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2018-04-28 | 16/9

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Regulation on the Procedure for Carrying Out Currency Exchange Operations with Individuals in Commercial Banks

The Central Bank of Uzbekistan approved a regulation establishing the procedures for commercial banks to conduct currency exchange operations with individuals. The rules define required channels such as exchange offices, cash desks, and automated branches, and mandate the display of buy/sell rates. Transactions exceeding 500 basic calculated amounts require identity verification and documentation. The regulation also details operational requirements for non-cash sales, the use of specialized software programs, and the registration and staffing standards for currency exchange offices.

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Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on June 29, 2018, registration number 3029

Date of entry into force

02.07.2018

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01.09.2020

17.10.2019

06.08.2019

12.12.2018

02.07.2018

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Document lost force 01.09.2020

[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.27.00.00 Regulation of Currency and Currency Control / 07.27.06.00 Purchase and Sale of Foreign Currency. Conversion. Currency Exchange Branches] [ TSZ: 1. Finance / Currency Regulation. Precious Metals (Stones)]

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

On Approval of the Regulation on the Procedure for Carrying Out Currency Exchange Operations with Individuals in Commercial Banks

[Registered by the Ministry of Justice of the Republic of Uzbekistan on June 29, 2018, registration number 3029]

This resolution loses its force on September 1, 2020, based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 18/5 dated August 29, 2020 "On Approval of the Rules for Carrying Out Currency Operations in the Republic of Uzbekistan" (registration number 3281, dated 31.08.2020).

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", "On Banks and Banking Activity", "On Currency Regulation", and the Resolution of the President of the Republic of Uzbekistan No. PQ-3620 dated March 23, 2018 "On Additional Measures to Increase the Accessibility of Banking Services", the Board of the Central Bank of the Republic of Uzbekistan resolves:

  1. Approve the Regulation on the Procedure for Carrying Out Currency Exchange Operations with Individuals in Commercial Banks 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,

April 28, 2018,

No. 16/9

Appendix

To the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 16/9 dated April 28, 2018

REGULATION

On the Procedure for Carrying Out Currency Exchange Operations with Individuals in Commercial Banks

This Regulation establishes the procedure for commercial banks to carry out currency exchange operations with individuals in accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", "On Banks and Banking Activity", "On Currency Regulation", and the Resolution of the President of the Republic of Uzbekistan No. PQ-3620 dated March 23, 2018 "On Additional Measures to Increase the Accessibility of Banking Services".

Chapter 1. General Provisions

  1. The following main concepts are used in this Regulation:

automated bank branch — a set of equipment or devices that allows for the withdrawal of funds from international payment cards in cash in national or foreign currency, the exchange of cash foreign currency for cash national currency, and the execution of other retail payments;

bank card — a payment card issued by a commercial bank, personalized, used as a payment instrument, and allowing the holder to carry out operations within the limits of funds in the bank account, including cashless settlements (payments) through the account, and to withdraw cash funds or a bank loan from it;

remote service program for bank accounts — a special program (hereinafter referred to in the text as the special program) that allows resident individuals to remotely control the execution of foreign currency buy/sell operations, the transfer of funds from international payment cards to time deposits, and the execution of other retail payments;

currency exchange branch — a stationary branch providing services for the exchange of foreign currency held in cash or on international payment cards of resident and non-resident individuals (hereinafter referred to in the text as individuals) for cash national currency, the provision of funds from international payment cards in cash form, the sale of cash foreign currency to individuals, as well as other banking services specified in this Regulation; (drafting of the fifth paragraph of item 1 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 21/14 dated August 24, 2019 (registration number 3029-3, dated 17.10.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 17.10.2019, 10/19/3029-3/3933-no)

daily documents — documents for accounting for currency exchange operations formalized during the operational day;

securities — national and foreign currencies;

operational day — the time set by the commercial bank for serving individuals;

international payment card — an international payment card in foreign currency issued based on an agreement with international payment systems;

document confirming identity — the passport of an individual or a residence certificate in the Republic of Uzbekistan or a military ID (ticket) for military personnel of the Republic of Uzbekistan;

individual entrepreneur — an individual entrepreneur operating without obtaining legal entity status (hereinafter referred to in the text as IE).

  1. Currency exchange operations for resident individuals are carried out through currency exchange branches, retail operation cash desks, automated bank branches, ATMs, the special program, and the relevant structural subdivisions of commercial banks in the manner specified in this Regulation.

Currency exchange operations for non-resident individuals are carried out through currency exchange branches, retail operation cash desks, automated bank branches, and ATMs in the manner specified in this Regulation.

  1. Commercial banks must place the sample information specified in Appendix 1 to this Regulation on their official websites, in the bank building (information board), and in the currency exchange branch, related to the execution of currency exchange operations with individuals.

  2. Buy and sell rates for foreign currency are determined independently by commercial banks, taking into account the demand and supply for foreign currency.

The buy and sell rate for foreign currency by a commercial bank may be changed during the operational day.

  1. In cases where foreign currency exchange operations are equal to or exceed 500 times the basic calculation amount, a document confirming the identity of the individual (in addition, for IEs, a copy of the certificate of state registration) is required (excluding operations for the sale of foreign currency), and copies of these documents are attached to the bank's daily documents by the employees carrying out the operations. (item 5 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 21/14 dated August 24, 2019 (registration number 3029-3, dated 17.10.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 17.10.2019, 10/19/3029-3/3933-no)

Chapter 2. Execution of Operations for the Sale of Foreign Currency in Non-Cash Form by Commercial Banks (title of Chapter 2 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 21/14 dated August 24, 2019 (registration number 3029-3, dated 17.10.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 17.10.2019, 10/19/3029-3/3933-no)

  1. The execution of operations for the sale of foreign currency in non-cash form by commercial banks is entrusted to the relevant structural subdivision of the bank (hereinafter referred to in the text as the structural subdivision) based on the order of the bank's head. (first paragraph of item 6 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 21/14 dated August 24, 2019 (registration number 3029-3, dated 17.10.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 17.10.2019, 10/19/3029-3/3933-no)

The sale of foreign currency to resident individuals, including IEs, by the structural subdivision is carried out using international payment cards.

  1. The structural subdivision must have payment terminals, computing equipment connected to the Interbank Single Electronic System (hereinafter referred to in the text as the electronic system) with appropriate software, telephone communication, a non-combustible iron safe, fire safety alarm, and video surveillance cameras.

  2. It is prohibited for employees of the structural subdivision to entrust tasks assigned to them to other persons without the relevant order of the bank's head.

  3. Operations for the automatic exchange of national currency received for international money transfers into foreign currency, or the automatic exchange of foreign currency into national currency when payments are made via international payment cards, are carried out by the structural subdivision.

  4. A resident individual or IE must submit a document confirming their identity to a specialist of the structural subdivision of the commercial bank to purchase foreign currency, and the IE must additionally submit a certificate of state registration. The specialist of the structural subdivision makes a copy of the documents and returns the original. (item 10 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 21/14 dated August 24, 2019 (registration number 3029-3, dated 17.10.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 17.10.2019, 10/19/3029-3/3933-no)

  5. The structural subdivision carries out the sale of foreign currency to a resident individual within the limits of the amount of cash national currency handed over to the retail operation cash desk of the bank or the amount of national currency in the bank card or deposit account.

The IE transfers funds from their relevant account to purchase foreign currency.

  1. Payment for foreign currency is made by the resident individual or IE in national currency at the sell rate of the commercial bank on the day the operation is performed, and the original copy of the relevant confirming document (receipt and others) is given to the customer, and the copy is attached to the daily documents.

  2. The relevant information of the resident individual or IE is entered into the electronic system by the specialists of the structural subdivision. In this case, the form No. 09017 specified in Appendix 2 to this Regulation is formalized in two copies. The certificate is signed by the specialist of the structural subdivision and the resident individual, and the personal stamp of the specialist and the stamp of the structural subdivision are affixed to it.

Based on the form No. 09017 certificate, the structural subdivision keeps the registry in the form specified in Appendix 3 to this Regulation, form No. 09008. One copy of the form No. 09017 certificate is given to the resident individual or IE, and the second copy, along with the copy of the document confirming the identity of the resident individual (copy of the certificate of state registration of the IE), is attached to the daily documents together with the form No. 09008 registry.

  1. Foreign currency is transferred to the account of the international payment card of the resident individual or IE based on the form No. 09017 certificate and the payment document confirming the payment of funds.

  2. If the resident individual or IE does not have an international payment card, a bilateral agreement is concluded between the bank and the resident individual or IE on opening a bank account in foreign currency, and the bank opens a bank account in foreign currency in their name based on the agreement.

One copy of the agreement is given to the resident individual or IE, and the second copy is attached to the daily documents. The agreement is concluded in the state language, and in necessary cases, it may also be concluded in Russian or Karakalpak.

  1. Individuals may withdraw funds from international payment cards in cash form through retail operation cash desks, payment terminals in the currency exchange branch, automated bank branches, or ATMs. In this case, the relevant payment documents are given to the individual along with the cash funds.

Chapter 3. Execution of Operations for the Purchase of Foreign Currency in Non-Cash Form by Commercial Banks (title of Chapter 3 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 21/14 dated August 24, 2019 (registration number 3029-3, dated 17.10.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 17.10.2019, 10/19/3029-3/3933-no)

  1. Resident individuals or IEs may exchange foreign currency on their international payment cards into national currency through the structural subdivision. In this case, the specialist of the structural subdivision checks the authenticity of the international payment card belonging to this individual or IE based on their document confirming identity.

  2. The structural subdivision executes the foreign currency on the international payment card of the resident individual or IE in accordance with the buy rate of foreign currency on the day the operation is performed. In this case, within the limits of the foreign currency on the international payment card of the resident individual or IE, the funds may be fully or partially exchanged into national currency.

The commercial bank gives the original copy of the document confirming the purchase of foreign currency to the resident individual or IE and attaches a copy to the daily documents.

  1. Foreign currency is purchased by the specialist of the structural subdivision by entering relevant information into the electronic system. In this case, the form No. 09020 certificate specified in Appendix 4 to this Regulation is formalized in two copies. The certificate is signed by the specialist of the structural subdivision and the resident individual or IE, and the personal stamp of the specialist of the structural subdivision and the stamp of the structural subdivision are affixed to it.

One copy of the certificate is given to the resident individual or IE, and the second copy is attached to the registry of form No. 09021 specified in Appendix 5 to this Regulation and attached to the daily documents.

  1. Copies of the document confirming the identity of the resident individual, the copy of the certificate of state registration of the IE, and payment documents are submitted to the relevant subdivision of the commercial bank by the specialist of the structural subdivision. Based on the submitted documents, national currency is transferred in cash form or to the bank plastic card or deposit account, or to the IE's account, according to the wish of the resident individual.

Chapter 4. Execution of Currency Exchange Operations Using the Special Program

  1. Resident individuals may carry out operations for the purchase and sale of foreign currency and other operations in accordance with legislative acts using the special program of the commercial bank. In this case, resident individuals download the special program to a computer device (including tablets, mobile phones, and other devices) and accept the terms of its use.

  2. For commercial banks to carry out currency exchange operations using the special program, a bank card and an international payment card must be opened in the name of the resident individual. In this case, when using the special program of a specific commercial bank, the international payment card of that same commercial bank must be opened in the name of the user.

  3. The specialist of the structural subdivision forms relevant information daily regarding currency exchange operations carried out through the automated bank branch and the special program of the commercial bank.

Chapter 5. Registration of the Currency Exchange Branch

  1. The currency exchange branch is opened based on the order of the head of the commercial bank. The order on opening the currency exchange branch must specify the location (postal address) of the currency exchange branch, the staff units of its employees, and the officials managing and controlling the activity of the branch.

  2. For the registration of the currency exchange branch, the commercial bank applies in writing to the relevant Main Directorate of the Central Bank of the Republic of Uzbekistan (hereinafter referred to in the text as the Main Directorate), attaching a copy of the order on opening the currency exchange branch. The Main Directorate registers the currency exchange branch within 2 working days and sends a certificate to the commercial bank in the form specified in Appendix 6 to this Regulation.

Currency exchange operations in the retail operation cash desks of the commercial bank are carried out in the manner specified in this Regulation.

  1. The registered currency exchange branch is recorded in the journal of registration of the currency exchange branch in the form specified in Appendix 7 to this Regulation by the Main Directorate.

  2. In case of loss of the certificate, the commercial bank must apply in writing to the Main Directorate, attaching a protocol indicating the reasons for the loss of the certificate.

  3. In case of loss or unsuitability of the certificate, a duplicate is issued by the Main Directorate of the Central Bank within a period not exceeding 2 working days, based on the written application of the relevant commercial bank. The duplicate must indicate the number and date of issue of the original certificate, as well as the word "Duplicate" and its issue date in the upper right corner.

  4. If the location (postal address) of the currency exchange branch has changed or it has been reopened, the commercial bank must inform the relevant Main Directorate of the Central Bank in writing, indicating the reasons. The re-formalization and issuance of the certificate are carried out within a period not exceeding 2 working days from the date of receipt of the application and relevant documents by the relevant Main Directorate of the Central Bank.

  5. No fee is charged for issuing the certificate confirming the registration of the currency exchange branch and its duplicate.

Chapter 6. Requirements for the Currency Exchange Branch and Organization of Its Work

  1. The work schedule of the currency exchange branch must be agreed upon with the working hours of the organization where it operates.

  2. The following operations may be carried out in the currency exchange branch:

purchase of cash foreign currency from individuals for cash national currency;

sale of cash foreign currency to individuals; (third paragraph of item 32 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 21/14 dated August 24, 2019 (registration number 3029-3, dated 17.10.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 17.10.2019, 10/19/3029-3/3933-no)

exchange of foreign currency on international payment cards of individuals into national currency;

withdrawal of cash funds from international payment cards of individuals in national or foreign currency according to the customer's wish;

acceptance of unsuitable foreign currency of individuals for collection;

acceptance of foreign currency of doubtful authenticity for expertise from individuals;

exchange of foreign currency of individuals into smaller or larger amounts of the same foreign currency;

exchange of damaged banknotes of individuals for undamaged banknotes of the same type;

exchange of cash currency of one foreign country for cash currency of another foreign country for individuals (hereinafter referred to in the text as conversion operations);

acceptance of customs payments and fees established by legislative acts at the customs border of the Republic of Uzbekistan.

The amount of intermediary fee charged for currency exchange operations is determined independently by the commercial bank, excluding operations for the sale and purchase of foreign currency.

  1. Currency exchange operations are carried out with the participation of two employees — a controller and a cashier.

The number of employees may be increased or reduced to one (performing the functions of controller and cashier simultaneously) based on the order of the bank's head, depending on the workload of the currency exchange branch. In this case, reducing the number of employees to one is permitted only for currency exchange branches located in bank and banking services offices and retail operation cash desks. (item 33 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 16/3 dated July 20, 2019 (registration number 3029-2, dated 06.08.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 06.08.2019, 1/19/3029-2/3529-no)

  1. Commercial banks must provide the currency exchange branch with a non-combustible iron cabinet (safe), telephone communication, security and fire safety alarms, video surveillance cameras (where video recording materials are stored in a special archive for at least one month), a detector or tester for determining the authenticity of currency, payment terminals, computer and computing equipment with appropriate software, as well as necessary normative-legal documents and informational materials. (item 34 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 21/14 dated August 24, 2019 (registration number 3029-3, dated 17.10.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 17.10.2019, 10/19/3029-3/3933-no)

  2. The currency exchange branch must have a copy of the relevant order confirming that the controller and cashier assigned to it carry out currency exchange operations in this currency exchange branch.

  3. It is prohibited for the controller or cashier to entrust operations carried out in the currency exchange branch assigned to them to other employees without the relevant order of the bank's head, and to allow strangers into the currency exchange branch.

  4. Work with securities and provisioning in the currency exchange branch is carried out in the manner specified in the Instruction on Organization of Cash Work in Commercial Banks, Cash and Other Securities Collection (registration number 3028, 2018 June 29).

A stamp indicating the surname is affixed to each employee of the currency exchange branch, and additionally to the controller, a stamp indicating the name of the commercial bank, the registration number of the currency exchange branch, and the address of the branch is affixed.

It is prohibited to store securities and stamps in the currency exchange branch during off-hours.

  1. Hired employees must be familiarized by the commercial bank with the relevant norms of legislative acts on material liability, as well as rules on storage, receipt, issuance, work, counting, and transportation of securities, the procedure for conducting currency exchange operations and accounting for them.

Chapter 7. Duties of Employees of the Currency Exchange Branch

  1. The controller of the currency exchange branch:

receives bags containing securities, participates in their opening, and in case of shortage or surplus of securities in them, draws up a protocol in two copies, signs it together with the cashier, and sends one copy to the bank;

calculates the equivalent of national and foreign currency presented for exchange and the intermediary fee;

records currency exchange operations performed in the relevant registry;

fills out and signs certificates;

signs documents for currency exchange operations performed at the end of the working day;

counts remaining securities at the end of the working day by bundles and controls the full filling of bags with these securities by bundles;

draws up a report on performed operations, checks it based on copies of relevant registries and certificates, and signs it;

compares the actual balances of valuables with the report on transactions carried out, and in cases where valuables are found to be in excess or shortage, draws up a two-copy act and signs it together with the cashier. One copy is sent to the bank, and the second copy is attached to the daily documents of the currency exchange branch;

reports in writing to the Internal Control Service of the commercial bank immediately about suspicious operations.

  1. The cashier of the currency exchange branch:

draws up orders for receiving valuables and submits them to the commercial bank;

receives bags containing valuables brought by cashiers, opens them in the presence of the controller, or receives valuables from the commercial bank's cash desk and brings them to the currency exchange branch located in the bank building;

checks the authenticity and fitness for circulation of banknotes presented for exchange;

signs registers and reference books, as well as acts drawn up by the controller;

counts the remaining valuables at the end of the working day, sorts and packs them, and places the valuables in bags under the supervision of the controller.

  1. The following actions are prohibited for employees of the currency exchange branch:

exchange of national currency for foreign currency without face-to-face interaction;

providing currency exchange services without providing the relevant reference;

providing relevant references without performing the currency exchange operation;

the presence of personal savings in national currency in an amount exceeding half of the base calculation amount in the currency exchange branch. (Fifth paragraph of paragraph 41 was amended by Resolution No. 21/14 of the Board of the Central Bank of the Republic of Uzbekistan dated August 24, 2019 (registration number 3029-3, 17.10.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 17.10.2019, 10/19/3029-3/3933)

Information about the sale of foreign currency must be entered into the electronic system by the employee of the currency exchange branch.

It is not allowed to refuse to perform currency exchange operations for individuals when the currency exchange branch has a sufficient amount of cash national and foreign currency, nor to establish restrictions on accepting circulating monetary units based on their nominal value and year of issue.

Chapter 8. Carrying out currency operations in the currency exchange branch

  1. Foreign currency is purchased from individuals in unlimited amounts at the currency exchange branch.

  2. Information about operations carried out by the currency exchange branch must be entered into the electronic system.

  3. Currency exchange operations are carried out after the authenticity and fitness for circulation of the presented foreign currency are checked using technical means. (Para. 44 was amended by Resolution No. 16/3 of the Board of the Central Bank of the Republic of Uzbekistan dated July 20, 2019 (registration number 3029-2, 06.08.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 06.08.2019, 1/19/3029-2/3529)

  4. When purchasing foreign currency from individuals, a reference form No. 09002 in accordance with Appendix 8 of this Regulation is drawn up in two copies. Both copies of this reference are signed by the currency exchange controller, the cashier, and the individual, and the stamp of the currency exchange branch as well as the personal stamps of the controller and cashier are applied.

One copy of the reference form No. 09002 is given to the individual, and the second copy is attached to the daily documents. (Para. 45 was supplemented with the second paragraph based on Resolution No. 35/3 of the Board of the Central Bank of the Republic of Uzbekistan dated November 10, 2018 (registration number 3029-1, 11.12.2018) — National Database of Legislative Acts of the Republic of Uzbekistan, 12.12.2018, 10/18/3029-1/2311)

The reference form No. 09002 confirms that foreign currency was purchased by the currency exchange branch from resident individuals, but does not grant the right to re-exchange unused national currency into foreign currency.

Currency exchange branches may withdraw or purchase funds from individuals' international payment cards in cash form upon presentation of a document confirming their identity.

  1. Operations to exchange foreign currency on international payment cards and cash foreign currency into cash national currency are formalized in Registry Form No. 09003 in accordance with Appendix 9 of this Regulation.

  2. When exchanging foreign currency on international payment cards of individuals into cash national currency at the currency exchange branch, they are given one copy of the reference form No. 09002 confirming the purchase of foreign currency and the original copy of the terminal receipt. Copies of the reference and the terminal receipt are attached to the daily documents.

47-1. The sale of cash foreign currency to resident individuals in an amount up to the equivalent of 100 US dollars (including an amount equal to the equivalent of 100 US dollars) is carried out within the amount of national currency withdrawn from cash or a personal bank card presented to the branch without the requirement of presenting a document confirming identity. (Para. 47-1 was introduced based on Resolution No. 21/14 of the Board of the Central Bank of the Republic of Uzbekistan dated August 24, 2019 (registration number 3029-3, 17.10.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 17.10.2019, 10/19/3029-3/3933)

  1. The sale of foreign currency to non-resident individuals is carried out by the currency exchange branch upon presentation of a reference form No. 09002, a terminal (ATM) receipt, or documents confirming the legal sources of national currency funds obtained within the territory of the republic. (First paragraph of Para. 48 was amended by Resolution No. 21/14 of the Board of the Central Bank of the Republic of Uzbekistan dated August 24, 2019 (registration number 3029-3, 17.10.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 17.10.2019, 10/19/3029-3/3933)

In this case, the operation amount must not exceed the amount indicated in the presented documents.

The reference form No. 09002 serves as the basis for the re-exchange of unused national currency into foreign currency from non-resident individuals. In this case, the exchange operation is performed upon presentation of the reference form No. 09002 and a document confirming the identity of the non-resident individual. A copy of the identity document is attached to the daily documents together with the reference.

  1. Foreign currency:

when sold to resident individuals, a reference form No. 09007 in accordance with Appendix 10 of this Regulation is drawn up in two copies. One copy of the reference form No. 09007 is given to the resident individual, and the second copy, together with a copy of their identity document (when foreign currency in an amount exceeding the equivalent of 100 US dollars is sold) and other documents;

when sold to non-resident individuals, a reference form No. 09007 in accordance with Appendix 10 of this Regulation is drawn up in two copies. One copy of the reference form No. 09007 is given to the non-resident individual, and the second copy, together with a copy of their identity document, the relevant terminal (ATM) receipt, or documents confirming the legal sources of national currency funds obtained within the territory of the republic, and other documents is attached to Registry Form No. 09010 in accordance with Appendix 11 of this Regulation and serves as the basis for drawing up a report. (Para. 49 was amended by Resolution No. 21/14 of the Board of the Central Bank of the Republic of Uzbekistan dated August 24, 2019 (registration number 3029-3, 17.10.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 17.10.2019, 10/19/3029-3/3933)

  1. Acceptance of cash foreign currency for expertise, the authenticity of which is doubtful, is carried out by the currency exchange branch upon presentation of a document confirming the identity of the individual. In this case, a reference form No. 09005 in accordance with Appendix 12 of this Regulation is drawn up in two copies confirming the acceptance of cash foreign currency for expertise. One copy of the reference form No. 09005 is given to the individual, and the second copy is attached to the daily documents together with a copy of their identity document. (First paragraph of Para. 50 was amended by Resolution No. 16/3 of the Board of the Central Bank of the Republic of Uzbekistan dated July 20, 2019 (registration number 3029-2, 06.08.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 06.08.2019, 1/19/3029-2/3529)

When accepting for expertise, employees of the currency exchange branch must warn individuals that cash foreign currencies found to be fake according to the expertise results will not be returned to their owners.

  1. Commercial banks form an expert commission to determine the authenticity of cash foreign currency accepted for expertise. An act is drawn up by the commission based on the expertise results. This act indicates the type of currency, nominal value, year of issue, series and number, issuing bank, and other specific features of the foreign currency accepted for expertise. If there is no opportunity to identify specific features of foreign currency during the expertise, commercial banks may send cash foreign currencies whose authenticity is doubtful to other commercial banks or foreign banks for expertise.

If the cash foreign currency is found to be genuine as a result of the expertise, the foreign currency is transferred to the individual's foreign currency or national currency account by the commercial bank based on the reference form No. 09005, or returned in cash form according to their wish.

  1. Cash foreign currencies found to be fake by the expert commission are not returned to their owners and are sent to law enforcement agencies attached to the expertise act. A copy of the expertise act may be given to the currency owner upon their request.

  2. Operations to exchange foreign currency into smaller or larger denominations of the same foreign currency at the currency exchange branch are formalized with a reference form No. 09013 in accordance with Appendix 13 of this Regulation drawn up in two copies, and entered into Registry Form No. 09011 in accordance with Appendix 14 of this Regulation. One copy of this reference is given to the individual, and the second copy is attached to the daily documents.

  3. Conversion operations may be carried out at the currency exchange branch. In this case, they are formalized in Registry Form No. 09014 in accordance with Appendix 15 of this Regulation. When a conversion operation is carried out, a reference form No. 09015 in accordance with Appendix 16 of this Regulation is drawn up in two copies. One copy of this reference is given to the individual, and the second copy is attached to the daily documents.

Chapter 9. Carrying out currency exchange operations related to damaged and unfit banknotes

  1. A banknote that has main signs (name of the issuing bank, series and serial number, indication of the currency nominal in numbers and words, main image (picture, portrait) of the front and back sides, elements protecting against counterfeiting (watermarks, magnetic marks, colored fibers embedded in the paper, including fibers visible in ultraviolet light, confetti (colored paper chips), security threads, microtext, luminescent images, etc.) corresponding to the requirements established by the issuing state for the banknote is considered a legal tender. (Para. 55 was amended by Resolution No. 35/3 of the Board of the Central Bank of the Republic of Uzbekistan dated November 10, 2018 (registration number 3029-1, 11.12.2018) — National Database of Legislative Acts of the Republic of Uzbekistan, 12.12.2018, 10/18/3029-1/2311)

  2. Banknotes with the following signs of damage are considered fit legal tender:

if they are crushed and dirty to a degree that allows identifying the banknote image (shape) (crushing is excluded in cases where it does not hinder the determination of the authenticity of the banknote and does not block more than 50 percent of one of its main signs); (Second paragraph of Para. 56 was amended by Resolution No. 16/3 of the Board of the Central Bank of the Republic of Uzbekistan dated July 20, 2019 (registration number 3029-2, 06.08.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 06.08.2019, 1/19/3029-2/3529)

if they have glued tears not exceeding one quarter of the width (length) of the banknote;

if they have glued corners or parts (not exceeding 1 sm²) and torn-off corners or parts are clearly attributable to this banknote;

if they have small spots, inscriptions, or stamp marks (in this case, if there are more than two inscriptions or stamp marks, excluding stamps confirming the withdrawal, counterfeiting, or sample nature of the banknote), and they do not block more than 50 percent of one of the main signs of the banknote that hinders the determination of its authenticity; (Fifth paragraph of Para. 56 was amended by Resolution No. 16/3 of the Board of the Central Bank of the Republic of Uzbekistan dated July 20, 2019 (registration number 3029-2, 06.08.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 06.08.2019, 1/19/3029-2/3529)

if the banknote has no more than two holes with a diameter not exceeding 1 mm, provided that the holes do not hinder the determination of the authenticity of the banknote and do not block more than 50 percent of one of its main signs. (Sixth paragraph of Para. 56 was amended by Resolution No. 16/3 of the Board of the Central Bank of the Republic of Uzbekistan dated July 20, 2019 (registration number 3029-2, 06.08.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 06.08.2019, 1/19/3029-2/3529)

  1. When carrying out currency exchange operations with damaged banknotes of individuals at the currency exchange branch, information about such operations is entered into Registry No. 09011.

When such operations are carried out, a reference form No. 09012 in accordance with Appendix 17 of this Regulation is drawn up in two copies, and one copy is given to the individual, and the second copy is attached to the daily documents.

Commercial banks are not allowed to refuse to exchange damaged banknotes of individuals into national currency or to exchange such damaged banknotes for undamaged ones of the same type, to break them down, to consolidate them, or to carry out conversion operations, nor are they allowed to subsequently issue them to customers for other operations, and intermediary fees may be charged for such operations.

  1. Banknotes with damage signs exceeding the norms indicated in Para. 56 of this Regulation and having the following damage signs are considered unfit for circulation: (First paragraph of Para. 58 was amended by Resolution No. 16/3 of the Board of the Central Bank of the Republic of Uzbekistan dated July 20, 2019 (registration number 3029-2, 06.08.2019) — National Database of Legislative Acts of the Republic of Uzbekistan, 06.08.2019, 1/19/3029-2/3529)

separated into pieces, including if glued;

if the original color has changed or faded;

if burned or scorched;

if oil, paint, or ink has been spilled on more than 50 percent of one of the main signs indicating it is a legal tender;

if exposed to chemical reagents;

if the image (picture, portrait) has been altered to a certain extent due to intentional damage, the nominal value has been changed, security threads have been removed, or large inscriptions are present;

if banknotes have clear printing errors (absence or incorrect placement of watermarks or security threads), images are not fully printed or are smudged;

if the geometric dimensions of the banknote have changed by 3 mm or more;

if the banknote image (picture, portrait, shape) is significantly crushed and dirty to a degree that does not allow identifying it;

banknotes that have significantly lost their stiffness and become soft.

Banknotes withdrawn from circulation after the date announced by the issuing bank of the relevant foreign state and having stamps confirming the withdrawal, counterfeiting, or sample nature of the banknote are recognized as unfit for payment.

  1. Unfit banknotes are accepted by the currency exchange branch for sending to the issuing bank for collection, and such operations are formalized in Registry No. 09011.

Currency exchange branches are prohibited from refusing to accept unfit banknotes of individuals for collection.

  1. Acceptance of banknotes for collection is carried out upon presentation of a document confirming the identity of the individual along with their application (the application must clearly indicate their place of residence).

When unfit banknotes of individuals are accepted for collection, branch employees must warn them that the issuing bank may refuse to exchange these currencies, and in this case, the charged intermediary fee will not be returned to the customer.

Commercial banks may charge intermediary fees when carrying out currency exchange operations related to unfit banknotes of individuals.

  1. When a banknote is accepted for collection, one copy of the reference form No. 09004 in accordance with Appendix 18 of this Regulation, filled out in two copies, is given to the individual, and the second copy serves as the basis for drawing up a report and is attached to the daily documents together with a copy of the individual's identity document.

  2. When the issuing bank exchanges a banknote accepted for collection, the commercial bank may transfer it to the individual's foreign currency or national currency account, or give it in cash form according to their wish.

  3. When the issuing bank refuses to exchange a banknote accepted for collection, the commercial bank sends a written notice to the individual at the address indicated in their application submitted for collection, attaching a copy of the document confirming the issuing bank's refusal to pay for the banknote accepted for collection.

  4. The employee of the currency exchange branch is responsible for the authenticity and fitness for circulation of the banknotes they accept.

If a banknote accepted for currency exchange operations is found to be fake, currency exchange operations are not carried out for them, and the banknote is not returned to the owner. In this case, a three-copy act is drawn up, one copy is sent to law enforcement agencies, the second copy is given to the customer, and the third copy is attached to the daily documents. (Second paragraph of Para. 64 was amended by Resolution No. 35/3 of the Board of the Central Bank of the Republic of Uzbekistan dated November 10, 2018 (registration number 3029-1, 11.12.2018) — National Database of Legislative Acts of the Republic of Uzbekistan, 12.12.2018, 10/18/3029-1/2311)

Chapter 10. Closing the operational day at the currency exchange branch

  1. At the end of the operational day, a report in the form of No. 09016 in accordance with Appendix 19 of this Regulation is prepared based on copies of references and registers of operations carried out.

  2. The report on carried-out operations, valuables, and registers must be taken to the commercial bank on the same day using the collection service, except for currency exchange branches located in the commercial bank building.

It is prohibited to leave valuables at the currency exchange branch at the end of the day. In this case, valuables at currency exchange branches located outside the bank building are handed over to the commercial bank through the collection service based on the requirements of the Instruction on organizing cash operations, collecting cash and other valuables in commercial banks (registration number 3028, June 29, 2018).

  1. Responsible employees of the commercial bank's accounting department check the correctness of the report prepared based on the submitted documents, the complete handover of valuables, and their correct use, draw up orders for reflecting operations entered into the currency exchange branch's report on the bank's balance sheet, as well as for settling the amounts of bonuses for employees of this currency exchange branch.

All documents and drawn-up orders are checked by the head of the department or chief accountant responsible for currency exchange operations of the commercial bank and attached to the daily documents.

  1. If excess funds or shortages are identified during the operational day or at the end of the day, a two-copy act is drawn up about this, which is signed by the cashier and the controller. The first copy of the act is sent to the bank management together with the report.

Lost valuables are recovered from guilty persons in the manner established by legislation, and excess funds are credited to the income of the commercial bank.

  1. Currency exchange operations are carried out in accordance with the requirements of this Regulation on holidays, weekends, and at currency exchange branches working on a shift basis day and night.

Chapter 11. Closing the currency exchange branch

  1. The currency exchange branch is closed in the following cases:

at the discretion of the commercial bank;

when measures and sanctions are applied by the Central Bank of the Republic of Uzbekistan if the commercial bank violates legislation establishing banks authorized to carry out currency operations.

  1. The head of the commercial bank issues an order to close the currency exchange branch, and a copy of the order is sent within 3 working days from the date of its issuance to the relevant Main Directorate of the Central Bank attached to a supervisory letter along with the original copy of the license. Based on the order of the head of the commercial bank to close the currency exchange branch, the Main Directorate enters the relevant entry into the journal of registration of currency exchange branches.

Chapter 12. Control over the carrying out of currency operations in structural subdivisions, currency exchange branches, and automated bank branches

  1. The activity of the currency exchange branch in compliance with the requirements of legislation must be checked by the commercial bank at least once a month.

  2. The Central Bank of the Republic of Uzbekistan may conduct inspections in accordance with legislation regarding compliance with the requirements of legislation in the carrying out of currency operations in the activities of structural subdivisions and currency exchange branches.

Chapter 13. Final Provisions

  1. Persons guilty of violating the requirements of this Regulation are responsible in the manner established by legislation.

Appendix 1 to the Regulation on the Procedure for Carrying Out Currency Exchange Operations with Individuals in Commercial Banks

SAMPLE LIST

of information that must be available on the official website of the commercial bank, in the bank building (information corner), and at the currency exchange branch:

brief procedure for purchasing and selling foreign currency;

exchange rates for selling and purchasing foreign currency;

procedure for downloading and using the remote banking service program;

amount of intermediary fees charged for currency exchange operations;

addresses of currency exchange branches, retail cash offices, and automated bank branches of the commercial bank providing currency exchange services;

working hours of currency exchange branches, retail practice cashiers of the commercial bank carrying out currency exchange services;

types of operations carried out in the currency exchange branch;

rules for determining the authenticity and usability of banknotes;

copy of the certificate of registration of the currency exchange branch;

information about the trust phone numbers of the commercial bank and the relevant Main Directorate of the Central Bank.

Regulation on the Procedure for Conducting Currency Exchange Operations with Individuals in Commercial Banks

APPENDIX 2

Form No. 09017

Emblem of the Commercial Bank

(Name of the commercial bank)

(Stamp of the structural unit)

  • No. certificate

20__ year «_______ »

day

month

__________________________________________________________________________ of

(Full Name)

cash / from bank plastic card / (amount of national currency in figures and words) paid *

___________________________________________ transferred to international payment card ( amount of foreign currency in figures and words)

Responsible employee's stamp and signature ______________________

Customer's signature ______________________

*Note: underline according to relevance.

Regulation on the Procedure for Conducting Currency Exchange Operations with Individuals in Commercial Banks

APPENDIX 3

(Stamp of the structural unit)

Registry No. 09008

REGISTRY

of operations for transferring foreign currency to international payment cards

20____ year «

(day)

(month)

Full Name

Information on the document confirming the customer's identity

Amount of sold foreign currency

Exchange Rate

Amount of national currency received from the customer

Operation time

Certificate number

type and series of document

number

when and by whom issued

residence

name

amount

1

2

3

4

5

6

7

8

9

10

11

Regulation on the Procedure for Conducting Currency Exchange Operations with Individuals in Commercial Banks

APPENDIX 4

Form No. 09020

Emblem of the Commercial Bank

(Name of the commercial bank)

(Stamp of the structural unit)

  • No. certificate

20____ year «_________» _____________________

day

month

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