Money, money circulation and credit - стр. 36
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».