It is registered
Ministry of Justice
Republic of Tajikistan
On November 9, 2012 No. 138
of August 30, 2012 No. 195
About approval of the Instruction No. 198 "About procedure for regulation of activities of microcredit funds"
According to article 23 of the Law of the Republic of Tajikistan "About the microfinancial organizations", the Board of National Bank of Tajikistan decides:
1. Approve the Instruction No. 198 "About procedure for regulation of activities of microcredit funds" it (is applied).
2. In accordance with the established procedure to provide this Resolution to the Ministry of Justice of the Republic of Tajikistan for state registration.
4. The resolution of Board of National Bank of Tajikistan of April 28, 2011 No. 77 About approval of the Provision No. 137 "About microloan funds in the new edition, registered in the Ministry of Justice of the Republic of Tajikistan of June 10, 2011 No. 138 "b" to consider invalid.
5. To assign execution of Items 2 and 3 of this Resolution to Department of banking supervision (Davlatov I. H.), Legal Management (Davlatov Sh. F.) and Press service (Kurbonov A. A.).
6. To impose control of execution of this Resolution on the vice-chairman of National Bank of Tajikistan Negmatov A. H.
Chairman of the board
Approved by the Resolution of Board of National Bank of Tajikistan of August 30, 2012 No. 195
The instruction "About procedure for regulation of activities of microcredit funds" (further - the Instruction) is developed according to article 23 of the Law of the Republic of Tajikistan "About the microfinancial organizations", establishes procedure for regulation of activities of microcredit funds.
1. In this Instruction the following basic concepts are used:
- the credit - the money provided by microcredit fund to the borrower (physical persons and legal entity) for certain term on condition of interest payment and recoverability;
- the microcredit - the loan granted to the borrower by microcredit fund for certain term on the terms of interest payment and recoverability which maximum size for physical persons does not exceed 25000 (two hundred fifty thousand) somoni, and for legal entities of 350 000 (three hundred fifty thousand) somoni;
- credit percent - the total amount expressed as a percentage to credit amount which is paid by the borrower for use to them counting on certain period (month, quarter, year).
1-1. Microcredit funds which are created only for the purpose of issuances of credits to other credit institutions can issue the credit in the amount of no more than 10% of own balance sheet capital.
2. The procedure for issue, response and cancellation of the license of microcredit fund is performed according to the Law of the Republic of Tajikistan "About the microfinancial organizations.
3. The microcredit fund which is acting on the basis of the earlier received certificate has the right to address to National Bank of Tajikistan about replacement of the certificate by the license.
4. In case of loss of the license by microcredit fund the copy (duplicate) of the license is issued to it.
5. The microcredit fund shall notify within 3 days National Bank of Tajikistan on loss of the license and publish the announcement of invalidity of the lost license in one of official publications.
6. For receipt of the copy (duplicate) of the license the microcredit fund provides in National Bank of Tajikistan the statement with the copy of the announcement in the official publication.
7. The copy (duplicate) of the license is issued to microcredit fund in 30-day time after receipt of the statement based on the order of the Chairman of National Bank of Tajikistan.
8. The procedure for provision of the microcredit to clients of microcredit fund is established by regulatory legal acts of National Bank of Tajikistan.
9. The interest rate of the credit is established in the contract with the client.
10. The microcredit fund keeps financial accounting and constitutes the financial reporting according to the procedure, established by National Bank of Tajikistan.
11. The list, form and terms of submission of accounting and other records of microcredit fund, and also responsibility for their violation is established by regulatory legal acts of National Bank of Tajikistan.
12. National bank of Tajikistan performs check of activities of microcredit fund for the place of its arrangement and outside its arrangement.
13. Activities of microcredit fund are subject to annual external audit.
14. Reorganization of microcredit fund is performed in the form of merge and accession to other microcredit funds after receipt of consent of National Bank of Tajikistan according to the legislation of the Republic of Tajikistan.
15. The microcredit fund for the purpose of reorganization files in National Bank of Tajikistan petition and provides the following documents:
- decision of board of trustees of microcredit fund on reorganization;
- the information about leading employees with indication of surname, name, middle name, nationality, the permanent residence, specialty, education and length of service;
- the certificate of authorized body of accomplishment of obligations to the government budget for the last year of activities.
16. The National Bank of Tajikistan within 1 month considers the petition of microcredit fund for reorganization and makes the relevant decision.
17. The decision on consent on reorganization of microcredit fund is made by Board of National Bank of Tajikistan.
18. To reorganization of microcredit fund it is not agreed in the following cases:
- if the microcredit fund has bankruptcy signs;
- if the decision on liquidation was made on microcredit fund;
- if reorganization leads to emergence of risks;
19. Liquidation of microcredit fund is performed according to the Law of the Republic of Tajikistan "About liquidation of credit institutions".
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