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Banks and banking system
Plan:
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The essence of banks, come onqbusiness fundamentals and their market iqin the process o'
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Credit system and its structure q
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Banking system and its developmentq
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O 'banking system of the Republic of Uzbekistan and its development stages.
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Special finance - kredit
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Central bank and its functions. O 'Basics of the activity of the Central Bank of the Republic of Uzbekistan
Basic phrases
Banks and their origins. Credit system and its composition. One and two-tier banking system. Development stages of the banking system. The banking system of the Republic of Uzbekistan and its development stages. Central bank and its functions. Ways of creation of central banks. The Central Bank of the Republic of Uzbekistan, its main purpose and tasks. Special financial and credit institutions. Insurance system and leasing relations in the Republic of Uzbekistan. Credit unions.
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The nature of banks, their origins and their place in the market economy.
The term "bank" refers to institutions that collect, store, and perform credit account and other intermediary operations.
The basis for the emergence of banks is considered to be the development of commodity-money relations. The presence of commodity-money relations and their development dictates the presence of banks in all socio-economic systems.
Banks originated in the Middle Ages on the basis of receiving money by money holders and exchanging it for other state and city money. Later, the moneylenders gave loans to subjects who needed funds for their temporary use in order to profit from their idle funds. This situation led to the transformation of money changers into bankers.
The word bank is derived from the Italian word "banka", which means "table", "money table", because in the Middle Ages, Italian moneylenders placed the coins in their wallets and containers on the table for settlement. .
In the 1605th century, in Genoa, money changers were called "bancheri", and if any of the money changers was untrustworthy and irresponsible, the table he was sitting on was broken and he was called "Bancorotto", i.e. bankrupt. Small giro banks established in Florence and Venice in the 1618th century are considered to be the starting point of the emergence of banks. Later, such banks were established in Amsterdam (XNUMX), Hamburg (XNUMX), Milan, Nuremberg, Genoa. These banks mainly served their customers - merchants, and conducted cashless settlements between them.
England is the first country in which the banking system (XVI century) appeared and developed. English bankers were descended from gold hoarders and merchants.
The first bank in history is the Bank of England, which was founded as a joint-stock bank in 1694. Later, as a result of industrial development, banks were established in other countries.
The end of natural economic relations, the development of trade relations paved the way for monetary settlements and the development of the credit system.
While the loan capitalist earns income as a percentage of the loan mainly by lending his spare capital, the bankers earn mainly by lending out borrowed funds. Banks collect a large amount of money and manage its movement by attracting free funds of enterprises, organizations, state institutions, and citizens. The expansion of banks and the improvement of their activities led to their transformation into special enterprises - credit institutions.
In the conditions of market relations, banks are an important subject of effective management of the economy. Unlike other subjects of market relations, banks are institutions that work with money, collect temporarily idle funds, provide them for temporary use to subjects who feel the need for them, and conduct their activities based on the effective use of funds.
Banks are considered to be the driving force of the economy in the conditions of the market economy, and as intermediaries in the organization and conduct of material production, they provide the continuity of the capital circulation and create the basis for the development of the society, the development of the economy, and the well-being of the members of the society.
In the conditions of the market economy, the large-scale development of commodity-money relations opens up opportunities for banks to perform new operations.
That is why it was necessary to create a modern banking system in our republic that meets the requirements of the market economy.
According to Article 3 of the Law of the Republic of Uzbekistan "On Bank Secrecy", the following are bank secrets:
— information on operations, accounts, and deposits of its customers (representatives)
— information received by the bank about the client (representative) in connection with the provision of banking services to its client (representative)
— information about the client's (representative's) property stored in bank safes and premises, its nature and value
— information on interbank operations and transactions carried out at the request of the client (representative) or for his benefit
— information about the customer (representative) of another bank, which became known as a result of the exchange of bank secret information between banks.
The information constituting the bank secret shall be disclosed to the client (representative) himself, to the representatives authorized by him, as well as to the accounting chamber (if it is part of his duties), to the investigative, prosecutor's office and investigative bodies (if there is a criminal case based on the decision of the investigator and the investigator) when) is presented.
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Credit system and its components
A credit system refers to a complex of credit relations and a set of credit organizations that organize and implement credit relations. Through the credit system, temporary free funds of legal and natural persons are collected and temporarily used by enterprises, organizations, residents and the state. The credit system may consist of several links, depending on the attraction of funds and their distribution. In world practice, the credit system is divided into the following groups according to its organization:
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Central Bank
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Commercial banks
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Special credit organizations (cotton bank, industrial construction bank, asaka bank, aloka bank, etc.).
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Non-bank credit organizations (investment companies, insurance companies, pension and other funds)
The main place in the credit system is occupied by commercial banks. According to the form of ownership, banks are divided into state, shareholder, mixed, joint, and private banks.
Structure of the banking system of the Republic of Uzbekistan
I is a step
II - step
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Universal banks are banks that perform various banking operations: deposit, credit, account, interest, mediation and other operations.
Representative departments of foreign banks are a type of traditional relations between banks, and are departments opened in banks of other countries for relations between international banks.
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The banking system and its development stages
Currently, the universally accepted banking system in the world is a two-tier banking system, which includes a network of central banks and commercial banks.
Reorganization of the banking system based on the requirements of the market economy is carried out based on the following principles:
— To achieve the stability of the banking and financial system in order to win the trust of foreign and local investors
— that reforms in the banking system coincide with the implementation of general economic reforms
— bringing the banking and financial system closer to the world bank system by gradually improving it
— taking into account the internal needs of the country and the nature of its economy when conducting the monetary policy
— prioritizing the interests of customers in banking activities, etc.
The development of currently existing banks in world practice can be divided into the following two periods:
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The first period is the banking system before the independence of Uzbekistan
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The second period is the banking system of the period after the independence of Uzbekistan.
The first period of development of the banking system includes the following stages:
— The first stage included the period from the end of the 1930th century to 32-XNUMX, in which the credit system of the former union was established on the basis of the previously existing banks. During this period, banks such as network banks, regional banks, commercial banks, special banks, and state banks operated according to the development of the economy at that time.
— The second stage covers the period from 1932 to 1959. During this period, banks switched from promissory lending to direct lending to enterprises. In this case, banks were organized according to the sectors of the national economy, and they were engaged in term lending and financing of these sectors. The State Bank mainly provided short-term lending.
— The third stage covers the period from 1959 to 1988. In this case, the existing network banks were reorganized and three large banks - State Bank, Construction Bank, Foreign Trade Bank - were established in order to carry out all credit relations in the country. The State Bank granted short-term loans to all sectors of the national economy (including long-term loans to agriculture). Shurilish Bank performed operations related to capital injections. The Foreign Trade Bank performed export-import operations of the country.
— The fourth stage is the stage of reorganization of the banking system, which includes the period from 1988 to 1990. During this period, along with the state bank, many special branch banks were established.
This period is also associated with the transition to a two-tier banking system based on the requirements of the market economy.
In international practice, the two-tier banking system was introduced in Hungary in 1987, in the USSR in 1988, in Poland in 1989, in Bulgaria, Romania and Czechoslovakia in 1990.
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The banking system of the Republic of Uzbekistan and its development stages.
The announcement of the independence of our republic created the ground for the introduction of the levers of the market economy, recognized by the countries of the whole world, into our republic. That is why there was a need to create a modern banking system in our republic that meets the requirements of the market economy.
Reconstruction of the banking system:
— to create a two-tier banking system. Central emission bank and specialized state banks providing services directly to economic subjects;
— transfer of specialized banks to the full account of the economy and self-financing;
— includes improvement of credit relations, methods and forms with legal entities and individuals within the framework of the economic system, etc.
Since Uzbekistan has chosen a gradual way of transition to a market economy, the development of the banking system has the following stages:
— The first stage includes the period from 1991 to 1994, when the basis for introducing the national currency was created and the foundation of the two-tier banking system was built. During this period, the measures to create an independent banking system of our country were carried out on the basis of the Law of the Republic of Uzbekistan "On Banks and Banking Activities" adopted on February 1991, 15. On the basis of this law, the Central Bank of the Republic of Uzbekistan was established (September 1992) on the basis of the republican institution of the former USSR state bank, and it was assigned the tasks of regulating money transactions in the republic, creating a system of commercial banks and organizing a payment system.
Special specialized banks established during this period include industrial construction bank, communal construction and social development bank, agro-industrial bank, foreign economic activity bank, savings bank and other banks.
The second stage of the organization of the banking system in Uzbekistan includes the years 1994-1, when the national currency was put into circulation (July 1994, 1996) and the legal foundations of the two-tier banking system were created.
Resolution of the Cabinet of Ministers dated March 1994, 18 "On measures to improve the banking system and stabilize monetary relations", December 1995, 21 "On the Central Bank of the Republic of Uzbekistan" and the adoption of the new version of the Law "On Banks and Banking Activities" on April 1996, 25 created a solid legal foundation in the field of bringing the banking system closer to world standards.
One of the features of this stage is that since 1995, special non-bank credit organizations (investment companies, insurance companies, etc.) have been established in Uzbekistan.
The third stage of the formation of the banking system of Uzbekistan, including the years 1997-2000, the main feature of that stage is the privatization of banks and the improvement of the quality of management in joint-stock commercial banks, increasing control over the activities of banks.
At this stage, the President of the Republic of Uzbekistan "On Measures to Encourage the Establishment of Private Commercial Banks" (April 1997, 24), "On Measures to Improve the Activities of Joint-Stock Commercial Banks" (October 1998, 2), decrees "On measures to further liberalize and reform the banking system" (March 2000, 21) are important.
Similarly, on January 1999, 15, the decisions of the Republic of Uzbekistan "On measures to reform the banking system" and "On additional measures to reform the banking system" dated March 2000, 24 were adopted. done.
Foreign investment began to be widely attracted to the banking system, and by the beginning of 2006, 5 banks were operating with the participation of foreign capital. In addition to these, 3 banks for the national economy are state-owned. 12 shareholder-commercial and 9 private banks provide service.
At this stage, the republican commission for the reform of the banking system was established, the quality of customer service was increased, attention was paid to the further development of small and medium-sized businesses, and the effectiveness of internal control.
The fourth stage of the development of the banking system began in 2001, and its main features are the following:
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On the basis of the further development of banks, the trust of the population in the banking system has been strengthened. If the capital of commercial banks increased from 2004 billion soums at the beginning of 791 to 2005 billion soums at the beginning of 824,1. increased by 104,2% to soums, while in the same period the population's savings in banks (due to new types of deposits, high interest rates, etc.) amounted to 244,7 billion soums. 322,6 billion soums. increased to soums or 131,8%, and at the beginning of 2005, the population's savings in banks amounted to 450 billion. reached soum.
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The support provided by commercial banks to private entrepreneurship, small and medium business entities has increased. It is known that the number of small business entities is increasing every year and their number is 1.01.2004 as of January 235,4, 2005. In 419,9, loans to small business entities amounted to 287,4 billion. amounting to 2005 billion soums. constitutes a long-term loan. The share of small business entities in GDP was 38 percent in 2006, and according to the 45 plan, it is planned to reach XNUMX percent.
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Work on the liberalization of currency relations has been accelerated. At this stage, the free exchange of the national currency was carried out gradually, and from October 2003, 15, the free exchange of the soum was introduced for current international operations.
In connection with the improvement of currency relations, amendments were made to the Law "On Regulation of Currency" by the decision of the Oliy Majlis of the Republic of Uzbekistan No. 2003 of December 11, 557.
On this basis, the development and improvement of the banking system in our republic continues.
In this regard, the decision of the President of the Republic of Uzbekistan on April 2005, 15 "On measures to further reform and liberalize the banking system" is important.
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Central bank and its functions. The activities of the Central Bank of the Republic of Uzbekistan
basics
The Central Bank is the main bank of the credit system and conducts monetary and credit policy and emission processes in the country.
The first central banks emerged as a result of the development of commercial banks over three hundred years ago. These are the Swedish Riks Giro bank established in 1668 and English banks established in 1694.
Central banks in European countries began to operate much later, mainly from the second half of the 12th century. In the United States, the Central Bank function is performed by the Federal Reserve System, which consists of XNUMX Federal Reserve Banks.
The Central Bank of the Republic of Uzbekistan was established in September 1992 on the territory of the Republic Department of the former State Bank of the USSR.
In global practice, there are two main ways of creating Central Banks:
The first way is their transformation into the Central Bank as a result of the development of commercial banks in the past. This situation is related to the establishment of central banks in England in 1844, in France in 1848, in Spain in 1874, in Germany (Reichsbank) in 1875, and in 1893 in Italy.
The second way - one way is the Central Bank - banks organized as an emission center. Such banks include the federal banks of the United States, the banks of Latin American countries founded in 1913, the Central Bank of Austria, and others.
The central bank plays an important role in managing the economy and controlling the banking system. Therefore, its activity is regulated by the law, which has a higher force than its Charter. As the Central Bank has a special status, it controls the entire banking system, state bodies, and its activities, tasks, and assigned obligations go beyond the limits of its commercial activities.
In our republic, the Law on the Central Bank was adopted on December 1995, 21, and some amendments were made to it in 2002.
According to Article 3 of the Law, the main goal of the Central Bank is to ensure the stability of the national currency. The concept of currency stability means the stability of the money supply, the stability of the price and the exchange rate of the national currency.
Article 6 of the law is devoted to the independence of the Central Bank, and it appears in the following:
— The Central Bank operates within the limits of the government's economic policy. The Central Bank does not conduct its own policy after the government policy.
— The independence of the Central Bank is realized within the limits of the tasks assigned to it. This is seen in setting the country's monetary policy, setting interest rates on loans, bank liquidity ratios, and other work related to setting exchange rates.
The Central Bank organizes the appropriate staff to ensure the fulfillment of the tasks assigned to it. According to Article 8 of the Law, the Central Bank has its headquarters and service departments in the capital of the Republic of Shorakalpakistan, regional centers and Tashkent.
According to Article 15 of the Law, the Supreme Body of the Central Bank is the Bank's Board of Directors. The Board of Directors of the Bank consists of 11 people, including the Chairman of the Central Bank, his deputies and heads of the main departments of the bank. The Chairman of the Board of Directors of the Bank is the Chairman of the Central Bank. The members of the Executive Board are approved by the Council of the Oliy Majlis based on the recommendation of the Chairman of the Central Bank.
According to Article 5 of the Law, the Central Bank is subject to the Oliy Majlis of the Republic on the results of its activities.
Oliy Majlis:
- Appoints and dismisses the Chairman of the Central Bank based on the recommendation of the President of the Republic.
— Considers the annual report and the auditor's report.
According to Article 44 of the Law, the Central Bank performs the following functions:
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Issuance of banknotes (cash) is an ancient and important function of the Central Bank. According to Article 38 of the Law, issuing and withdrawing cash for transactions is carried out only by the Central Bank. The decree of the President of the Republic of Uzbekistan dated April 2002, 6 "On measures to limit the increase in money supply and increase the responsibility for ensuring financial discipline" is important in ensuring the timely return of cash to the bank. Wide use of plastic cards and other measures are being taken in order to limit cash transactions in our republic.
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Collection and storage of cash reserves by commercial banks. This situation is reflected in Article 28 of the Law, and minimum reserves are the part of commercial banks' resources that must be kept in the Central Bank. The amount of the required reserve is determined as a percentage of the accumulated resources of the commercial bank. The minimum reserve varies in different countries, depending on the type of savings, its size, and the location of the bank. In particular, the minimum reserve ratio is 2,5% in Japan, 12% in the USA, 12,1% in Germany, 17% in Portugal, and 2005% in Uzbekistan since 15. The Central Bank uses it to coordinate monetary transactions.
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Keeping gold-currency reserves. This is important in covering the country's balance of payments deficit and maintaining the stability of the national currency.
In 2005, gold and currency reserves in our republic increased by 35%, and the foreign trade balance was 1,317 billion. reached the US dollar, and our gold-currency reserves are enough to cover 8 months of imports of our republic.
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Lending to commercial banks. Centralization of deposits of credit institutions is the basis for expansion of credit operations. In 2005, loans granted by banks to the real sector of the economy in national currency amounted to 3876 billion. amounted to soums, 81% of which is a long-term loan.
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As a state bank, lending and settlement operations for the government. This is related to the maintenance of accounts of government organizations and institutions in the central bank, the implementation of securities, long-term and short-term loans, purchase of government bonds, foreign currency and other operations through these accounts. In accordance with the duty of the fiscal (treasury) representative of the Central Bank government, while maintaining the accounts of government bodies (Article 47), they assist in the implementation of financial operations of the government, provide advice on budget inflows and outflows.
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Implementation of settlement and exchange operations. According to articles 40,43, XNUMX of the law, the Central Bank determines the exchange rate of the national currency against foreign currency, determines the limit of its exchange, performs currency operations within the territory of the republic and beyond.
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Monetary policy. The main goal of the monetary and credit policy is to ensure the stability of the national currency, to reduce the rate of inflation based on the rational setting of the exchange rate and interest rates, to increase the efficiency of the use of credit and to ensure the stable growth of the economy.
Monetary and credit policy is a part of the state's economic management policy, and by changing the volume of money in circulation, the volume of credit, the level of interest rates and other indicators of monetary transactions, it sets the money supply in line with the increase and decrease of the production volume.
In particular, the monetary and credit policy of the Central Bank for 2006 is defined as follows:
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The annual level of the consumer price index should not exceed 6,8%.
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Real GDP growth is 7,2%, its deflator is 12%.
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The budget deficit should not exceed 1,5% of GDP.
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The positive balance of the net foreign trade turnover is 1445 mln. To be in the amount of USD.
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The balance of population savings in banks will reach 449,5 billion soums, etc.
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Control function. Articles 50-54 of Chapter VIII of the law are dedicated to this function, and they reflect the control of commercial banks' activities and their interaction with the Central Bank.
In general, the control of the activities of commercial banks is carried out in the following directions:
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State control - on the basis of legislation in the banking system, because all banks, including the Central Bank, operate on the basis of law
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Control by a higher organization, that is, by the Central Bank.
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By an independent organization - audit organization, etc.
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Special financial and credit institutions
Special financial and credit institutions include insurance companies, special financial institutions for leasing and factoring, credit unions, savings banks and other types of financial and credit institutions.
According to Article 2002 of the Law of the Republic of Uzbekistan "On Insurance Activities" (April 5, 3), "Insurance means a specific event at the expense of funds formed from insurance premiums paid by legal entities or individuals ( In the event of an insurance event) it is understood to protect the interests of these persons by paying the insurance compensation (insurance money) in accordance with the insurance contract.
Insurance activity means the activity of professional participants of the Insurance market related to the implementation of Insurance.
World practice shows that Insurance is an effective tool for centralizing enterprise and population funds and attracting them to the economy.
The formation of the Insurance business in Uzbekistan went in two directions, i.e. improvement of the Gosstrax system and establishment of new Insurance companies based on the requirements of the market economy. In 1993, the law "On Insurance" was adopted in the republic. In 1994, the national company "Uzbekinvest" was established, the "Madad" Insurance Agency was established to support privatization and private entrepreneurship. The Uzbek-American company "UZ-AIG" was established to protect foreign investments from political and commercial risks.
Since 1997, reforms have been started in the state insurance system in the country. At the same time, the State Joint Stock Insurance Company "OzagroSug'urta" was established on the grounds of the State General Directorate of Insurance under the Ministry of Finance of the Republic of Uzbekistan. In the same year, "Guarantee" and OzagroSugurta were given all the obligations of Gosstrax in cities.
In February 1997, "Uzbekinvest" was transformed into a national export-import company (for insurance of export contracts and loans of commercial banks).
Later, "OzagroSug'urta" engaged in agricultural insurance, and "Kafolat" engaged in urban insurance.
Currently, there are 21 insurance organizations in the republic, 9 of which are joint-stock companies. 4 have state property. In general, banks and other insurance companies are the founders of insurance companies in Uzbekistan. Banks are 75% of the founders of insurance organizations, 25% of the founders of insurance companies are foreign investors.
According to Article 4 of the Law "On Insurance Activities", Insurance is divided into the following areas:
— Life Insurance (Insurance of interests related to the life, health, working capacity and money supply of natural persons. In this case, the minimum term of the Insurance under the contract is one year).
— General Insurance (personal, property Insurance, liability Insurance, and other types of Insurance not related to life Insurance).
The total authorized capital of insurance organizations of the Republic of Uzbekistan at the beginning of 2004 was 10,3 billion. is soum or 1997 times more than in 2,3.
According to the current legislation, the state control of insurance activities in the republic is carried out by the State Inspection of Insurance Control under the Ministry of Finance of the Republic of Uzbekistan. His work began in February 1999.
The development of the insurance market in our republic is influenced by the following factors:
— low insurance culture of the population (lack of trust, lack of information)
— lack of money for the majority of the population to purchase insurance products.
The following factors influence the development of Personal Insurance:
— lack of development of the health care system, high price of services;
— disincentive to invest in personal Insurance.
We have not yet switched to some insurance products. For example, in Japan, when women are harassed at home, on the street, or in transport, it is possible to cover moral damage caused by insurance.
In the UK, rich men are asking insurance companies to insure their future wives, who after marriage can turn from a lovely wife into a nasty woman who is interested in his money and property.
26-year-old British citizen Nicole Jones insured herself against not being beautiful. She presented this contract to her Husband Simon for his birthday. For this, the woman pays the insurance company £200 a year. A committee of 10 builders determines the changes in a woman, because her husband is also a builder.
American rock-and-roll singer Tina Terker will sell all her body parts - her voice - 3,2 mln. 3 mln. per foot. 790 mln. 8 million to $ and all members. Insured for $.
Based on the demand, it is necessary to further develop the type of insurance products in Uzbekistan as a whole.
Credit cooperatives as an organizational and legal form of mutual assistance were originally formed in Germany in the second half of the XNUMXth century in the form of agricultural and credit cooperatives.
At the beginning of the XNUMXth century, European credit cooperatives developed in the USA, Canada, and began to develop in South American countries.
One of the first steps to this in Uzbekistan was the adoption of the Law "On Credit Unions" on April 2002, 4.
The law consists of 30 articles, according to its article 3 - "A credit organization formed on the basis of voluntary equal membership for the purpose of granting loans by legal entities and individuals is recognized as a credit union."
The Central Bank of the Republic of Uzbekistan performs the state registration of credit unions and their licensing.
According to Article 7 of the Law, the number of credit union members cannot be less than 50. The charter of the credit union is its founding document. The total sum of the contributions of the members of the credit union is the charter fund. The charter fund is formed only from money and its minimum amount is determined by the Central Bank of the Republic of Uzbekistan.
The general meeting of the members of the credit union is the highest governing body of the credit union.
A credit union is liquidated by the decision of the general meeting of members of the credit union, voluntarily, when the license is revoked and the union is declared bankrupt (Article 28).
The main difference between credit unions and commercial banks is not to make a big profit, but to provide credit and financial assistance at a low interest rate for the development of the business of its members. The formalization of the use of its loans is simple and understandable.
At the end of 2005, there were 23 credit unions in Uzbekistan, including Khazina and Sherdor (Samarkand), Trust (Jizzakh), Lastochka (Navoi), Marvel and Tayanch (Namangan), Bukhara entrepreneur and Umid (Bukhara), Madadkor ( Andijan), Baraka and Taraqqiyot (Tashkent region) and others can be included.
"Sherdor" credit union of Samarkand is the first credit union in Uzbekistan. This credit union was founded in 2002 and has 4300 members.
The main purpose of credit unions is to enable people to develop their activities and improve their well-being. In this regard, there is a saying in the people: "If you give a fish to a starving person, you have done a good deed, and if you teach him to fish, you have done twice as much."
In this respect, credit unions are important for the development of small businesses.
That's why credit unions are growing all over the world. It is also important to have a global organization of credit unions (Wossi). This organization was established 30 years ago and includes more than 90 (with 32 million members) credit unions in 112 countries. A project on the development of credit unions is also being implemented in Uzbekistan.
In September 2003, the first international conference "On creating stable credit unions in Central Asia" was held under the leadership of this international credit union in Beshkek.
International Credit Union Day is held every year on October 20. This day has been celebrated since 1948. Currently, 96 countries are members of this international organization (Wossi).
In Uzbekistan, as of September 2005, there are 27 members of credit unions from individuals and legal entities.
Assets of credit unions of Uzbekistan amount to 6,5 billion. soums, loan portfolio 5,8 bln. soums, deposits and share contributions 5,8 bln. is soum.
In June 2005, the Association of Credit Unions was established in Uzbekistan.
On January 2006, 24, Oliy Majlis made some amendments to the law on credit unions in our republic.
Lease means rent in English. The Greek philosopher Aristotle, who lived in the fourth century BC, founded the idea of leasing with the idea that "Wealth is not in the possession of property, but in its effective use."
The concept of property includes the concepts of property ownership and the right to use it. In later times, a new form of property use was lease relations, and later, a special type of financial lease - leasing, which improved it, appeared.
According to historical data, leasing existed in Sumer in 2000 BC and developed in Venice.
The stage of its development corresponds to the second half of the 1877th century and the early years of the XNUMXth century. In his book "How to do business in Europe" in XNUMX, the Austrian scientist V. Khayor talks about the fact that he rented out the telephones he produced in the "Bell" telephone company and thus made a lot of profit. In this case, consumers have enslaved not only the right to use the phone, but also the right to own it after making the agreed payments.
In Great Britain at the beginning of the XNUMXth century, miners first leased and then bought railway carriages.
Today's modern leasing (financial lease) was formed and improved in the 50s of the 1952th century in the USA. The first intermediary leasing company was founded in San Francisco in XNUMX by businessman Henry Schonfeld, United States leasing corporation.
Leasing frenzy in the US continued in Germany, Italy and France. The International Finance Corporation (IFC) has started work on the regulation of international leasing relations within the framework of Jaxon Bank.
Today, IFC has financed the activities of 50 leasing companies in 96 countries. He provided technical assistance in the implementation of more than 40 investment projects in the field of leasing in 120 countries and is the founder of leasing companies in 25 countries.
One of the founders of the first "Uzbekizing International JSC" established in Uzbekistan in 1995 is KMK.
The first international leasing operation in Uzbekistan was in 1993, when the Bank of Foreign Economic Activity purchased airplanes from foreign companies for Uzbekistan Airways.
The development of leasing operations in our republic is connected with the adoption of the Law "On Leasing", which was adopted on April 1999, 14, and on December 2002, 13, with appropriate amendments.
Based on the above, leasing is a set of property relations in which one party (the lessor) acquires the property that is the object of the lease from a third party (the supplier of goods) at the request of another party (the lessee) in accordance with the lease agreement. buy it and give it to the lessee for temporary use and possession on the basis of payment under the conditions specified in the lease agreement.
The main document of the leasing relationship is the contract, which consists of the following parts:
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Nature and purpose of the contract
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Technique removal procedure
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The value of technology
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Payments on it
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Procedure of payments
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Delivery of equipment
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Payment of fees
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Payment of lease payments
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Rights and obligations of the parties
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Terms of use
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Responsibilities of the parties
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Dispute resolution
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Validity period
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Other conditions
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Details of the parties
Any items that are not consumed and used in business activities that are not prohibited by law, all property complexes, including land plots and other natural objects, buildings, facilities, equipment, vehicles and other movable and immovable properties are considered as leasing objects.
The essence of the financial lease represents the purchase of the value of the property on the basis of installment payments and takes the form of a commodity loan. This includes the sum of lease payments that are sufficient to fully cover all the costs of the lessor during the term of the lease and ensure that the lessor is profitable.
The lease payment is the amount that includes the value of the leased object, property insurance costs and the lease (interest) rate for the loan.
In the development of leasing relations in the agriculture of our republic, on October 1999, 30, the Cabinet of Ministers of the Republic of Uzbekistan "On the establishment of a joint-stock leasing company of agricultural production" and the Cabinet of Ministers on November 2001, 2, "Agriculture under the conditions of rural leasing" Decisions of the President of the Republic of Uzbekistan "On measures to provide with equipment" and the decree of the President of the Republic of Uzbekistan dated August 2002, 28 "On measures to further develop the development of the leasing system" are important.
According to the above Presidential decree, in order to provide economic sectors, especially small and medium-sized business entities with modern technological equipment, from September 2002, 1:
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Lease payments are exempt from value added tax. Technological equipment brought to the territory of the republic for leasing from abroad is exempted from customs duty and value added tax.
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The lessee - business entities are exempted from property tax during the period of the lease agreement on the leased property. Deduct interest and other payments on loan payments on property taken for leasing from the gross income of the lessor