Resolution No. 223 of the National Bank of Ukraine ("NBU") Board dated 30.04.2010, "On transactions using special payment instruments" ("Resolution 223").
On 30.04.2010, Resolution 223 was approved to:
Adopt new regulations on the procedure for issuing special payment instruments and transactions with their use (the "Regulations"). From now on, the new Regulations govern not only 'payment cards', as they did formerly, but 'special payment instruments', in particular payment cards, mobile payment instruments, other payment instruments used as a means of identification by the holder of such instrument to carry out payment transactions on behalf of a payer or from a bank account, as well as other transactions contemplated by the Regulations. The Regulations provide that: 1) the maximum amount of a prepaid special payment instrument issued by a bank and the limit of expenses that may be incurred using such instrument may not exceed UAH 5,000 for domestic payment transactions; 2) payments made with payment cards and commission fees for transactions using special payment instruments must be settled by the holders in hryvnias only, irrespective of the currency of the holder's account; and 3) interbank payments between members of a payment system for transactions carried out within Ukraine using special payment instruments issued by resident banks must be made by the resident settlement bank, which may be the NBU or a bank authorized by the payment organisation of the payment system.
Resolution 223 became effective on 19.07.2010, except for specific provisions which will become effective on 01.01.2011 and 01.01.2012.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
