Monitoring of the Federal Legislation dated 28.01.2003

Decision of the Government of the Russian Federation No. 47 of January 24, 2003 on the Endorsement of the Indexing Coefficient of the Basic Part of the Labour Pension from February 1, 2003

From February 1, 2003, the indexing coefficient of the basic part of the labour pension is fixed to amount to 1.06 (the previous one fixed from August 1, 2002 amounted to 1.09). The mentioned coefficient is used to increase the pensions assigned according to the Federal Laws on labour pensions in the Russian Federation and on the state pension support in the Russian Federation.

Decision of the State Construction Committee of the Russian Federation No. 14 of January 27, 2003 on the Amendments to the Decision of the State Construction Committee of Russia No. 16 of April 8, 2002 on the Measures to Finish the Switchover to the New Estimate and Normative Basis of Price Forming in Construction

Normative documents of the State Construction Committee of the USSR drawn up in the level of prices envisaged in the estimate and normative bases of 1991 and 1984 are invalidated from September 1, 2003, not from January 1, 2003 as was envisaged earlier.
Before September 1, 2003, it is permitted to submit for consideration by the Directorate of State Non-Agency Expert Evaluation of the State Construction Committee of the Russian Federation design and estimate documentation for the newly started construction objects drawn up on the basis of the estimate and normative basis of 1991 (1984).
From September 1, 2003, the mentioned design and estimate documentation drawn up on the basis of the estimate and normative basis of 1991 (1984) will not be accepted by the Directorate of State Non-Agency Expert Evaluation.

Information Letter of the Central Bank of Russia No. 21 of December 27, 2002 "Summary of the Practice of Application of the Normative Acts of the Bank of Russia on Currency Regulation and Currency Control"

Explains some issues pertaining to the sale of foreign currency by residents from transit currency accounts and special transit currency accounts, as well as to the existing procedure of payments between residents and non-residents under the contracts for works, services or transfer of results of intellectual activities.
Fixes the provision that without presentation by the resident to the authorised bank of the order for obligatory sale (back sale) of the foreign currency, it may be purchased directly by the authorised bank serving the client or sold at the non-exchange inter-bank currency market, to the Central Bank of the Russian Federation, at inter-bank currency exchanges.
Also explains that the resident may enter on its account in the authorised bank without the permission of the Bank of Russia foreign currency forming the prepayment under the foreign-trade contract concluded with a non-resident regardless of the effective period of this contract.