RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of May 22, 2015 No. 135

About approval of regulatory legal acts on implementation of the Budget code of the Republic of Uzbekistan

1. Approve:

Regulations on procedure for placement of temporarily available funds of the republican budget of the Republic of Uzbekistan and use of income gained from their placement on deposits in commercial banks according to appendix No. 1;

Ceased to be valid according to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 19.06.2017 No. 391

2. Recognize invalid some decisions of the Government of the Republic of Uzbekistan according to appendix No. 3.

3. To the Ministry of Finance, the State committee of the Republic of Uzbekistan on privatization, demonopolization and development of the competition together with the interested ministries and departments to bring the regulatory legal acts adopted by them into accord with this resolution in a month.

4. To impose control of execution of this resolution on the First Deputy Prime Minister of the Republic of Uzbekistan R. S. Azimov.

Appendix No. 1

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of May 22, 2015 No. 135

Regulations on procedure for placement of temporarily available funds of the republican budget of the Republic of Uzbekistan and use of income gained from their placement on deposits in commercial banks

I. General provisions

2. Action of this provision extends to the Ministry of Finance, the Central bank of the Republic of Uzbekistan and commercial banks on which deposits the Ministry of Finance temporarily available funds are placed.

Placement of temporarily available funds of the republican budget of the Republic of Uzbekistan and use of income gained from their placement on deposits in commercial banks are performed according to the scheme according to appendix to this Provision.

II. Determination of temporarily available funds and their placement on deposits in commercial banks

3. The extreme size of temporarily available funds for placement, the Ministry of Finance on deposits in commercial banks is determined as the amount of excess of balance on the treasurer personal account of the republican budget of the Republic of Uzbekistan opened in information system of the Ministry of Finance of the Republic of Uzbekistan for the beginning of financial year over the size of turnover cash approved for the republican budget of the Republic of Uzbekistan the current financial year, less the amount of assumed obligations in law.

4. The main requirements to commercial banks in case of placement on their deposits of temporarily available funds are:

availability of the state share in the authorized capital of commercial bank in the amount of at least 25 percent;

absence at commercial bank of overdue debt on earlier placed bank deposits at the expense of means of the republican budget of the Republic of Uzbekistan.

5. The Ministry of Finance if necessary can request information on financial condition of commercial banks from the Central bank of the Republic of Uzbekistan or commercial banks.

6. Competitive selection by determination of commercial banks on which deposits temporarily available funds can be placed is carried out by the Ministry of Finance by the direction of the invitation to participation in selection to the commercial banks meeting the requirements specified in item 4 of this provision.

The commercial bank which offered the highest percent of the income on deposit amount and in the terms specified in the conditions of competitive selection is considered the winner of competitive selection.

At the same time in case of the offer the commercial bank with the greatest state share in the authorized capital becomes participants of selection of identical interest rates and conditions, the winner among participants of selection.

7. Temporarily available funds are placed on deposits in commercial banks on the basis of the agreement signed in accordance with the established procedure between the Ministry of Finance and the relevant commercial bank (further - the agreement) for a period of up to nine months within one financial year.

In case of accomplishment of terms of the contract by commercial bank the duration of the agreement can be extended, but no more than a date of termination of the current financial year.

III. Use of income gained from placement of temporarily available funds on deposits in commercial banks

8. Income gained from placement of temporarily available funds on deposits in commercial banks monthly goes to the income of the republican budget of the Republic of Uzbekistan.

9. Use of income gained from placement of temporarily available funds on deposits in commercial banks is performed according to the budget legislation.

IV. Return of the means placed in commercial banks

10. Return of the means of the republican budget of the Republic of Uzbekistan placed on deposits in commercial banks, and interest payment on them are made strictly in the terms determined by the agreement.

If necessary the Ministry of Finance can demand early return of the means placed on deposits in commercial banks. Conditions of early return are determined by the agreement.

11. In case of untimely return of the means placed on deposits including percent, according to the agreement, the Ministry of Finance:

collects debt in indisputable procedure from commercial banks by drawing of collection orders on any their accounts;

charges penalty fee in the amount of percent 0,033 from the overdue debt amount for each day of delay.

12. The amount of receipts from penalty fee is credited in the income of the republican budget of the Republic of Uzbekistan.

Appendix

to Regulations on procedure for placement of temporarily available funds of the republican budget of the Republic of Uzbekistan and use of income gained from their placement on deposits in commercial banks

The scheme of placement of temporarily available funds of the republican budget of the Republic of Uzbekistan and use of income gained from their placement on deposits in commercial banks

Appendix No. 2

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of May 22, 2015 No. 135

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