On Cashless Payment Settlements

 

On 12 December 2011 the Central Bank issued Directive No. 2749-U amending Regulation No.2 -P “On Cashless Payment Settlements in the Russian Federation.”

The Directive was registered with the Ministry of Justice on 16 December 2011.

The changes are being made as a follow-up on the Law on the National Payment System, which provides for the possibility of direct debiting of a payer’s account either with its consent (acceptance) or based on an acceptance granted in advance. Under the amendments, payment demands are now divided into those 1) payable with the payer’s acceptance and 2) payable with an acceptance granted in advance (as opposed to payment demands payable with or without acceptance, previously). The amendments do not specify a procedure for the using of the latter payment demands (the previous rules on settlements with payment demands payable without the payer’s acceptance, have been removed).

The Directive will enter into force on 29 December 2011.

On 12 December 2011 the Central Bank issued Directive No. 2748-U amending Regulation No. 222-P “On the Procedure for Cashless Payments of Individuals in the Russian Federation.”

The Directive was registered with the Ministry of Justice on 16 December 2011.

According to the amendments, individuals wishing to withdraw funds from accounts of other individuals may use not only collection orders but also payment demands.

The Directive will enter into force on 29 December 2011.

For further information please contact Igor Ostapets or Irina Dmitrieva in the Moscow office of White & Case, tel + 7 495 787 3000 .

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