Additional Measures to Liberalize Conditions and Ensure Guarantees for Population Deposits in Commercial Banks

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12.10.2009

20.02.2008

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OKOZ:
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03.00.00.00 Civil legislation / 03.11.00.00 Specific types of obligations / 03.11.15.00 Bank deposit;
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07.00.00.00 Legislation on finance and credit. Bank activity / 07.19.00.00 Banking system / 07.19.02.00 Commercial banks. Private banks. Foreign banks;
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07.00.00.00 Legislation on finance and credit. Bank activity / 07.21.00.00 Bank activity / 07.21.20.00 Savings business. Cash lending by banks]
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Finance / Banks and other credit institutions. Credits] Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element Decree of the President of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element ON ADDITIONAL MEASURES TO LIBERALIZE THE CONDITIONS FOR POPULATION DEPOSITS IN COMMERCIAL BANKS AND ENSURE THEIR GUARANTEES Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element In order to further encourage the attraction of the population's free funds into commercial bank deposits as a very important source of investment resources for strengthening confidence in the banking system by the population, reducing the cash turnover outside the bank, rapidly developing the country's economy, and improving the living standards of the population:
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1. The following procedure is established: according to which, during the period from April 1, 2008, to April 1, 2009, banks are obliged to accept funds in national and foreign currency, deposited in cash into deposit accounts, including depositors' deposits, or transferred from their personal accounts in foreign banks, from residents of the Republic of Uzbekistan - individuals, without limiting the amount of their deposits and without requiring documents confirming their source of origin.
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2. It is established:
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   OKOZ:

07.00.00.00 Legislation on finance and credit. Bank activity / 07.10.02.00 (Invalidated) Income tax from individuals / 07.10.02.08 (Invalidated) Declaration of income of individuals / 07.90.00.00 (Invalidated) General state taxes]
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The sources of funds deposited by residents of the Republic of Uzbekistan - individuals into deposit accounts in banks are not declared; [ OKOZ:
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07.00.00.00 Legislation on finance and credit. Bank activity / 07.10.02.00 (Invalidated) Income tax from individuals / 07.10.02.04 (Invalidated) Exemptions from income tax from individuals / 07.90.00.00 (Invalidated) General state taxes]
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Funds deposited by individuals into deposit accounts in banks during the period from April 1, 2008, to April 1, 2009, are exempt from taxes and other mandatory payments. See previous edition. (Pursuant to Decree No. PF-4148 of the President of the Republic of Uzbekistan dated October 12, 2009, paragraph 3 has lost its force) Send suggestions for the document Listen to audio Get a reference from the document element
4. For information, it is accepted that, in accordance with legislation:
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Get a reference from the document element lending individuals may freely and without restrictions dispose of funds deposited by them into deposit accounts in banks; Send suggestions for the document Listen to audio Get a reference from the document element banks are obliged to guarantee the preservation of bank secrecy regarding the accounts and deposits of individuals, as well as operations carried out on them; Send suggestions for the document Listen to audio Get a reference from the document element duties persons guilty of illegal disclosure or provision of information constituting bank secrecy to third parties are held accountable in the manner established by law, including criminal liability. LexUZ commentary See: Article 1793 of the Code of Administrative Liability of the Republic of Uzbekistan. [ OKOZ:
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07.00.00.00 Legislation on finance and credit. Bank activity / 07.21.00.00 Bank activity / 07.21.16.00 Bank secrecy (also see 12.03.05.03)]
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5. The Prosecutor General of the Republic of Uzbekistan shall establish strict control over the unconditional compliance with the requirements of legislation on bank secrecy by local executive bodies, law enforcement, tax and other control bodies, banks, and officials.
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6. The Central Bank of the Republic of Uzbekistan, together with the Ministry of Justice and other interested agencies, shall submit proposals to the Cabinet of Ministers of the Republic of Uzbekistan within one month regarding changes and additions to legislation arising from this Decree.
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7. The control over the implementation of this Decree shall be entrusted to the Prime Minister of the Republic of Uzbekistan Sh.M. Mirziyoyev and the Chairman of the Central Bank of the Republic of Uzbekistan F.M. Mullajanov.
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President of the Republic of Uzbekistan I. KARIMOV Send suggestions for the document Listen to audio Get a reference from the document element Tashkent city, Send suggestions for the document Listen to audio Get a reference from the document element February 20, 2008, Send suggestions for the document Listen to audio Get a reference from the document element No. PF-3968 (Collected Legislation of the Republic of Uzbekistan, 2008, No. 8-9, Article 35)