LAW OF THE REPUBLIC OF TAJIKISTAN

of June 13, 2013 No. 964

About currency control and currency exchange control

This Law establishes the public relations in the field of currency control and currency exchange control, determines the rights and obligations of residents and nonresidents of the Republic of Tajikistan by ownership, use and the order of currency values.

Chapter 1.
General provisions

Article 1. Basic concepts

In this Law the following basic concepts are used:

1) Currency - national currency of foreign countries.

2) National currency somoni which one unit is equal to 100 diram.

3) Currency values:

- the foreign currency, securities and payment documents expressed in foreign currency;

- the national currency, securities and payment documents expressed in national currency only when implementing of transactions by them between residents and nonresidents or between nonresidents.

4) Currency regulation set of law-making and organizational measures of the state bodies establishing the normative legal basis of ownership, use and order of currency values.

5) Currency control set of the normative, administrative and organizational measures performed by state bodies or other body authorized by the law for the purpose of ensuring compliance with procedure of currency transactions and check of these transactions.

6) Currency transactions:

- the transactions connected with transition of the property right and other rights to currency values, and also with their use as currency and payment;

- import, transfer and transfer to the Republic of Tajikistan of currency values;

- export, transfer and transfer from the Republic of Tajikistan of currency values;

- opening of bank accounts in foreign currency.

7) Residents:

- citizens of the Republic of Tajikistan, except for the citizens who are constantly living abroad according to the legislation of this country;

- foreign citizens and stateless persons which have the permanent residence permit in the Republic of Tajikistan;

- the legal entities founded according to the legislation of the Republic of Tajikistan, their branches, representations and other divisions abroad;

- diplomatic, consular, trade and other official representations of the Republic of Tajikistan abroad;

- The government of the Republic of Tajikistan and other public authorities with participation in the relations regulated by this Law.

8) Nonresidents - the physical persons and legal entities which are not residents.

9) Authorized bank - the credit financial institution making transactions with foreign currency based on the license of National Bank of Tajikistan.

10) Foreign bank - the credit financial institution founded in foreign state, having the right to making of banking activities.

11) the Currency agreement - the contract (transaction), constituent agreements, and also other documents based on which or for execution of which currency transactions are made.

12) No. 2075 Is excluded according to the Law of the Republic of Tajikistan of 20.06.2024

13) No. 2075 Is excluded according to the Law of the Republic of Tajikistan of 20.06.2024

Article 2. Legislation of the Republic of Tajikistan on currency control and currency exchange control

The legislation of the Republic of Tajikistan on currency control and currency exchange control is based on the Constitution of the Republic of Tajikistan and consists of this Law, other regulatory legal acts of the Republic of Tajikistan, and also the international legal acts recognized by Tajikistan.

Chapter 2.
Currency control

Article 3. Purpose, tasks and principles of currency control

1. The purpose of currency control is protection of economic interests of the state, realization of single state monetarist policies and ensuring stability of currency system of the country.

2. Tasks of currency control are:

- determination of scope of application and procedure for the address of currency values in the Republic of Tajikistan;

- determination of procedure of currency transactions in the Republic of Tajikistan;

- ensuring effective activities and integration of economy of the Republic of Tajikistan into world economy.

3. The basic principles of currency control are:

- ensuring rule of law;

- minimum use of administrative measures;

- non-admission of unreasonable intervention of bodies of currency control and currency exchange control in implementation of currency transactions.

Article 4. Bodies of currency control

1. Bodies of currency control are the National Bank of Tajikistan and other state bodies authorized according to the law.

2. The National Bank of Tajikistan and other bodies of currency control according to this Law within the powers adopt regulatory legal acts which fulfillment of requirements is obligatory for all residents and nonresidents.

3. The acts adopted by other bodies of currency control are approved with National Bank of Tajikistan.

4. The National Bank of Tajikistan as state body of currency control performs the following functions:

- determines procedure for the issue to residents of licenses for activities connected with carrying out currency transactions;

- determines the sphere, procedure for use, the address of foreign currency and securities in foreign currency;

- determines procedure of currency transactions for residents and nonresidents, including for authorized banks;

- establishes single forms of accounting and the reporting of currency transactions, procedure and terms of their representation for residents and nonresidents, including for authorized banks;

- prepares and publishes statistics of currency transactions;

- determines and announces the official rate of foreign currency in relation to national currency for the purpose of accounting and obligatory payments;

- performs other functions provided by this Law and legal acts.

Article 5. The activities requiring receipt of the license

1. Activities for carrying out the transactions connected with foreign currency are performed based on the license granted by National Bank of Tajikistan and include the following types:

- duty-free shops;

- special services in foreign currency;

- No. 2075 is excluded according to the Law of the Republic of Tajikistan of 20.06.2024

- mediation in the international foreign exchange market.

2. The procedure and rules of licensing, the basis of refusal or revocation of license, and also implementation of the activities provided in part of 1 this Article are established by the legislation of the Republic of Tajikistan and regulatory legal acts of National Bank of Tajikistan adopted on their basis.

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