The National Bank of Ukraine (NBU) plans to write off funds from correspondent accounts of banks that issue bills of exchange if the credit and financial institutions do not fulfill their liabilities on financial bills of exchange.
The proposal is stipulated in draft amendments to a procedure for carrying out transactions with bills of exchanges in the national currency on the territory of Ukraine by banks posted on the Web site of the NBU.
The draft was drawn up due to the approval of the relevant amendments to the Tax Code of Ukraine: remarks and proposals to the draft amendments can be submitted to the NBU until September 7, 2013.
According to the document, the central bank will write off the funds after receiving a notification sent by an administrator.
A legal entity, the ownership rights to corporate rights to which belong to OJSC Clearing Center for Serving Agreements on Financial Markets, is defined as an administrator of the system of electronic circulation of financial bills of exchange.
According to the draft, the administrator forms, stores and keeps the register of bills of exchange issued in the form of an electronic document and keeps a register of transactions with ownership rights on bills of exchange.
In turn, banks that signed agreements with the administrator are operators of the system of the electronic circulation of financial bills of exchange.
The draft document also says that the financial bills of exchange are securities issued by banks in a book-entry form as an electronic document (with identification and retaining of the endorsement in the system of the electronic circulation of financial bills of exchange) and proves the unconditional monetary liability of banks to pay a certain sum to the holders of bills of exchange when their term expires.
The financial bills of exchange issued by banks could be used for settling payments between companies within the term of expiration of the bills of exchange, avalization of the bills of exchange is not carried out, and the endorsement on the bills of exchange is without recourse.
“Electronic digital signatures are put on the financial bills of exchange in the form of an electronic document,” reads the draft.
The draft also says that the requirements to banks that will issue bills of exchange and the volumes of their issue are defined in legal acts of the NBU.
