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Credit Organization Network Clearing House
«Credit Organization «Network Clearing House»

Brief extract (with explanations) from working regulations covering cheque payments in foreign currency via CJSC «Credit Organization «Network Clearing House».


3.4. Presenting a cheque. Conditions and payment terms.
  1. The cheque is to be cashed after presentation.
  2. At presenting a cheque to the Credit Organization the cheque-holder is identified by Credit Organization and is a subject to the obligatory foreign currency control in compliance with the current legislation of the Russian Federation in force.
  3. The cheque is presented by the cheque-holder by means of the WM Keeper (the explanatory - hereinafter - Special software application - WM keeper). At that, the cheque-holder by means of WM Keeper fills additional details of the cheque: the name and bank details of the cheque payment recipient.
  4. Credit Organization by means of WMT (the explanatory - hereinafter - the electronic system of information interchange - WebMoney Transfer) authorizes the presented cheque payment procedure, verifying that:
    • cheque details are complete and accurate and are filled in according to all requirements;
    • cheque is authentic and valid.
  5. Cheques are cashed via Credit Organization, if the following conditions are observed:
    • - cheque details are complete and accurate and are filled in according to requirements of the current legislation in force and Credit Organization Rules and Procedures;
    • - cheque is valid and its content is authentic;
    • - rules and requirements of the foreign currency legislation of the Russian Federation are observed.
  6. Credit Organization may refuse on the cheque payment if the following takes place:
    • - infringement of the cheque payment terms stipulated at the clause 5 of the present Extract, that including negative results when identifying the cheque’s authenticity and validity based on the autographic signature analogue verification,
    • - infringement of requirements of the current legislation in the sphere of foreign currency control in the Russian Federation.
  7. The cheque is cashed at the expense of the issuer from funds, allocated at his cheque account, indicated on the cheque by means of bank transfer to the recipient’s bank account (as indicated on the cheque) in the amount and currency, specified on the cheque.
  8. As per requirements an regulations covering bank (non-cash) money transfers, applicable to credit organizations in the Russian Federation and in accordance with the Bank of Russia regulations, the cheque is due to be paid (cashed) within 1 working day following the date when the cheque was honored (accepted for payment).
  9. On the basis of the honored (accepted for payment) cheque containing a request of the Issuer to cash it, the Credit Organization writes off the funds in the amount due for payment from the checking account, specified in the cheque. Then the funds, net of the commission, paid by the Cheque-holder in favor of Credit Organization as per existing Fees and Tariffs, are transferred to the Recipient/s account , indicated on the cheque. Credit Organization creates a payment order in the amount, due to be paid to the account of another credit organisation, minus the commission.