Approved by Board decision of National Bank of the Azerbaijan Republic of May 27, 2002 No. 12

Rules about the mode of currency transactions of residents and nonresidents in the Azerbaijan Republic

1. General provisions

1.1. These rules are prepared according to the laws of the Azerbaijan Republic "About currency control" and "About entering of amendments and changes into the Law of the Azerbaijan Republic "About currency control" and regulate the mode of the currency transactions made by residents and nonresidents through credit institutions of the Azerbaijan Republic. The provisions explained in Rules do not extend to banking activity of credit institutions of the Azerbaijan Republic, and belong only to their transactions, connected with economic activity.

1.2. The concepts "foreign currency", "residents", "nonresidents", "currency transactions" and "authorized banks" used for the purposes of these rules are understood as they are interpreted in the Law of the Azerbaijan Republic "About currency control".

1.3. The transactions specified in these rules, as a rule, are made through the credit institutions performing activities in the territory of the Azerbaijan Republic, and except as specified, provided in Rules, can be made by means of bank accounts of residents and nonresidents.

1.4. It is excluded

2. Foreign currency transactions of residents of the Azerbaijan Republic

2.1. Revenues to accounts of residents. Funds for foreign exchange accounts of residents of the Azerbaijan Republic in authorized banks can arrive freely.

It is necessary to comply with special conditions for transfer of the means arriving from the following sources:

2.1.1. the means obtained from sales of goods and rendering services in the territory of the Azerbaijan Republic;

In such cases the sales of goods and rendering services in foreign currency in the territory of the Azerbaijan Republic require the corresponding license. If the means paid for the goods sold in the territory of the Azerbaijan Republic or the services rendered in the territory of the Azerbaijan Republic are translated because of republic limits, such receipts are allowed.

2.1.2. Payments by nonresidents to residents cash for the goods, works, services exported by residents (further - "goods").

In such cases it is necessary to observe the following requirements:

* by the agreement, the contract or other conciliatory documents confirming such transaction (further - "agreement"), carrying out payment by cash calculation shall be provided;

* means shall be accepted only from the nonresident buying goods or from the physical person in the appropriate order authorized by this nonresident;

* the foreign currency means which are in advance imported into the republic by nonresidents (the physical person authorized by the nonresident) shall be declared in customs authorities;

* means shall be enlisted in cash desk of resident in 10-day time from the date of their import to the country and declaring in customs authorities;

* residents shall enlist funds for the bank account within 2 working days after acceptance of these means in the treasuries.

In case of acceptance of means banks shall require the following documents:

* original of the export agreement;

* copy of the receipt cash order;

* the customs papers confirming import of means with cash to the republic;

* the power of attorney confirming powers of the predstavitelyafizichesky person authorized by the nonresident;

* the document confirming issue of means to it with cash the relevant bank or other credit institution of the country from which means are imported (if the size of means is higher than equivalent of 50 thousand US dollars).

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info