LETTER OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of September 16, 2013 No. 21034/60/2333-fl/s

National Bank of the Republic of Kazakhstan (further - National Bank), having considered the letter of "Lawyers for Compliance with Laws" Online project of 15.08.2013 No. 038 concerning representation by residents (participants of currency transactions) of documents on currency transactions, reports the following.

1. The list of documents (mainly their copies) which are subject to representation by the resident according to requirements of the modes of currency control, is provided in article 10 of the Law on currency control and currency kontrole1.

The list of documents (mainly their copies) which are subject to representation in case of the address by the resident in National Bank for registration of the currency agreement (currency transaction), is provided also in Item 41 of Rules of implementation of currency transactions in the Republic Kazakhstan2.

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1 The law of the Republic of Kazakhstan of June 13, 2005 No. 57-111 "About currency control and currency exchange control"

2 "The rules of implementation of currency transactions in the Republic of Kazakhstan approved by the resolution of Board of National Bank of the Republic of Kazakhstan of April 28, 2012 No. 154 "About approval of Rules of implementation of currency transactions in the Republic of Kazakhstan"

At the same time need of submission of documents is really not provided in the above-stated regulatory legal acts in duplicate in case of the address for registration of the currency agreement (currency transaction).

At the same time we report about lack of cases of the appeal to National Bank of residents on the facts of illegal requirements of the Almaty city branch of National Bank about submission of all stipulated by the legislation documents in duplicate.

Due to the above of the bases for the direction of explanations on the brought-up question to territorial branches of National Bank is not available.

2. Concerning representation by residents of the documents which are available for National Bank or earlier received by National Bank from the specified residents we report the following.

Also we pay attention to lack of the facts of the appeal to National Bank of the residents registering currency agreements with the claim in which it is specified illegality of representation by residents of the documents which are available for National Bank or earlier received by National Bank from the specified resident.

At the same time it should be noted the following.

As appears from article 10 of the Law on currency control and currency exchange control and Item 41 of Rules of implementation of currency transactions in the Republic of Kazakhstan, the documents provided in them required for receipt of the registration certificate are represented in full for registration of each currency agreement (currency transaction).

The above-stated regulatory legal acts do not contain any clause on the fact that in case of the appeal to National Bank for registration of the currency agreement some required documents in certain cases can not be represented.

In this regard when the resident is participant of several currency agreements which are subject to registration, respectively in case of the appeal to National Bank for registration of each currency agreement the complete document package, the stipulated in Article 10 Laws on currency control and currency exchange control and Item 41 of Rules of implementation of currency transactions in the Republic of Kazakhstan, separately under each currency agreement including copies of some documents which were submitted earlier by the same resident, but for registration of other currency agreements represents every time.

According to part two of Item 41 of Rules of implementation of currency transactions in the Republic of Kazakhstan documents repeatedly are not submitted only for receipt of the new registration certificate in cases, the stipulated in Item 28 specified Rules if they did not change from the moment of the last submission to National Bank.

In turn Item 28 of Rules of implementation of currency transactions in the Republic of Kazakhstan governs the relations on issue/receipt of the new registration certificate and (or) new certificate on the notification in case of change of the data specified in earlier granted registration certificate and (or) the certificate on the notification.

Thus, representation by residents of complete document package in cases of their appeal to National Bank for registration of the currency agreement (currency transaction) which is earlier not registered in National Bank was performed in strict accordance with the foreign exchange legislation of the Republic of Kazakhstan.

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