The Central Bank of Uzbekistan changed the procedure for organizing cash operations and collection of valuables in commercial banks. Banks that have established their own collection services according to established requirements will be able to independently transport valuables between their branches. This was reported by the regulator's press service.
What changed in cash operations
The Ministry of Justice registered the decision of the head of the Central Bank Timur Ishmetov on October 9. According to the amendments, bank cashiers, along with accrued deposit interest, can pay the public "other income". In the provision on the payment of "deposits and accrued interest", the wording now uses "funds".
The Central Bank explained that this brings the document in line with Islamic banking legislation. Islamic financial operations provide for the payment of profit, markup and other forms of income instead of interest, and the amendments extend to them the rules for cash disbursement at cashiers.
Cash and valuables transportation
The procedure for transporting cash and other valuables between banks and their branches has also been revised:
- inter-regional transportation of cash foreign currency and valuables is carried out based on directives of the regulator;
- within a region, transportation is carried out according to decisions of the collection service departments (Uzinkass);
- escort of vehicles transporting valuables between regions will be provided under a contract with the Road Safety Service of the Public Security Department of the Ministry of Internal Affairs.
Electronic orders
All Central Bank orders will be automatically generated in the Elektron farmoyishlar program (Electronic orders). Bank branches that send and receive valuables will receive them online.
For depositors using Islamic financial products, the amendments secure the ability to receive not only interest but also other forms of income at cashiers.