Monitoring of the Federal Legislation dated 3.03.2003

Federal Law No. 28-FZ of February 27, 2003 on the Amendments to Articles 6 and 8 of the Law of the Russian Federation on Currency Regulation and Currency Control

The amendments pertain to such currency operations carried out by natural persons (residents and non-residents) as the sending of foreign currencies, as well as the transfer, export and sending of the earlier transferred imported or sent other currency values. As before, natural persons may export foreign currencies in cash as lumpsum amount not greater than USD 10,000 equivalent without presenting confirming documents to the customs bodies. In excess of this amount, natural persons may export the earlier imported foreign currencies in cash within the limits of the amount mentioned in the customs declaration confirming its import.
The Law specifies that when lumpsum amounts of foreign currencies are exported by natural persons in cash in the amount not greater than USD 3,000 equivalent, the exported foreign currency is not declared. Earlier, subordinate legislation specified the mentioned limit at USD 1,500 for the residents, with the amount for non-residents not permitted to exceed the earlier imported or transferred foreign currency.
The Federal Law is entered into force 10 days after the day of its official publication.

Decision of the Government of the Russian Federation No. 134 of February 28, 2003 on the Prolongation of the Rates of Import Customs Duties for Some Commodities

Prolongs for 9 months the rates of import customs duties for some commodities (trout and some of the products of animal origin) envisaged in Appendix 2 to the Decision of the Government of the Russian Federation No. 366 of May 30, 2002.
The Decision is entered into force one month after the day of its official publication.

Decision of the Government of the Russian Federation No. 127 of February 27, 2003 on the Endorsement of the Regulation on the State Fund of Precious Metals and Precious Stones of the Russian Federation

The State Fund of the Russian Federation comprises part of the gold and currency reserves of the Russian Federation and includes the multitude of precious metals and stones and items of them, as well as the waste and scrap of them. The Decision defines the procedure of replenishment of the State Fund, release of the values, expert evaluation, technological and other operations with values, their registration, storage and reporting.

Decision of the Government of the Russian Federation No. 126 of February 27, 2003 on the Procedure of Alienation of the Stocks Owned by the Russian Federation When the Claims Right to Buy Them Out by the Joint-Stock Company Emerges with the Russian Federation

The Decision on the use of the claims right to buy out the stocks owned by the Russian Federation by the joint-stock company in cases envisaged in Article 75 of the Federal Law on joint-stock companies is taken by the Government of the Russian Federation. Conclusion of the purchase-and-sale contract and transfer to the joint-stock company of the stocks owned by the Russian Federation is carried out by the Russian Federal Property Fund. Obtained monetary resources must be transferred in full amount to the federal budget within 25 days from the day of payment.

Decision of the Government of the Russian Federation No. 122 of February 25, 2003 on the Amendments to the Decision of the Government of the Russian Federation No. 192 of March 7, 2001

The amendments are introduced in the procedure of reimbursement from the federal budget of the part of expenses in payment of the interest under credits obtained in the Russian credit organisations by agricultural producers, organisations of the agroindustrial complex, farmers' enterprises and consumer cooperative organisations. The subsidies are granted to the borrowing parties on the monthly basis within the limits of resources of the federal budget proceeding from two thirds of their expenses in the payment of the interest, however, not greater than two thirds of the refinancing rate of the Central Bank of Russia as of the date of granting of the credit under the condition of the timely transfer by the borrowing party of accrued interest under the concluded credit contacts. The subsidies are granted to pay out the interest accrued and paid out by them to the banks during the period from January 1 to December 15 of the current year for the use of the credits obtained in the banks in the current year and aft er December 15 of the previous year. The Decision provides the new wording for the calculation of the granted subsidy.

Decision of the Government of the Russian Federation No. 119 of February 25, 2003 on the Amendments to the Decision of the Government of the Russian Federation No. 278 of April 29, 2002

Prolongs for the year 2003 and subsequent years the Decision of the Government of the Russian Federation No. 278 of April 29, 2002 on the amount, procedure of collection and registration of the payment for the transfer of the forestry lands into non-forestry ones and for the withholding of the lands of the forestry fund in 2002.