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Approved as the Chairman of the board of National Bank of the Azerbaijan Republic on July 1, 1996 No. 05/1030a, the Chairman of the State Customs Committee of the Azerbaijan Republic on June 24, 1996 No. 01-22/1366

The instruction about rules of import to the Azerbaijan Republic and export from the Republic of cash foreign currency and securities in foreign currency authorized banks

(as amended of Amendments of 28.06.1998 No. 3)

Further in these rules expression "the cash foreign currency and securities in foreign currency" is stated as "currency values".

1. Cash foreign currency (the bank notes which are in circulation in the respective country or group of the countries, considered as legal means of payment, bank notes in the form of treasury notes, the stamping coins and also which left or withdrawn from circulation, but subject to exchange bank notes) and securities in foreign currency can be imported into the republic and be exported from the republic on condition of observance of requirements of this provision and obligatory declaring in customs authorities of the Azerbaijan Republic.

For the purposes of this Instruction the payment documents expressed in foreign currency (checks, bills of exchange, letter of credit bills of exchange, strokes of credit cards, payment orders, statements and other orders about payment execution), the share values expressed in foreign currency (shares, bonds, certificates on the conclusion of "future" and "option" currency transactions) and also other obligations in foreign currency, including other debt obligations expressed in foreign currency belong to securities in foreign currency (deposit and savings certificates, loan letters, etc.).

For the purposes of this Instruction import to the Azerbaijan Republic and export from the republic of currency values is meant as their physical movement through customs border of the Republic (including also transportation by any means of communication and transport).

2. For carrying out foreign currency transactions the authorized banks having in the license granted by National Bank of the Azerbaijan Republic the corresponding Item can import into the republic and export from the republic territory currency values without restriction of the amount and quantity and without special permission of National Bank.

3. For carrying out foreign currency transactions the authorized banks which do not have in the license granted by National Bank of the Azerbaijan Republic of the corresponding Item permitting to import into the republic and to export currency values from the republic territory can import into the republic and export from the republic currency values only with personal permission of National Bank.

4. The National Bank of the Azerbaijan Republic regularly sends to the Azerbaijani State Customs Committee the list of the banks having in the license granted by it for maintaining foreign currency transactions the corresponding Item providing import in the Azerbaijan Republic and export from the territory of the republic of currency values.

5. Customs authorities of the Azerbaijan Republic according to the existing customs legislation exercise supervision of the currency values which are exported from the republic territory (imported into the republic).

6. The authorized banks which are importing into the republic and exporting from the republic of value, listed in the 1st Item of this Instruction no later than the 15th following month under report submit the report in National Bank (the form is applied). In the report the quantity of the cash foreign currency imported into the republic and exported from the republic and securities in foreign currency, kind of currencies and types of currency values on each departure, and also numbers and dates of document creation of the corresponding transportation customs declarations is specified.

Are applied to the report:

copies of documents (delivery notes, receipts, cash receipt and payment orders about issue of currency values) about issue from cash desk or acceptance by cash desk of authorized bank of foreign currency and securities in foreign currency;

copies of statements receipt of the specified accounts of the foreign currency imported into the Azerbaijan Republic exported from the Azerbaijan Republic of foreign currency and securities in foreign currency in settlement accounts of foreign banks or statements about transfer with and securities in foreign currency;

the documents confirming exchange or alienating in other forms of foreign currency and securities in foreign currency which are exported from the territory of the Azerbaijan Republic.

7. Authorized banks as of the 1st day of every month represent to National Bank (in Department of currency control and supervision) copies of the cargo customs declarations giving the grounds to import into the Azerbaijan Republic or to export currency values from the Azerbaijan Republic.

8. For the purpose of operational regulation of the situation which arose in the domestic foreign exchange market, the National Bank has rights to introduce temporary restrictions for export by authorized banks from the territory of the Azerbaijan Republic of separate types of foreign currency and types of securities in foreign currency.

The National Bank beforehand informs on all restrictions the State Customs Committee of the Azerbaijan Republic and authorized banks.

9. For transportation and departure of currency values authorized banks have rights on contractual basis to use services of specialized transport enterprises (both residents, and the nonresidents) having the right and technical training for transportation of values.

10. The republics cash foreign currency expressed in currency share values to bearer, travel checks, deposit and savings certificates to bearer and also bills of exchange and other debt obligations imported into the Azerbaijan Republic and exported from the territory shall be to bearer insured from all risks between treasury (cash desk) of authorized bank and treasury (cash desk) of foreign bank in the amount not below the nominal value (specified in bank notes, treasury notes and stamping coins) on all transit.

Authorized banks can insure the payment documents in foreign currency which are not specified in the 1st paragraph of this Item at discretion.

11. Charges for execution of the customs papers which are exported from the territory of the Azerbaijan Republic or imported into the Azerbaijan Republic of cash foreign currency are estimated in the amount of 0,15 of percent from its nominal value specified in customs declarations.

12. The charges specified in the 11th Item are paid by authorized bank in manats or in freely convertible currency.

Charges for execution of customs papers can be brought by cash in cash desk of customs or are transferred into currency accounts of customs authorities, and in case of absence at customs authority of the currency account - into currency accounts of the State Customs Committee.

In need of expression of one currency in other currency, the published rates of ratio of these currencies established by National Bank of the Azerbaijan Republic officially are applied to Azerbaijanian manat as of day of acceptance on execution of their transportation declarations.

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