Коллектив авторов - Money, money circulation and credit

• Название: Money, money circulation and credit
• Автор: Коллектив авторов
• Жанр: Банковское дело

This еducational manual reviews the questions of money, credit and bank system theory and practice in our country. In particular the essence of money, money turnover, credit, money, credit and bank system of the state, the establishment and development of the bank system of our Republic, its functions and operations, the capital market, stock-market and international currency and credit relations development.

This еducational manual is published for students and lecturers of the economic universities.

And is also could be useful for credit and fi nancial system employees.

Any distribution of this work or its part without the author’s agreement or other actions which violate a copyright norms are prohibited and punished by law.

В учебном пособии рассматриваются вопросы теории и практики денег, кредита и банковской системы страны, в частности, сущность денег, денежное обращение, кредит, денежная, кредитная и банковская система государства, становление и развитие банковской системы республики, ее функции и операции, развитие рынка ценных бумаг, фондовая биржа и международные валютно-кредитные отношения.

Учебное пособие предназначено для студентов и преподавателей экономических вузов. Также оно может быть полезным работникам кредитно-финансовой системы. Любое распространение этой работы или ее части без согласия автора или других действий, которые нарушают авторское право, запрещены и караются по закону.

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Cashless settlements are organized according to a definite system under which the body of principles organization of cashless settlements, demands placed to their organization, determined by the concrete conditions of management and also forms and means of settlements and the involved documents flow are understood.

The first principle of cashless settlements in the market economy environment implies in their performance according to bank accounts opened for clients who’d like to hold and transfer money.

In a competitive business environment a settlements performance via banks should be determined by an economic efficiency, go with economic independence of the market participants and with their activity financial responsibility.

The second principle is that the accounts’ settlements should be conducted by banks to the order of their owners in accordance with determined subordination of payments and within the account balance. This principle includes the market participants’ right of their own determination of payments’ subordination from their accounts. It provides a significant move on the way toward the real economic independence of economic executives’ confirmation.

The main demand placed in this case by bank to market practitioner as a settlement participant is to make payment within the outstanding balance of funds deposited in accounts.

The third principle is a principle of market participants’ free choice of cashless settlements forms and their consolidation in commercial agreements under the banks’ noninterference into the contractual relations. This principle is also directed onto the economic independence confirmation of all the market participants (irrespective of the form of ownership) in the organization of contractual and settlement relations and on their financial responsibility raising for the efficiency of these relations. Bank plays role of a representative in payments.

Recently a tendency of a payer’s transformation into the main subject of payment transaction is observed because in all the forms of cashless settlement the payment initiative is taken by payer. This fact corresponds to the market relations of our country’s economics.

In order to make a cashless settlement and money transfer it is necessary to use a payment instrument by means of which the payment initiates and on the basis of which money transfers.

Settlements are made with consent of a buyer or by order of a payer; the basis for transfer of sums is financial payment documents (payment orders, clearing house cheques, agreements). Under the violation of the agreement’s clauses there is a possibility of full or partial denial of payment in accordance with «The rules of payment documents usage and cashless settlements and money transfers performance on the territory of the Republic of Kazakhstan)) dated from April 25, 2000 tf»179.

In Kazakhstan in accordance with mentioned before rules determined that the settlements enterprises under their commitments and also between the entities and persons for the commodity and material valuables are performed in cashless form via banking institutions.

There is a quite wide legal basis developed in our country which regulates the terms, organization and conducting of cashless settlements:

The Law of the Republic of Kazakhstan dated from June 29, 1998 № 237-I «About the payments and money transfers».

The board of directors decision of the National Bank of RK dated from April 25, 2000 № 179 «About the regulations adoption of payment documents usage and cashless settlements and money transfers performing on the territory of the Republic of Kazakhstan».

The board of directors decision of the National Bank of RK dated from October 13, 2000 № 395 «About the regulations adoption of cashless settlements and money transfers performing on the territory of the Republic of Kazakhstan without the bank account opening».

The board of directors decision of the National Bank of RK dated from August 24, 2000 № 331 «About the regulations adoption of payments performing by means of direct debiting of bank account».

The board of directors decision of the National Bank of RK dated from December 5, 1998 № 266 «About the regulations adoption of cheques application on the territory of the Republic of Kazakhstan».

The board of directors decision of the National Bank of RK dated from April 25, 2000 № 178 «About the regulations adoption of operations with the documentary letters of credit conducting of the Republic of Kazkhstan».

The board of directors decision of the National Bank of RK dated from August 24, 2000 № 331 «About the regulations adoption of plastic cards issue and usage in the Republic of Kazakhstan».

The board of directors decision of the National Bank of RK dated from November 25, 2000 № 433 «About the regulations adoption of cashless settlements performing between the client and serving him bank». Registered by the ministry of justice of the Republic of Kazakhstan dated from January 5, 2001 № 1352.

The rules for conducting of the operations with bills of exchange and promissory bills by the second-tier banks approved by the National Bank of the Republic of Kazakhstan board of directors decision dated from November 15, 1999 № 397.

The rules of bills discounting by the second-tier banks of the republic of Kazakhstan approved by the National Bank of the Republic of Kazakhstan board of directors decision dated from November 15,1999396.

On the territory of our state the cashless settlements are performed by means of the following payment documents:

– bank transfer order;

– collection order;

– payment request-order;

– payment card;

– cheque;

– bill of credit.

While the concrete form is stated in the agreement between supplier and buyer and determined by mean and place of payment, document flow character and types of documents.

Payment documents should contain the following requisite details:

– name;

– number, date (day, month, year) of issue;

– full name including legal entity form or surname, first name, patronymic of private person – money sender, his individual identification code;

– full name including legal organizational form of the bank – money sender, its bank identification code (near the name could be stated its brand-name);

– full name including legal entity form or surname, first name, patronymic of private person – beneficiary, his individual identification code;

– full name including legal organizational form of a beneficiary bank, its bank identification code (near the name could be stated its brand-name);

– purpose of payment and also its coded name stated by the laws and regulations of the National Bank;

– sum of payment denoted by figures and letters;

– surname, first name, patronymic and signatures of the persons entitled of payment and/or money transfer initiator and (if available) its seal impression (for documents drawn up on paper);

– taxpayer registration number of a beneficiary and money sender (hereafter – TRN).

Payment documents could be rendered as in electronic form and in hard copy. Electronic payment instruments are formed in accordance with set formats for electronic payment messages transfers and sent to bank by electronic communication and telecommunication channels.

Payment document of a sender in hard copy should contain signatures of the sender’s entitled persons and his seal impression in accordance with signature and seal impression forms. Whereby if the signature and seal impression forms contain the persons who have a right of first and second signatures as the persons who are authorized to manage a bank account their signatures presence on this document is obligatory.

All the payment instruments could be divided on two groups:

– credit;

– debit.

To the credit group belong the transfers performed by means of payment order.

The performed analysis of the settlements usage made by different types of payment documents showed that in the IVth quarter of 2009 the second-tier banks and Kazpost JSC with the usage of shown in Table 3 payment instruments conducted the transactions in amount of 44 514.0 thousand of documents for the value of 26 073.3 billion tenge. Compared with the same period of the previous year the quantity increased on 12.9 % and the sum of payments decreased on 6.9 %.

The total amount growth of the represented payment instruments basically was caused by the operations quantity growth by means of payment cards on 4 387.5 thousand transactions.

The volume of payments decrease basically was caused by the fall of payments volume made with the usage of payment orders on 1 937.7 billion tenge.

Still the most widely spread on the territory of Kazakhstan payment instruments are payment orders and payment cards. Whereby the average sum of one payment order for the IVth quarter of 2009 amounted 2.2 million tenge and decreased in comparison with the analogue period of 2008 on 17.9 %. At the same time the high relative share of payment cards according to the quantity and low according to the volume of payments is characterized by the usage of this payment instrument basically for low sums encashment (the average sum of one transaction of the IVth quarter of 2009 amounted 22.9 thousand tenge).

In the IVth quarter of 2009 the less used payment instruments became the payment request-orders and collection orders. The inconspicuous part of these instruments usage in the whole quantity and amount is related to their specification.

The rest payment instruments include the cheques for the purchased commodities and services settlements, direct debiting of bank account and honored letters of credit.

Table 3

Payment data in view of payment instruments for the IInd quarter of 2009

(Q – quantity in thousands; A – amount in billios of tenge)

Payment order is an order of money sender to his serving bank to withdraw a defined sum of money from his bank account for the following transfer in favor of beneficiary. Payment orders as was mentioned before are the most widely used payment instruments in the Republic of Kazakhstan. They take the biggest share of all cashless settlements in the payment system and constitute 23.8 % according to the quantity and 90.2 % according to the volume of payment documents to July 1, 2009.

Money sender presents to a serving receiving bank a payment order on a pre-printed set form.

By means of payment orders the following money transfers could be done:

– for the goods delivered, works performed, services rendered;

– for purposes of advanced payment for the goods (works, services);

– to the budgets of all levels and non-budget funds;

– for credits reimbursement and their interests payment;

– in favor of private persons (including without the account opening);

– other payments as provided for in the legislation or agreement.

By means of payment orders the settlements in order of billing payments >could be conducted. Such settlements are applied in case of regular supplies of goods (for example the supplies of bred or milk factories to the trade enterprises, etc.) when payment of each separate dispatch is more convenient to change on periodical funds transfers from the buyer’s account to the supplier’s account in specified terms and sum.

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