On approval of a temporary procedure for servicing foreign trade contracts, which have overdue debts
On approval of a temporary procedure for servicing foreign trade contracts, which have overdue debts
The Management Board of the Bank has approved a temporary procedure according to which the servicing of foreign trade contracts which have overdue debts shall be carried out as follows.
I. Regarding contracts for which there are overdue accounts receivables:
* Export operations are carried out on the basis of prepayment, letter of credit, bank guarantee and insurance policy for political and commercial risks under the export contract;
* Transactions under an import contract are carried out exclusively after the release of goods for free circulation (performance of work, provision of services) or on the basis of guaranteed types of payment (letter of credit, guarantee of foreignbanks, insurance policy) starting from July 1, 2024
* Payment for transactions of other types of foreign trade contracts (bringing goods in, taking goods out, purchase and sale of goods) is carried out on the basis of guaranteed types of payments (letter of credit, guarantee of foreign banks,insurance policy) starting from July 1, 2024.
At the same time, the above procedure applies if the amount of overdue debt exceeds 10% for transactions carried out within the framework of one foreign trade contract.
II. Regarding contracts for which there are overdue accounts payable:
* Payment under an import contract towards the payment of the accounts payable, which exceeds 365 days, is carried out if the presence of a debt to the foreign partner is confirmed by audit organizations that are members of international audit organizations, indicated in the list posted on the official website of the Ministry of Economy and Finance of the Republic of Uzbekistan (hereinafter referred to as the “Audit Organization”) starting from July 1, 2024;
* If, under an import contract, accounts payable (exceeding 365 days) to a foreign partner is not confirmed by the Audit Organization, starting from October 1, 2024, it is subject to withdrawal from the UEISFTO system (as freely received property or services).
If the clients of our bank have questions or need clarification regarding this procedure, please contact your Relationship managers or employees of the Currency regulation department.