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Narmamatov I.B., PhD, associate professor associate professor of the department of "Innovative economics "
KarIEI associate professor University of Economics and Pedagogy
THE ROLE OF REMITTANCES IN THE DEVELOPMENT OF THE GREEN ECONOMY IN UZBEKISTAN
Abstract. The article identifies problems associated with improving the practice of using forms of cashless payments in the Republic of Uzbekistan and developed scientific proposals aimed at solving these problems. The transition to electronic payments improves the efficiency of the economy, reduces cash, improves financial transparency, promotes financial inclusion, promotes the digital economy, reduces costs and provides convenience for users.
Keywords: payment order, check, documentary letter of credit, clean collection, documentary collection, liquidity, commercial bank, overdraft, security, priority of payments.
INTRODUCTION
In the "Strategy for further development of the Republic of Uzbekistan in 2017-2021", approved by the Decree of the President of the Republic of Uzbekistan dated February 7, 2017 No 4947, the development of cashless payments is recognized as a necessary condition for ensuring stable macroeconomic growth [1]. not. Because there are current problems related to improving the practice of using cashless forms of payment in the Republic of Uzbekistan. In particular, in the practice of the republic, more than 90% of payments made through documented letters of credit are made through secured letters of credit. Moreover, in the banking practice of the country to date, there are no pure collection and documentary collection forms of cashless settlements. As a result, the possibility of increasing the volume of cashless payments is limited.
This article develops solutions to the problems associated with improving the practice of using cashless forms of payment.
LITERATURE REVIEW
Opinions on the content of the concept of cashless settlements in the economic literature differ significantly from each other. A.S.Neshitoy, E.F. In the works of Zhukov, VP Polyakov and a number of other economists it is understood that cashless payments are made by transferring money through bank accounts and on the basis of mutual waiver of claims. For example, according to E. Zhukov, "non-cash settlements are settlements that are carried out without the use of cash, by transferring money to the accounts of credit institutions and waiving mutual claims"
External bank circulation of cash in countries of CIS serves as a source of deepening the inflation process so far as the main part of population's expenditures are paid with cash. At present distrust of economic agents to national bank system, promotes to widening of shady economics and external bank circulation in countries of CIS. Practically there exist some factors, creating unfavorable situation for efficient activities of commercial banks, as a result, these banks are simply becoming obliged to do a low qualitative service for their clients and by this way are losing confidence of the companies.
Currently, four forms of cash are used in the economic practice of the Republic of Uzbekistan: payment request, payment order, documented letter of credit and collection.
Table -1
Structure and dynamics of non-cash payments in the Republic of _ Uzbekistan [3/Cashless payment forms_
Cashless payment forms Years In 2022 year to 2018 years, in %
2018 2019 2020 2021 2022
Payment request 0,12 0,26 0,18 0,16 0,16 0,04
Payment order 99,61 99,49 99,46 99,52 99,38 - 0,23
Documentary letter of credit 0,02 0,02 0,01 0,01 0,04 0,02
Collection 0,25 0,23 0,35 0,31 0,42 0,17
Payments - total 100,0 100,0 100,0 100,0 100,0 х
According to Table 1, the largest share in the total volume of non-cash payments made through non-cash forms of payment in the country is occupied by payments made through payment orders. This is a negative situation in terms of improving the practice of using cashless forms of payment. This is because payment orders are not guaranteed. From the data in Table 1, it can be seen that the share of payments made through documented letters of credit in the total amount of cashless payments made through cashless settlement forms is very small. However, payment is fully guaranteed in documented letters of credit.
Because law-keeping organs (courts, prosecutors' offices) have full access to the information on bank accounts even in conditions such as not having attitude to excitement from criminal action. Besides that, local government bodies and collaborators of tax inspection can also acquire such information without specific efforts. Having information about bank accounts of clients, third persons can entirely use them for unconscientious purposes. Such a practice decreases the stimulus of many enterprises connected to bank and creating favourable climate for the introduction of shady business.
In the presence of clients by debts in budget and external funds, commercial banks in compulsory order transfer monetary devices from accounts of their
clients for paying encashment charges of taxation and external budget funds. Such a practice is contrary to confidentiality of the facts of bank clients and by this way undermines the trust to banks.
As a result of high inflation, population doesn't want to keep their savings in national currencies. Capital is used for purchasing "stable foreign currencies" and by this way the cost of national currency falls. Besides that, purchasing power begins to pass to the state, as well as it will use money, which are edited by central banks. This is inflation tax.
Elaborating effective money-credit and fiscal politics requires the exactness in the price of such key statistic indexes as the volume of output and the level of unemployment, and the presence of small size of production in shady economics results in distortion of these facts. It includes facts about activities of shady economics in official statistics of national accounts. Persons, engaging in elaboration and conducting politics, and collaborators of state bodies for making decisions about distributing resources must acquire information about number of persons engaging in shady economics, rapidness of conducting and the scale of this activity.
However, to estimate the scales of shady economics is rather difficult. In certain account, people, engaging in half activities, strive all attempts not to discover.
A number of investigations show that tax regime seems to have a great influence to widening the shady economics. In Austria, loading straight taxes (including payments on social securities), have more influence to the growth of shady economics; the next by the level of influence, is the number of normative acts, concerning companies and workers, and also the difficulty of tax systems. This situation can be observed in Scandinavian countries, Germany, and the USA. Measures of state regulating, these such as demanding on license, trade barriers, normative markets of labour and others, can increase the cost of working force for companies in official economics. Employers in official economics, putting main part of additional expenses, connected to these measures of regulating on their workers actively are urging them to pass to shady economics, where can be avoided of these expenses.
State bodies must engage in improving the observance of laws and regulative acts, instead of engaging in increase their quantities. Shady economics, as a rule, have small sizes in countries where strong and effective institutes of state management work. High level of regulating economics with weak and discretional use of laws creates favorable land for shady economics.
As the operation of shady economics is usually conducted in exact form, increase of activeness in this sphere, as a rule, brings to extending of demand for cash and, in turn, to widening external monetary circulation. As a result, monetary bodies will be in difficulty to estimate consumes of economic subjects by cash. At present, the fact is that in the republic more than 60% of money mass consist of cash devices, gives opportunity to suppose about exist of vast number of cash
operations of shady business, which in no where is taken into account and don't transfer by bank channels.
CONCLUSIONS AND RECOMMENDATIONS
In our opinion, one of the main shortcomings in the mechanism of using non-cash forms of payment is the lack of check checks used in the banking practice of the Republic of Uzbekistan for settlements between enterprises. Because in international banking practice, check checks are an independent form of cashless settlements and have their own advantages. Hence, their absence in the country's payment practice indicates that cashless settlements are not being fully implemented.
Accounts receivable accelerate the sale of goods, the payment of which at the expense of loans from commercial banks plays an important role in solving the problem of insolvency in the economy.
In the practice of developed countries, bank check checks are widely used. One of the unique features of these checks is that they can be transferred to third parties through endorsement. As a result, it is possible to use order checks to reduce receivables and payables between business entities.
It is noteworthy that in developed countries, the amount of payment on checks is not deposited in a separate account. However, there is no problem of non-payment on checks in these countries. This is explained by the fact that a significant part of the checks are paid by loans from commercial banks. If the check does not have funds in the payer's current account at the time of receipt at the payer's bank, then the check is paid by the commercial bank from an overdraft or term loan account.
The share of secured letters of credit in the total volume of documented letters of credit opened by commercial banks of the country is high.
The results of the analysis performed in the second chapter of the study showed that 99% of the payments made through cashless payment forms accounted for the share of payments made through payment orders. This indicates that the practice of using non-cash forms of payment through letters of credit has not improved.
The results of the analysis show that the share of letters of credit opened by banks in the country in the volume of non-cash payments is very small. In addition, the bulk of the documented letters of credit correspond to the share of secured letters of credit. As a result, a certain part of the funds belonging to economic entities is withdrawn from their economic turnover.
References:
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