Ministry of Higher and Secondary Special Education of the Republic of Uzbekistan Tashkent State University of Economics

1.3 Non-cash forms of payments.

Non-cash turnover is the amount of settlements for a certain period of time made without the use of cash, by transferring funds to customer accounts in credit institutions or offsetting mutual claims.

Subjects of the payment and settlement system:
commercial banks; clearing and settlement chambers (carry out interbank settlements); payers and recipients of funds (business entities, population, credit and financial institutions)⁶.
Settlement objects: commodity and non-commodity settlements; settlements between credit and financial institutions forming bank and interbank non-cash turnover.
A settlement document (paper or electronic medium) is;

1. 
   the payer's order to withdraw funds from his account and transfer them to the account of the recipient of funds;
   
2. 
   the order of the recipient of funds to debit funds from the payer's account and transfer to the account specified by the recipient of funds.
   

The Regulation provides for the following types of settlement documents: payment orders, letters of credit, checks, payment requests, collection orders. The organization has the right to choose and establish in the contract any of the specified forms of settlements.
Payment requirements are the requirement of the supplier (recipient of funds) to the buyer (payer), to pay according to the contract, the cost of the delivered products, the services performed and rendered, the basis for payment are shipping and commodity documents.
The payer decides on the consent (acceptance) to pay the settlement documents. Types of acceptance:
Positive acceptance is a form of acceptance in which the payer is obliged to declare in writing either his consent to payment or refusal of acceptance for each settlement document containing the supplier's demand for payment.
Negative acceptance is a form of acceptance in which the payer notifies the bank in writing only about the refusal of acceptance. Refusals not declared within the stipulated period are regarded by the bank as the payer's consent to payment (tacit acceptance). The refusal claimed by the payer may be complete or partial and must be motivated. The usual reasons for refusal of acceptance: the goods have not been ordered; the invoice is unpacked; the goods have been previously paid; there is no agreed price; shipment to an improper address, as well as other motives related to the violation of contractual obligations on the part of the supplier. As a rule, the reason for refusal of acceptance must be confirmed by references to the relevant clauses of the contract between the supplier and the buyer. The bank does not consider any disputes between the supplier and the payer on the merits of refusals of acceptance⁷.
Preliminary acceptance - means that the payer gives his consent to the payment of the supplier's claim before debiting money from his account. In this case, the settlement document is considered accepted if the payer has not declared a refusal to the bank within three working days. At the same time, the day of receipt of the settlement document to the bank is not taken into account. Payment is made the next day after the expiration of the acceptance period.
The subsequent acceptance provides for immediate payment of settlement documents as they are received by the bank during the bank's business day. At the same time, the payer retains the right to apply for a subsequent refusal of acceptance within 3 working days.
A collection order is a settlement document on the basis of which funds are debited from the payer's account in an undisputed manner. They apply:
· if this form of settlement is established by law; the relevant link must be present in the settlement document;
• when collecting on the writ of execution; a duplicate of the writ of execution must be attached to the settlement document;
• if this form of settlement is provided by the parties under the main agreement.
The Bank executes the collection order within three days after its receipt. The requirements for debiting funds on a collection order are the same as for a payment request without acceptance.
Payment orders are the most common form of settlements (their share exceeds 90% in the payment turnover). The basis of the calculations is an order-an order of the payer to the bank to transfer funds from his account to the account of the recipient of funds. Payments are made in the following cases:
for goods received, works performed, services rendered in the order of prepayment to the supplier, according to the terms of the contract for non-commodity transactions, i.e. fulfillment of financial obligations, including: transfer of funds to budgets of all levels and to extra-budgetary funds; return and placement of loans, loans, deposits and payment of interest on them; by order of the use of phys . persons and some other purposes.
Collection settlements are a banking operation by which the bank, on behalf and at the expense of its client, on the basis of settlement documents, performs actions to receive payment from the payer on the basis of settlement, commodity and monetary documents. These calculations are made with the help of payment requirements and collection orders⁸.
Letter of credit - the payer's order to the supplier's (recipient's) bank to pay for the goods or services provided on the terms specified by the buyer. It is advisable to use this form of settlement in case of random, one-time transactions when partners do not trust each other enough, as well as in case of doubts about the financial stability, solvency and accuracy of the payer.
Banks can open the following types of letters of credit:
covered (deposited): a letter of credit, for making payments under which the payer's funds are pre-booked in full on a separate account with the issuing bank (the one that opens, issues the letter of credit) or the executing bank. The payer cannot dispose of these funds. The reservation of the payer's funds can be provided by:
crediting for the amount of the letter of credit of the bank's correspondent account with the issuing bank or other bank;
granting the executing bank the right to write off the entire amount of the letter of credit from the correspondent account opened with it by the issuing bank at the time of receipt of the letter of credit for execution;
the opening by the issuing bank of coverage deposits or insurance deposits in the executing bank.
uncovered letter of credit is a letter of credit, payment for which, in case of temporary absence of funds on the payer's account, is guaranteed by the issuing bank at the expense of a bank loan.
a letter of credit is considered revocable, which can be changed or canceled by the issuing bank without prior notification of the recipient of funds. A letter of credit is revocable, unless otherwise explicitly stated in its text.
an irrevocable letter of credit is recognized, which cannot be canceled without the consent of the recipient of funds.
Check - a written order of the payer (cheque holder) to the bank to transfer the specified amount of money to the account of the recipient of funds (cheque holder)⁹.
A promissory note is a written debt obligation containing a certain set of details, according to which the owner of the promissory note (the holder of the promissory note) has an indisputable right to demand from the debtor the amount of money indicated in the promissory note after the expiration of the obligation. A bill of exchange can be simple and transferable (solo bill of exchange) and transferable (spending).
A promissory note indicates the place and date of its compilation, the amount of the debt obligation, the term, the place of payment, the name of the lender to whom the payment is to be made, the name and signature of the borrower-bill.
A bill of exchange is a written order of the bill holder to the payer about the payment of a certain amount to the bill holder. It is designed to transfer valuables from the disposal of one person to the disposal of another. It is possible to issue a bill of exchange to another person only if the payer has a receivable from the payer.
It is advisable to use scheduled payments calculations in relations between enterprises that have permanent economic ties, characterized by periodic deliveries of products during a certain period - a month, quarter, half-year, year.
Settlements by offsetting mutual claims provide for the mutual settlement of claims and obligations of debtors and creditors and the transfer to the settlement account of only the amount not credited. This simplifies document flow, reduces the need for cash, speeds up settlements and reduces mutual accounts receivable and payable. Offsets can be made between 2 participants, on a multilateral basis, be one-time and permanent, intrabank and intersectoral, regional.
Non-cash payments are made in accordance with the following principles:

• 
  the bank assumes the obligation to keep the client's funds, credit the incoming amounts to his accounts, execute the client's order to transfer funds and issue them in cash;
  
• 
  funds are debited from the account on the basis of a documented order of the account holder;
  
• 
  without the client's order, funds are debited only by a court decision and in other legally established cases;
  
• 
  if there are sufficient amounts of money on the payer's account to meet the obligations, the funds are debited in accordance with the client's orders in the order of the calendar order, unless otherwise provided by law;
  
• 
  if there are insufficient funds on the account to meet all the requirements presented to it, the amounts to cover the obligations of the organization are written off in the order established by law:
  
• 
  according to executive documents that provide for the transfer or issuance of funds to satisfy claims for compensation for damage caused to health and life, as well as claims for the recovery of alimony;
  
• 
  according to executive documents for settlements on the payment of severance payments and wages with persons working under an employment contract, including a contract;
  
• 
  according to payment documents for settlements on wages with persons working under an employment contract, as well as deductions to the Pension Fund of the Republic of Uzbekistan, the Social Insurance Fund of the Republic of Uzbekistan.¹⁰;
  
  • 
    according to payment documents providing for payments to the budget and extra-budgetary funds (not provided for by the third stage);
    
  • 
    according to executive documents providing for the satisfaction of other monetary requirements;
    
  • 
    for other payment documents in the order of the calendar queue.