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RESOLUTION OF THE CABINET OF MINISTERS OF THE AZERBAIJAN REPUBLIC

of June 22, 2005 No. 116

About the measures connected with change of nominal value of bank notes and standard of price (denomination) in the Azerbaijan Republic

(as amended on 13-05-2016)

For the purpose of ensuring execution of the Presidential decree of the Azerbaijan Republic "About change of nominal value of bank notes and standard of price (denomination) in the Azerbaijan Republic" of February 7, 2005 189, the Office of ministers of the Azerbaijan Republic decides No.:

1. Irrespective of pattern of ownership and legal form, till October 1, 2005 to provide to all state bodies and the organizations, and also all business entities recalculation of all wholesale and retail selling prices, rates for services, including the prices and rates regulated by the state and also allowances to the prices and discounts for them, having equated 1 new manat to 5000 old manats, and since the specified date till December 31, 2006 (including this day) - specifying of the prices and rates in price labels and price lists, and also in advertizing at the same time in old and new scale.

To the ministry of taxes and the Ministry of Economics of the Azerbaijan Republic to carry out necessary organizational and methodical work for ensuring effective control behind the specified measures.

2. Determine that:

if when carrying out recalculation in connection with change of standard of price there will be remaining balance in kopek shares, the amount is rounded to complete kopek. If the remaining balance appears less than a half of kopek, the amount is reduced to complete kopek if this remaining balance is equal to half of kopek or above, the amount raises to complete kopek;

if as a result of rounding in connection with transition to the scale of new prices the remaining balance amount according to the obligations following from civil agreements, including bank deposits will go down to zero, the amount is accepted as one kopek;

in case of expression of cost on the scale of new prices the figure for department of thousands uses point, and for department of manats from kopeks commas.

3. To provide to cross-industry commission of experts on control cash registers since January 1, 2006 use of control cash registers in the presence of cash calculations with the population in all objects of trade, public catering and services industry on the basis of the scale of new prices.

4. To provide to the Ministry of Finance, the Ministry of Economics of the Azerbaijan Republic, and also other state bodies and the organizations which are taking part in preparation of indicators of social and economic development of the country and the draft of the government budget calculation of standard rates in forecasting of the income and expenses of the budget on the scale of new prices.

5. To provide to the Ministry of Finance, the Ministry of Labour and Social Protection of the population, the State Social Security Fund, other state bodies and business entities of the Azerbaijan Republic acceptance of adequate measures for payment since January 1, 2006 of the tariff (official) salaries, awards and other payments entering salary system, the fees, other payment types of work, and also all types of the pensions paid to the population, benefits and grants on the scale of new prices.

6. To provide to the Ministry of Finance, the Ministry of taxes, the State Customs Committee, the State Social Security Fund and other relevant state bodies and the organizations of the Azerbaijan Republic calculation of mutual debts for taxes, duties, fees of social insurance and other state payments as of January 1, 2006 on the scale of new prices.

7. To the Ministry of Finance of the Azerbaijan Republic:

provide carrying out since January 1, 2006 transactions on treasurer accounts on the scale of new prices;

accept the necessary normative and methodological documents concerning carrying out in business entities irrespective of pattern of ownership and legal form, financial accounting in connection with transition to scales of new prices;

perform recalculation of obligations on public debt, including the obligations which are drawn up by securities and also the amounts of the income on public debt as of January 1, 2006 on the scale of new prices;

provide offers on cancellation till January 1, 2007 and release into the stream of commerce according to new types of loans by calculation since January 1, 2006 to the nominal value of bonds of the state internal premium bonds of 2001 and the sums of prizes determined on these loans on the scale of new prices.

8. To provide to the Ministry of Finance, the Ministry of Economics and the Ministry of emergency situations of the Azerbaijan Republic calculation of estimate financial calculations for the capital construction, design-search and other works, and also capital repairs (estimates) and estimate regulating documents financed by means of the government budget on the scale of new prices.

9. To the Ministry of Finance, the Ministry of Economic Development, the Ministry of taxes, the State Social Security Fund, the Ministry of Justice and other relevant state bodies of the Azerbaijan Republic to submit within 2-month term to the Cabinet of Ministers of the Azerbaijan Republic offers on establishment of various cost, payment regulations, including the conventional financial unit approved in the stable amounts in the laws, decrees and orders of the President of the Azerbaijan Republic, other regulatory legal acts on the scale of new prices.

10. In courts since January 1, 2006 to specify the payment amounts in court resolutions on the scale of new prices.

11. According to the statistics to provide to the state committee of the Azerbaijan Republic till November 1, 2005 recalculation of the statistics of last years expressed in cost and until the end of January, 2006, 2005 on certain areas of statistics according to the scale of new prices and till October 1 of the current year together with the relevant state bodies reductions of units of measure in forms annual for 2005 and the periodic statistic report for 2006 in compliance with new scale.

12. To the state committee on securities in case of the President of the Azerbaijan Republic:

approve nominals of investment securities in the state register for January 1, 2006 on the scale of new prices and notify on it the organizations which are engaged in all types of professional depository activity and storage of the register for introduction of corresponding changes;

provide specifying of nominals of securities which payment is established after January 1, 2006 on the scale of new prices.

13. (Bill holders) to provide to all issuers of documentary securities on the first demand of their owners registration of nominals of securities (certificates) on the scale of new prices with putting down on them the corresponding stamp.

14. In case of origin as a result of change of standard of price of difference between the authorized capital of joint-stock companies and set of new nominals of shares this difference is eliminated by decrease or increase in the authorized capital by joint-stock company in the replying amount.

15. To the lottery organizations, irrespective of pattern of ownership and legal form, engaged in releases of lotteries to provide payment since January 1, 2006 of the amounts of prizes of the lottery which is carried out 2005, but not paid on the scale of new prices.

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