RESOLUTION OF BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of September 10, 2005 No. 611

About approval of the Regulations on procedure of obligatory sale of currency earnings from export and realization of cotton fiber to the companies of the republic processing cotton fiber and also issues of bank guarantees and opening of reserve letters of credit according to export contracts of cotton fiber

According to the Civil code of the Republic of Uzbekistan, the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", "About currency control" and "About banks and banking activity", resolutions of the Cabinet of Ministers of the Republic of Uzbekistan of June 29, 2000 No. 245 "About measures for further development and strengthening of the curb foreign exchange market" and of August 30, 2016 No. 286 "About enhancement of the mechanism of realization and calculations for cotton fiber", and also taking into account "The unified rules and customs for documentary credits" No. 500 (edition of 1993), "The unified rules and customs regulating transactions with documentary credits" No. 600 (edition of 2006) and "The unified rules for the on-demand guarantees" No. 758 (edition of 2010) approved by International Chamber of Commerce, the Board of the Central bank of the Republic of Uzbekistan decides:

1. Approve Regulations on procedure of obligatory sale of currency earnings from export and realization of cotton fiber to the companies of the republic processing cotton fiber and also issues of bank guarantees and opening of reserve letters of credit according to export contracts of cotton fiber according to appendix.

2. Enact this resolution after ten days from the date of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Approved by the resolution of Board of the Central bank of the Republic of Uzbekistan of September 10, 2005 No. 611

Regulations on procedure of obligatory sale of currency earnings from export and realization of cotton fiber to the companies of the republic processing cotton fiber and also issues of bank guarantees and opening of reserve letters of credit according to export contracts of cotton fiber

This Provision, according to the Civil code of the Republic of Uzbekistan, the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", "About currency control" and "About banks and banking activity", resolutions of the Cabinet of Ministers of the Republic of Uzbekistan of June 29, 2000 No. 245 "About measures for further development and strengthening of the curb foreign exchange market" and of August 30, 2016 No. 286 "About enhancement of the mechanism of realization and calculations for cotton fiber", and also taking into account "The unified rules and customs for documentary credits" No. 500 (edition of 1993), "The unified rules and customs regulating transactions with documentary credits" No. 600 (edition of 2006) and "The unified rules for the on-demand guarantees" No. 758 (edition of 2010) approved by International Chamber of Commerce (further MTP), determines procedure of obligatory sale of currency earnings from export and realization of cotton fiber to the companies of the republic processing cotton fiber (further - the companies of the republic), and also issues of bank guarantees and opening of reserve letters of credit by export contracts of cotton fiber.

I. General provisions

1. For the purpose of this provision the following main terms are used:

authorized bank - the bank of the Republic of Uzbekistan having the license for carrying out foreign currency transactions and issuing guarantee or opening the reserve letter of credit on return of advance payments according to export contracts of cotton fiber;

foreign bank - the foreign bank advising or confirming guarantee of authorized bank or the reserve letter of credit of authorized bank, or issuing guarantee for benefit of the foreign buyer at the request of authorized bank and against its counterguarantee;

principal - the organization registered in the territory of the Republic of Uzbekistan and performing export of cotton fiber which obligation fulfillment on the arriving advance payments before the beneficiary is provided with guarantee or the reserve letter of credit of authorized bank;

the beneficiary - the foreign buyer for benefit of whom the guarantee is issued or opens the reserve letter of credit, or the foreign bank confirming guarantee or the reserve letter of credit of authorized bank;

guarantee - the obligation of authorized bank or foreign bank to pay upon the demand of the beneficiary certain amount of means on the conditions approved in guarantee. The obligation on guarantee is limited to the amount on which it is issued. Guarantees can be confirmed and unconfirmed, and also in the form of counterguarantees;

the reserve letter of credit - the obligation of authorized bank or foreign bank to pay upon the demand of the beneficiary certain amount of means on the conditions approved in the reserve letter of credit. The obligation according to the reserve letter of credit is limited to the amount on which it is open, and is effective within the amount on which it is open. Reserve letters of credit can be confirmed and unconfirmed.

II. Procedure of obligatory sale of currency earnings from export of cotton fiber

2. All revenue in foreign currency from export and realization of cotton fiber to the companies of the republic of JSC Uzpakhtaeksport (further - the seller), is subject to obligatory sale to the Central bank of the Republic of Uzbekistan.

3. The seller performs obligatory sale of revenue in foreign currency through authorized bank at the Central Bank rate of the Republic of Uzbekistan on the date of sale according to the procedure, established by the legislation.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info