Monitoring of the Federal Legislation dated 16.11.2001

Regulation of the Central Bank of Russia No. 154-P of October 12, 2001 on the Amendments to the Regulation of the Bank of Russia No. 123-P of October 3, 2000 on the Procedure of Effecting Foreign Investments to the Economy of the Russian Federation Using the Resources on the Special, Type S Accounts of Non-Residents

Changes the procedure of using by the investor of incomes and benefits obtained from investments to carry out operations of purchase of foreign currencies for the currency of the Russian Federation. Earlier, such right was granted no sooner than on the next day after expiry of one calendar year from the moment of transfer of the monetary resources to carry out the investments. Now, after they are entered on type S (project) account according to the plan of receipts and payments of the monetary resources.
Registered in the Ministry of Justice of the Russian Federation on November 12, 2001. Reg. No. 3025.

Order of the Ministry of Finance of the Russian Federation No. 65n of August 16, 2001 on the Endorsement of the Terms of Issue and Circulation of the Bonds of the Federal Loans with a Permanent Coupon Income

Defines the new procedure of issue and circulation of the bonds of the federal loan with a permanent coupon income. The bonds shall be registered coupon medium-term (from one to five years) and long-term (from five to 30 years) state securities. The placing of the bonds shall be arranged in the form of auction or on closed subscription terms.
Registered in the Ministry of Justice of the Russian federation on November 12, 2001. Reg. No. 3024.

Order of the State Customs Committee of the Russian Federation and the Ministry of Taxes and Revenues of the Russian Federation No. 963/BG-3-03/377 of October 1, 2001 on the Abrogation of the Order of the State Customs Committee of Russia and the Ministry of Taxes and Revenues of Russia No. 149/BG-3-03/34 of February 12, 2001

Beginning with July 1, 2001, abandons the procedure of reduction of the amount of excise duty tax at the importation to the customs territory of the Russian Federation of commodities subject to the excise duty tax and originating and imported from the territories of CIS member-states.
Registered in the Ministry of Justice of the Russian Federation on November 12, 2001. Reg. No. 3021.

Direction of the Central Bank of Russia No. 1047-U of November 9, 2001 on the Amendments to the Rules of Keeping of Accounting Records in Credit Organizations Located on the Territory of the Russian Federation No. 61 of June 18, 1997

Provides the new wording for the names and characteristics of Account 60309 "Value Added Tax, Received" and Account 60310 "Value Added Tax, Paid Out", as well as the characteristics of Accounts 60301 and 60302 "Payments to the Budget in Taxes", 703 "Profits", 704 "Losses" and 705 "Use of Profits". The procedure of keeping analytical records for Accounts 703 and 704 are defined by the credit organization.
The list of paired accounts that may reverse the balance now does not include Accounts 60301, 60302 and 60309, 60310.
The Direction is entered into force from the moment of publication in the Herald of the Bank of Russia. The text of the Direction is published in the Herald of the Bank of Russia No. 68 of November 15, 2001.

Direction of the Central Bank of Russia No. 1044-U of November 5, 2001 on the Changing of the Type of the Credit Organization from a Non-Banking Credit Organization to a Bank

Sets forth the procedure of changing of the type of the credit organization from a non-banking credit organization to a bank, in particular, the requirement to the amount of own resources of euro 5 million. Specifies that the license to attract monetary resources of natural persons as deposits may not be issued simultaneously with the changing of the type of the credit organization. It is necessary that at least two years expire from the moment of coordination of the amendments to the constituent documents by the Bank of Russia. Collection of the registration fee is not repeated.