NBS Resolved all Dilemmas Surrounding Compulsory/Optional Use of Stamps
To support Government activities aimed at the creation of a more favourable business environment, the National Bank of Serbia adopted amendments to the bylaws governing payment transactions, specifying the provisions referring to the optional use of stamps by companies.
Even though the National Bank of Serbia de facto abolished the compulsory use of stamps by companies in the area of payment services already in 2014, with the adoption of the Law on Payment Services, and the accompanying bylaws, it has been observed that corporates still predominantly use stamps in their daily operations with banks (e.g. for verification of payment order forms at teller windows), when not using online and mobile banking services.
In order to improve and unify banking practice and resolve all perplexities of companies and entrepreneurs, the adopted solutions clearly stressed that banks could not decline to render payment services to the clients on account of their unwillingness to use stamps.
What does that virtually mean for corporates?
First of all, companies which have had accounts so far and used stamps for verification of domestic and international payment orders at window tellers can simply submit a written request to the bank not to use stamps anymore, as of 1 October and the bank is obliged to provide them with signed payment orders as early as the next day, without annex to the contract, and without requiring stamp verification from clients.
As of 1 October, legal entities and entrepreneurs opening new accounts are not obliged to verify request for account opening, chart of deposited signatures, payment transactions orders, bills of exchange and other documents related to payment transactions, unless they explicitly requested so and contractually agreed it with the bank.
The adopted solutions also provided a full contribution to the accomplishment of one of the tasks set by the Government in its Programme. The Interinstitutional working group for the abolishment of compulsory use of stamps and issuance of paper invoices was set in order to perform this task, including the representatives of the National Bank of Serbia. The main goals, inter alia, are cost reduction for corporates and improvement of Serbia’s position on the World Bank Doing Business list.
At the same time, we invite and encourage companies in Serbia to fully use the possibilities and advantages of online banking and business operations that have been at their disposal for a number of years now, as in that way they reduce not only the costs and time used for going to the bank teller window, but also the expenditures for paper documents incurred in their daily operations.