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Daily Monitoring of the Legislation

Monitoring of the Federal Legislation dated 28.09.2001

Decree of the President of the Russian Federation No. 1093 of September 4, 2001 on the Invalidation of Some of the Decrees of the President of the Russian Federation

Invalidates the Decrees of the President of the Russian Federation recommending up to 50% reduction from August 1, 1998 of tariff rates for electric power and natural gas for industrial consumers and consumers financed out of budgets of all levels providing for 100% payment with money. The Decree is entered into force from the day of signing.

Letter of the Central Bank of Russia No. 18-OR of September 5, 2001 ~Official Explanation of the Application of the Letter of the Bank of Russia No. 127 of December 8, 1994 on the Procedure for Creating Reserves for Depreciation of Securities~

Explains that the reserve for depreciation of securities that failed state registration, i.e. being out of circulation, must not be created. This is because the depreciation may apply only to securities circulating at the organized or unorganized market.

Letter of the Federal Commission for Securities Market No. IK-04/5159 of August 2, 2001 on the Notifications on Concluded Deals of Purchase by Foreign Holders of Securities of Issuers Registered in the Russian Federation

The parties of the deal shall send the notification of the concluded deal of purchase by foreign holders of securities of issuers registered in the Russian Federation to the Federal Commission for Securities Market on the day of concluding the deal. The Letter lists information indicated in the notification of the concluded deal.

Decision of the Federal Commission for Securities Market No. 15 of July 18, 2001 on the Normatives of Sufficiency of Own Resources of Professional Participants of the Securities Market

Specifies the normatives of sufficiency of own resources for professional participants of the securities market engaged in individual types of activities, as well as combining various types of activities at securities market.
The Decision does not apply to credit organizations.
According to the statement of the Ministry of Justice of the Russian Federation No. 07/8061-YuD of August 7, 2001, the present Decision does not need state registration.
The Decision is entered into force from July 1, 2002.

Decree of the President of the Russian Federation No. 1120 of September 10, 2001 on the Amendments to the Regulation on the Human Rights Commission of the President of the Russian Federation Endorsed by the Decree of the President of the Russian Federatio

Specifies and expands the functions and authority of the Human Rights Commission. Institutes, in particular, the right of the Commission to interact with the human rights representative in the Russian Federation, its subjects, representative of the Russian Federation in the European Human Rights Court and human rights structures. The Commission shall also be entitled to apply to the human rights commissions in the subjects of the Russian Federation to get information on the rights and liberties of the man and citizen, as well as other materials on the activities of the given commissions.
The Decree is entered into force from the day of its signing.

Letter of the Ministry of Finance of the Russian Federation No. 03-01-01/11-267 of July 26, 2001 on the Registration by Budget-Supported Organizations of Incomes Obtained from Sales of State and Municipal Property

Explains Item 47 of the Instruction on accounting work in budget-supported organizations endorsed by the Order of the Ministry of Finance of the Russian Federation No. 107 n of December 30, 1999 defining the procedure of registration of operations in the utilization of resources obtained from the sale of the purchased at the expense of the budget: unused equipment, other objects of fixed assets and materials obtained from dismantling the fixed assets.
After entering into force of the Budget Code of the Russian Federation, the given item continues its effect for budget-supported institutions falling under legislative acts of the Russian Federation in the sphere of education, science, scientific and technical policy, culture adopted before the entering into force of the Code. Other budget-supported institutions should be guided by the Budget Code of the Russian Federation.

Order of the State Customs Committee of the Russian Federation No. 833 of August 22, 2001 on the Customs Registration of Precious Metals and Precious Stones

The customs registration of precious metals and precious stones intended for industrial or other commercial activities is arranged with obligatory participation of state controllers of the Ministry of Finance of the Russian Federation in the presence of documents confirming the results of state control. The customs registration is carried out exclusively by specialized customs stations and departments. If the mentioned commodities are moved outside the regions covered by the specialized customs bodies, the customs registration is arranged at one of such bodies at the desire of the party moving the commodities.

Decision of the Government of the Russian Federation No. 660 of September 5, 2001 on the Tied Federal Program "Integration of Science and Higher Education of Russia for the Years 2002-2006"

The program provides for the attraction of gifted young people to the sphere of science, higher education and innovative activities, development of information technologies and other. One of the goals of the program is the forming of the new thinking in the postindustrial society.
The program envisages creation of research and study centers operating on the basis of state scientific organizations and higher educational institutions or their divisions to train collage, post-graduate and doctoral students of higher educational institutions in priority spheres of science and technology and allocation of resources to introduce present-day information technologies to libraries of large scientific and educational structures.

Decision of the Government of the Russian Federation No. 624 of August 23, 2001 on the Restructuring of the Debts of the Payers of Insurance Contributions for Obligatory Medical Insurance of Unemployed Population as of January 1, 2001

Defines the procedure and terms of restructuring of the debts of the payers of insurance contributions for obligatory medical insurance of unemployed population as of January 1, 2001 including the writing off of accrued penalties. The amount of the debt is determined on the basis of the act of the check carried out by the territorial fund of obligatory medical insurance. The restructuring of the debt is carried out under the contract (agreement) concluded by the payer with the territorial fund. The restructuring may be carried out by granting respites (installment schedules) to the payer for the term of up to 5 years to redeem the amount of the debt on the basis of the contract (agreement), or by suspending the penalties for the amount of arrears in insurance contributions under the condition of ensuring monthly payment of these contributions, or by writing off of the penalties for the payer having redeemed the debt. In the latter case, the amount of the writing off of the penalties is determined depending on the period of redemption of the debt.

Regulation of the Central Bank of Russia No. 146-P of August 7, 2001 on the Procedure of Certification by the Bank of Russia of Receivers (Liquidators) of Credit Organizations

The Regulation defines the volume of qualification requirements, procedure of issue, cancellation, prolongation and redrawing of certificates of a receiver and person with a license of the state body of the Russian Federation in charge of the bankruptcy and financial rehabilitation and the certificate of the Bank of Russia assigned by a court of arbitration to liquidate a credit organization without the sings of the bankruptcy.
The Temporary Certification Commission is created in the central office of the Bank of Russia to arrange the certification of the applicants and territorial certification commissions in the territorial institutions of the Bank of Russia.
The certificate is issued to carry out activities in a particular credit organization for the term of up to 1 year from the day of adopting by the Temporary Certification Commission of the Bank of Russia of the decision on the issue or prolongation of the certificate.
Registered in the Ministry of Justice of the Russian Federation on September 6, 2001. Reg. No. 2929.
The Regulation is entered into force from the moment of its publication in the Herald of the Bank of Russia.

Decision of the Social Insurance Fund of the Russian Federation No. 72 of July 30, 2001 on the Endorsement of the Method of Calculation of the Amount of Capitalized Payments to Ensure Obligatory Social Insurance against Industrial Accidents and Occupation

Endorses the method of calculation to be used by the liquidation commission (receiver) to estimate the amount of capitalized payments.
The method is based on the normative method of building up resources, application of capitalization coefficients, use of social norms and economic normatives defining the amounts of monthly insurance payments and resources for covering additional expenses for medical, social and professional rehabilitation of victims.

Regulation of the Central Bank of Russia No. 144-P of July 27, 2001 on the Amendments to the Regulation of the Bank of Russia No. 54-P of August 31, 1998 on the Procedure of Granting (Placing) of Monetary Resources by Credit Organizations and Their Return

Lists the terms and defines the procedure of granting of monetary resources to clients by the bank by opening a credit line. Specifies that the procedure of crediting of the bank account of the borrower client by the bank applies also to operations in granting credits by the banks in cases of insufficiency or absence of the monetary resources on the bank account of the client natural person (overdraft) if the appropriate condition is envisaged in the concluded agreement on the bank account or the deposit agreement.
The changes are also introduced in the procedure of return of the granted monetary resources by the borrower client and the payment of interest for them.
Registered in the Ministry of Justice of the Russian Federation on September 11, 2001. Reg. No. 2934.
The Regulation is to be published in the Herald of the Bank of Russia and is entered into force from November 1, 2001. The text of the Regulation is published in the Herald of the Bank of Russia on September 19, 2001, No. 57-58.

Order of the Ministry of Finance of the Russian Federation No. 60 of August 2, 2001 on the Endorsement of the Regulation on Accounting Work PBU 15/01 "Registration of Loans and Credits and Their Servicing Expenses"

Endorses for the first time the Regulation on the registration of loans and credits and their servicing expenses (PBU 15/01). The PBU sets forth the rules of building up in accounting work of information on the expenses pertaining to the fulfillment of obligations under received loans and credits (including commodity and commercial credits) including attraction of borrowed resources by issue of promissory notes, issue and sale of bonds for organizations being legal entities according to the legislation of the Russian Federation (other than credit organizations and budget-supported organizations). The Regulation does not apply to interest-free loan agreements and state loan agreements. Introduces the notion of "investment assets". These include objects of fixed assets, property complexes and other similar assets requiring much time and purchasing and/or construction expenses. The Regulation specifies that expenses under received loans and credits referring directly to the purchase and/or construction of invest ment assets must be included in the cost of these assets and be redeemed by accrued amortization. Expenses under other loans and credits must be regarded as expenses of the period when they were made.
The Order is entered into force from January 1, 2002.

Decision of the State Statistics Committee of the Russian Federation No. 56 of August 3, 2001 on the Selected Pilot Investigation of the Volumes of Commodities Imported by Natural Persons

Provides for the carrying out of the pilot investigation from September through December 2001 with the goal of determination of the numbers of natural persons bringing commodities from abroad to sell them on the territory of the Russian Federation and determination of the main routes of "commercial" tours. The investigation is arranged by filling out the forms endorsed in the Decision by tourist and air companies arranging charter flights.

Letter of the Ministry of Taxes and Revenues of the Russian Federation No. VG-6-03/661 of August 29, 2001 on the Procedure of Calculation of the Value Added Tax and Drawing Up Invoices for the Sales of the Special Regional Stamp for Labeling Alcoholic Pro

Explains that the amounts of the value added tax indicated in the invoices issued by the Department of the Ministry of Taxes and Revenues of the Russian Federation for the subject of the Russian Federation with the organization producing alcoholic items and/or wholesale organization having the permission to institute excise duty warehouse are accepted for exemption in compliance with the generally established procedure.

Decision of the Government of the Russian Federation No. 676 of September 17, 2001 on the University Complexes

Sets forth that a university complex may be created on the basis of a university or academy to unite educational institutions implementing educational programs of various levels, other institutions and non-commercial organizations or their separate structural divisions. The complexes as single legal entities shall be created, reorganized and liquidated by the Government of the Russian Federation.

Decision of the Government of the Russian Federation No. 675 of September 17, 2001 on the Tied Federal Program "Housing" for the Years 2002-2010

The program continues reforms in the housing sphere initiated in the framework of the tied state program "Housing" approved by the Decision f the Government of the Russian Federation No. 595 of June 20, 1993 and the main directions of the new stage of implementation of the tied state program "Housing" approved by the Decree of the President of the Russian Federation No. 431 of March 29, 1996.
It is planned to enhance, in the period from 2002 through 2010, the tied social aid to the population pertaining to the payment for the housing and communal services and to develop financial mechanisms providing for the opportunities of purchase of the housing for the citizens with sufficient resources, as well as support of low-income citizens in improvement of the housing conditions at the expense of the local budgets within specified social standards. The given measures are planned for implementation by creation of subsidy-free mechanisms of financing of the maintenance of the housing fund, termination of cross-subsidizing of tariff rates for communal services and other.
Implementation of the program will permit to ensure affordability of the purchase of the housing, with the average cost of a standard 54 square meter apartment being equal to the average total monetary income of a three-member family for three years. It is planned to reduce, by 2010, the waiting time for the social housing for the low-income citizens from 15-20 years to 5-7 years.

Letter of the Ministry of Taxes and Revenues of the Russian Federation and the Savings Bank of the Russian Federation Nos. FS-8-10/1199, 04-5198 of September 10, 2001 on the New Forms of Payment Documents for the Transfer of Taxes (Revenues), Penalties an

Introduces the new forms of payment documents for the transfer of taxes (revenues), penalties and fines by natural person taxpayers through separate structural divisions of the Savings Bank of the Russian Federation. Form PD (tax) is recommended for payments of taxes, penalties and fines by natural person taxpayers to the budget system of the Russian Federation.
If the mentioned form may not be accepted by a structural division of the Savings Bank of the Russian Federation because of the incompatibility of its size to the printing device, the payer is offered to fill out Form PD-4sb (tax). The forms are introduced 4 months after the day of signing of the Letter.

Decision of the Government of the Russian Federation No. 677 of September 17, 2001 on the Amendments to the Regulation on the Ministry of the Russian Federation for Printing, TV and Radio Broadcasting and Means of Mass Communication

Specifies the authority of the Ministry of the Russian Federation for Printing in the implementation of the measures of state support to mass media, financing of budget-supported organizations in its sphere of reference and control over the use of the resources of the federal budget for their designated purposes.

Order of the Ministry of Internal Affairs of the Russian Federation, Ministry of Finance of the Russian Federation and the Ministry of Transport of the Russian Federation No. 708/61n/126 of August 3, 2001 on the Endorsement of the Normative Legal Acts Pre

Endorses the procedure of fixing the amounts of payment for the state technical inspection of transport vehicles and procedure of collection and distribution of received resources. Differentiated amounts of payment, including those collected on beneficial terms, are fixed by the bodies of state power of the subjects of the Russian Federation. The payment includes the free price of the tickets for the state technical inspection, expenses for transportation, storage, registration and handing out of the special products (that must not be greater than Rbl 36), the cost of works in the checking of the technical condition of the transport vehicles.
Registered in the Ministry of Justice of the Russian Federation on September 19, 2001. Reg. No. 2940.

Instruction of the Central Bank of Russia No. 100-I of August 29, 2001 on the Accounts of the Resident Natural Persons in the Banks outside the Russian Federation

Specifies the cases and terms of opening of accounts in foreign currencies in foreign banks by resident natural persons, as well as the procedure of money transfer to the mentioned accounts through authorized banks.
The accounts are opened by residents for the purposes other than entrepreneurial activities. The resident may use the monetary resources entered on the accounts for currency operations pertaining to capital transfers.
The Instruction lists the states with foreign banks and their branches where the resident may open accounts. The opening (closing) of an account must reported by the resident according to the attached form to the tax body at the place of his residence no later than within one month from the day of opening (closing) of the account.
Registered in the Ministry of Justice of the Russian Federation on September 14, 2001. Reg. No. 2937.
The Instruction is entered into force ten days after publication in the Herald of the Bank of Russia. The text of the Instruction was published in the Herald of the Bank of Russia on September 19, 2001. No. 57-58.

Decision of the Government of the Russian Federation No. 680 of September 18, 2001 on the Amendments to the Decision of the Government of the Russian Federation No. 495 of July 6, 2001

Creates the State Water Service, State Forestry Service, State Geological Service, State Environmental Protection Service, State Control Service in the Sphere of Use of Natural Resources and Ecological Safety in the Ministry of Natural Resources and its territorial divisions.

Decision of the Government of the Russian Federation No. 672 of September 12, 2001 on the Endorsement of the Procedure of Distribution of Incomes from the Use of Federal Immovable Property outside the Russian Federation

The mentioned incomes (after transfer of all payments and deductions) are allocated for the maintenance and operation of immovable property, activities of the enterprise in charge of the property management abroad and its plenipotentiary representation offices abroad, capital and current repair and other expenses providing for the proper condition of the objects of the federal immovable property except for construction of new objects.

Decision of the Government of the Russian Federation No. 630 of August 28, 2001 on the Tied Federal Program "Development of the Uniform Educational Environment (Years 2001- 2005)"

Plans to improve, in the mentioned period, the quality of education in all regions of Russia, preserve, develop and efficiently use the scientific and pedagogical potential of the country and other. Implementation of the program will enable the access of the students and teachers to high-quality local and network educational information resources, switchover to the open educational system, creation of the system of methodology support for the teachers of educational institutions of all levels. The number of computers in the secondary educational institutions is planned to be increased to one per 80 students. Special attention is paid to the creation and expansion of electronic libraries as a way of accumulation and dissemination of information and methodology resources.

Letter of the Ministry of Finance of the Russian Federation No. 16-00-24/70 of August 23, 2001 on the Strict-Reporting Documents in Monetary Payments with the Population

When monetary payments are made without cash registers, the organizations must get strict-reporting documents complying with endorsed forms. If necessary, the forms may include the requisites corresponding to the type of activities of the organization. In this case, all envisaged requisites are left unchanged, removal of individual requisites is not allowed. If some of the lines are not filled out because of the absence of the appropriate indicators with the organization, a dash is entered in the line.
The formats of the endorsed strict-reporting documents are recommendatory and may change. The design and layout of the strict reporting documents are determined by the organization independently as a rule.

Order of the Ministry of Taxes and Revenues of the Russian Federation No. BG-3-21/292 of August 20, 2001 on the Amendments to the Instruction of the State Tax Service of Russia No. 33 of June 8, 1995 on the Procedure of Calculation and Payment to the Budg

Introduces from January 1, 2002 Amendments No. 6 to the Instruction of the State Tax Service of Russia No. 33 of June 8, 1995 on the procedure of calculation and payment to the budget of the property tax for enterprises. Endorses the forms of calculation of the property tax for enterprises at the place of location of the organization and its separate division. The forms provide for the calculation of the cost of the property, including the one purchased on beneficial terms, as well as provide other information and estimates. The Order specifies that the mentioned estimates of the tax and the average annual cost of the property for the reported period are presented by the enterprises to the tax bodies at the place of location of both the organization and its separate divisions.
Accounts reflecting the taxable base in the assets part of the balance sheet proceeding from the cost of fixed assets, non-material assets, stocks and expenses are being brought in compliance with the new Chart of Accounts.

Information Letter of the Central Bank of Russia No. 2 on the Issues of Application of the Instruction of the Bank of Russia and the State Customs Committee of Russia No. 91-I and 01-11/28644 of October 4, 2000 on the Procedure of Currency Control over th

The explanation reflects the issues pertaining to the determination of the date of importation of the imported commodities to the customs territory of the Russian Federation, importer duty to present to his bank a copy of the cargo customs declaration for commodities cleared earlier by presenting a photocopy of the certificate of the import deal to the customs body and other.
The Letter explains, in particular, opportunities of effecting payments for the imported commodities from the account of the resident third party not being the importer in the presence of the appropriate permission of the Bank of Russia.

Letter of the Social Insurance Fund of the Russian Federation No. 02-18/06-5386 of July 27, 2001 on the Registration of Insurer Expenses

Explains the procedure of registration in accounting work and reports of amounts of expenses made by the insurers paying insurance contributions and the uniform social tax and not taken into account as a result of the checks.
The procedure of registration of excluded amounts in the estimate sheet of the resources of the Social Insurance Fund varies depending on whether the excluded expenses were made before or after January 1, 2001.
If the amounts of such expenses made by the insurer are transferred to the accounts of executive bodies of the Fund other than through accounts of the federal treasury bodies, the given transfers are returned to the payer as "received erroneously". Subsequently, these amounts are to be transferred through accounts of the federal treasury bodies.

Order of the Ministry of Taxes and Revenues of the Russian Federation No. VG-3-01/340 of September 10, 2001 on the Endorsement of the Methodology Recommendations on the Procedure of Calculation and Payment of the Value Added Tax in Product Sharing Agreeme

Explains the particulars of calculation and payment of the value added tax in product sharing agreements specified in Article 178 of the Tax Code of the Russian Federation. In particular, explains the procedure of presenting confirming documents exempting from VAT commodities, works, services intended for carrying out works under these agreements. The payment documents, initial registration documents and invoices are drawn up without separating appropriate VAT amounts, with appropriate signature or stamp "Without VAT" being placed on the mentioned documents.

Letter of the Ministry of Taxes and Revenues of the Russian Federation No. VG-6-03/594@ of August 1, 2001 on the Application of Subitem 2 of Item 2 of Article 188 of the Tax Code of the Russian Federation

Organizations selling transported (supplied) gas directly to end users avoiding gas distribution organizations - when they determine the taxable base for the excise duty tax for natural gas - should exclude the tariff rates for the services in gas transportation over distribution mainlines endorsed by the Federal Power Supply Commission of the Russian Federation from the cost of sold (transferred) products calculated from applied prices (however, not less than the state-regulated prices).

Letter of the Ministry of Taxes and Revenues of the Russian Federation No. 05-2-12/832-9027 of July 9, 2001 on the Uniform Social Tax (Contribution)

Calculated material benefit from employer payment for the cost of the meals of the employee engaged in the types of activities not switched over to the uniform imputed income tax and/or members of his family is subject to the uniform social tax with the employer regardless of the sources of payment for the meals.

Letter of the Ministry of Taxes and Revenues of the Russian Federation No. 14-3-04/1279-T890 of July 4, 2001 on the Responsibility of Independent Entrepreneur for the Failure to Submit the VAT Declaration

If an independent entrepreneur fails to present within specified time limits of 180 days or less the VAT declaration with the zero amount of payment, the taxpayer is subject to the minimum amount of fine of Rbl 100.
In case of presentation of the declaration upon expiry of the 180 day time limit with the zero tax amount not due for payment, the tax sanction is not applied, because it does not contain indication of the minimum amount of the fine.
Exempted from responsibility is the entrepreneur having failed to present declarations for January and February 2001 with receipts in March without the value added tax and the sales tax exceeding Rbl 1 million in case of presentation before April 20, 2001 of the declaration for the period from January through March and payment of the amounts of the tax in full amount.

Decree of the President of the Russian Federation No. 1148 of September 24, 2001 on the Draft in October-December 2001 of the Citizens of the Russian Federation for the Military Service and Discharge from the Military Service of the Draft Servicemen

Drafts from October 1 through December 31, 2001 for military service the citizens of the Russian Federation 18 to 27 years of age not being in the reserve and falling due for military service in the amount of 194,824 persons.

Decision of the Government of the Russian Federation No. 684 of September 24, 2001 on the Amendment to the Regulation on the Federal Service of Geodesy and Cartography of Russia

The Federal Service of Geodesy and Cartography of Russia is entitled to work out and endorse normative legal acts within their sphere of reference.

Decision of the Government of the Russian Federation No. 682 of September 24, 2001 on the Amendments to the Regulation on the Ministry of the Federation, National and Migration Policy of the Russian Federation

Includes in the Ministry of the Federation, National and Migration Policy of the Russian Federation representation offices abroad with the status of the territorial body. The Ministry is entitled to introduce proposals to open such representation offices abroad.

Direction of the Central Bank of Russia No. 1030-U of September 10, 2001 on the Procedure of Carrying Out Currency Operations Pertaining to Receiving and Return by Resident Legal Entities of Credits and Loans in Foreign Currencies Provided by Non-Resident

Permits to enter without restrictions foreign currencies to the bank accounts of resident legal entities from non-residents as credits (loans) under credit contracts (loan contracts), as execution of their obligations under credit contracts and as execution of obligations under the contracts backing the credit contracts. Also permits to write off without restrictions in favor of non-residents foreign currencies as execution of the above obligations.
The specified notification procedure of carrying out currency operations does not apply to the receiving and return of credits (loans) by issue, placing and redemption of securities in foreign currencies and to currency operations pertaining to receiving and return of credits (loans) by authorized banks.
The Direction is entered into force from October 1, 2001.

Decision of the Government of the Russian Federation No. 691 of September 26, 2001 on the Procedure of Rendering Humanitarian Aid (Assistance) to the Russian Federation

Specifies the list of commodities (products) subject to excise duty taxes which may not be qualified as humanitarian aid. In particular, such commodities include semi-finished products, minced meat and fish, meat mechanically boned, as well as used clothes, footwear and linen, except for those sent to state and municipal organizations and institutions of social protection of population, public health, education, criminal and execution system financed out of budgets of all levels.

Decision of the Government of the Russian Federation No. 686 of September 24, 2001 on the Endorsement of the Regulation on the Control over the Foreign-Trade Activities Pertaining to Chemicals, Equipment and Technologies That May Be Used in Creation of Ch

Defines the procedure of implementing control over the foreign-trade activities pertaining to the products included in the list of chemicals, equipment, and technologies that may be used in creation of chemical weapons and subject to export control endorsed by the Decree of the President of the Russian Federation No. 1082 of August 28, 2001.
The Regulation is obligatory for execution by all Russian participants of the foreign-trade activities with respect to the chemicals, equipment and technologies mentioned in the List.
Foreign trade operations are carried out on the basis of single or general licenses issued by the Ministry of Economy and Development. The Decision lists the documents necessary for obtaining single licenses and the grounds for obtaining general licenses. The drawing up of a single license is charged at Rbl 3,000, the general license - at Rbl 15,000. The Decision lists the cases when the drawing up of the license is not required.
The Decision is entered into force from December 1, 2001.

Direction of the Central Bank of Russia No. 1034-U of September 17, 2001 on the Amendment to the Direction of the Bank of Russia No. 500-U of February 12, 1999 on the Enhancing of the Currency Control by Authorized Banks over the Legality of Currency Ope

The amendment is introduced in the procedure of imposing restrictions on the operations of purchase and sale of foreign currencies in cash and non-cash forms - now, such order may be issued by the territorial institutions of the Bank of Russia.

Direction of the Central Bank of Russia No. 1035-U of September 24, 2001 on the Rouble Equivalent of the Minimum Amount of the Registered Capital Necessary for Creation of a Credit Organization and the Amount of Own Resources (Capital) of the Bank Request

The rouble equivalent of the registered capital of a created bank, except for the branch of a foreign bank, in the mentioned period shall amount to at least Rbl 125,150,000 (earlier, Rbl 25,030,000), of a non-banking credit organization - at least Rbl 12,515,000 (earlier, Rbl 2,550,000). The amounts were reduced for the branch of a credit organization of a foreign bank and the bank requesting the general license for bank operations.
The Direction is entered into force from September 27, 2001 and remains in effect until September 30, 2001 inclusive.

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