Cashless settlements are organized according to a definite system under which the body of principles organization of cashless settlements, demands placed to their organization, determined by the concrete conditions of management and also forms and means of settlements and the involved documents flow are understood.

The first principle of cashless settlements in the market economy environment implies in their performance according to bank accounts opened for clients who’d like to hold and transfer money.

In a competitive business environment a settlements performance via banks should be determined by an economic efficiency, go with economic independence of the market participants and with their activity financial responsibility.

The second principle is that the accounts’ settlements should be conducted by banks to the order of their owners in accordance with determined subordination of payments and within the account balance. This principle includes the market participants’ right of their own determination of payments’ subordination from their accounts. It provides a significant move on the way toward the real economic independence of economic executives’ confirmation.

The main demand placed in this case by bank to market practitioner as a settlement participant is to make payment within the outstanding balance of funds deposited in accounts.

The third principle is a principle of market participants’ free choice of cashless settlements forms and their consolidation in commercial agreements under the banks’ noninterference into the contractual relations. This principle is also directed onto the economic independence confirmation of all the market participants (irrespective of the form of ownership) in the organization of contractual and settlement relations and on their financial responsibility raising for the efficiency of these relations. Bank plays role of a representative in payments.

Recently a tendency of a payer’s transformation into the main subject of payment transaction is observed because in all the forms of cashless settlement the payment initiative is taken by payer. This fact corresponds to the market relations of our country’s economics.

In order to make a cashless settlement and money transfer it is necessary to use a payment instrument by means of which the payment initiates and on the basis of which money transfers.

Settlements are made with consent of a buyer or by order of a payer; the basis for transfer of sums is financial payment documents (payment orders, clearing house cheques, agreements). Under the violation of the agreement’s clauses there is a possibility of full or partial denial of payment in accordance with «The rules of payment documents usage and cashless settlements and money transfers performance on the territory of the Republic of Kazakhstan)) dated from April 25, 2000 tf»179.

In Kazakhstan in accordance with mentioned before rules determined that the settlements enterprises under their commitments and also between the entities and persons for the commodity and material valuables are performed in cashless form via banking institutions.

There is a quite wide legal basis developed in our country which regulates the terms, organization and conducting of cashless settlements:

The Law of the Republic of Kazakhstan dated from June 29, 1998 № 237-I «About the payments and money transfers».

The board of directors decision of the National Bank of RK dated from April 25, 2000 № 179 «About the regulations adoption of payment documents usage and cashless settlements and money transfers performing on the territory of the Republic of Kazakhstan».