LAW OF THE REPUBLIC OF BELARUS

of July 22, 2003 No. 226-Z

About currency control and currency exchange control

It is accepted by the House of Representatives on June 25, 2003

Approved by Council of the Republic on June 30, 2003

Chapter 1. General provisions

Article 1. The main terms used in this Law and their determinations

1. For the purposes of this Law the following main terms and their determinations are used:

1.1. banks of the Republic of Belarus - the banks and the non-bank credit and financial organizations created according to the legislation of the Republic of Belarus;

1.2. currency exchange transactions:

purchase of foreign currency for Belarusian rubles;

sale of foreign currency for Belarusian rubles;

conversion (exchange) of one type of foreign currency for other type of foreign currency;

1.3. currency transactions:

transactions between residents, between residents and nonresidents, between nonresidents on use of currency values as means of payment, and also on acquisition, alienation of currency values, except for currency exchange transactions;

transactions of residents with currency values on the accounts opened in banks of the Republic of Belarus, foreign banks, the property rights to these currency values which are not attracting transition;

transactions of nonresidents with currency values on the accounts opened in banks of the Republic of Belarus, the property rights to these currency values which are not attracting transition;

transfer by person of currency values from the account opened in foreign bank into the account opened in bank of the Republic of Belarus and also from the account opened in bank of the Republic of Belarus into the account opened in foreign bank;

acquisition of currency values according to the procedure of inheritance;

transfer of currency values in trust management and their return;

transfer of currency values on storage and their return;

import, transfer to the Republic of Belarus, and also export, transfer from the Republic of Belarus of currency values;

1.4. currency values:

foreign currency;

securities in foreign currency;

Belarusian rubles, securities in Belarusian rubles in case of carrying out with them currency transactions between residents and nonresidents, between nonresidents, and also in case of their import, transfer to the Republic of Belarus or export, transfer from the Republic of Belarus;

1.5. the currency agreement - the agreement (the contract, the agreement), other document based on which currency transactions are made;

1.6. the domestic foreign exchange market - the sphere of the address of foreign currencies and Belarusian rubles as a result of carrying out currency exchange transactions in the Republic of Belarus;

1.7. import - receipt by the resident of goods, property in lease (including according to the transactions which are not connected with movement of goods through Frontier of the Republic of Belarus), unsolved information, exclusive rights on intellectual property items, property rights, the performed works, the rendered services on paid basis from the nonresident;

1.8. foreign currency:

the bank notes in the form of banknotes, treasury notes, coins which are in circulation and being legal means of payment in the territory of the corresponding foreign state or group of foreign states, and also withdrawn or withdrawn from circulation, but subject to exchange the specified bank notes;

means in monetary units of foreign states and international cash or units of account, being on accounts in banks;

1.9. foreign banks - the banks and other credit institutions created according to the legislation of foreign states with the location outside the Republic of Belarus;

1.10. nonresidents:

the physical persons which are not residents according to the paragraph the second parts one of subitem 1.11 of this Item;

the legal entities created according to the legislation of foreign states with the location outside the Republic of Belarus, their branches and representations which are in the Republic of Belarus and beyond its limits;

the individual entrepreneurs registered in foreign states;

the organizations, not being legal entities, created according to the legislation of foreign states, with the location outside the Republic of Belarus, their branches and representations which are in the Republic of Belarus and beyond its limits;

the diplomatic representations, consular establishments and other representations of foreign states which are in the Republic of Belarus and beyond its limits;

the international organizations, their branches and representations which are in the Republic of Belarus and beyond its limits;

the foreign states, their administrative-territorial (state and territorial) educations participating in the relations regulated by the foreign exchange legislation of the Republic of Belarus;

1.11. residents:

physical persons - citizens of the Republic of Belarus, the documents confirming the right to permanent residence in foreign state and 183 days which were actually in the territory of the Republic of Belarus in calendar year in total except for having and less, and also the foreign citizens and persons without citizenship who got permission to permanent residence in the Republic of Belarus;

the legal entities created according to the legislation of the Republic of Belarus with the location in the Republic of Belarus, their branches and representations which are in the Republic of Belarus and beyond its limits;

the individual entrepreneurs registered in the Republic of Belarus;

the diplomatic representations, consular establishments and other representations of the Republic of Belarus which are outside the Republic of Belarus;

The Republic of Belarus, its administrative and territorial units participating in the relations regulated by the foreign exchange legislation of the Republic of Belarus.

Until provisions of paragraph two of part one of this subitem do not allow to determine the status of the physical person - the citizen of the Republic of Belarus having the document confirming the right to permanent residence in foreign state person is recognized resident current calendar year if it actually was in the territory of the Republic of Belarus more than 183 days previous calendar year;

1.12. goods - any personal estate, except for currency values, and also other moved things equated to real estate according to the legislation of the Republic of Belarus;

1.13. securities in Belarusian rubles:

securities which nominal value is expressed in Belarusian rubles;

the securities which do not have nominal value emitted (issued) by residents;

1.14. securities in foreign currency:

securities which nominal value is expressed in foreign currency;

the securities which do not have nominal value emitted (issued) by nonresidents;

1.15. export - transfer by the resident of goods, property to lease (including according to the transactions which are not connected with movement of goods through Frontier of the Republic of Belarus), unsolved information, exclusive rights on intellectual property items, property rights, performance of works, rendering services on paid basis to the nonresident.

2. Other terms are used in this Law in the values used in other legal acts if other is not determined by this Law.

Article 2. Legal regulation of the relations in the sphere of currency control and currency exchange control

1. Legal regulation of the relations in the sphere of currency control and currency exchange control (further - the currency relations) is based on the Constitution of the Republic of Belarus and is performed according to this Law, other laws, regulatory legal acts of the President of the Republic of Belarus and acts of the legislation accepted according to them bodies of currency control and currency exchange control (further - the foreign exchange legislation), and also the international treaties of the Republic of Belarus, international legal acts constituting the right of the Eurasian Economic Union.

2. Projects of regulatory legal acts on the questions concerning carrying out by residents and nonresidents currency and currency exchange transactions, are subject to coordination with bodies of currency control.

Projects of regulatory legal acts on the questions concerning procedure of currency control over observance by residents and nonresidents of requirements of the foreign exchange legislation are subject to coordination with bodies of currency exchange control.

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