Monitoring of the Federal Legislation dated 30.04.2004

Decision of the Management Board of the Pension Fund of Russia No. 25p of March 9, 2004 on the Amendments to the Decision of the Pension Fund of Russia No. 85n of June 16, 2003

The amendments are introduced pursuant to the adoption of the Decision of the Government of the Russian Federation No. 807 of December 31, 2003 specifying the procedure of financing in 2004 of additional payments for obligatory medical insurance of non-working pensioners getting old-age labour pension. Changes the form of the agreement on the procedure of financing in 2004 of the mentioned payments between the higher body of executive power of the subject of the Russian Federation and the Pension Fund of the Russian Federation.

Registered in the Ministry of Justice of the Russian Federation on April 29, 2004. Reg. No. 5780.

Instruction of the Central Bank of Russia No. 111-I of March 30, 2004 on the Obligatory Sale of the Part of the Currency Receipts at the Internal Currency Market of the Russian Federation

The new Instruction preserves the amount of the part of the currency receipts of the residents due for obligatory sale (25% of the amount of the currency receipts).

Defines the procedure of opening and keeping of the transit currency account to effect the obligatory sale of the part of the currency receipts of the residents. The transit currency account is intended to identify the receipts in foreign currencies in favour of the residents in the types of operations, including the export currency receipts, and directly effect the obligatory sale.

The transit currency account is used by the authorised bank to enter all foreign currency receipts in favour of the resident, except for the following receipts entered on the current currency account:

- resources received from one current currency account of the resident opened in the authorised bank on another current currency account of this resident opened in the same or another authorised bank;

- resources received from the authorised bank where the current currency account of this resident is opened under the contracts concluded by them;

- resources received from the current currency account of one resident on the current currency account of another resident opened in the same authorised bank.

The authorised bank shall notify the resident of the receiving (entering) on his transit currency account of the resources in foreign currency.

The resident having received the notification shall submit to the authorised bank the certificate identifying the amount of received foreign currency by the types of currency operations including the identification of the currency receipts being the object of obligatory sale. The authorised bank must sale the foreign currency within two working days following the day of the entry of the foreign currency on the mentioned in the present item separate personal account.

The Instruction is entered into force from June 18, 2004.

Registered in the Ministry of Justice of the Russian Federation on June 29, 2004. Reg. No. 5779.

Direction of the Central Bank of Russia No. 1408-U of March 29, 2004 on the Procedure of Recording in the Accounting Work of Credit Organisations of Operations of Depositing of Obligatory Reserves in the Bank of Russia

Specifies the rules of recording in the accounting work of credit organisations of operations of depositing of obligatory reserves in the Bank of Russia.

The recording of the mentioned operations is arranged on the basis of the received from the authorised institution of the Bank of Russia excerpts from the personal accounts of the balance accounts used to register obligatory reserves and off-balance accounts used to register obligatory reserve payments. The mentioned accounts are opened only on the balance of the head office of the credit organisation.

The Direction is entered into force from July 1, 2004.

Registered in the Ministry of Justice of the Russian Federation on April 29, 2004. Reg. No. 5778.

Regulation of the Central Bank of Russia No. 255-P of March 29, 2004 on the Obligatory Reserves of Credit Organisations

Specifies a new procedure of depositing of obligatory reserves in the Bank of Russia by credit organisations.

The new Regulation changes the procedure of estimation of the obligatory reserves. Credit organisations are also provided with opportunity to use the mechanism of equalization of obligatory reserves. Interest is not accrued for the obligatory reserves deposited by credit organisations in the Bank of Russia.

The new Regulation does not specify the particular values of the normatives of obligatory reserves for obligations of credit organisations to non-resident banks in the currency of the Russian Federation and foreign currency, for obligations of credit organisations to natural persons in the currency of the Russian Federation, for other obligations of credit organisations.

The depositing of obligatory reserves in the Bank of Russia by credit organisations is arranged according to the new Regulation beginning with the estimate for July 2004.

The Regulation is entered into force from July 1, 2004.

Registered in the Ministry of Justice of the Russian Federation on April 23, 2004. Reg. No. 5769.

Direction of the Central Bank of Russia No. 1424-U of April 27, 2004 on the Adjustment of the Normative and Other Acts of the Bank of Russia

Pursuant to the adoption of the Regulation of the Bank of Russia No. 255-P of March 29, 2004 on the obligatory reserves of credit organisations, invalidates the Regulation of the Bank of Russia No. 37 of March 30, 1996 on the obligatory reserves of credit organisations deposited in the Central Bank of the Russian Federation with amendments.

The Direction is entered into force from July 1, 2004.