Cashless Payment Settlements

 

On 19 June 2012 the Central Bank issued Regulation No. 383-P “On the Rules for the Transfer of Funds.”

The Directive was registered with the Ministry of Justice on 22 June 2012.

The Regulation has been adopted following the recent entry into force of the Law on the National Payment System (see our update for 20 June – 10 July 2011 for details). It establishes the new rules for making ruble money transfers by lending organizations on the territory of Russia. The Regulation extends to the transfer of funds involving legal entities and individuals, made via bank accounts or without opening bank accounts within the established forms of cashless settlements.

The Regulation abolished Regulation No. 2-P “On Cashless Payment Settlements in the Russian Federation” (save for the rules regarding settlements via correspondent accounts opened with the Central Bank) and Regulation No. 222-P “On the Procedure for Cashless Payments of Individuals in the Russian Federation.”

The transfers of funds are made via the following forms of cashless settlement:
settlements by payment orders, by letters of credit, by collection orders, by cheques, by transfers upon request of a payee (direct debiting) and by transfers of e-money.

The Regulation provides, in particular, the following:

  • the transfers are made upon instructions drawn up by payers, payees, recoverers of funds and banks in an electronic or paper form;
  • the instructions take a form, among others, of a payment order, collection order, payment demand or another document drawn up in a form established by, or agreed with, the bank;
  • banks can, based on an instruction of payers or an agreement with them, draw up instructions themselves and make single or recurrent transfers on a certain date (within a certain period), subject to certain conditions and in an amount specified by the payer (a similar possibility is also available to payees);
  • payers can draw up a single instruction for the whole amount together with a so called “register” in order to transfer funds to several payees (a similar possibility is also available to payees);
  • direct debiting is made based on a payment demand or another instruction of a payee subject to the payer’s acceptance, including an acceptance granted in advance (the acceptance granted in advance is to meet the requirements set out by the Regulation).

Lending organizations are to adopt internal regulations specifying procedures for drawing up and performing payment instructions within one year of the Regulation entering into force.

The Regulation entered into force on 9 July 2012 (save for a few provisions that will enter into force later).

For further information please contact Igor Ostapets or Irina Dmitrieva in the Moscow office of White & Case, tel + 7 495 787 3000 .

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