Rules of Non-Cash Settlement in Georgia

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1 Order # 166 of the President of the National Bank of Georgia on Approval of Rules of Non-Cash Settlement in Georgia 26 June 2007, Tbilisi Article 1. Main definitions Rules of Non-Cash Settlement in Georgia Chapter I. Forms of non-cash settlement and how to use them 1. In regulation of relations with regard to non-cash settlement, terms and concepts of the public law or other domain of the Georgian legislation used in these rules have the same meaning as when used in the relevant domain, unless otherwise provided for by these rules. 2. The terms applied in these rules have the following definitions and are used in order to make these rules understandable: a) Settlement a process of sequential performance of funds transfer from payer to a recipient through a bank or other institution; b) Acceptance consent to payment, giving a guarantee to cash a payment document; c) Bank acceptance Consent of a bank to perform accepted payment documents (a form of guarantee of their performance); d) Interbank settlement settlement between bank institutions; e) Payment coverage of monetary liabilities through settlements or offsets; f) Payer (a person, who pays) a participant of a payment system, who performs payment; f¹) Tax payer a person liable to pay taxes imposed by the Tax Code of Georgia; ( Official Printing Body N183) g) A paying bank a bank, which performs payment operations of a payer; which performs transfers; h) Payer s bank a bank which serves a payer; i) Transfer a non-cash settlement operation through which money is transferred from bank accounts of a payer to bank accounts of a recipient by means of bank or other settlement technologies; j) Real time uninterrupted and immediate performance and transfer of electronic payment documents during a settlement period; k) E-archive electronic copy of the historical date software data of a payment system s or a bank s operation day; l) Electronic payment document an e-document formed by a client or a bank, which represents the basis for performance of operations on relevant accounts of participants of a settlement; m) Electronic-digital signature sequence of symbols derived from processing of e-documents by cryptographic algorithms of a special system (replicated by an

2 organizer) developed by means of computer technics, which verifies validity of this e-document, its integrity, identity of a signer and is governed by a relevant normative act of the National Bank of Georgia and agreement between the parties; n) Electronic Message an e-document, which ensures exchange of free format information in performance of a settlement operation (confirmation, abstract of account, notice of rejected electronic payment document and etc.); o) Authorized representative of a legal person - a legitimate representative authorized to perform operations of a legal person; p) File of overdue payment documents unity of payment documents registered in a special file because of the lack of funds; q) Client-Bank system an electronic-technological system based on programtechnical means and organizational measures, which through communication channels, ensures receipt/transfer, preparation, creation, verification, protection, processing of electronic information; r) Recipient a person referred to as recipient of funds in settlement documentation; s) Recipient bank a bank, which receives cash resources; t) Recipient s bank a bank servicing a recipient of funds; u) Batch mode step-by-step transfer and performance of electronic payment documents (document) during a settlement period; v) Register an inventory of objects, description, register list; w) Settlement period part of operation day during which transfers of funds are performed on a current calendar day, on the basis of payment documents of clients; x) Bank account funds register with unique recording position, which at a given moment is held by a person and is opened on the basis of a relevant normative act of the National Bank of Georgia; y) Bank legislation an organic law of Georgia on the National Bank of Georgia, Law of Georgia on the Activities of Commercial Banks and relevant sub-laws; z) Bank regulations rules defined in accordance with the bank legislation; aa) Unique code of a document (reference) a special code, which through electronic-technological means, is automatically attached to each electronic payment document when transforming a hard copy of a document into its electronic version; bb) Plastic card of a bank a payment instrument, which is a means to perform settlement for goods or services delivered, to receive cash money, to exchange currency and to carry out other operations provided for by the Georgian legislation; cc) Payment order an order drawn up as a payment document by an owner of an account (payer) for his/her servicing bank to transfer cash resources to the account of a recipient opened with the same or another bank; dd) Payment document a document drawn up by a client on a material carrier of information (electronic, paper carrier or other), which is presented to a bank to perform monetary liabilities by way of non-cash settlement; 2

3 ee) Payment system a unity of organizational-technical forms of circulation of cash resources between the subjects of payment relations, cash settlement, instruments and procedures; ff) Performance of a payment document a process of performance of payment of funds in accordance with obligations; actual performance by a bank of a payer s order; gg) Suspension of performance of payment documents suspension of the process of settlement due to objective reasons beyond control of a bank; hh) Order for collection - an order of unconditional writing off funds from a payer s account, without his/her agreement, given to a bank in a stated form by a third party authorized so by the Georgian legislation (National Bank of Georgia, Financial Supervision Agency, executive body, Tax and Customs authorities of Georgia); ii) Correspondent relations contract relations under which a bank is authorized to open an account for another bank and to carry out operations provided for by the legislation and this contract; jj) Approved payment payment is approved if performed by a manager of resources in accordance with the rules set forth by the legislation. kk) Operation day part of a working day during which a bank submits electronic payment documents and performs settlement through a client or client-bank system; Duration of a operation day is specified by a bank and is reflected in the internal bank regulations (or a contract between this bank and its client); ll) Georgian banking system a unity of the National Bank, branches of the National Bank, commercial banks, their branches, nonbank credit organizations, which perform settlement operations (settlement-processing company, centre, chamber and other legal persons); mm) Non-cash settlement settlement by payment documents without cash money; nn) Paperless settlement (paperless technology) non-cash settlement on the basis of e-documents (not using paper payment documents); oo) Remittances (bank remittance) a way of transfer, through a bank, of cash resources, including foreign currency between separate physical persons, not covering compensation for transaction (cost of work performed, services rendered, goods supplied); pp) Transfer transfer of money to a recipient s bank account; qq) Writing off removal, writing off money from a payer s bank accounts; Article 2. General Provisions 1. Non-cash settlement rules are worked out in accordance with the Georgian Bank Legislation and other legal acts, which on the territory of Georgia, in the forms set forth by the legislation, specify a general approach to arrangement of settlements, regulate noncash settlement, common document circulation; use of payment documents, their completion and preparation; formatting; maintaining of archives; sets forth rules for operations with bank accounts. 3

4 2. These rules are applicable with regard to National and local governance and selfgovernance bodies, institutions, organizations, any physical (including underage physical persons, in cases specified by the Civil Code) or legal person, irrespective of their organizational-legal form, as well as those organizational formations, which do not represent a legal person but are entitled by the Georgian legislation to open an account (hereinafter the Client). 3. Writing off monetary funds from a client s account is performed without acceptance under payment documents drawn up in accordance with the requirements of these rules. 4. Writing off monetary funds from a client s account is performed in sequence specified by a holder of account, except for budgetary and equal payments (See Article 5 for Sequence). 5. According to the contract between a client and the bank or on the basis of a written declaration of a client, a bank is authorized to perform settlement by way of planned payments. 6. In accordance with Article 59, Section 4¹ of the Tax Code of Georgia, any other person is entitled to fulfil a tax liability of a tax payer. ( Official Printing Body N183) Article 3. Types of payment documents, their preparation and use 1. The following is used in non-cash settlements: a) Payment order; b) Order for collection; c) Documentary credit; d) Documented collection; e) Plastic card of a bank; f) Settlement check. 2. Payment documents, except for cases provided for by the legislation, shall contain the data, such as: a) Title of a payment document; b) Number of a payment document ( ) is indicated digitally; c) Date of drawing up (issue) of a payment document (day/month/year). The date of preparation of a payment document is indicated as follows: day - digitally, month - in words, year digitally. When preparing an e-document, the date may also be indicated as follows: (date/month/year); d) Title of a payer in case of any transfer (or remittance) it is compulsory to indicate one of the following: d.a) A full title of a payer legal person (desirably with its organizational-legal form) and it identification number; ( Official Printing Body N62) d.b) A full name and a personal number (corresponding to the identification card) of a physical person; ( Official Printing Body N62) d.c) In case of foreign citizen a full name, passport number and country name. ( Official Printing Body N62) An abbreviation may be indicated, provided that it will not lead to a semantic change in the title, hampering the work of a bank and its client; ( Official Printing Body N62) 4

5 e) Identification number an identification number of a payer. An identification number attached by the tax bodies to a payer or a physical person, or a personal number of a physical person (corresponding to the identification card of a citizen) is indicated; f) Account (debit) a payer s account at a bank. In case of a physical person, it is possible to indicate another account (for instance, transit account, etc.); g) Payer s bank a title of a paying bank is indicated; h) Bank code a code of a bank or its branch with which a payer has opened an account; h¹) Title of a tax payer - this field (margin) may indicate one of the following cases: ( Official Printing Body N183) h.a) Full name of a payer, who is a legal person or a full name of a physical person, if a payer covers his/her budget liabilities (the same as in field Title of a Payer given in Article 3, paragraph 2, sub-paragraph d ); ( Official Printing Body N183) h.b) Full name of a person, or a physical person, instead of whom a budgetary payment is made; ( Official Printing Body N183) i) Recipient a full name of a recipient of funds - a legal person (desirably, including its organizational and legal form) or a full name of a physical person is indicated. An abbreviation of a recipient (legal person) may be indicated provided that it will not lead to a semantic change in the title, hampering the work of a bank with its client; j) Account (credit) recipient s account number at the bank; k) Bank code - a code of a bank or its branch with which a recipient has opened an account; l) Treasury code of budget revenues code assigned by the treasury service of the Ministry of Finance; m) Details of payment (in words) indicate any information related to the referred payment (name of goods, work performed, services rendered, invoices, contract numbers, dates, pre-payments, a fact of payment of budgetary payments instead of another person as provided for by Section 4¹ of Article 59 of the Tax Code of Georgia, and etc.); ( Official Printing Body N183) n) Additional information a reserve field (margin) for additional textual information; ( Official Printing Body N62) o) Amount amount indicated in digits; p) Amount (in words) a sum to be paid is indicated in letters (textual). However, the value of GEL must be indicated in words and the value of Tetri digitally. If the sum is expressed in GEL only, Tetri may be omitted. The sum is to be written down starting from the beginning of the line; q) Signatures a soft copy of payment document shall be signed by a person or persons, who are entitled to do so as stated by the legislation and the right to sign payment documents is verified by a signature card presented to a bank; an electronic version of payment document is signed by a person (or persons), who is (are) registered with the payment system as holders of electronic-digital signatures (as stated by a system organizer); r) P.S. a place for a payer s seal. A payer puts a seal onto a payment document presented to a bank, if he has presented to a servicing bank an imprint of his seal. In absence of such, no payment documents certified by a seal will be accepted by banks from payers; s) Notes completed by a responsible executive officer of the bank; 5

6 t) Date of submission the date of submission to the bank of payment documents by a payer. It is completed by a responsible executive officer of the bank in the following form (Date/ Month/ Year); u) Signature a signature of a responsible executive officer of the bank; v) Place of stamp a stamp of a responsible executive officer of the bank, which is to verify that a document is completed correctly and is accepted for execution or is irretrievable. A responsible executive officer of the bank confirms the fact of verification of the correctness of completion of the document and its acceptance for execution with a stamp Accepted, and if a document is irretrievable - with a stamp Cashed. 3. Banks perform cashless operations on the basis of electronic and paper payment documents. Under agreement between a client and a servicing bank, a payment document may be sent by fax. In case a payment document is delivered by fax, a bank specifies safeguard actions against unapproved payments. 4. In settlements by means of paper payment documents, a bank accepts for execution the payment documents signed and confirmed with a seal (if such exists) by persons (or a single person), who are (is) entitled to do so. Signatures (signature) on a document shall correspond to those (that) inscribed on the signature card. 5. A payment document is completed by a client (a payer) or bank. Responsibility for the correctness of the content and data of a payment document lies with the client. A payment document completed on request of a client is signed by a client in a corresponding field, thus confirming his/her responsibility for the adequacy of the settlement document. 6. On trading days, payment documents are submitted for performance during the day, in hours appointed for work with clients by the bank. 7. Documents submitted by clients during a trading day are registered on the same working day. After the closing hours, documents submitted by the end of the day are registered on the following working day. ( Official Printing Body N62) 8. If there are sufficient funds on account, payment documents are submitted irrespective of the sum indicated therein. In case of order for payment and budgetary payments, payment documents are submitted irrespective of whether there are sufficient funds on the account or not. 9. Payment orders prepared in defiance of requirements of the rules of non-cash settlement shall not be submitted for performance by the bank. However, rejection of an incorrectly completed payment document does not require a written motivation from the bank. 10. A responsible executive officer of a bank, after verification of the accuracy of completion of a payment document submitted for performance, indicates the date of submission of the payment document in the Notes field and handles a copy of this document to a client with a stamp and signature. 11. A client is entitled to annul an order given to the bank until money is actually transferred from his/her bank accounts. A payment document is considered to be actually transferred (performed), when: a) A servicing bank institution put a stamp Cashed on a copy of this document, which is to be returned to a client (if a settlement is executed with paper documents); b) A sum is written off from the account of a client on the basis of e-document submitted by this client to the bank. 6

7 12. The procedure of retrieving by a client of a payment document is given in Annex 1 of these Rules. 13. To complete a settlement, an obligation of a recipient bank with regard to a recipient is considered performed from the moment transfer of money to his/her account is accomplished. A procedure of transfer of money to the account of a recipient is given in Annex In case, when in non-cash settlement between a client and bank, the bank incurs an obligation to write off funds without a client s order (a payment document) (For instance delegation by a client of his/her right to unconditionally write off funds from his/her account on the basis of a contract or preliminary declaration; under the effective legislation, an obligation of involuntary writing off funds; partial cashing of payment documents from the file of overdue documents, targeted return of earmarked sums and other), the bank performs such operations through an order for payment drawn up by itself, taking account of the following particulars: a) In Payer s field, full data of a payer of the funds is indicated (in accordance Article 3, paragraph 2, subparagraph d of these Rules); ( Official Printing Body N62) b) An identification number is indicated in cases provided for by the legislation; c) In Account No field, an account number of a payer is indicated; d) In Destination field, a purpose of unconditional writing off the funds from a client s account, without his/her order, is indicated; e) A payment order is signed by a responsible person (persons) of a bank institution, who is (are) authorized to sign payment documents. 15. Using modern technologies, a bank is authorized to perform electronically the operations listed in paragraph 14 of this Article. In such case, recovery of a performed operation from an electronic archive, and printing it out, shall be possible at any time. ( Official Printing Body N183) Article 4. Settlement by order for payment 1. Presentation of a payment order in the form of a soft copy: a) A soft copy of a payment order (or its image) is presented to a bank on the basis of an agreement concluded between this bank and its client on use of electronic systems for electronic exchange of payment documents, program cryptographic safeguards and electronic-digital signatures. In case of presentation of payment orders in the form of soft copies, no hard copy of a payment order is required by the bank; b) For an electronic payment document to be able to exchange in the form of a e-messages, it should comply with: b.a) the requirements laid down by the NBG - in case of interbank settlements; b.b)the requirements laid down by commercial banks in case of settlements between the head office of a bank and its branches and also a bank and its clients (client-bank, internet, cell phone or other); c) an electronic payment document to be presented within the interbank settlement system shall contain all the data specified in Article 3, paragraph 2, except for the data which are not transferable to the e-format (seal, stamp, signature); Moreover, it shall contain additional data such as unique code of a document (reference), date of registration with 7

8 the bank, electronic-digital signature. Within the trading day system of a bank, an electronic payment document may also have other additional data (For instance, codes of managers and executive officers of internal operations, special system signs, current status and other). While entry of the information into computer, the key fields in an electronic payment order are copied directly from a hard copy of this payment order, and additional fields are originated (or invoked) using software tools (program-technical means); d) In case of electronic presentation of a payment order, it is necessary to follow the safeguard actions agreed between the parties to prevent unapproved payments. The actions against unapproved payments are considered to be agreed: d.a) when a client has recognized by contract actions against unapproved payments proposed by the bank; d.b) if a client rejects bank s proposals and offers other safeguards acceptable to the bank. In such case, responsibility for actions against unapproved payments lies with this client; e) an approved electronic payment order transferred by a servicing bank of a client to a correspondent bank is considered to be transferred incorrectly: e.a) when data of a payment order does not comply with that of a payer s payment order; e.b) when a payment order is transferred repeatedly; f) if a payment order transferred by a client to a servicing bank is transferred by mistake, a client shall notify the bank of the discovered mistake within a deadline specified by contract. In his/her notification, a client shall reflect the data of a payment order and the incorrect particulars discovered therein; g) In absence of such notification, a transferred payment order containing incorrect data shall be considered accepted for performance and the bank shall bear no responsibility for the consequences of such performance. In case of loss incurred by a servicing bank due to a payment order transferred by a client by mistake, a client is responsible for the actual loss caused to the bank. 2. Presentation of a payment order in the form of a hard copy: a) A payment order (including an order for collection) is valid for presentation to the bank within ten calendar days from the date of issue (the day of issue is not included); b) Payment orders are submitted for performance if there are sufficient funds on the bank account of a client (except for orders of budgetary and equal payments), which are accepted irrespective of whether there are sufficient funds on a client s account or not and are recorded in the file of overdue documents). After they are incorporated into the file of payment orders, on the right upper corner of all copies of a payment order a note is made on its incorporation into the file, with reference to the date. Procedures on cashing of payment orders from the file of overdue documents are given in Annex ¹3; c) Hard copies of payment orders (except for documentary operations) are executed as provided for in Appendices 8 and 9 of these Rules as prescribed by the procedure on their completion given in Annex ¹4. Fields with no data values remain uncompleted (fields of payment orders reflecting transfers to non-budgetary accounts); d) The bank is presented one hard copy of a payment order drawn up by a client in observance of these Rules, which is an original copy. Another copy of a payment order to be returned to a client (or any quantity, as specified by the bank independently and reflected in operational terms and conditions declared by the bank in internal bank regulations) is his/her copy (a 8

9 copy made by means of a reproducing machine, scanner and etc., unless it is reproduced without defects). An original copy of a payment document remains with the bank and represents a basis for performance of an operation, and a copy certified by a signature and stamp of a responsible bank employee is to be returned, without fail, to a client; e) A client may not indicate a condition for partial performance of a payment order presented to the bank. Article 5. Settlement by order for collection 1. Unconditional payment (writing off) of sums is enforced by the NBG, Financial Supervision Agency, executive bodies, Tax and Customs Authorities of Georgia, which are authorized to impose such payments on persons in accordance with the Georgian legislation. 2. Unconditional writing off of the funds from a payer s accounts is performed by the lawenforcement officers of the Enforcement Bureau (hereinafter officers) under the original copies of a writ of execution issued by authorized bodies, or duly certified duplicates, on the basis of an order for collection completed and duly certified by these bodies ( 9 Annex), and the NBG, Financial Supervision Agency and Tax and Customs Authorities of Georgia - on the basis of an order for collection completed and duly certified by them and a decision on submission of an order for collection to the bank. 3. A writ of execution presented to the bank shall be executed in accordance with the Law of Georgia on Enforcement Proceedings. 4. A corresponding field of an order for collection on unconditional writing off funds shall contain reference to a title of the normative act and Article (paragraph) on the basis of which funds may be unconditionally written off. The bank shall carry no responsibility for the validity of information incorporated into this field. 5. An order for collection may at once refer to several accounts (including in foreign currency) opened by a payer with one and the same bank institution. The sum indicated in the order for collection is written off from a payer s accounts, which are indicated in the order for collection. It is impossible for a bank to write off sums referred to in the order for collection from any other account of a payer (client), which is not indicated in this order of collection. 6. No matter how many accounts (including in foreign currency) of a payer are indicated in the order for collection, a total sum presented in the order of collection is to be written off once. One-time writing off the sum may be performed from both one of the accounts and all of the accounts referred to in the order for collection. 7. An order for collection indicating several accounts of a payer, first of all will be performed (cashed) from the account opened in the currency in which the sum subject to unconditional payment is represented. If there is not enough money on the referred currency account, an order for collection shall be performed from the account (accounts) selected by the bank. 8. In writing off funds from accounts opened in other currency, it is converted at the rate established by the National Bank of Georgia, with the rates of commissions for settlements between the bank and its client set by this bank. 9. For unconditional writing off, a writ of execution and an order for collection of an enforcement officer or an order for collection of the NBG, Financial Supervision Agency, Tax and Customs Authorities is to be presented by relevant authorized persons or by post directly to that division of a bank institution, which maintains a debtor s accounts. 9

10 10. Official powers of a person (persons), who presents an order for collection, are ascertained by a bank institution on the basis of identification papers. Identification papers shall be issued by the bodies, who present an order for collection. Identity may be established by employees of a chancery, operations or legal department (division) of bank institutions. A bank institution shall not accept a writ of execution without establishment of the identity of a person, who presents an order for collection. 11. The bank shall accept an order for collection irrespective of whether there is sufficient sum on the bank account of a debtor or not. In case there is not sufficient sum on the bank account of a debtor, an order is recorded in the file of overdue documents and is cashed in course of entry of the money, in full or in part, in sequence referred to in paragraph In case of failure to perform or improper performance of an order for collection, the bank bears responsibility as prescribed by the effective legislation. 13. Responsibility for justification or reasonableness of unconditional payment lies with the collector of the funds, and insofar the bank is not obliged to consider claims of a payer with regard to unconditional writing off. 14. In case the requirements of this Article are not fully observed, a bank institution shall return an order for collection represented for unconditional writing off the funds to the person, who presents such order, with an accompanying letter of motivation accounting for the refusal to perform such order. 15. Orders for collection of the bodies entitled to unconditional writing off have a certain priority against one another, and in particular: a) The priority among orders of collection of the National Bank of Georgia, Enforcement Bureau, Financial Supervision Agency, Tax Revenues and Customs Authorities is with the order of collection of the National Bank of Georgia and shall be performed in the first place, irrespective of the time of its presentation as compared to the time of presentation of other orders for collection; b) Orders of collection presented by the Tax Revenues and Customs Authorities are equal settlement documents and shall be performed by their chronological sequence; c) Orders of collection presented by the Enforcement Bureau shall be performed after performance of the orders of collection presented by the bodies referred to in subparagraphs a and b of this paragraph, by their chronological sequence. 16. In case of presentation of documents on seizure to the servicing bank by the bodies vested with relevant powers with regard to bank accounts of the bank clients, all orders for collections are suspended, including the order for collection of the National Bank of Georgia. In case of presentation of order for collection within several acts of seizure on the bank account of a client, no question of priority of orders for collection is raised, as presentation of one or more acts of seizure on account excludes execution of any active bank operations. 17. In case of presentation of a multiline order for collection, a bank institution ensures writing off the money from accounts indicated correctly in the order, and as concerns orders for collection with incorrectly indicated account (accounts), the person who presents such order shall be notified in writing, no later than the next working day. 18. If a bank institution and revenues office of the Ministry of Finance of Georgia conclude a contract on electronic exchange of information (including orders for collection), the requirements provided for by this Article may be performed through electronictechnological means. ( Official Printing Body N183) 10

11 Article 6. Settlement by letters of credit 1. Settlements by letters of credit between a payer and receiver are governed by the effective legislation and in compliance with the rules established by the International Trade Chamber. 2. Terms and conditions of use of documentary operations are given in Annex The bank has a right to take a decision on opening of a letter of credit independently, if opening of a particular letter of credit is related to any risk to the bank. 4. Banks bear responsibility for mistakes made in settlements by letters of credit in accordance with the legislation. 5. Claims originated for reasons beyond control of a bank are considered by an issuer of a credit order (a payer) and recipient with no involvement on part of the bank. Article 7. Settlement by plastic cards of the bank Settlement by plastic cards of the bank are governed by Regulation on Plastic Cards, contract concluded between a client and the bank, in accordance with the rules worked out by corporations supplying international plastic cards payment systems. Article 8. Settlements by cheque Settlement by cheque is governed by the effective legislation, internal bank regulation and a contract concluded between the bank and its client. Article 9. Non-cash settlement by a physical person 1. The term physical person used in these rules means a person, who performs a non-cash settlement not associated to entrepreneurial activities. 2. These rules regulate non-cash settlement performed by a physical person both inside and outside the territory of the country (either in national or foreign currency), on the basis of a contract, either through opening a bank account (current, savings or plastic card accounts) with a bank institution or without opening a bank account (without a contract). 3. Conditions on which a non-cash settlement is performed through an account opened with a bank: a) In non-cash settlement through an account opened with a bank, a physical person has a right to opt any form of non-cash settlement, taking account of particulars of these rules; b) Writing off by a bank of the money from a bank account of a physical person is performed on the basis of instructions (a payment order) from a holder of account, or in cases provided for by the legislation without such instructions; c) In case there are not sufficient funds on the bank account of a physical person, the bank is authorized to perform an operation through a credit issued to this physical person; 11

12 d) A physical person is entitled to perform payment of budgetary or other payments from his/her bank account to a bank account of another physical or legal person. A physical person is also entitled to perform transfers from his/her bank account instead of another physical or legal person; ( Official Printing Body N183) e) The sum referred to in an order for payment may not be refunded partially; f) A physical person has a right to empower, by letter of attorney, another person (an empowered person) to dispose funds on his/her account. A physical person issuer of a letter of attorney - has a right to terminate at any time the validity of this letter of attorney by submitting a relevant declaration to the bank institution; g) To perform single or periodical transfers (For instance, for public utilities and other), a physical person has a right to empower, on the basis of a contract or declaration, a bank institution to complete payment documents. A physical person submits a declaration containing free text and signature by which it empowers the bank to perform, during a certain period of time, periodical transfers on bank accounts; h) A declaration of a physical person shall indicate the data required to perform transfer of funds; i) A declaration from a physical person is signed and stamped by a responsible officer of a bank institution, with indication of the date of submission of the declaration. The original copy of thus executed declaration is kept with the bank and a copy is returned to a physical person; j) It is recommended that a declaration of a physical person on transfer of payments from his/her bank account, reflects: j.a) A Payer s full name and a personal number (corresponding to the identification card) is indicated. In case of foreign citizen a full name, passport number and country name is indicated. ( Official Printing Body N62) j.b) Account No of a payer; j.c) Identification number of a payer indicated in cases provided for by the legislation; j.d)title and account number of a recipient if a recipient is a legal person, or a full name and current account (deposit or plastic card account) number of a recipient if a recipient is a physical person; j.e) Title and code of a recipient bank; j.f) Amount payable or terms determining amount of payment; j.g) Details of payment; j.h) Term of validity of the declaration; j.i) Date of completion of the declaration; j.j) Additional data required for execution of the declaration (For instance, telephone No; on request of a client - other conditions under which a bank is granted a right to make corrections to the amount to be transferred, or other data meeting the requirements set forth by a client); k) The bank performs transfers on the basis of a contract or declaration made by a physical person through an order for payment, taking account of the following particulars: k.a) In Payer s field, a full name and a personal number (corresponding to the identification card) of a physical person is indicated. In case of foreign citizen a full name, passport number and country name is indicated. ( Official Printing Body N62) k.b) Identification number is indicated in cases provided for by the legislation; k.c) In Account number field, a bank account of a physical person is indicated; 12

13 k.d) In details of payment field, a fact of drawing up of a payment order on the basis of a declaration (or contract) of a physical person, with indication of the date of declaration and destination of payment; k.e) Order for payment is signed by a responsible officer (officers) of a bank institution, who is (are) entitled to sign orders for payment; l) In case of transfer made to the benefit of another physical person: l.a) In Recipient field, a full name of a recipient is indicated; l.b) In Account number of a recipient filed, a bank account of a recipient physical person is indicated. m) A physical person has a right to terminate, at any time, the power to make payments from his/her account granted to the bank, by presenting a relevant declaration to the bank institution; n) A payment order of a physical person may be completed in the form of both hard and soft copies; o) In case of transfer of funds by a physical person to the benefit of several physical persons, who are clients of the same bank, settlements may be made by means of a register. 4. Performance of transfers by a physical person without opening an account with a bank. a) Transfers of funds without opening an account with a bank institution are performed through funds received from a physical person to the benefit of physical and legal persons and also to the benefit of the budget. A physical person is also entitled to perform transfers without opening a bank account instead of another person; ( Official Printing Body N183) b) The rules and conditions of transfer of funds by physical persons without opening an account are set forth by the bank independently, taking account of the conditions specified by these Rules; c) To perform operations without opening an account, the bank must make a full identification of a physical person; d) For a physical person to perform operations without opening an account, a payment order is completed by a physical or the bank. In both cases, a document is signed by a physical person; e) Shall be exempted ( Official Printing Body N183) e.a) Shall be exempted ( Official Printing Body N183) e.b) Shall be exempted ( Official Printing Body N183) f) To record transfers without accounts at the payer and recipient banks, accounts from corresponding class of accounting reports (debtors-creditors) are used. Chapter II. Intrabank and Interbank Settlement Rules Article 10. General part 1. Interbank settlement rules define general approaches to organization of settlement operations within the Georgian banking system, performance of settlements with bank accounts (correspondent and other), functioning of payment systems, confidentiality and other issues. 2. Interbank settlement, which is a means of transfer of money through bank accounts, is regulated by the Banking Legislation, these Rules, separate normative acts of the NBG, a 13

14 contract concluded by a bank with its clients and other banks, and normative acts on payment systems. 3. In accordance with the effective legislation, an organizer and supervisor of the Interbank settlement (and other payment systems) is the National Bank of Georgia, which governs, establishes rules of non-cash settlements, their forms, terms, standards, safety regulations, ensures working out of normative acts, guarantees for all system participants equal conditions and confidentiality of information, bears responsibility for performance of its functions before other banks as provided for by the legislation. Article 11. Paperless technology 1. Introduction of electronic technologies and modern technical means into the Georgian banking system enables maintaining of financial and economic activities in Banking through paperless techniques. 2. The primary settlement and accounting documents of financial and economic activities of the bank on the basis of which a database of e-documents is formed, is a special type of circulation (workflow) of the bank documents, which have a strict predefined format. In contrast to other documents, their properties vary comprising both textual information (titles, destinations and other) and digital data (codes, account numbers, sums, dates), which makes it impossible to represent them under different redaction. 3. Creation of electronic payment documents is based on a principle of single entry of documents. Once created electronic document, which is ready for performance, may not be redrafted (manually entered to computer) for processing at various stages. 4. With the availability of common databases and adequate safeguards, it became possible to gain access to an electronic payment document created on a single entry principle at one work place for its further processing (performance) from another work place without making a hard copy of this e-document and shifting them between the work places. 5. A principle of single entry of documents, when it is no longer necessary to re-enter the data of a received primary e-document, enables interrelations through paperless technologies both for the internal bank structures (a system of the bank trading day and etc.) and external paper circulation (interbank settlement, client-bank, settlements with the State Budget and etc.). 6. Since a technological cycle of processing of primary e-documents covers various successive steps of processing for one e-document, various documents and sheets may be received in succession only on the basis of a primary e-document. 7. For accounting purposes, the bank is authorized to create electronic payment documents as special sheets or forms and to use them for accounting purposes specified by internal regulations (to compare accounting records, formation of memorial and other internal settlement documents, use for other accounting purposes). 8. While benefiting from paperless technologies, it is necessary to maintain an archive. 14

15 9. There is no need of printing out hard copies of daily e-documents and other sheets available in the electronic archive, in order to create an archive of paper documents (for binding them in a bank file of daily documents) or for other purposes. 10. In case of necessity to create hard copies of e-documents, parties to a settlement shall be guided by the existing rules governing their execution (typing of documents in a standard form, signatures, stamps and etc.). Article 12. Payment systems 1. Georgian infrastructure of payment systems in Banking covers two autonomous segments: a) Payment systems organized by the National Bank of Georgia; b) Private payment systems. 2. Payment systems organized by the National Bank of Georgia are systems organized for Interbank and settlement between other ministries and agencies (including overseas companies). 3. Private (commercial) payment systems are internal settlement systems of commercial banks, bank and non-bank credit institutions specialized in settlement-clearing, Interbank exchange market, organized securities market, plastic cards retail payments and payment systems of other companies. Article 13. Participants of Interbank settlements 1. Persons identified by Chapter I, Article 2, paragraph 2 of these Rules, may be represented in the interbank settlement system both as direct and indirect participants of settlements. 2. A direct participant of a settlement is the one, who has a bank code (or a conditional bank code), a relevant account opened with the NBG, is registered in the settlement system, having a direct access to the system. 3. Indirect participants of a settlement are those, whose orders may be performed in their name through other direct participants (invested with relevant powers) of the system. 4. Each of the system participants is authorized to perform only those functions, which are specified by normative acts regulating a particular payment system and relevant contracts. Article 14. Organization of interbank settlements 1. To perform settlement operations, it is compulsory for all commercial banks operating on the territory of Georgia to open one correspondent account with the National Bank of Georgia (or its branch office, by its place of location) after they have been issued a bank licence. A commercial bank, having many branches, opens a correspondent account of its branch at a head office only. Opening of correspondent account of a branch with the National Bank (or its branch office) is not allowed. A subsidiary of a foreign bank 15

16 operating on the territory of Georgia opens its correspondent account with the NBG and other commercial banks operating on the territory of the country. 2. The National Bank of Georgia and a servicing bank conclude contracts on correspondent account services and real-time settlement services. 3. For the terms agreed by the parties, they conclude contracts which specify rules of providing settlement services, performance of operations, exchange of documents, compensation for services, rights and obligations and also other conditions laid down by the legislation and normative documents of the National Bank of Georgia. 4. Participation in the NBG settlement system may be terminated both by a participant and on initiative of the National Bank, under conditions laid down by the contract. 5. The National Bank is presented settlement documents exclusively in the form of e- documents, through communication channels (in case of technical interference - through magnetic or paper carriers, in exceptional cases). 6. The National Bank accepts settlement documents irrespective of the amount available on the corresponding account of the bank at the time of receipt of documents, in account of cross-transfer. 7. An electronic payment document drawn up using safeguards and reflecting all properties of a primary payment document has a legal power equal to a paper payment document and does not require a hard copy to be enclosed. Electronic payment documents, which fail to satisfy requirements of the normative documents regulating the payment system, are not subject to performance. 8. Operations (writing off, transfer) on a correspondent account of a bank are based on abstracts from correspondent accounts and accompanying payment documents, which are also delivered to the bank in the form of a soft copy under the procedure and in terms specified by a contract, using data safeguards. 9. An operation performed by the National Bank is considered: a) Irrevocable from the moment of writing off funds from a payer bank s correspondent account at the National Bank; b) Completed from the moment of transfer of the funds to a recipient bank s correspondent account at the National Bank. 10. Banks are authorized to perform interbank settlements by correspondent accounts opened with each other. 11. Settlements between banks may be performed through those non-bank credit institutions (settlement, processing, clearing institutions and etc.), which have access to payment systems in the sphere of banking by means of data exchange networks and are in the position to provide informational-technological interaction between banks in compliance with the specified rules. Article 15. Settlement between the head office of a commercial bank and its branches 1. Head offices perform settlements with their branches independently through payment systems organized in compliance with the internal bank regulations. 2. Internal bank regulations are prepared as a separate bank document approved by the management body of this bank. 16

17 Article 16. Performance of settlement operations on correspondent accounts of banks, which have correspondent accounts opened with another bank 1. Commercial banks, and also subsidiaries of overseas banks registered on the territory of Georgia, are authorized to perform settlements by correspondent accounts opened with each other (i.e. to establish correspondent relationships). 2. Opening of correspondent accounts and settlement operation by them are performed on the basis of reciprocal contracts concluded between them within the framework of the effective legislation. 3. A confirmation of writing off or transfer of funds is an abstract from a correspondent account which is delivered by an executive bank to a bank, which commences this operation. 4. A procedure of exchange of information and performance of operations between the parties, rights and obligations, date of reflection on the operations balance, the procedure of settlement of disputable issues and transfer of remainder in case of closing of an account, and other conditions are given in a contract. 5. Correspondent accounts are closed upon invalidation of contracts. Article 17. Settlements with non-bank institutions 1. Settlement-processing or clearing operations may be performed on the territory of Georgia through non-bank institutions (settlement-processing companies, centers, chambers, markets, depositaries, etc.), which are authorized to perform settlement operations in accordance with the effective legislation. 2. Among settlement-processing or clearing institutions or those banks, which are not participants of this system, cash funds are transferred through a payment (settlement) system organized by the National Bank. 3. Principles of operation of settlement-processing or clearing institutions shall coincide with the main directions of the settlement policy of the National Bank of Georgia. 4. Potential operations of settlement-processing or clearing institutions include: a) Opening and leading of accounts of settlement participants; b) Performance of settlement on order from physical or legal persons or correspondent banks (including reciprocal obligations on a net clearing principle); c) Servicing settlement-payment documents; d) Other operations, which are allowed by the effective legislation and are not related to credit risks of cash funds on clients accounts. Article 18. Organization of e-archives 17

18 1. Storage of electronic information is governed by these Rules, conditions laid down by a contract concluded between a system organizer and participant, and by relevant normative instruments. 2. In case of paperless technologies, it is compulsory for both a client and the bank to store in e-archives original electronic payments documents (signed, ciphered) received/transferred by a system for processing, software tools and used electronic keys. 3. Storage is compulsory for both parties of the system. 4. A list of sheets subject to storage at various steps of processing of primary e-documents is specified proceeding from this or another payment system technique. Provided that a payment system has a feature enabling automatic receiving, on the basis of primary payment documents of the past period, of other sheets of the following steps, the bank is authorized to store only information of that step from which it is possible to receive documents of the following steps. 5. While storing information in e-archives, it is necessary to ensure: a) that e-archives and data are protected from unapproved access; b) impossibility to enter any changes thereof, protection from both intended damage and damage by negligence, falsification and unsanctioned destruction; c) Within the entire period of storage, a possibility to ascertain their authenticity and immutability their accessibility, use or duplicating; d) A possibility of unhampered access; e) A possibility to recover it from an archive and present it at an adequate level, as a document certified by a signature of a relevant responsible person. 6. Electronic information is stored on electronic or optical carriers. 7. Information must be stored in two copies, in areas separated from one another. 8. Terms of storage of e-information are specified in a similar way as the terms of paper documents specified by the legislation. 9. E-archives are destructed along with respective paper documents, after expiry of the term of storage and are executed by respective protocols under the stated procedure. 18

19 19

20 Annex 1 A procedure of retrieval of payment documents submitted to the bank 1. A payer is entitled to retrieve the following documents presented by him to the bank: a) Orders for payment reflecting transfers to non-budgetary accounts prior to their performance; b) A payment order presented for budgetary or equal payments, which is not cashed or is partially cashed (because of the lack of funds on a payer s account or other reasons) and is recorded in the file of overdue payment documents. 2. A recipient is entitled to retrieve an order for collection, which is not cashed or is partially cashed (because of the lack of funds on a payer s account or other reasons) and is recorded in the file of overdue payment documents. 3. Unperformed payment documents may be retrieved from the file in a full amount (a partial retrieval is not allowed), and payment documents performed in part may be retrieved in the amount of unperformed left-over. 4. Payment documents are retrieved on the basis of a freely drafted application, which is signed by an adequately empowered person, who presents a payment order, and is presented to a servicing bank of a payer. An original copy of an application is kept in the file of daily documents of the bank and a copy certified with a bank office stamp is returned to a client to confirm receipt of application for retrieval. ( Official Printing Body N62) 5. The bank retrieves orders for payment to the payer and orders for collection to the person, who presents them. 6. When returning payment documents the bank crosses notes on their acceptance for performance. On the other side of an original copy of a payment document a note on return is made (Returned not cashed on the basis of letter date), with indication of the date of return, stamp of the bank, signatures of a responsible executive officer and controller. Thus prepared copy of an order for payment is returned to the payer and an original copy is kept with the bank to be incorporated together with an application for retrieval of the document into the file of daily documents. 7. In case of closing of a client s account, orders for payment are returned to the payer and orders for collection to the recipient, with indication of the date of closing of the account. 20

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