Regulatory Alerts2008-02-20 | ПФ-3968Added
Additional Measures to Liberalize Conditions and Ensure Guarantees for Population Deposits in Commercial Banks
The decree mandates that commercial banks must accept cash and transferred funds into deposit accounts from resident individuals without imposing limits on deposit amounts or requiring documentation verifying the source of funds between April 1, 2008, and April 1, 2009. During this period, funds deposited by individuals are exempt from taxes and other mandatory payments, and the declaration of fund sources is not required. The Prosecutor General is instructed to ensure strict compliance with bank secrecy laws, while the Central Bank must submit legislative amendments to the Cabinet of Ministers within one month.
All
Reference to the next edition
Reference to the previous edition
Indexing by CTU
Indexing by CMQ
Source of changes
Official publication source
12.10.2009
20.02.2008
View
Russian Eng Uzbek O’zb Uzbek|Russian
[ OKOZ: 1. 03.00.00.00 Civil legislation / 03.11.00.00 Specific types of obligations / 03.11.15.00 Bank deposit; 2. 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; 3. 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] [ TSZ: 1. 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: Send suggestions for the document Listen to audio Get a reference from the document element
- 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. Send suggestions for the document Listen to audio Get a reference from the document element
- It is established: [ 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] Send suggestions for the document Listen to audio Get a reference from the document element The sources of funds deposited by residents of the Republic of Uzbekistan - individuals into deposit accounts in banks are not declared; [ OKOZ: 1. 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] Send suggestions for the document Listen to audio Get a reference from the document element 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: Send suggestions for the document Listen to audio 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: 1. 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)] Send suggestions for the document Listen to audio Get a reference from the document element 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. Send suggestions for the document Listen to audio Get a reference from the document element 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. Send suggestions for the document Listen to audio Get a reference from the document element 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. Send suggestions for the document Listen to audio Get a reference from the document element 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)