August 9, Minsk / Anna Kot - BELTA/. Belarus plans to phase out the use of cheques in cashless transactions. This is stated in a letter from the National Bank to commercial banks, reports a BELTA correspondent.
Currently, Belarus is carrying out work to develop a cashless transaction system using modern electronic payment instruments and means of payment. Payment instruments used in cashless transactions include cheques, bank payment cards, and other instruments.
To assess the relevance of cashless transactions via cheques from cheque books and settlement cheques, the National Bank analysed information received from banks on cheques paid by drawer banks, as well as the expediency of their use in transactions. The information indicates the unpopularity of cheque transactions (insignificant transaction volumes, strict document processing requirements, labour-intensive operations, long fund crediting times).
"Based on the banks' opinions on the inexpediency of using cheques and considering the trend towards reducing the use of paper-based payment documents in international practice, the National Bank plans to eliminate the cheque payment method," the regulator's letter states.
This will be done by repealing the Instruction on the Procedure for Conducting Operations Using Cheques from Cheque Books and Settlement Cheques, which was approved by Resolution of the Board of the National Bank No. 43 of March 30, 2005, as well as by making relevant amendments to the legislation of Belarus.
Based on the foregoing, the regulator recommends that banks, by January 1, 2015, work with clients to transition to modern payment instruments and means of payment and to phase out their use of cheques in cashless transactions. Banks are also recommended to continue equipping retail outlets and other organisations without terminal equipment with payment terminals. -0-