Amendments and Additions to the Regulation on the Procedure for Carrying Out Certain Currency Operations Related to Capital Movements

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on November 23, 2017, registration number 2536-1

Date of entry into force

24.11.2017

All

View

Russian
Uzbek
O’zb
Uzb|Russian

[
OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.21.00.00 Bank Activity / 07.21.13.00 Currency Operations (also see 07.27.00.00);
2.
21.00.00.00 Comprehensive documents on amendments and additions / 21.04.00.00 Departmental normative and legal documents]
[
TSZ:
1.
Finance / Currency Regulation. Precious Metals (Stones)]

Resolution of the Board of the Central Bank of the Republic of Uzbekistan

On Amendments and Additions to the Regulation on the Procedure for Carrying Out Certain Currency Operations Related to Capital Movements

[Registered by the Ministry of Justice of the Republic of Uzbekistan on November 23, 2017, registration number 2536-1]

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and "On Currency Regulation", the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Amendments and additions to the Regulation on the Procedure for Carrying Out Certain Currency Operations Related to Capital Movements, approved by Resolution No. 22/2 of the Board of the Central Bank of the Republic of Uzbekistan dated November 23, 2013 (registration number 2536, December 17, 2013) (Collection of Legislation of the Republic of Uzbekistan, 2013, No. 51, Article 670), shall be made in accordance with the Appendix.

2. This resolution enters into force from the date of its official publication.

Chairman of the Central Bank M. NURMURATOV

Tashkent city,

November 11, 2017,

No. 31/2

APPENDIX

To Resolution No. 31/2 of the Board of the Central Bank of the Republic of Uzbekistan dated November 11, 2017

Amendments and additions to the Regulation on the Procedure for Carrying Out Certain Currency Operations Related to Capital Movements

1. The third bullet point of paragraph 1 shall be stated in the following wording:

"carrying out investment activities, including the replenishment of working capital of their foreign branches by residents;".

2. In paragraph 2, the words "Authorized Banks" shall be replaced with the words "Commercial Banks".

3. In paragraph 3, the words "authorized banks" shall be replaced with the words "commercial banks".

4. Paragraph 6.1 of the following content shall be added:

"6.1. The following operations are carried out in the presence of decisions of the President of the Republic of Uzbekistan, the Cabinet of Ministers, or an international treaty of the Republic of Uzbekistan:

Carrying out investment activities abroad in amounts exceeding the equivalent of 10,000 US dollars — transferring funds abroad from account balances of residents in banks of the Republic of Uzbekistan to form the charter capital (or share participation) of foreign enterprises, to replenish working capital of their foreign branches;

Providing loans and debts in the form of money, goods (services), and leasing objects to non-residents by residents of the Republic of Uzbekistan;

Placing funds from account balances of residents of the Republic of Uzbekistan in commercial banks of the Republic of Uzbekistan into foreign account balances (deposits) and transferring them for the purchase of real estate."

5. In the first and fourth bullet points of paragraph 7, the words "to the authorized bank" and "authorized bank" shall be replaced with the words "to the commercial bank" and "commercial bank", respectively.

6. In paragraph 8, the words "to authorized banks" shall be replaced with the words "to commercial banks".

7. In the second and third bullet points of paragraph 9, the words "authorized bank" and "authorized bank" shall be replaced with the words "commercial bank" and "commercial bank", respectively.

8. In the first and second bullet points of paragraph 10, the words "authorized bank" and "authorized bank's" shall be replaced with the words "commercial bank" and "commercial bank's", respectively.

9. In the sixth and seventh bullet points of paragraph 11, the words "to the authorized bank" shall be replaced with the words "to the commercial bank".

10. Paragraph 12 shall be stated in the following wording:

"12. If the resident's main deposit account is transferred to another commercial bank, the accounting of subsequent currency operations shall be carried out by the commercial bank to which the resident's main deposit account was transferred.

Documents regarding the resident's currency operations are transferred between commercial banks based on an acceptance-transfer act.

The act includes information on the resident's completed currency operations and information obtained from other commercial banks in the form specified in Appendix No. 3 to this Regulation."

11. In Appendices No. 1 and No. 2 of the Regulation, the words "authorized bank's" shall be replaced with the words "commercial bank's".

(National Database of Legislative Acts, November 24, 2017, No. 10/17/2536-1/0308)