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Daily Monitoring of the Legislation

Monitoring of the Federal Legislation dated 23.06.2003

Decision of the Government of the Russian Federation No. 355 of June 20, 2003 on the Amendments to the Customs Tariff of the Russian Federation

For rice and meal and flour products of it (codes according to the Foreign Trade Commodity Nomenclature of Russia 1006, 1103 19 500 0, 1103 20 500 0, 1104 19 910 0, 1108 19 100 0), institutes the combined rate of the import customs duty in the amount of 10% of the customs cost, however, not less than EUR 0.03 per kg. Earlier, there was an ad valorem rate in the amount of 10% of the customs cost for the mentioned commodities.
The Decision is entered into force one months after the day of its official publication for 9 months.

Decision of the Government of the Russian Federation No. 346 of June 19, 2003 on the Implementation of the Right of the Insured to Choose the Investment Portfolio (Management Company) in Compliance with the Federal Law on the Investing of Resources to Finance the Accumulated Part of the Labour Pension in the Russian Federation

Defines the procedure and time limits when the Pension Fund of the Russian Federation informs the insured in 2003 of the amount of resources of the accumulated pensions available in the special part of their individual personal accounts, as well as the procedure of submission of applications by the insured to choose the investment portfolio (management company) and their examination by the Pension Fund of Russia.
Before August 1, 2003, the Pension Fund of Russia informs the insured of the amount of insurance contributions to finance the accumulated part of the labour pension received for this persons in 2002 by sending appropriate notification. Application of the choice of the investment portfolio (management company) to transfer the resources of the accumulated pensions in 2003 is submitted to the Pension Fund of Russia once before October 15, 2003 according to the form endorsed by the Ministry of Finance of the Russian Federation.
The Decision specifies that the payment for the transfer of the resources of the accumulated pensions when the insured person chooses the investment portfolio (management company) is deduced from the amount of insurance contributions in the amount of expenses actually suffered by the management company.

Letter of the Central Bank of Russia No. 12-1-4/1997 of May 15, 2003 on the Procedure for Making Payments in the Currency of the Russian Federation by the Residents

Explains that the drawing up of the import deal certificate for the import contracts envisaging payments in the currency of the Russian Federation and import of commodities within the time limits greater than 90 days from the date of payment is carried out without submission of the permission of the Bank of Russia by the importer to the authorised bank.
The currency legislation permits the use of the currency of the Russian Federation to cover invoices in foreign currencies under foreign trade contracts if these contracts envisage payment in both the foreign currency an the currency of the Russian Federation.
If the payments are made by the transfer of cash to the cash department of the exporter by the non-resident with subsequent entry on his payment account in the authorised bank, the money received by the exporter must not be recorded by the authorised bank in the currency control documents as receipts.

Information of the Central Bank of Russia of June 20, 2003 on the Refinancing Rate (Discount Rate) of the Bank of Russia


      From June 21, 2003, the rate of refinancing (discount rate) of the Bank of Russia is reduced to amount to 16% annual (earlier, 18% annual).

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