Regulatory Alerts1996-01-24 | ПФ-1363Added · Updated
On Measures to Strengthen Payment Discipline and the System of Mutual Settlements
The Decree mandates that enterprises and organizations must ship at least 15 percent of products supplied to domestic consumers only after advance payment, and requires authorized banks to guarantee contracts for export deliveries. It instructs the State Customs Committee to block the export of goods if valid bank guarantees are not presented and directs the Ministry of Finance and the State Customs Committee to implement separate accounting for overdue debtor and creditor debts in balance sheets starting from February 1, 1996. The Ministry of Justice, in coordination with other bodies, is required to propose legislative amendments within one month to align existing laws with these provisions.
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