Azerbaijan, Baku, May 27 / Trend , I.Khalilova/
On May 26, the Azerbaijani parliament ratified the draft amendments and additions to the legislation to expand functions of the national postal operator in the financial services.
Amendments were injected to the law "On the National Bank", "On Banks", the Civil Code and the Code of Administrative Offenses.
Under the draft amendments, 400-700-manat fine is imposed on violations of the national postal operator in rendering financial services of individual prudential regulations and requirements, or in submitting prudential reports incomplete, untimely, and improperly.
Amendments to the Civil Code will enable the bank to apply the rules, along with other loan organizations, receiving deposits (deposits) of enterprises and the national postal operator. Postal operator, as well as banks, will have the right to draw money for deposits on the basis of a special permit.
Through this, it is also possible to carry out non-cash payments, however, the form of these payments are not toughened by another order.
Accordingly, the Law "On Banks" allows postal operator to conduct operations with deposits, along with banks. According to the amendments to the Law "On the National Bank", the Central Bank will license banking business and the postal operator, as well as regulate and supervise in accordance with the law.
The Central Bank has the right to issue and liquidate a special permit to national postal operator in rendering financial services. To regulate and supervise the activities of the postal operators, the Central Banks may set different standards and methods of their calculation when defining prudential regulation.
