Tashkent, Uzbekistan (UzDaily.com) - In connection with the entry into force of the Law of the Republic of Uzbekistan “On Payments and Payment Systems”, a number of regulatory legal acts of the Central Bank were submitted to the Ministry of Justice for state registration in the prescribed manner.

1. The Resolution of the Board of the Central Bank of the Republic of Uzbekistan “On approval of the Regulation on cashless payments in the Republic of Uzbekistan” from 15 February 2020.

In accordance with the Law “On Payments and Payment Systems” and the new version of the Tax Code, the Regulation “On non-cash payments in the Republic of Uzbekistan” was revised and developed in a new version. In the draft Regulation, based on the requirements of the law, “Chapter 8. Settlements by Settlement Checks of a Commercial Bank” and “Chapter 9. Settlements with Bank Plastic Cards” were excluded from the current Regulation. In accordance with the requirements of the new edition of the Tax Code, amendments have been made to the procedure for submitting collection orders by tax authorities.

It is also possible to provide, without accepting, a payment requirement in order to collect debts from entities that are guarantors to repay loans received, not only on the loan, but also on accrued interest.

The draft document also provides a mechanism for resolving yet another situation, which is often found in banking practice. In the event of the liquidation of the recipient, the procedure for withdrawing payment claims and collection orders that are placed by the recipients and placed in the card file-2 based on information confirming the liquidation of the recipient is defined.

2. Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 3/13 from 15 February 2020 “On approval of the rules for the issue and circulation of electronic money in the territory of the Republic of Uzbekistan”.

One of the main advantages of electronic money is that users are given the opportunity to make payments via the Internet without opening a bank account.

The relevant article 21 of the Law of the Republic of Uzbekistan “On Payments and Payment Systems” states that the Central Bank establishes rules for the issue and circulation of electronic money in the territory of the Republic of Uzbekistan.

The draft document received suggestions and comments by experts of the International Finance Corporation, as well as specialists of payment organizations.