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IT IS REGISTERED

Ministry of Justice

Republic of Uzbekistan

On March 14, 2002 No. 1114

RESOLUTION TSENTRALNOG OF BANK OF THE REPUBLIC OF UZBEKISTAN

of February 21, 2002 No. 505

About modification and amendments in Regulations on exchange point

(as amended on 30-03-2004)

According to article 7 of the Law of the Republic of Uzbekistan "About currency control" and article 40 of the Law of the Republic of Uzbekistan "About the Central bank", the Board of the Central bank decides:

1. Make changes and additions to Regulations on exchange point (reg. N 958 of 17.08.2000), having approved its new edition according to appendix.

2. This resolution becomes effective after ten days from the moment of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

 

Acting Chairman

Central Bank M. Zhumagaldiyev

Approved by the resolution of Board of the Central bank of the Republic of Uzbekistan on February 21, 2002 No. 505

Regulations on exchange point

In this Provision it is used the following concepts:

Authorized banks - the banks having - the license for carrying out foreign currency transactions.

Territorial administrations of the Central bank - Head departments of the Central bank of the Republic of Uzbekistan on the Republic of Karakalpakstan, areas and the city of Tashkent.

Cash foreign currency - the foreign bank notes in the form of banknotes, treasury notes and coins which are in circulation and being legal means of payment in foreign state, and also withdrawn or the bank notes which are subject to exchange for bank notes of the same foreign state withdrawn from circulation.

The travel check - the payment document in foreign currency emitted by foreign banks and financial institutions.

Exchange point - the place of making of currency exchange transactions with observance of requirements of this provision and other regulations of the Central bank of the Republic of Uzbekistan.

Operational day - holding time of clients in exchange point.

Documents of day - the documents of accounting of currency exchange transactions processed by the cashier of exchange point during the operational day according to the procedure, established by this Provision.

I. General provisions

1. Authorized banks are opened by exchange points for implementation of currency exchange transactions with the permission of the Central bank of the Republic of Uzbekistan.

Exchange points, irrespective of operating conditions, can be only stationary.

The location of exchange points and the mode their works are coordinated with the interested organizations.

Authorized banks can establish ATMs for implementation of cash disbursement of means in national currency by converting of means in foreign currency on credit and debit cards (further - the international card).

2. Activities of exchange points are allowed only in case of obligatory observance of the requirements established by this Provision including registration of exchange points in territorial administrations of the Central bank in the bank location.

Opening of exchange points by authorized banks outside the territory of the Republic of Uzbekistan, and also in premises of other banks is not allowed.

3. In exchange point the following transactions are made:

a) purchase of cash foreign currency for cash bags;

b) purchase of travel checks;

c) sale to residents of the Republic of Uzbekistan of cash foreign currency for cash bags;

d) sale to physical resident persons for cash bags of the travel checks emitted by authoritative foreign banks and financial institutions;

e) sale of foreign currency and travel checks to nonresidents within the amount of earlier made exchange of foreign currency (travel checks) for bags in case of presentation of the confirmatory reference of exchange point or the check of the ATM by them, and also in case of submission of other documents, confirmatory that amount-based means are received in the legal way as a result of implementation of the international current transactions according to the legislation;

e) acceptance for the direction for collection cash foreign currency and travel checks;

g) acceptance for examination of bank notes of foreign states and travel checks which authenticity raises doubts;

h) issue of cash foreign currency on credit and debit cards;

i) exchange of the payment bank note of foreign state on payment bank notes of the same foreign state;

j) replacement of the damaged bank notes of foreign state by the intact bank notes of the same foreign state;

k) exchange (conversion) of cash foreign currency of one foreign state for cash foreign currency of other foreign state;

The above-stated and other transactions it is performed according to permission of the Central bank of the Republic of Uzbekistan.

4. Buying rates and sales of cash foreign currency (travel checks in foreign currency) for cash bags it is established by banks independently taking into account the demand and supply of foreign currency. The established exchange rates of foreign currency shall be approved by the order of the head of authorized bank.

The maximum limit of variation between buying rates and sales of cash foreign currency and travel checks in exchange points is established by the Central bank of the Republic of Uzbekistan.

5. It is allowed changes by authorized bank of buying rate and sale cash foreign (travel checks in foreign currency) for cash bags during the operational day with obligatory registration of each new buying rate and sale by the relevant order.

6. Transfer to exchange point of information on the buying rate established by bank and sales cash foreign (travel checks in foreign currency) for cash bags is registered in authorized bank and exchange point in the separate magazine with indication of date and time of information transfer in bank department, dates and time of receipt of information by bank department, as well as time of establishment by authorized bank of the specified rates. Then bank department is also registered with indication of date and time of information transfer in exchange point of bank, date and time of receipt of information by the worker of exchange point.

7. The list of foreign currencies and travel checks with which carrying out currency exchange transactions in exchange points is allowed is established by the Central bank of the Republic of Uzbekistan.

8. In case of the round-the-clock operating mode of exchange point operational day comes to an end at 17:00 o'clock.

9. For making of currency exchange transactions collection of commission fee in cash bags is allowed. The rate of commission fee affirms management of authorized banks.

10. It is forbidden to introduce any restrictions upon purchase of foreign currency on advantages and years of note issue, being legal means of payment in the country issuer.

II. Order of registration of exchange points

11. Authorized banks prior to functioning of exchange point shall direct previously to territorial administration of the Central bank the application for registration of exchange point to the address specified in the statement with appendix of the statement from the order on opening of exchange point. The application is submitted purposely or goes by registered mail with the notification of the sender on delivery to the receiver of the mailing.

The assurance of receipt to the receiver of the specified mailing is glued by bank to the copy of the application about registration of the exchange point sent to territorial administration of the Central bank.

12. On receipt of the statement for registration of exchange point of authorized bank the territorial administration of the Central bank shall in 15-day time from the date of receipt of the specified statement to check the actual compliance of the exchange point declared to registration to the requirements established by this Provision.

The 15-day term specified in this Item is considered the term of registration by territorial administration of the Central bank of the exchange point declared by bank (in subsequent - registration term).

The term of registration is estimated from the date of delivery to the receiver of the statement of bank for registration of its exchange point, specified in the assurance of receipt.

13. In case of compliance of the exchange point declared to registration to requirements of this provision (the specified compliance shall be confirmed with the inspection statement of exchange point, carried out according to requirements of the Section XIX of this provision), the territorial administration of the Central bank shall register during the term of registration established in Item 12 of this provision exchange point of bank in "The book of registration of exchange points" which is kept by territorial administration of the Central bank in form according to the appendix N 1 to this Provision (in subsequent - the Book of registration). Rules of ledger maintenance of registration are stated in annex N2 to this Provision.

The territorial administration of the Central bank shall no later than the next working day of date of registration of registration of exchange point send to authorized banks in case of the cover letter "The registration certificate of exchange point" (to posleduyushchemsvidetelstvo) in form according to the appendix N 3 to this Provision. The specified Certificate is subject to departure in the bank address purposely or registered mail with the notification of the sender on delivery. The assurance of receipt of the specified mailing to the receiver is glued on reverse side of leaf of the Book of registration in which record about registration of the corresponding exchange point is drawn up.

14. In case of identification of violations of requirements of this provision at the exchange point declared to registration (the facts of discrepancy to requirements shall be confirmed with the inspection statement of exchange point, carried out according to requirements of the Section XIX of this provision) the territorial administration of the Central bank shall inform authorized bank on refusal in registration of the declared exchange point. The letter with indication of motives of refusal in registration in the exchange point declared to registration goes to the bank address declared to registration exchange point, purposely or the registered mail with the notification of the sender on delivery no later than the registration term established by this Provision.

The assurance of receipt to the receiver of the letter with refusal in registration of exchange point is glued in management of the Central bank to the statement of authorized bank for registration of exchange point.

15. In case of non receipt by authorized bank during the term of registration established by this Provision of the Certificate or letters with indication of motives of refusal in registration of exchange point by territorial administration of the Central bank the authorized bank shall within 5 working days from end date of term of registration of the exchange point declared to registration (banks estimate registration term according to the procedure, specified in Item 12 of this provision) in writing to notify on this fact territorial administration of the Central bank in the location of authorized bank, and also in the copy - the Head special department of currency exchange transactions of the Central bank of the Republic of Uzbekistan. The specified notifications are represented purposely or go the registered mail with the assurance of receipt.

Assurances of receipt to receivers of the specified departures are glued by authorized bank to the copy of the application about registration of the exchange point sent to territorial administration of the Central bank.

16. The statement by authorized bank is allowed to registration in territorial administration of the Central bank more than one exchange point on condition of observance of requirements of this provision by bank.

When losing the registration certificate the authorized bank shall submit within ten working days to territorial administration of the Central bank the following documents:

a) the statement with indication of the reasons and circumstances of loss of the registration certificate;

b) copies of the documents confirming the fact of loss, destruction or theft of the registration certificate. The territorial administration of the Central bank within ten working days issues to bank the duplicate of the registration certificate. The duplicate of the registration certificate is issued behind number and date of the initial registration certificate and specifying of the word "Duplicate" and date of issue of the duplicate of the registration certificate.".

III. Business management, the exchange points connected with registration

17. Territorial administrations of the Central bank, and also authorized banks shall correspond separate cases and the materials connected with registration and activities of exchange points.

18. The documents connected with registration of exchange points including correspondence, and also acts and materials of checks of exchange points, are stored in archive of territorial administrations of the Central bank and authorized banks at least 3 years.

IV. Procedure for closing of exchange points

19. Cancellation by territorial administration of the Central bank of the Certificate with entering into the Book of registration of the corresponding record attracts closing of the registered exchange point.

20. Entry in the Book of registration about cancellation of the Certificate is drawn up on the following bases:

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