Electronic money will be on an equal footing with other means of payment

Baku/30.10.13/TURAN : The Draft Law "On Payment Services " has been published on a single information portal permits (www.icazeler.gov.az).

Now, according to the standard , the issuer , received a special license from the Central Bank of Azerbaijan ( CBA) may start production of electronic money. This step is bring local legislation in the field of payment systems to international standards. In addition, in the case of adoption of the document during the autumn session of the Parliament will be determined by the functioning of the border , the rights and obligations of payment systems, how to create a payment organizations and the issuance of e- money , the rules state control and regulation in this area .

According to the document , as payment institutions are the only entities ( their possible cooperation) , asking for services on the basis of special permits . Electronic money - monetary obligations of the issuer in electronic form that are in electronic form to the user . They are recorded and stored in electronic form , issued by the Issuer in the preparation of other persons funds in the amount not less than that emitted by the cash value , and are accepted as means of payment by other organizations.

Payment organizations that are planning to open a branch or a representative office in the country, must apply for a license within five working days of the CBA in writing. The Central Bank , according to the project management creates a registry , which will collect all the information about the activities of payment institutions.

Payment organizations can provide the following types of activities: foreign currency exchange , storage and transport of cash. They can lend support to the nature of the non- renewal , and their period may not exceed six months.

Payment of the organization and the organization of electronic money must keep financial records in accordance with the requirements of international standards.

The emission of electronic money may engage in the following organizations: local banks and their subsidiaries , legal entities that are licensed to carry out postal and financial services organization of electronic money and their local affiliates . - 17D-