:

"14. For a bank without a branch or a branch of a bank to connect to the interbank payment system:

1. it must have a license to carry out banking activity in the manner established by legislation, except for a bank branch;

2. it must have a unique code (unique number) in the National Information Database of Depositors (hereinafter referred to as NIDB);

3. it must have the appropriate software complex that enables data exchange with the interbank payment system.";

c) in sub-paragraph 3 of Paragraph 15, the words "registered" shall be replaced with the words "accredited";

d) sub-paragraph 2 of Paragraph 17 shall be worded as follows:

"2) Electronic payments are carried out only within the limits of the balance of funds in the representative accounts of banks, except for cases provided for in the contract and for carrying out electronic payments based on information on final settlements between banks obtained from the Central Bank's clearing-based payment systems. In this case, if there are insufficient funds in the representative accounts of banks to carry out electronic payments, these funds shall be reflected as an overdraft.";

e) Paragraph 18-1 shall be added with the following content:

"18-1. In the manner established by legislative acts, the Central Bank uses a memorandum order for the non-acceptance withdrawal of funds from the representative account of banks.";

f) Paragraph 31 shall be deemed to have lost its force;

g) Paragraphs 40-1 and 40-2 shall be added with the following content:

"40-1. If there are insufficient funds in the representative account of the bank at the Central Bank to carry out electronic payments based on information on final settlements between banks obtained from the Central Bank's clearing-based payment systems, the final settlement between banks is completed by forming an overdraft in this representative account.

40-2. Operations of the bank that has incurred an overdraft in its representative account at the end of the operational day through the Central Bank's accounting clearing system and the Fast Payment System are suspended starting from the next working day until a positive balance is formed in the representative account.

On the day when a positive balance is formed in the representative account of the bank, the possibility for this bank to carry out electronic payments in the Central Bank's accounting clearing system and the Fast Payment System is restored.";

h) in Paragraph 46, the words "the representative account at the Central Bank must have a sufficient positive balance" shall be replaced with the words "there must be sufficient funds in the representative account at the Central Bank".

(, 16.02.2023, No. 10/23/1545-5/0094)