National Payment System

 

On 21 November 2011 the Central Bank issued Letters Nos. 166-Т and 167-T regarding the application of the Law on the National Payment System.

Letter 166-T clarifies that banks are entitled to transfer funds to a supplier or its authorized person (including a payment agent) upon the instructions of an individual; moreover, banks may effect such transfer irrespective of whether there is an agreement with such a supplier (authorized person).

Letter 167-T clarifies that the acceptance by banks of cash funds from payment agents and banking payment agents (sub-agents) is subject to the procedures established by Regulation No. 318-P “On the Procedure for the Performance of Cash Operations […] by Lending Organizations in the Russian Federation.”

The Letters were published on 30 November 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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