RESOLUTION OF BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of November 23, 2013 No. 22/2

About approval of the Regulations on procedure for carrying out the separate currency transactions connected with capital movement

Appendix

to the Resolution of Board of the Central bank of the Republic of Uzbekistan of November 23, 2013 No. 22/2

Regulations on procedure of the separate currency transactions connected with capital movement

This Provision according to the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 1995, No. 12, the Art. 247), "About external borrowings" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 1996, No. 9, the Art. 126) and "About currency control" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 2004, Art. No. 1-2, 6) determines procedure of the separate currency transactions connected with capital movement.

Chapter I. General provisions

1. In this Provision the following basic concepts are used:

the currency transactions connected with capital movement (further - currency transactions) - all transactions which are not the current international transactions including:

implementation of investing activities, including replenishment by residents current assets of the branches which are located abroad;

obtaining and loan granting, implementation of leasing transactions;

purchase and property sale;

attraction from foreign states of funds for accounts and in deposits, and also investment of funds into accounts and in deposits in foreign states;

external borrowings - attraction by the Republic of Uzbekistan or its resident of assets (the credits, loans and others) foreign states or nonresidents with acceptance on obligations to provide to this foreign state or the nonresident or according to their requirement to the third party during the caused period of time adequate assets, including payments for use of assets.

2. Commercial banks record currency transactions.

3. Agreements on the external borrowings which are not guaranteed by the Republic of Uzbekistan are registered in the Central bank of the Republic of Uzbekistan (further - the Central bank) for the purpose of accounting of external debt. Registration is performed by submission by commercial banks of data on these agreements to the Central bank according to the procedure of the notification. After the notification of the Central bank agreements on the external borrowings which are not guaranteed by the Republic of Uzbekistan are considered as registered.

4. Currency transactions on acquisition and construction outside the Republic of Uzbekistan of real estate objects for needs of diplomatic and other representations of the Republic of Uzbekistan are performed according to the decision of the Cabinet of Ministers of the Republic of Uzbekistan.

5. The procedure for acquisition and property sale by nonresidents in the territory of the Republic of Uzbekistan is established by the Cabinet of Ministers of the Republic of Uzbekistan.

6. The address in the territory of the Republic of Uzbekistan of securities in foreign currency, acquisition by residents of securities in foreign currency, and also acquisition by nonresidents of the securities emitted by residents is performed according to the procedure, established by the legislation.

6-1. The following transactions are performed in the presence of decisions of the President of the Republic of Uzbekistan, the Cabinet of Ministers or the international treaty of the Republic of Uzbekistan:

implementation of investing activities abroad in the amount exceeding in equivalent of 10 000 US dollars - forming (or equity) the authorized capital of the companies abroad from accounts of residents in banks of the Republic of Uzbekistan, money transfer for replenishment by current assets of the branches which are located abroad;

provision by residents of the Republic of Uzbekistan to nonresidents of the credits and loan in the form of money, goods (services), and also objects of leasing;

investment of funds of residents of the Republic of Uzbekistan from accounts in commercial banks of the Republic of Uzbekistan into accounts (in deposits) in foreign states, and also the translation for real estate acquisition.

Chapter II. Implementation of currency transactions

7. For implementation of currency transaction the resident provides the following documents in commercial bank:

the statement in form according to appendix No. 1 to this Provision;

the copy of the document providing implementation of currency transaction (the agreement, the agreement, the transaction and/or other document) and also the changes made to it and additions. At the same time the text of the document shall be stated on state or Russian and if the text of the document is stated in other language, it shall be legalized or have the apostille which is put down in accordance with the established procedure, and also is translated on state or Russian and certified notarially.

After data presentation of documents currency transaction is performed by commercial bank in accordance with the established procedure.

8. Residents can provide the statement electronically in the commercial banks having program providing for documents acceptance through electronic system. At the same time the resident shall enclose to the application the copy of the document providing implementation of currency transaction (the agreement, the agreement, the transaction and/or other document) or the changes made to it and additions.

9. When implementing currency transaction the resident shall:

perfrom all calculations and payments for one currency transaction in accordance with the terms of currency transaction through commercial bank in which the key deposit account is opened;

inform commercial bank in case of modification of conditions of currency transaction (prolongation of term of the agreement, delay of payment due date, change of the debt repayment schedule, complete debt repayment or agreement cancelation, etc.).

10. When implementing currency transaction the commercial bank shall:

messages the magazine numbered, stitched and certified by seal of commercial bank for accounting of currency transactions;

process the stitched case on each performed currency transaction with copies of the documents specified in Item 7 of this provision, payment documents and other necessary documents;

perfrom calculations and payments in accordance with the terms of currency transaction;

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