Monitoring of the Federal Legislation dated 26.12.2001

Regulation of the Central Bank of Russia No. 167-P of December 18, 2001 on the Currency Operations Carried Out by Residents in Compliance with Permissions of the Bank of Russia Issued before December 31, 2001

Permissions for currency operations issued to residents before December 31, 2001 showing accounts in the national currencies of the member-counties of the Economic and Currency Union do not require any changes if the residents carry out these operations in euros or if the account in the national currency is replaced with the one in euros.
In these cases, the residents may carry out currency operations using the mentioned accounts in euros according to the conditions of the earlier issued permissions beginning with January 1, 2002.
Registered in the Ministry of Justice of the Russian Federation on December 20, 2001. Reg. No. 3097. The Regulation is entered into force from the day of publication in the Herald of the Bank of Russia. The text of the Regulation is published in the Herald of the Bank of Russia on December 21, 2001. No. 77.

Regulation of the Central Bank of Russia No. 170-P of December 19, 2001 on the Particulars of Application of the Deal Certificates in View of the Termination from January 1, 2002 of the Period of Transition When the Member-Countries of the Economic and Currency Union Used Euros and National Currencies of the Given Countries for Cashless Payments Simultaneously

The deal certificates showing the amount of the contract in the national currencies of the member-countries of the Economic and Currency Union do not loose their power after December 31, 2001 and are accepted by the customs bodies for the purposes of customs registration when commodities under them are supplied after January 1, 2002. These certificates may be redrawn by the authorized bank on the basis of the written application of the exporter (importer) indicating the total amount of the deal in euros in line "Amount of the Contract".
Registered in the Ministry of Justice of the Russian Federation on December 20, 2001. Reg. No. 3096. The Regulation is entered into force from the day of its publication in the Herald of the Bank of Russia. The text of the Regulation is published in the Herald of the Bank of Russia on December 21, 2001, No. 77.

Regulation of the Central Bank of Russia No. 168-P of December 18, 2001 on the Procedure of Carrying Out by Authorized Banks (Branches of Authorized Banks) of Operations with Moneys of the Member-Countries of the Economic and Currency Union and Euro Notes and Coins

Sets forth the procedure of carrying out currency exchange operations with moneys of the member-countries of the Economic and Currency Union loosing their legal power from January 1, 2002, as well as with euro notes and coins. Provides posting procedure to register operations in payment for and storage of the notes before their import to the Russian Federation and after, in their registration in the cash department. In this case, operations in payment for and storage of the notes in euros after their import to the Russian Federation are recommended to be registered on off-balance accounts.
Lists information on the introduction of euros for circulation from January 1, 2002 that must be placed in exchange offices and cash departments of the authorized banks (their branches) before January 1, 2002 in places accessible for the clients. Amount of commission for the exchange operations is fixed by the banks independently. The banks are recommended to use the endorsed recalculation coefficients for the mentioned currencies into euros in exchange operations.
Registered in the Ministry of Justice of the Russian Federation on December 20, 2001. Reg. No. 3095.
The Regulation is entered into force from the day of its publication in the Herald of the Bank of Russia. The text of the Regulation is published in the Herald of the Bank of Russia on December 21, 2001, No. 77.

Order of the Ministry of Taxes and Revenues of the Russian Federation No. BG-3-04/458 of October 30, 2001 on the Endorsement of the Form of Reports for the Income Tax from Natural Persons and the Uniform Social Tax (Contribution)

Endorses the uniform form of submission of information on the incomes of natural persons and the uniform social tax (contribution) that applies to tax agents - sources of incomes subject to the income tax from natural persons and to the payers of the uniform social tax (contribution).
Specifies also the procedure of filling out and submission of the certificate of incomes of the natural person for the year 2001 and the uniform social tax (contribution).
Invalidates Form 2-NDFL "Certificate of Incomes of the Natural Person for the Year 2001" and appendix on the procedure of filling out and submission of the certificate of incomes of the natural person for the year 2001 endorsed by the Order of the Ministry of Taxes and Revenues of the Russian Federation No. BG-3-08/379 of November 1, 2000.
Registered in the Ministry of Justice of the Russian Federation on December 18, 2001. Reg. No. 3086.

Regulation of the Central Bank of Russia No. 169-P of December 19, 2001 on the Fixing of the Official Rates of Foreign Currencies to the Russian Rouble by the Central Bank of the Russian Federation

Endorses the new procedure of fixing official rates of foreign currencies to the Russian rouble. Official rates of foreign currencies to the Russian rouble shall be fixed in the format containing six digits (earlier, four), with four of them being decimals (Rbl XX.XXXX).
The official rate of the US dollar to the Russian rouble is fixed by the Bank of Russia on the basis of the quotes of the current working day of the exchange and non-exchange segments of the internal currency market in US dollar-Russian rouble operations. Official rates of other currencies are calculated and fixed by the Bank of Russia on the basis of the official rate of the US dollar and the quotes of the given currencies to the US dollar at international and internal currency markets, as well as official rates fixed by the central (national) banks of appropriate states. Official rates of the national currencies of the member-countries of the Economic and Currency Union from January 1, 2002 shall be calculated on the basis of the official euro rate to the Russian rouble (fixed through the official rate of the US dollar) using recalculation coefficients of these currencies into euros provided in the appendix. Information on the endorsed official rates shall be published in Rossiyskaya Gazeta, Herald of the B ank of Russia, as well as placed on the site of the Bank of Russia in Internet.
The Regulation is entered into force from December 28, 2001 and shall be published in the Herald of the Bank of Russia. The text of the Regulation is published in the Herald of the Bank of Russia on December 21, 2001, No. 77.

Direction of the Central Bank of Russia No. 1073-U of December 19, 2001 on the Invalidation of the Normative Act of the Bank of Russia

Pursuant to the entering into force of the Regulation of the Bank of Russia No. 169-P of December 19, 2001 instituting the new procedure of fixing of the official rates of foreign currencies to the Russian rouble, invalidates the procedure endorsed by the Regulation of the Bank of Russia No. 66-P of December 31, 1998.

Direction of the Central Bank of Russia No. 1075-U of December 20, 2001 on the Amendments to the Instruction of the Bank of Russia No. 75-I of July 23, 1998 on the Procedure of Application of the Federal Laws Regulating the Procedure of Registration of Credit Organization and Licensing of Banking Activities

The changes pertain to the documents presented to the Bank of Russia for state registration of a credit organization. The Direction reduces the amount of fee for the registration to 0.1% of the amount of the registered capital of the credit organization indicated in its charter.
Besides, the Direction reduces 10 times the fee paid out by the credit organization as incomes to the federal budget for the opening of the branch (from 1,000 minimum amounts of labor remuneration to 100).
The Direction is entered into force from the day of its publication in the Herald of the Bank of Russia.

Letter of the Ministry of Taxes and Revenues of the Russian Federation No. ShS-6-24/926@ of December 13, 2001 on the Accounts of the Resident Natural Persons in the Banks Outside the Russian Federation

Explains the procedure of informing the tax bodies of the opening of accounts in foreign banks outside the Russian Federation by resident natural persons. The notification is submitted in duplicate no later than within one month from the day of opening (closing) of the appropriate account. In the notification, the resident provides his consent to submit extracts from the account at the demand of the tax body. Obtained information will be used by the tax body in the measures of currency and tax control for the taxpayer natural person, including the tax control over the expenses of the natural person.