Monitoring of the Federal Legislation dated 18.06.2004

Federal Law No. 48-FZ of June 16, 2004 on the Ratification of the Agreement between the Russian Federation and the Republic of Uzbekistan on the Joint Use of the Air Force of the Russian Federation and the Air Defence and Air Force of the Republic of Uzbekistan to Ensure the Security of the Air Space of the Russian Federation and the Republic of Uzbekistan

Ratifies the Agreement signed in Moscow on October 19, 2001.

Direction of the Central Bank of Russia No. 1450-U of June 15, 2004 on the Invalidation of the Acts of the Bank of Russia

Pursuant to the entry into force of the Federal Law on currency regulation an currency control, invalidates from June 18, 2004 a number of acts of the Bank of Russia registered in the Ministry of Justice of Russia in 1996-2003.

The Instruction of the Bank of Russia No. 93-I of October 12, 2000 on the procedure of opening by the authorised banks of bank accounts of non-residents in the currency of the Russian Federation and carrying out operations on these accounts and the Regulation of the Bank of Russia No. 127-P of October 12, 2000 on the amendments to individual normative acts of the Bank of Russia pursuant to the adoption of the Instruction of the Bank of Russia on the procedure of opening by the authorised banks of bank accounts of non-residents in the currency of the Russian Federation and carrying out operations on these accounts No. 93-I of October 12, 2000 are invalidated from August 1, 2004.

Registered in the Ministry of Justice of the Russian Federation on June 17, 2004. Reg. No. 5860.

Instruction of the Central Bank of Russia No. 117-I of June 15, 2004 on the Procedure of Submission by Residents and Non-Residents to the Authorised Banks of the Documents and Information When Carrying out Currency Operations, Procedure of Registration of Currency Operations by the Authorised Banks and Drawing up of Transaction Certificates

Defines the procedure of submission by residents and non-residents to the authorised banks of the documents and information when carrying out currency operations, as well as the procedure of registration of currency operations and the procedure of drawing up of transaction certificates by residents in the authorised banks when carrying out currency operations.

The residents, when carrying out the mentioned operations, shall submit to the authorised bank the certificate of identification by the types of currency operations of resources in foreign currencies received on the bank account or written off from the bank account of the resident opened in the authorised bank, which is the document confirming the carrying out of the currency operation. The Instruction provides the form and the procedure of drawing up of the certificate. The certificate is submitted by the resident when writing off of foreign currency from his account in the authorised bank or no later than within 7 working days from the day of receiving of foreign currency on his account in this bank.

The Instruction also defines the particulars of submission by the resident of the documents and information pertaining to the currency operations carried out between residents and non-residents when granting or getting credits and loans and of registration of the mentioned operations by the authorised banks.

Transaction certificates for the contracts drawn up before June 18, 2004 in compliance with the requirements of the Instruction of the Bank of Russia and the State Customs Committee of Russia No. 86-I and No. 01-23/26541 of October 13, 1999 and the Instruction of the Bank of Russia and the State Customs Committee of Russia No. 91-I and No. 01-11/28644 of October 4, 2000 shall preserve their force until redrawn. The Instruction specifies that transaction certificates must be redrawn no later than July 31, 2004.

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

Registered in the Ministry of Justice of the Russian Federation on June 17, 2004. Reg. No. 5859.

Regulation of the Central Bank of Russia No. 259-P of June 7, 2004 on the Procedure of Redrawing by the Authorised Banks of Accounts of Non-Residents in the Currency of the Russian Federation Opened in the Authorised Banks Pursuant to the Adoption of the Instruction of the Bank of Russia No. 116-I of June 7, 2004 on the Types of Special Accounts of Residents and Non-Residents

Specifies the procedure of redrawing by the authorised banks of the rouble, type T accounts of non-residents, rouble correspondent accounts of non-resident banks, rouble, type I accounts of non-residents, rouble accounts of non-resident natural persons, type K, N, F accounts of non-residents in the currency of the Russian Federation opened according to the earlier specified procedure.

From the day of entry into force of the Instruction of the Bank of Russia No. 116-I, the authorised banks shall stop opening of accounts in the currency of the Russian Federation for non-residents in compliance with the earlier specified procedure. However, before August 1, 2004, the authorised banks must carry out all operations envisaged in appropriate account regimes. After this date, monetary resources received on the accounts of non-residents in the currency of the Russian Federation opened in compliance with the procedure specified earlier by the Bank of Russia must be returned to the payers except for a number of cases.

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

Registered in the Ministry of Justice of the Russian Federation on June 17, 2004. Reg. No. 5858.

Direction of the Central Bank of Russia No. 1440-U of June 10, 2004 on the Amendments to the Instruction of the Bank of Russia No. 93-I of October 12, 2000 on the Procedure of Opening by the Authorised Banks of Bank Accounts of Non-Residents in the Currency of the Russian Federation and Carrying out Operations on These Accounts

Invalidates the provision of Item 3.8 of the Instruction listing the conditions permitting to use monetary resources on type N accounts to buy foreign currencies at the internal currency market of the Russian Federation.

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

Registered in the Ministry of Justice of the Russian Federation on June 17, 2004. Reg. No. 5857.

Instruction of the Central Bank of Russia No. 115-I of June 7, 2004 on the Special Broker Accounts Used to Register Monetary Resources of Non-Residents

Specifies the procedure of using of the special broker accounts in the authorised banks to register monetary resources of non-residents in the currency of the Russian Federation in operations with securities. Professional participants of the securities market engaged in brokerage activities, when they commit civil transactions with securities in the name and at the expense of a non-resident client and/or in his own name and at the expense of a non-resident client on the basis of broker contracts with non-resident clients, must clear these transactions in the currency of the Russian Federation using special broker accounts. Depending on the type of securities, there are three types of the special broker accounts: S, A and O.

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

Registered in the Ministry of Justice of the Russian Federation on June 17, 2004. Reg. No. 5856.

Direction of the Central Bank of Russia No. 1441-U of June 10, 2004 on the Amendments to the Instruction of the Bank of Russia No. 111-I of March 30, 2004 on the Obligatory Sale of the Part of the Currency Receipts of Residents at the Internal Currency Market of the Russian Federation

Specifies that the transit currency account is used to write off monetary resources to the special bank account of the resident in the foreign currency opened in the authorised bank to enter foreign currency other than the one to be entered on the current currency account of the resident.

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

Registered in the Ministry of Justice of the Russian Federation on June 17, 2004. Reg. No. 5855.

Instruction of the Central Bank of Russia No. 116-I of June 7, 2004 on the Types of Special Accounts of Residents and Non-Residents

Currency operations between the residents and non-residents pertaining to cashless payments are carried out using bank and special accounts. The Instruction specifies the following types of the special bank accounts of residents in foreign currencies opened in the authorised banks: Account F, Account R1 and Account R2. The Instruction also specifies the following types of the special bank accounts of non-resident in the currency of the Russian Federation opened in the authorised banks: Account S, Account A, Account O, Account V1, Account V2. Non-residents shall open the mentioned special bank accounts in the authorised bank under the condition of opening or availability of the opened in the given authorised bank accounts of non-residents in the currency of the Russian Federation. The Instruction defines the particulars of use of the given accounts.

Payments and transfers between resident and non-resident natural persons pertaining to the purchase and alienation of external securities (rights certified with external securities) for the amount of up to USD 150,000 within a calendar year shall be made by resident natural persons without the use of the special accounts.

The requirement on the opening of the special accounts specified in the Instruction does not apply to resident credit organisations.

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

Registered in the Ministry of Justice of the Russian Federation on June 17, 2004. Reg. No. 5854.

Direction of the Central Bank of Russia No. 1446-U of June 11, 2004 on the Accounting Procedure in the Authorised Banks for Individual Types of Bank Operations and Other Transactions with Foreign Currencies in Cash and the Currency of the Russian Federation, Cheques (Including the Traveller's Cheques) in Foreign Currencies Involving Natural Persons

Pursuant to the adoption of the Instruction of the Bank of Russia No. 113-I of April 28, 2004, specifies the accounting procedure for individual types of bank operations and other transactions with foreign currencies in cash and the currency of the Russian Federation, cheques (including the traveller's cheques) in foreign currencies involving natural persons in the authorised banks, additional offices, credit and cash offices, operation departments outside the cash office, exchange offices and other internal structural divisions.

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

Registered in the Ministry of Justice of the Russian Federation on June 17, 2004. Reg. No. 5852.

Direction of the Central Bank of Russia No. 1447-U of June 11, 2004 on the Amendments to the Regulation of the Bank of Russia No. 205-P of December 5, 2002 on the Rules of Accounting Work in Credit Organisations Located on the Territory of the Russian Federation

The chart of accounts of credit organisations is extended to include new passive Accounts 30230 "Special Bank Accounts of Non-Resident Banks in the Currency of the Russian Federation", 30321 "Accounts of Non-Resident Banks in the Currency of the Russian Federation", 40820 "Accounts of Non-Resident Natural Persons in the Currency of the Russian Federation" and 40116 "Resources to Pay out Cash to Budget Recipients". The Direction provides description of the mentioned accounts.

The Direction is entered into force from June 18, 2004 except for the norms introducing Account 40116 (entered into force from July 1, 2004).

Registered in the Ministry of Justice of the Russian Federation on June 17, 2004. Reg. No. 5851.

Direction of the Central Bank of Russia No. 1439-U of June 9, 2004 on the Invalidation of Individual Normative Acts of the Bank of Russia

Pursuant to the entry into force of the Federal Law on currency regulation and currency control, invalidates the Regulation of the Bank of Russia No. 123-P of October 3, 2000 on the procedure for foreign investments in the economy of the Russian Federation using resources available on the special, type S accounts of non-residents with amendments.

The Direction is entered into force from the day of its official publication.

Registered in the Ministry of Justice of the Russian Federation on June 16, 2004. Reg. No. 5850.

Regulation of the Central Bank of Russia No. 258-P of June 1, 2004 on the Procedure of Submission by Residents to the Authorised Banks of the Documents of Confirmation and Information Pertaining to Currency Operations with Non-Residents under Foreign-Trade Deals and of Implementation of Control by the Authorised Banks over the Carried out Currency Operations

The Regulation specifies the procedure of submission by residents to the authorised banks of the documents of confirmation and information pertaining to the currency operations carried out by residents with non-residents under foreign-trade deals envisaging the export or import of commodities, fulfilling of works, rendering of services, transfer of information and results of intellectual activities, including exclusive rights for them, as well as the procedure of implementation of control by the authorised banks over the mentioned currency operations.

The Regulation does not apply to the currency operations between a non-resident and a resident if the total amount of the contract is not greater than USD 5,000 equivalent as of the date of conclusion of the contract.

For the transaction certificates drawn up before July 31, 2004, the bank shall open and build a list according to the procedure specified in the Regulation no later than August 15, 2004 using software recommended by the Bank of Russia.

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

Registered in the Ministry of Justice of the Russian Federation on June 16, 2004. Reg. No. 5848.

Instruction of the Central Bank of Russia No. 114-I of June 1, 2004 on the Procedure of Reservation and Return of the Amount of Reservation in Currency Operations

Defines the procedure of reservation and return of the reserved amount in currency operations carried out by residents and non-residents, as well as when writing off or entering of monetary resources from the special account or on the special account of a resident or non-resident.

The residents and non-residents shall calculate independently the amount in the currency of the Russian Federation to be entered as the amount of reservation. In this case, the estimate of the amount of reservation is made as of the day of entry proceeding from the amount of operation and the amount of reservation specified by the body in charge of currency regulation. All payments (transfers) when entering or returning the amount of reservation are made according to the rules of cashless payments in the Russian Federation via a correspondent account of the authorised bank opened in the division of the payment network of the Bank of Russia at the place of location of the parent office.

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

Registered in the Ministry of Justice of the Russian Federation on June 16, 2004. Reg. No. 5847.

Direction of the Central Bank of Russia No. 1433-U of June 1, 2004 on the Amendments to the Regulation of the Bank of Russia No. 199-P of October 9, 2002 on the Procedure of Cash Operations in Credit Organisations on the Territory of the Russian Federation

Pursuant to the entry into force on June 18, 2004 of the Federal Law on currency regulation and currency control, changes the procedure of carrying out of cash operations in credit organisations pertaining to operations with foreign currencies in cash and precious metals. The changes pertain to the procedure of accepting and handing out of foreign currency in cash, work with damaged, doubtful and bearing the signs of forgery currency notes of foreign states (group of states) in credit organisations. The Direction omits the provisions regulating acceptance, handing out and storage of precious metals.

Credit organisations, when carrying out operations of accepting, handing out of cash to natural persons, must identify them in compliance with the Federal Law on the combating of legalisation (laundering) of incomes obtained in a criminal way and financing of terrorism.

The Direction specifies that the safety of the monetary resources and values, organisation of cash services for the clients, control over the collection of cash received in the cash departments of the credit organisation is vested in the head of the credit organisation only (earlier, also the chief of the cash department).

The Direction endorses the forms of the receipt and withdrawal orders used to accept and hand out cash to natural persons. Accepting of cash from a natural person to transfer money without the opening of the bank account, including those to make communal, tax and other payments, is arranged using the document intended for submission (filling) by the natural person when transferring money without the opening of the bank account. The form of the document is specified by the credit organisation.

To register the amounts of accepted cash to make transfers, the cash office employee shall keep a register containing information listed in the Direction. Having finished the operations, the cash office employee shall sign the register and hand it over to the accounting workers to draw up the receipt orders.

The new wording is provided for the following forms: certificate of accepted and handed out cash, accompanying sheet and the way-bill to the cash pouch, summary certificate of cash turnovers, cash ledger, act of expert evaluation of currency notes. Also provides the new forms of certificates of acceptance of doubtful currency notes for expert evaluation.

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

Registered in the Ministry of Justice of the Russian Federation on June 15, 2004. Reg. No. 5844.

Direction of the Central Bank of Russia No. 1451-U of June 15, 2004 on the Adjustment of Individual Acts of the Bank of Russia

Pursuant to the entry into force of the Federal Law on currency regulation and currency control, invalidates: Instruction of the Bank of Russia No. 7 of June 29, 1992 on the procedure of obligatory sale by enterprises, associations, organisations of the part of the currency receipts through the authorised banks and operations at the internal currency market of the Russian Federation, Regulation of the Bank of Russia No. 82-P of July 20, 1999 on the procedure of issue of permissions by the Bank of Russia for individual types of currency operations pertaining to capital flow, Regulation of the Bank of Russia No. 114-P of June 21, 2000 on the placing of foreign currencies from the special transit account on the deposit of the authorised bank by residents, Regulation of the Bank of Russia No. 129-P of December 21, 2000 on the issue of permissions by the territorial institutions of the Central Bank of the Russian Federation to resident legal entities to carry out individual types of currency operations pertaining to capital flow, Regulation of the Bank of Russia No. 142-P of July 5, 2001 on the procedure of carrying out by resident legal entities of currency operations of direct investments in the CIS countries and other acts.

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

Direction of the Central Bank of Russia No. 1431-U of May 25, 2004 on the Invalidation of the Direction of the Bank of Russia No. 1170-U of June 24, 2002 on the Terms of Granting of Intraday and Overnight Credits of the Bank of Russia

Pursuant to the adoption of the Direction of the Bank of Russia No. 1430-U of May 25, 2004 on the amount of payment for the right of use of intraday credits, invalidates the Direction of the Bank of Russia No. 1170-U of June 24, 2002 on the terms of granting of intraday and overnight credits of the Bank of Russia.

The Direction is entered into force 10 days after the day of its official publication in the Herald of the Bank of Russia.