Approved by Board decision of National Bank of Tajikistan of July 26, 2002 No. 168

The instruction No. 120 about procedure for opening and maintaining currency accounts of legal entities and physical persons by authorized banks (residents and nonresidents) of the Republic of Tajikistan

I. General provisions

1. The instruction determines procedure for opening and maintaining by authorized banks and non-bank financial organizations (further in the text of the Instruction - banks) currency accounts of legal entities and physical persons (residents and nonresidents) of the Republic of Tajikistan.

2. Legal entities and physical persons (residents and nonresidents) who are engaged in business activity without formation of legal entity having the right to open in banks of the Republic of Tajikistan deposit currency accounts poste restante (the current currency accounts).

Executive bodies, public administration, their self-supporting structural divisions, the public and international organizations and persons can open target current currency accounts in banks.

The current currency account is intended for transfer and accounting of all receipts for benefit of the account holder irrespective of appointment, nature and source of formation of means and implementation of all its translations and payments in foreign currency.

3. Savings and urgent deposit currency accounts for implementation of bank (deposit) foreign currency deposit have the right to open jars to physical persons (residents and nonresidents) of the account poste restante.

4. Legal entities and physical persons (residents and nonresidents) have the right to choose independently banks for opening of currency accounts and have the right to conclude bank account agreement (contribution) both with one, and with several banks.

5. Banks shall sign bank account agreement in case of the appeal of legal entities and physical persons about opening of currency accounts on the terms of caused by the law and this Instruction.

Banks have no right to refuse opening of the currency account, making of the corresponding transactions on which it is provided by the law, constituent documents of bank and the license granted to it, except as specified, when such refusal is caused by absence in bank of technical capabilities to provide the corresponding bank services.

In case of unreasonable evasion of bank from the conclusion of bank account agreement legal entities and physical persons have the right to impose on it requirements stipulated by the legislation the Republic of Tajikistan.

6. Owners of currency accounts independently dispose of the currency means which are on the bank account.

Banks have no right to determine and control the directions of use of currency means of the account holder and to establish others, not provided by the law or bank account agreement of restriction of its rights to dispose of currency means at discretion.

7. The information about owners, about transactions and remaining balance of means of currency accounts is bank secrecy which safety is guaranteed by bank. Such information can be provided only to account holders or their representatives. It is represented to the third parties only in cases and according to the procedure, established by the legislation of the Republic of Tajikistan.

II. Procedure for opening of the current currency accounts to legal entities

8. Current currency accounts are opened for legal entities (residents and nonresidents) of any pattern of ownership.

9. For opening of the current currency accounts legal entities (residents and nonresidents) shall submit the following documents to bank:

a) the statement in the form established by bank;

b) notarized copies of constituent and registration documents (agreements, charters, provisions, statements, etc.). At the same time nonresidents need to legalize these documents in the procedure established by the legislation;

c) nonresidents - copies of permissions to opening of representations, statements from the register of accreditation in the Republic of Tajikistan of representative offices of the foreign companies;

d) the certificate of tax authority of statement of the legal entity on accounting as the taxpayer and the identification taxpayer number (ITN) appropriated to it;

e) the cards with specimen signatures and impress of a seal of the legal entity in duplicate certified notarially or higher instance of the account holder;

e) the written confirmation of management of the legal entity about availability or absence at it currency accounts in other banks;

g) when opening currency accounts in clearing special government trade and economic agreements with foreign states about implementation of calculations for mutually deliveries in clearing currencies valyutakhpredstavlyatsya.

10. Banks draw up opening of the current currency account the order in the form established by them signed by the head and the chief accountant of bank. On the original constituent and registration documents of the legal entity the entry about opening of the current currency account certified by the head of bank is made

11. In case of renewal of the current currency account in connection with reorganization (merge, accession, separation and allocation) of the legal entity documents are submitted to compliance with the list specified in Item 9 of Chapter II of this Instruction.

12. In case of change of the name which is not caused by reorganization or change of subordination of the legal entity in bank the application of the account holder notifying bank on changes and the copy of the decision of relevant organ is submitted.

In case of change of nature of activities the account holder represents the notarized copy of the new Charter (Provision) or the made change (amendment).

The specified documents shall be submitted by the legal entity to bank within a month from the date of renaming, change of subordination or change of nature of activities.

13. Transactions on the current currency account can stop according to the order of the account holder or seizure of currency means in cases and according to the procedure established by the legislation of the Republic of Tajikistan.

14. The current currency accounts of legal entities (residents and nonresidents) are closed:

a) according to the statement of the account holder;

b) on the termination of term of functioning of the nonresident specified in registration documents of authorized bodies of the Republic of Tajikistan;

c) in the absence of records and account balance within year. In this case banks shall warn in writing in month the owner about intention to close its account.

d) in cases and according to the procedure established by the legislation of the Republic of Tajikistan;

15. For opening of the current currency accounts and implementation of transactions on them banks levy commission fee according to the rates of commission fee approved in accordance with the established procedure, without any additional terms, and post and cable expenses on actual cost in national currency or in payment currency.

16. Banks shall report about opening of the current currency accounts by legal entities in 5-day time in the relevant tax authority.

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