Procedure for Interbank Settlements by Regional Directorates of the Central Bank in Emergency Situations

Procedure for Interbank Settlements by Regional Directorates of the Central Bank of Uzbekistan in Emergency Situations, registered on 06.08.1999, registration number 798

Date of Entry into Force

06.08.1999

All

24.09.2019

06.08.1999

Format

Russian

Uzbek

Uzb

Uzb|Russian

Document lost its force 24.09.2019

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

Approved by the Board of the Central Bank of the Republic of Uzbekistan 24.07.1999 (Protocol No. 15/13) No. 447

Procedure for Interbank Settlements by Regional Directorates of the Central Bank of Uzbekistan in Emergency Situations

[Registered by the Ministry of Justice of the Republic of Uzbekistan on August 6, 1999, under No. 798]

This procedure has lost its force based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated September 14, 2019, No. 22/2 "On Recognizing as Invalid the Procedure for Interbank Settlements by Regional Directorates of the Central Bank of Uzbekistan in Emergency Situations" (registration number 798-1, 24.09.2019).

1. This procedure was developed in accordance with the Civil Code of the Republic of Uzbekistan, the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", the Law "On Banks and Banking Activity", and other regulatory documents of the Central Bank of the Republic of Uzbekistan, and is intended to ensure the continuity of settlements throughout the economic territory of the republic during emergency situations (ES).

2. The Payment System Sector (PSS) of the Central Bank Regional Directorate (CB RD), which controls the proper documentation of the Settlement and Reporting Center's (SRC) settlements and reports, performs the functions of the SRC during an ES. On the day the ES occurs, the PSS manually opens accounts for each commercial bank branch and the Settlement Cash Center based on the balances of representative accounts of commercial bank branches and the Settlement Cash Center.

The PSS calculates the balances of representative accounts in the banks and compares them with the balance obtained at the end of the day the ES occurred at the SRC.

The comparison of interbank settlement balances at the SRC at the end of the day is carried out based on the procedure. All accounts are opened manually and checked.

Based on the manually opened and checked accounts, an initial balance sheet is prepared, compared with the SRC balance at the end of the day the ES occurred, and this balance sheet is signed by the Head of the Payment System Sector and the Head of the Accounting, Reporting, and State Budget Cash Execution Department.

3. After the CB RD PSS implements paragraphs 1 and 2 of this procedure, the representative accounts of commercial banks (CBs) resume settlement operations.

4. To carry out settlements through representative accounts, commercial banks must send copies of representative accounts, payment documents, and lists of payment documents through their mail carriers (couriers) — responsible bank employees. CBs submit copies of orders appointing the mail carrier — responsible employee. The mail carrier — responsible employee must be among experienced staff and have approved signature samples. This mail carrier — responsible employee must deliver documents from commercial banks to the CB RD and personally submit documents received from the CB RD to the chief accountant of the commercial bank branch. CBs submit documents to the CB RD in two copies — payment documents, lists of payment documents, copies of representative accounts. One copy of these documents must be officially executed with the signature of the chief accountants of commercial banks and the accountant managing the representative account, and sealed with the commercial bank's stamp.

5. The Head of the CB RD PSS assigns each employee to serve the representative accounts of commercial banks and notifies commercial banks in writing.

The Head of the CB RD sends to commercial banks the duly executed signature samples of the Head of the PSS and the accountant managing the representative accounts of commercial banks.

6. The accountant managing the representative accounts of commercial banks must check the following when receiving documents from the mail carriers — responsible employees of commercial banks:

the presence of signatures and stamps on payment documents, their lists, and copies of representative accounts;

the complete filling of requisites in payment documents;

the correspondence of the sum of payment documents to the total sums reflected in the list of payment documents, and the same comparison is carried out for representative accounts.

After the check, the mail carrier — responsible bank employee signs the journal.

If funds are insufficient in the representative accounts of commercial banks to process the submitted documents, or if even one payment document is incorrectly filled out, all payment documents are sent back to the commercial bank for complete filling out, and an act is drawn up in the presence of the mail carrier — responsible employee of the commercial bank. One copy is submitted to them along with all documents.

If there are incoming funds from other banks to this bank's client, after checking the requisites, the PSS accountant records each incoming fund separately to the commercial bank's account. In this document, the date of the incoming fund, document number, (3 characters), representative account number (20 characters), operation code, and the new balance in the representative account are entered. The accountant managing the representative accounts of commercial banks prepares a list of approved payment documents (executed by commercial banks in the established procedure), places it in an envelope, seals it, and submits it to the mail carrier — responsible employee of the commercial bank based on a note.

7. After the Payment System Sector receives payment documents from commercial banks and SRCs served according to the procedure specified above, it first executes payments for all representative accounts of the respective banks, and then sorts the payment documents by specific regions and inter-regional groups.

Based on the sorted payment documents, funds are credited to the representative accounts of the respective commercial banks for regional settlements in accordance with the procedure specified above.

Payment documents sorted for inter-regional settlements are given to the employee of the Payment System Sector dealing with inter-regional settlements.

The employee dealing with inter-regional settlements manually prepares a list of payment documents in three copies. In this case, the sum of amounts for each region is indicated by oblasts, and finally, the sum of amounts for all oblasts is written, and it is certified with a signature and stamp in accordance with the procedure specified in paragraph 4. Based on the list of payment documents, the Central Bank Payment System makes an entry to the personal account of the Tashkent Sector of the Central Bank Payment System.

The Regional Directorate of the Central Bank sends two copies of payment documents and the list of payment documents to the Tashkent Sector of the Central Bank Payment System via field communication.

8. After the Tashkent Sector of the Central Bank Payment System receives payment documents from the regional sectors of the payment system, it checks them in the procedure specified in paragraph 6, and sends the second copy of the list of payment documents, signed and stamped with "Processed," indicating the date of document processing, to the Regional Sector of the CB Payment System via field communication.

Documents are sorted by respective regions, and funds are credited to the representative accounts of commercial banks served by the Tashkent Sector of the CB Settlement Center.

A list of payment documents is prepared for documents sent to the regional sectors of the payment system, showing the sum of amounts by regions and the total sum.

The total sum for each region in the list of payment documents is reflected in the separately opened "Inter-regional Settlements" account for each region. In this case, it must be taken into account that a separate account must be opened for each day.

The balances of these accounts are covered through balance transfers between the Tashkent Sector of the Payment System and the regional sectors after the arrival of the certified (second copy of the "List of Payment Documents" with the "Processed" inscription and the date of processing) documents.

9. Responsibility for the legality of payment documents executed through representative accounts is placed on the commercial bank.

10. The heads of the Central Bank Regional Directorates and commercial banks must coordinate the work schedule of couriers — responsible employees of commercial banks such that payment documents executed through the representative accounts of commercial banks are processed on the same day in the CB Payment System sector, i.e., the balance of the representative account in the commercial bank must be the same as the balance of the representative account in the CB Payment System sector as of the next day. If a discrepancy arises between the balances, the CB Payment System sector prohibits the commercial bank from executing payments for this representative account. Both parties carry out a comparison, and after the difference is eliminated, work on the representative account is resumed.

11. After the emergency situation ends, the regional sectors of the Payment System obtain certified copies of representative accounts from all served commercial banks and SRCs and finalize the coverage of balances for interbank settlements.

After completing these operations, they form turnovers for all accounts separately for each day worked during the emergency situation and, based on the approval and instruction of the Information Center, enter this data into the "Settlement Center" software complex.

12. Within a period not exceeding two months from the end of the emergency situation, the Internal Audit Department of the Central Bank conducts an audit of the correctness of the sector's activities under emergency conditions in all regional centers and reports the results to the Central Bank management.

13. This procedure is applied in each individual case based on a separate order of the Chairman of the Central Bank of the Republic of Uzbekistan.

Deputy Chairman M. JUMAGALDIEV