Decree of the President of the Republic of Uzbekistan

On Measures to Ensure Currency Control for Export-Import Operations

To regulate operations in foreign currencies, establish practical control over export proceeds, and ensure effective use of funds when importing goods and services:

1. It is established that quotas for the export of goods (works, services) shall not be sold, granted, or redistributed to other legal entities;

Payments for export-import operations by enterprises, organizations, and institutions of the Republic of Uzbekistan with foreign partners through accounts in foreign banks of these firms are prohibited and punishable under the law.

2. Control over the movement of funds of physical and legal persons of the Republic of Uzbekistan in foreign currency related to export-import and other currency operations is entrusted to the Central Bank, the Audit Chamber, the Ministry of Finance, the State Tax Committee, and the State Customs Committee.

3. The Regulation on Currency Control for Export-Import Operations is approved as per the Appendix.

4. The Ministry of Justice of the Republic of Uzbekistan shall submit proposals for establishing criminal and other liability measures for physical and legal persons who violate the established procedure for repatriation of currency earnings and payment of its share to the state.

5. The Cabinet of Ministers of the Republic of Uzbekistan shall ensure the alignment of previous Government resolutions, as well as normative acts of ministries and departments, with this Decree within a two-week period;

President of the Republic of Uzbekistan I. KARIMOV Tashkent city, April 20, 1994 Decree No. PF-837

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APPENDIX

To the Decree of the President of the Republic of Uzbekistan dated April 20, 1994, No. PF-837

Regulation on Currency Control for Export-Import Operations

In accordance with the Decree of the President of the Republic of Uzbekistan "On Measures to Ensure Currency Control for Export-Import Operations" and Resolution No. 195 of the Council of Ministers of the Republic of Uzbekistan dated April 11, 1994 "On Urgent Measures to Strengthen Money Circulation and Increase the Purchasing Power of the 'Sum-Coupon'", the following procedure for controlling the movement of funds in foreign currency by enterprises, associations, and organizations (hereinafter referred to as enterprises) in carrying out foreign economic operations is established.

I. General Provisions

1. Enterprises of the Republic of Uzbekistan may open accounts in foreign currencies only in commercial banks of Uzbekistan, unless otherwise established by the Central Bank of the Republic of Uzbekistan.

2. All funds of enterprises in foreign currencies obtained from their economic activities must be transferred to their foreign currency accounts in the manner determined by the Central Bank of the Republic of Uzbekistan.

II. Registration of Contracts for Export-Import Operations and Control Over Their Execution

3. Contracts concluded by enterprises for the export of licensed goods with their foreign partners, including those in CIS countries, must be registered in the prescribed manner with the Ministry of Foreign Economic Relations, Investments, and Trade of the Republic of Uzbekistan.

4. All foreign trade contracts are subject to monitoring by currency control authorities and commercial banks through the Unified Electronic Information System of Foreign Trade Operations (TSOYEAAT), except for the export of goods (services) up to three thousand US dollars realized through electronic commerce.

5. Enterprises exporting goods indicate in the customs declaration for cargo the settlement with foreign partners, the requisites of the commercial bank through which it is carried out, and the full name thereof.

6. Bodies of the State Customs Service carry out control (monitoring) over the complete, timely, and accurate entry of information regarding the movement of goods under foreign trade contracts into TSOYEAAT.

7. Commercial banks carry out daily control over the complete, timely, and accurate entry of information regarding the movement of funds under foreign trade contracts into TSOYEAAT.

Information about the failure of funds to arrive within the specified deadlines or their arrival in insufficient amounts is formed in TSOYEAAT. State tax service bodies use the information in TSOYEAAT to take appropriate measures.

(Paragraph 8 has lost its force based on the Decree of the President of the Republic of Uzbekistan dated May 3, 2018, No. PF-5428)

III. Liability of Exporting and Importing Enterprises

9. Enterprises are responsible for the timely and full receipt of revenue for shipped goods and provided services into their accounts.

In this regard, it is prohibited to return revenue obtained by Uzbek exporters to the benefit of other legal entities using transferable letters of credit and other payment documents.

10. Punitive measures established by legislation are applied for violation of procedures for buying, selling, and using foreign currency.

11. Transferring revenue in foreign currency to accounts opened in foreign banks in violation of the requirements of the legislative acts of the Republic of Uzbekistan is considered concealment of revenue in foreign currency.

12. Payment for imported goods must be made from the account of the enterprise in the bank representing it in Uzbekistan.

13. The main forms of payments for export-import operations are documentary letters of credit, bank transfers, and collection.

IV. Liability of Commercial Banks

14. Commercial banks are responsible for the correct and timely entry of information regarding the movement of funds into TSOYEAAT and the correct application of payment methods for foreign trade operations.

15. Damages and losses caused to the state or to owners of foreign currency accounts as a result of incorrect actions or exceeding authority by commercial banks must be compensated compulsorily by these banks.