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It is registered

Ministry of Justice

Republic of Tajikistan 

On November 9, 2012 years No. 137

RESOLUTION OF BOARD OF NATIONAL BANK OF TAJIKISTAN

of August 30, 2012 No. 194

About approval of the Instruction No. 197 "About procedure for regulation of activities of microcredit institutions"

(as amended on 28-05-2015)

According to article 23 of the Law of the Republic of Tajikistan "About the microfinancial organizations" Board of National Bank of Tajikistan

p about with t and N about in l I e t:

1. Approve the Instruction No. 197 "About procedure for regulation of activities of microcredit institutions".

2. In accordance with the established procedure to provide this Resolution to the Ministry of Justice of the Republic of Tajikistan for state registration.

3. Enact this Resolution after state registration and official publication.

4. The resolution of Board of National Bank of Tajikistan of April 28, 2011, No. 76 "About approval of the Provision No. 136 "About the microloan organizations in the new edition, registered in the Ministry of Justice of the Republic of Tajikistan of June 10, 2011 to consider No. 137 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

A. Shirinov

 

 

Approved by the Resolution of Board of National Bank of Tajikistan of August 30, 2012 No. 194

Instruction No. 197
"About procedure for regulation of activities of microcredit institutions"

The instruction "About procedure for regulation of activities of mikrocreditnykhorganization" (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 institutions.

1. General polozheniyach

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

- the credit - the money provided by microcredit institution 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 institution 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 40000 (four hundred 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).

2. For again created microcredit institutions the minimum size of the authorized capital is established in the amount of 4 000 000 (four million) somoni.

2-1. For the operating microcredit institutions the minimum size of the real capital is determined as follows:

- as of 01.10.2015 - 2 000 000 (two million) somoni;

- as of 01.01.2016 - 3 000 000 (three million) somoni;

- as of 01.04.2016 - 4 000 000 (four million) somoni.

2. Licensing of activities of microcredit institutions

3. The procedure for issue, response and cancellations of the license of microcredit institution is performed according to the Law of the Republic of Tajikistan. About the microfinancial organizations.

4. Before receipt of the license, the microcredit institution shall pay 100 percent of the amount of the authorized capital into the corresponding account opened in National Bank of Tajikistan. The National Bank of Tajikistan within 3 working days after decision making about licensing sends to microcredit institution information on account detail.

5. In case of loss of the license by microcredit institution the copy (duplicate) of the license is issued to it.

6. The microcredit institution 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.

7. For receipt of the copy (duplicate) of the license the microcredit institution provides in National Bank of Tajikistan the statement with the copy of the announcement in the official publication.

8. The copy (duplicate) of the license is issued to microcredit institution in 30 - day term after receipt of the statement based on the order of the Chairman of National Bank of Tajikistan.

3. Provision of the microcredit

9. The procedure for provision of the microcredit to clients of microcredit institution is established by regulatory legal acts of National Bank of Tajikistan.

10. The interest rate of the credit is established in the contract with the client.

4. Accounting rules, check and audit

11. The microcredit institution keeps financial accounting and constitutes the financial reporting according to the procedure, established by National Bank of Tajikistan.

12. The list, form and terms of submission of accounting and other records by microcredit institution, and also responsibility for their violation is established by regulatory legal acts of National Bank of Tajikistan.

13. The National Bank of Tajikistan performs check of activities of microcredit institution in the place of its arrangement and outside its arrangement.

14. Internal control of microcredit institution is carried out by internal audit which shall provide the proper level of reliability corresponding to features and scales of the operations performed by microcredit institution.

15. Activities of microcredit institution are subject to annual external audit.

5. Reorganization and liquidation of microcredit institution

16. Reorganization (merge, accession, separation, allocation, transformation) of microcredit institution is performed after receipt of consent of National Bank of Tajikistan according to the legislation of the Republic of Tajikistan.

17. The microcredit institution for the purpose of reorganization files in National Bank of Tajikistan petition and submits the following documents:

- decision of general shareholder meeting (participants) 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 copy of the certificate on state registration of new shareholders (participants) for legal entities;

- data on identification taxpayer number for physical persons (new shareholders (participants);

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