Approved by Board of National Bank of Tajikistan on September 16, 1997, No. 51

The instruction about procedure for opening and maintaining accounts of nonresidents by authorized banks in currency of the Republic of Tajikistan

I. General provisions

1.1. The instruction determines the general principles of opening and maintaining by authorized banks the Republic of Tajikistan accounts of nonresidents in national currency of the Republic of Tajikistan - the Tajik ruble (further in the text - rubl).

1.2. Nonresidents can open on the name in authorized banks of the Republic of Tajikistan accounts in rubla only in the location in the Republic of Tajikistan of their representations and branches.

Banks nonresidents (branches of nonresident banks) who created the authorized capital in the Tajik rubla and are authorized banks of the Republic of Tajikistan can open for residents rublovy accounts and perform all operations on these accounts. In banks residents and among themselves rublovy correspondent accounts can also open these jars.

The procedure for opening and maintaining these accounts is performed according to the procedure, established by regulations of National Bank of Tajikistan for banks of residents.

1.3. Nonresidents have the right without special permissions of National Bank of Tajikistan to sell foreign currency in the domestic foreign exchange market of the Republic of Tajikistan through authorized banks on condition of transfer in full of the rubles received as a result of sale of foreign currency, into the rublovy accounts opened according to the procedure, established by this Instruction.

Nonresidents have the right without special permissions of National Bank of Tajikistan to buy foreign currency in the domestic foreign exchange market of the Republic of Tajikistan through authorized banks at the expense of means on the rublovy accounts according to the procedure, stipulated in Item 4.3, 5.2 and 6.2 these Instructions, physical persons - nonresidents perform currency exchange transactions according to the procedure, established by National Bank of Tajikistan. In other cases purchase by nonresidents of foreign currency for rubles in the domestic foreign exchange market of the Republic of Tajikistan is not allowed.

Banks nonresidents perform sale and purchase of foreign currency according to the procedure established by National Bank of Tajikistan for authorized resident banks.

1.4. Nonresidents can make all permitted transactions (cash and non-cash) in rubla in the territory of the Republic of Tajikistan within remaining balance of means on their account.

II. Procedure for opening by authorized banks of rublovy accounts and deposits of nonresidents

2.1. Rublovy accounts and deposits like "T" (current) and type "I" can open authorized banks of the Republic of Tajikistan to nonresidents (physical persons and legal entity) (investment).

2.1.1. Rublovy accounts like "T" are opened for nonresidents for servicing of their export-import transactions (except the transactions connected with implementation of export from the Republic of Tajikistan of goods to which non-tariff measures of the external economic regulation are applied), and also for the purposes of content in the Republic of Tajikistan of their representations, branches.

Calculations for export-import transactions can be perfromed only from accounts like "T" of the nonresidents having the right to perform business activity (the activities directed to generation of profit) according to their constituent documents, documents on their registration, the permissions issued by the authorized bodies of the Republic of Tajikistan and other documents determining their legal position.

2.1.2. Banks - nonresidents except for of the banks specified in subitem 1.2 of Item 1 of this Instruction can open on the name in authorized banks of the Republic of Tajikistan only such rublovy correspondent accounts through which the calculations provided by the mode of rublovy accounts like "T" are perfromed.

2.1.3. Rublovy accounts like "T" are opened addressed to nonresidents of the following categories:

- the companies, organizations, the organizations having in the territory of the Republic of Tajikistan, representations and branches;

- banks and other credit institutes having representations in the territory of the Republic of Tajikistan for the purposes of content of these representations;

- the international organizations having representations, branches in the territory of the Republic of Tajikistan;

- foreign diplomatic, trade and other official missions;

- physical persons.

2.2.1. Special rublovy accounts of type "I" open to nonresidents for implementation of investing activities in the Republic of Tajikistan (including transactions of privatization). All investments and reinvestments in the territory of the Republic of Tajikistan in rubla, and also purchase of foreign currency for rubla in connection with repatriation (return of the invested means and/or income from others to the country of the investor) of the income gained as a result of investing activities in the territory of the Republic of Tajikistan shall be performed by nonresidents from their rublovy accounts of type "I", except for purchases of foreign currency of the bankaminerezidentama performed according to the mode of rublovy accounts like "T" with use of rublovy funds from the rublovy correspondent account.

2.2.2. Rublovy accounts of type "I" can open and be kept only based on the bank account agreement signed by authorized bank of the Republic of Tajikistan addressed to nonresidents of the following categories:

- companies, organizations, organizations;

- banks and other credit institutes;

- international organizations;

- physical persons.

2.2.3. Payment under rublovy accounts of type "I" under transactions of privatization can be performed by all nonresidents, except legal litsnerezident in the authorized capital which the share of legal entities and physical persons of the Republic of Tajikistan exceeds 25 percent.

Payment under rublovy accounts of type "I" under the transactions which are not connected with privatization can be performed by all nonresidents, except physical persons - the nonresidents who are not registered for conducting economic activity in the country of their nationality or the permanent residence.

2.2. Addressed to one nonresident only one rublovy account of type "I" and one rublovy account like "T" in one of authorized banks of the Republic of Tajikistan can be opened.

2.3. Banks - nonresidents who are specified in subitem 2.1.2 of Item 2 of this Instruction cannot perfrom calculations in rubla for the transactions connected with foreign investments in the Republic of Tajikistan (including connected with privatization), through the rublovy correspondent accounts in authorized banks of the Republic of Tajikistan as for the account and at the request of their clients - nonresidents, and at the expense of own means.

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