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in payments.

      Recently a tendency of a payer’s transformation into the main subject of payment transaction is observed because in all the forms of cashless settlement the payment initiative is taken by payer. This fact corresponds to the market relations of our country’s economics.

      In order to make a cashless settlement and money transfer it is necessary to use a payment instrument by means of which the payment initiates and on the basis of which money transfers.

      Settlements are made with consent of a buyer or by order of a payer; the basis for transfer of sums is financial payment documents (payment orders, clearing house cheques, agreements). Under the violation of the agreement’s clauses there is a possibility of full or partial denial of payment in accordance with «The rules of payment documents usage and cashless settlements and money transfers performance on the territory of the Republic of Kazakhstan)) dated from April 25, 2000 tf»179.

      In Kazakhstan in accordance with mentioned before rules determined that the settlements enterprises under their commitments and also between the entities and persons for the commodity and material valuables are performed in cashless form via banking institutions.

      There is a quite wide legal basis developed in our country which regulates the terms, organization and conducting of cashless settlements:

      The Law of the Republic of Kazakhstan dated from June 29, 1998 № 237-I «About the payments and money transfers».

      The board of directors decision of the National Bank of RK dated from April 25, 2000 № 179 «About the regulations adoption of payment documents usage and cashless settlements and money transfers performing on the territory of the Republic of Kazakhstan».

      The board of directors decision of the National Bank of RK dated from October 13, 2000 № 395 «About the regulations adoption of cashless settlements and money transfers performing on the territory of the Republic of Kazakhstan without the bank account opening».

      The board of directors decision of the National Bank of RK dated from August 24, 2000 № 331 «About the regulations adoption of payments performing by means of direct debiting of bank account».

      The board of directors decision of the National Bank of RK dated from December 5, 1998 № 266 «About the regulations adoption of cheques application on the territory of the Republic of Kazakhstan».

      The board of directors decision of the National Bank of RK dated from April 25, 2000 № 178 «About the regulations adoption of operations with the documentary letters of credit conducting of the Republic of Kazkhstan».

      The board of directors decision of the National Bank of RK dated from August 24, 2000 № 331 «About the regulations adoption of plastic cards issue and usage in the Republic of Kazakhstan».

      The board of directors decision of the National Bank of RK dated from November 25, 2000 № 433 «About the regulations adoption of cashless settlements performing between the client and serving him bank». Registered by the ministry of justice of the Republic of Kazakhstan dated from January 5, 2001 № 1352.

      The rules for conducting of the operations with bills of exchange and promissory bills by the second-tier banks approved by the National Bank of the Republic of Kazakhstan board of directors decision dated from November 15, 1999 № 397.

      The rules of bills discounting by the second-tier banks of the republic of Kazakhstan approved by the National Bank of the Republic of Kazakhstan board of directors decision dated from November 15,1999396.

      On the territory of our state the cashless settlements are performed by means of the following payment documents:

      – bank transfer order;

      – collection order;

      – payment request-order;

      – payment card;

      – cheque;

      – bill of credit.

      While the concrete form is stated in the agreement between supplier and buyer and determined by mean and place of payment, document flow character and types of documents.

      Payment documents should contain the following requisite details:

      – name;

      – number, date (day, month, year) of issue;

      – full name including legal entity form or surname, first name, patronymic of private person – money sender, his individual identification code;

      – full name including legal organizational form of the bank – money sender, its bank identification code (near the name could be stated its brand-name);

      – full name including legal entity form or surname, first name, patronymic of private person – beneficiary, his individual identification code;

      – full name including legal organizational form of a beneficiary bank, its bank identification code (near the name could be stated its brand-name);

      – purpose of payment and also its coded name stated by the laws and regulations of the National Bank;

      – sum of payment denoted by figures and letters;

      – surname, first name, patronymic and signatures of the persons entitled of payment and/or money transfer initiator and (if available) its seal impression (for documents drawn up on paper);

      – taxpayer registration number of a beneficiary and money sender (hereafter – TRN).

      Payment documents could be rendered as in electronic form and in hard copy. Electronic payment instruments are formed in accordance with set formats for electronic payment messages transfers and sent to bank by electronic communication and telecommunication channels.

      Payment document of a sender in hard copy should contain signatures of the sender’s entitled persons and his seal impression in accordance with signature and seal impression forms. Whereby if the signature and seal impression forms contain the persons who have a right of first and second signatures as the persons who are authorized to manage a bank account their signatures presence on this document is obligatory.

      All the payment instruments could be divided on two groups:

      – credit;

      – debit.

      To the credit group belong the transfers performed by means of payment order.

      The performed analysis of the settlements usage made by different types of payment documents showed that in the IV^th quarter of 2009 the second-tier banks and Kazpost JSC with the usage of shown in Table 3 payment instruments conducted the transactions in amount of 44 514.0 thousand of documents for the value of 26 073.3 billion tenge. Compared with the same period of the previous year the quantity increased on 12.9 % and the sum of payments decreased on 6.9 %.

      The total amount growth of the represented payment instruments basically was caused by the operations quantity growth by means of payment cards on 4 387.5 thousand transactions.

      The volume of payments decrease basically was caused by the fall of payments volume made with the usage of payment orders on 1 937.7 billion tenge.

      Still the most widely spread on the territory of Kazakhstan payment instruments are payment orders and payment cards. Whereby the average sum of one payment order for the IV^th quarter of 2009 amounted 2.2 million tenge and decreased in comparison with the analogue period of 2008 on 17.9 %. At the same time the high relative share of payment cards according to the quantity and low according to the volume of payments is characterized by the usage of this payment instrument basically for low sums encashment (the average sum of one transaction of the IV^th quarter of 2009 amounted 22.9 thousand tenge).

      In the IV^th quarter of 2009 the less used payment instruments became the payment request-orders and collection orders. The inconspicuous part of these instruments usage in the whole quantity and amount is related to their specification.

      The rest payment instruments include the cheques for the purchased commodities and services settlements, direct debiting of bank account and honored letters of credit.

      Table

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