Monitoring of the Federal Legislation dated 17.08.2006

Decision of the Government of the Russian Federation No. 503 of August 15, 2006 on the Federal Service of Financial and Budget Enforcement

The sphere of reference of the Federal Service of Financial and Budget Enforcement shall include adoption of acts terminating the issued permissions to residents, except for the permissions issued by the Bank of Russia or its territorial institutions, in cases envisaged in the currency legislation of the Russian Federation. The pertinent issue is Article 28 of the Federal Law No. 173-FZ of December 10, 2003 on the currency regulation and currency control defining the particulars of carrying out of currency operations, opening of accounts in the banks outside the territory of the Russian Federation and operations on these accounts, failure to transfer foreign currencies on the accounts of residents in the authorised banks in compliance with the permissions obtained before the entry into force of the mentioned Federal Law.

Decision of the Government of the Russian Federation No. 500 of August 13, 2006 on the Procedure of Determination of the Customs Cost of Commodities Moved across the Customs Border of the Russian Federation

Specifies the rules of determination of the customs cost of imported commodities in cases of: their illegal transfer across the customs border of the Russian Federation; their damage because of an accident or force majeur circumstances; as well as commodities exported from the customs territory of the Russian Federation.

The methods and procedure of determination of their customs cost are provided for the mentioned commodities.

The Decision is entered into force one month after the day of its official publication.

Decision of the Government of the Russian Federation No. 498 of August 13, 2006 on the Amendment to the Decision of the Government of the Russian Federation No. 560 of September 8, 2003 on the Endorsement of Insurance Tariff Rates in Obligatory Insurance of Liabilities of the Specialised Depositary and Management Companies, Their Structure and Procedure of Their Application in the Determination of the Amount of Insurance Premium under the Contract of Obligatory Insurance of Liabilities

Reduces two times the amount of the insurance tariff rate for obligatory insurance of liabilities of the specialised depositary to the Pension Fund and management companies for the violation of the contract for the services of the specialised depositary for the insurance period of 1 year. The mentioned tariff rate now makes 0.5% of the insured amount.

Besides, reduces also two times the amount of the insurance tariff rate for obligatory insurance of liabilities of the management companies to the Pension Fund for the violation of the contract of trust control of resources of accumulated pensions for the insurance period of 1 year.

Decision of the Government of the Russian Federation No. 496 of August 13, 2006 on the Invalidation of the Decision of the Council of Ministers – the Government of the Russian Federation No. 895 of September 9, 1993

The invalidated Decision endorsed the rules of sale to citizens of durable commodities on credit and listed the durable commodities recommended for sale to citizens on credit.

Decision of the Government of the Russian Federation No. 489 of August 13, 2006 on the Endorsement of the Rates of Import Customs Duties for Individual Types of Groundnuts

Introduces on the permanent basis the zero rates of the import customs duties for individual types of groundnuts earlier introduced by the Decision of the Government of the Russian Federation No. 820 of December 28, 2005 for 9 months (from January 31 to October 30, 2006).

The Decision is entered into force from October 31, 2006.