Article 53. Execution of the instruction in the absence or insufficiency of the amount of money from the sender of the money necessary for the execution of the instruction The Law on Payments and Payment Systems

     1. In the absence or insufficiency of the amount of money from the sender of the money necessary for the execution of the instruction, the storage of which is provided for by the legislation of the Republic of Kazakhstan or by an agreement between the sender of the money and the bank of the sender of the money, the bank of the sender of the money is obliged to accept and store the instructions received for one year.

     2. If the beneficiary fails to provide the necessary documents and information provided for by the currency legislation of the Republic of Kazakhstan, the beneficiary's bank is obliged to accept and store the sender's instructions within one hundred and eighty calendar days.

     In case of non-fulfillment by the beneficiary of the actions provided for in part one of this paragraph, within one hundred and eighty calendar days, the beneficiary's bank is obliged to return such instructions to its sender without execution.

      3. The instructions provided for in paragraph 1 of this Article shall be executed by the sender's bank in the calendar order in the order in which they are received by the bank or an organization engaged in certain types of banking operations, subject to compliance with the order of execution of instructions provided for by the laws of the Republic of Kazakhstan. The calendar order provides for the date and time of receipt of instructions to the sender's bank.

      4. If, after the expiration of the period specified in paragraph 1 of this Article, the sender's instruction has not been executed due to insufficient or lack of money from the sender of the money, the sender's bank is obliged to return such instruction to its sender, with the exception of a collection order, without execution.

  5. During the period of operation of the financial stability restoration regime, the bank's settlement regime, the bank accepts and stores instructions, the fulfillment of which is suspended, until the termination of the financial stability restoration regime, settlement regime.

     In case of termination of the financial stability restoration regime, the bank's settlement regime, the bank is obliged to return such an instruction to its sender without execution.

     The instructions, the fulfillment of which obligations have not been suspended in the financial stability restoration mode, the bank's settlement mode, are executed by the bank in accordance with the procedure established by this Law and other laws of the Republic of Kazakhstan.

The Law of the Republic of Kazakhstan dated July 26, 2016 No. 11-VI SAM.

     This Law regulates public relations arising in the field of organization and functioning of payment systems, regulation of payment systems and supervision (oversight) of them, regulation of the payment services market and control over it, as well as the implementation of payments and (or) money transfers in the Republic of Kazakhstan.

President    

Republic of Kazakhstan     

© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan  

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