Money, money circulation and credit - стр. 24

The rules of rediscount of bills by the National Bank approved by a decision of the board of directors of the National Bank of the Republic of Kazakhstan dated from November 15, 1999 № 395.

The policy and procedure for rediscount of bills of the National Bank of Kazakhstan approved by a decision of the board of directors of the National Bank of the Republic of Kazakhstan dated from March 21, 2000 № 111.

The instruction on the financial analysis the bills’ emitters and the limits determination of the bills rediscount approved by a decision of the board of directors of the National Bank of the Republic of Kazakhstan dated from March 16, 2000 № 96.

The Law «About the cost of stamping in regard to the bills of exchange and promissory bills in the Republic of Kazakhstan)) dated from December 15, 2000 № 122-II (repealed).

Cheque is a due form financial document containing an ultimate order of an account owner in a loan institution about a payment to a cheque holder a definit sum of money. Initially the cheques appered in the XVI-XVII centyries in the Great Britain and Holland.

There are three different types of cheques: an order check which is untransferable issued to a person by name; a bearer cheque not indexed by name; an order cheque issued to a certain person but with the right of disposal by endorsement.

In Kazakhstan the cheques issue, circulation and payment is performed on the basis of the following normative legal documents: the Law of the Republic of Kazakhstan dated from July 29, 1998 № 237-I «About the payments and money transfers»; «The rules of cheques application on the territory of the Republic of Kazakhstan» dated from December 5, 1998 № 266; and the National Bank of the Republic of Kazakhstan board of directors decision dated from April 25, 2000 № 179 «About the regulations adoption of the financial instruments application, the wire transfers execution and remissions on the territory of the Republic of Kazakhstan».

According to these laws and regulations in Kazakhstan could be issued the following types of cheques:

A covered check supplied with a deposit preliminary placed by a cheque drawer to an account;

An uncovered cheque without sufficient funds. The cheques can contain a bank guarantee to their payment including according to the uncovered cheques.

A cheque drawing is a mean of payment which is performed by means of a payment document issue by a cheque drawer to a cheque holder. A cheque issue is not a monetary obligation fulfilment by a cheque drawer for which such cheque was drawn.