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Monitoring of the Federal Legislation dated 26.11.2002

Regulation of the Central Bank of Russia No. 201-P of October 16, 2002 on the Procedure of Opening and Keeping by Resident Legal Entities of Accounts in Foreign Currencies Outside the Russian Federation to Serve the Activities of Their Representations

Defines the rules of opening by resident legal entities (except for credit organizations and budget institutions) of accounts in foreign currencies outside the Russian Federation to serve the activities of their representations and carry out operations on these accounts, as well as the procedure of submission of information on operations on these accounts.
The resident legal entities may open accounts of their representations without permissions of the Bank of Russia according to the notification procedure. Only one account in the currency of this state and one account in another foreign currency may be opened to serve the activities of one representation in non-resident banks of the foreign state. It is prohibited to use these accounts to carry out operations pertaining to entrepreneurial, investment activities, as well as operations pertaining to the purchase of the rights for immovable property, except for the rights emerging from the lease contract for the property used to serve the activities of the representation.
The earlier permissions (licenses) issued by the Bank of Russia to open and carry out operations on accounts of the representations in non-resident banks outside the Russian Federation envisaging operations not requiring the permission of the Bank of Russia according to the new Regulation are invalidated from the day of its entry into force.
The Regulation envisages the duty of the resident legal entities - if there are accounts of representations opened earlier on the basis of permissions (licenses) of the Bank of Russia - to notify of these accounts the tax bodies at the place of their location in the Russian Federation within 10 working days from the day of entry into force of the Regulation.
The Regulation is entered into force 10 days after the day of the official publication in the Herald of the Bank of Russia.
Registered in the Ministry of Justice of the Russian Federation on November 18, 2002. Reg. No. 3930.

Order of the State Customs Committee of the Russian Federation No. 1062 of October 7, 2002 on the Control of the Customs Cost of Commodities of Individual Categories

Lists the conditions simultaneous observation of which permits for the release of commodities of individual category for free circulation at the declared customs cost without presenting additional information and documents confirming the declared customs cost. One of such conditions is the first sale of the imported commodities in the name of the producer organization. For these commodities, the full amount of customs payments must be paid calculated proceeding from the declared customs cost. In confirmation of the customs cost of the commodities, the declaring party must present the invoice containing the listed obligatory requisites, information on the Russian organization, the list of commodities proposed for import, a copy of the dealer (distributor) agreement and other documents.
The Order is entered into force 30 days after its official publication.
Registered in the Ministry of Justice of the Russian Federation on November 15, 2002. Reg. No. 3928.

Order of the Ministry of Taxation of the Russian Federation No. BG-3-09/605 of October 28, 2002 on the Endorsement of the Composition of the Agency Guides Used to Keep the Joint State Register of Legal Entities

Endorses the composition of the agency guides used to keep the Joint State Register of Legal Entities. The guide of documents necessary for the state registration of legal entities in each of the organizational and legal form, as well as the guide of the licensed types of activities, are in the development stage.

Direction of the Central Bank of Russia No. 1198-U of October 16, 2002 on the Adjustment of Individual Acts of the Bank of Russia

Pursuant to the adoption of the Regulation of the Bank of Russia No. 201-P of October 16, 2002, invalidates the Regulation of the Bank of Russia No. 436 of April 22, 1997 regulating the procedure of issue of permissions to open and keep foreign-currency accounts opened by resident legal entities to cover the maintenance expenses of their representations abroad.
The Direction is entered into force 10 days after the day of official publication in the Herald of the Bank of Russia.

Telegram of the Central Bank of Russia No. 1209-U of November 19, 2002

Beginning with November 21, 2002, fixes the uniform fixed interest rate for deposit operations carried out by the Bank of Russia using the Reuters Dealing system on standard terms "Overnight", "Tom Next", "Spot Next", "On Demand", "1 Week", "Spot Week" in the amount of 3% annual.
When a deposit operation for 1 working day is carried out ("Overnight", "Tom Next", "Spot Next") with the date of return by the Bank of Russia of the amount of the deposit and the payment of interest falling on days-off (holidays), the mentioned interest rate is divided into the actual number of calendar days from the beginning of the deposit operation to its end.

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