Regulatory Alerts2014-08-26 | SGDB N° 035/2014Added · Updated
SGDB No. 035/2014: Validity and Replacement of Payment Instruments for Financial Intermediation Entities in Transformation or Transformed
The Central Bank of Bolivia establishes replacement deadlines for payment instruments issued prior to transformation: checks must be replaced within nine months and credit, debit, or prepaid cards within two years, calculated from the effective date of the new entity denomination. During this period, transactions using these instruments remain compensable through clearing chambers and card administrators using the entities' new assigned codes. The Financial System Supervisory Authority (ASFI) is responsible for supervising this replacement process, and entities must report adopted measures to ASFI with a copy to the Central Bank.
B.C.B. / DGD-VUC
2014 AUG 27 PM 2: 37
CORRESPONDENCE GENERAL SENT
EXTERNAL CIRCULAR OF THE CENTRAL BANK OF BOLIVIA La Paz, August 26, 2014 SGDB No. 035/2014
FROM: GENERAL MANAGEMENT FINANCIAL ENTITIES MANAGEMENT TO: FINANCIAL INTERMEDIATION ENTITIES SUBJECT: VALIDITY AND REPLACEMENT OF PAYMENT INSTRUMENTS FOR FINANCIAL INTERMEDIATION ENTITIES IN TRANSFORMATION OR TRANSFORMED
Ladies and Gentlemen:
The Central Bank of Bolivia communicates that entities in the process of transformation or transformed in accordance with Financial Services Law No. 393 and the provisions of the Financial System Supervisory Authority - ASFI:
- Have the following deadlines to replace payment instruments issued prior to the transformation process: a) checks for a maximum of nine (9) months; and b) payment cards (credit and debit) for a maximum of two (2) years.
These deadlines shall be calculated from the effective date of their new denomination, and they must submit to ASFI the measures adopted with a copy to the Central Bank of Bolivia, for monitoring and control.
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During this period, checks, debit, credit, and prepaid card transactions may be compensated in the clearing chamber and by card administrator companies, respectively, considering the new codes assigned to each financial intermediation entity.
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ASFI will supervise the replacement process.
Sincerely,
WPP/MMV/RPR/PMS/JGS
Ayacucho y Mercado • Tel:(591-2) 2409090 • Casilla: 3118 www.bcb.gob.bo • bcb@bcb.gob.bo • La Paz-Bolivia