Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

LAW OF THE REPUBLIC OF UZBEKISTAN

of May 7, 1993 No. 841-XII

About currency control

(as amended on 22-01-2021)

New edition

Chapter 1. General provisions

Article 1. Purpose of this Law

The purpose of this Law is relations management in the field of carrying out currency transactions and currency exchange control.

Article 2. Legislation on currency control

The legislation on currency control consists of this Law and other acts of the legislation.

If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about currency control then are applied rules of the international treaty.

Article 3. Coverage of this Law

This Law governs the relations connected with ensuring realization of single state monetarist policies of the Republic of Uzbekistan.

Article 4. Basic concepts

In this Law the following basic concepts are applied:

the currency rate - the foreign exchange rate in relation to currency of the Republic of Uzbekistan;

currency exchange control - the activities of bodies of currency exchange control aimed at ensuring compliance by residents and nonresidents of requirements of the legislation on currency control;

currency transactions - the transactions connected with transition of the property right and other rights to currency values, use of currency values as means of payment, import, transfer and transfer to the Republic of Uzbekistan, and also export, transfer and transfer from the Republic of Uzbekistan of currency values, transactions in currency of the Republic of Uzbekistan between residents and nonresidents;

currency control - activities of body of currency control for establishment of procedure for the address of currency values, rules of ownership, use and the order them;

currency values - foreign currency, securities and payment documents which nominal is expressed in foreign currency, the securities which do not have nominal issued by nonresidents, the affined ingot gold;

foreign currency - the bank notes which are in circulation and being legal means of cash payment in the territory of foreign state (group of foreign states) and also withdrawn or withdrawn from circulation, but which are subject to exchange bank notes, means on bank accounts and in deposits in monetary units of foreign states (group of foreign states) and international cash or units of account;

the derivative financial instruments connected with foreign currency (currency derivatives) - agreements on purchase and sale of foreign currency on which obligation fulfillment is performed through certain term or depending on value or change in the exchange rate of foreign currency;

currency of the Republic of Uzbekistan (national currency) - monetary unit of the Republic of Uzbekistan (bags).

Article 5. Basic principles of this Law

The basic principles of this Law are:

unity of system of currency control and currency exchange control;

priority of economic measures in realization of state policy in the field of currency control and currency exchange control;

non-admission of illegal intervention of state bodies in currency transactions of residents and nonresidents.

Article 6. Residents and nonresidents of the Republic of Uzbekistan

Residents of the Republic of Uzbekistan (further - residents) are the citizens of the Republic of Uzbekistan including who are abroad, the foreign citizens having the residence permit in the Republic of Uzbekistan, the stateless persons having the residence permit in the Republic of Uzbekistan, all legal entities created according to the legislation of the Republic of Uzbekistan, and also their branches and representations with the location in the Republic of Uzbekistan and beyond its limits, diplomatic, trade and other official representations of the Republic of Uzbekistan, including being outside the Republic of Uzbekistan, the international organizations which headquarters is in the territory of the Republic of Uzbekistan.

Nonresidents of the Republic of Uzbekistan (further - nonresidents) are persons which are not falling under concept of resident according to part one of this Article.

Chapter 2. Currency control

Article 7. Body of the state currency control

Body of the state currency control is the Central bank of the Republic of Uzbekistan (further - the Central bank).

Central Bank within the powers:

adopts the regulatory legal acts obligatory for execution by nonresidents in the territory of the Republic of Uzbekistan, and also residents in the territory of the Republic of Uzbekistan and beyond its limits;

determines rules of implementation of currency transactions;

performs licensing and regulates activities of the currency exchanges;

sets limits of open foreign exchange position for banks;

prepares and publishes statistics of currency transactions and the external sector according to the commonly accepted international practice;

establishes procedure for monitoring of the currency transactions performed by residents and nonresidents including with bodies of currency exchange control;

establishes forms of accounting and the reporting under currency transactions for banks of the Republic of Uzbekistan and determines procedure and terms of their representation;

establishes the forms of accounting and the reporting under currency transactions obligatory for representation by all residents and nonresidents, for creation of statistics of the external sector;

exercises regulation and control of activities of banks of the Republic of Uzbekistan for observance of the legislation on currency control by them.

Central Bank has the right to carry out all types of currency transactions in the Republic of Uzbekistan and beyond its limits.

Article 8. Currency rate

The currency rate in case of transactions in the territory of the Republic of Uzbekistan is determined by purchase and sale of foreign currency on contractual basis, proceeding from the demand and supply on foreign currency.

In case of determination of currency rate of the Republic of Uzbekistan in relation to foreign currency only market mechanisms are used.

Central Bank in case of establishment of procedure for purchase and sale of foreign currency provides creation of conditions for determination of the currency rate, proceeding from demand for foreign currency and its offers.

Central Bank regularly establishes the currency rate for the purposes of financial accounting, statistical and other reporting under currency transactions, and also for calculation of customs and other obligatory payments in the territory of the Republic of Uzbekistan.

Article 9. Calculations and payments in the territory of the Republic of Uzbekistan

All calculations and payments for goods (works, services) in the territory of the Republic of Uzbekistan are performed in currency of the Republic of Uzbekistan, except as specified, provided by this Law.

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