Authorities in Uzbekistan have reportedly established new procedures for opening special bank accounts dedicated to business entities undergoing insolvency or financial distress. This regulatory adjustment aims to address ongoing challenges within the national commercial sector.

According to statements from the Ministry of Justice, amendments and additions have been introduced to the existing instructions governing the opening, maintenance, and closing of bank accounts. The departmental document was allegedly registered under number 3420-3 on October 20, setting the framework for these updated banking operations.

Under the revised guidelines, if rehabilitation, external management, or liquidation procedures are applied to an entrepreneur, a special account must be opened to manage their remaining funds. Consequently, debit transactions on the entrepreneur's primary and secondary accounts are suspended, while existing and incoming funds are redirected to the special account.

Furthermore, claims suggest that any holds or encumbrances placed on the main and secondary accounts—such as collection orders and tax seizure decisions—will be returned to the issuing authorities without execution. Funds held in the special account can reportedly be utilized solely based on payment orders issued by the client or the court-appointed manager.

The regulatory package also purports to introduce several conveniences for individual citizens. Consumers can now allegedly obtain comprehensive information regarding all their bank accounts from any commercial bank, whereas previously such data was restricted exclusively to the institution where the primary account was originally opened.

In addition, the updated regulations reportedly permit the use of biometric passports for international travel as a valid identification document when opening bank accounts, a step intended to streamline bureaucratic procedures for the population.

Source: kun.uz