RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of August 17, 2006 No. 86

About approval of Rules of implementation of export-import currency exchange control in the Republic of Kazakhstan

List of amending documents

For the purpose of enhancement of the regulatory legal acts regulating procedure of export-import currency exchange control of the Republic of Kazakhstan, and further liberalization of the currency mode in the Republic of Kazakhstan Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Excluded

2. Approve the enclosed Rules of implementation of export-import currency exchange control in the Republic of Kazakhstan (appendix 1 to this resolution).

3. Recognize invalid the regulatory legal acts specified in appendix 2 to this resolution.

4. To customs authorities and banks of the second level of the Republic of Kazakhstan to perform closing of passports of the transactions which are drawn up during the period from January 1, 1997 to December 31, 2001 according to which there was no movement of money or goods since January 1, 2002, and also passports of the transactions carried on separate accounting till December 31, 2006.

5. This resolution becomes effective after fourteen days from the date of its state registration in the Ministry of Justice of the Republic of Kazakhstan, except for Items 2 and 3 of this resolution which become effective since January 1, 2007, and is subject to official publication.

6. To department of paying balance and currency control (N.N.'s Dyugay):

1) together with Legal department (Sharipov S. B.) to take measures to state registration in the Ministry of Justice of the Republic of Kazakhstan of this resolution;

2) in ten-day time from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan of this resolution to bring it to the attention of the interested divisions of central office and territorial branches of National Bank of the Republic of Kazakhstan, the Ministry of Finance of the Republic of Kazakhstan, banks of the second level and Consolidation of legal entities "The association of financiers of Kazakhstan".

7. To management on ensuring activities of management of National Bank of the Republic of Kazakhstan (Terentyev A. L.) in three-day time from the date of obtaining from Department of paying balance and currency control (N.N.'s Dyugay) of the request for publication to take measures to publication of this resolution in mass media of the Republic of Kazakhstan.

8. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Aymanbetova G. Z.

 

Appendix 1

to the resolution of Board of National Bank of the Republic of Kazakhstan of August 17, 2006 No. 86

Rules of implementation of export-import currency exchange control in the Republic of Kazakhstan

IT IS APPROVED Regulation agency of the Republic and to supervision of the financial market of ifinansovy organizations August 24, 2006

IT IS APPROVED Ministry of Finance of the Republic of Kazakhstan September 8, 2006

Rules of implementation of export-import currency exchange control in the Republic of Kazakhstan (further - Rules) are developed according to the Laws of the Republic of Kazakhstan "About currency control and currency exchange control" (further - the Law), "About National Bank of the Republic of Kazakhstan" and establish procedure of export-import currency exchange control and condition of execution by residents of passports of transactions on export and import for the purpose of ensuring accomplishment by residents of the requirement of repatriation of foreign and national currency (further - the requirement of repatriation).

Chapter 1. Basic concepts and terms

1. The concepts applied in Rules are used in the values specified in the Law.

2. For the purposes of Rules also following terms and concepts are used:

1) the market rate of currency exchange - the weighted stock exchange rate of tenge to foreign currency which developed at substantive session of the stock exchange functioning in the territory of the Republic of Kazakhstan, and determined according to the procedure, established by National Bank of the Republic of Kazakhstan (further - National Bank) together with the authorized state body performing regulation of activities in the field of financial accounting and the financial reporting and also tenge rate to foreign currency on which on the stock exchange functioning in the territory of the Republic of Kazakhstan the auction is not held, calculated with use of cross-rates according to the procedure, established by National Bank together with the authorized state body performing regulation of activities in the field of financial accounting and the financial reporting;

2) documents of currency exchange control:

copy of the cargo customs declaration;

the currency agreement, including the documents confirming change of terms, obligation fulfillment conditions, and also contract parties;

license, registration certificate, certificate on the notification;

the transaction certificate, the additional sheet to the transaction certificate;

the reconciliation statement according to the transaction certificate;

the documents confirming obligation fulfillment under the contract including statements on movement of money on foreign bank accounts, the payment and other documents confirming and identifying payments and (or) transfers within contracts from foreign bank accounts;

3) customs authorities - territorial subdivisions of authorized body concerning customs affairs on areas (the cities of republican value, the capital), customs and customs posts;

4) the contract - the currency agreement providing export or commodity import (works, services);

5) the license - the license granted by National Bank till December 31, 2006 on provision by the resident of commercial credit to the nonresident for the term of more than 180 days (365 days according to the separate inventory established by the Government of the Republic of Kazakhstan);

6) bank of the transaction certificate - the authorized bank (its branch), the territorial branch (further - branch) National Bank which drew up the transaction certificate and exercising control according to the transaction;

7) the reconciliation statement according to the transaction certificate - the act which is drawn up by results of the reconciliation which is carried out between bank of the transaction certificate and customs authority on movement of goods according to the transaction certificate;

8) the magazine of registration of passports of transactions - the magazine which is kept by bank of the transaction certificate for registration of passports of transactions;

9) date of export or commodity import (works, services) is considered:

when moving goods through customs border of the Republic of Kazakhstan - date of issue of the cargo customs declaration and the room of the goods moved through customs border of the Republic of Kazakhstan under one of the customs regimes considered in customs statistics of foreign trade as export or import;

in other cases:

signature date (acceptances) of the documents confirming transfer of goods, performance of works (services);

date of drawing of the invoice, invoice for actually transferred goods, the performed works (services) in the agreements which are not providing creation of the documents confirming transfer of goods, performance of works (services);

start date of obligation fulfillment in accordance with the terms of the agreement which is not providing signing (acceptance) of the documents confirming transfer of goods, performance of works (services), and drawing of the invoice, invoice for actually transferred goods the performed works (services);

10) the exporter or the importer - the resident of the Republic of Kazakhstan (the legal entity, its branch registered in the procedure established by the legislation of the Republic of Kazakhstan the individual entrepreneur) who signed the contract or to which passed right to claim against the nonresident under the contract.

2-1. Copies of documents in foreign language are represented certified by seal and the authorized signature of the exporter or importer, with appendix, upon the demand of authorized bank or branch of National Bank, the transfer into the state or Russian languages certified by the exporter or the importer of the same procedure.

Chapter 2. Procedures of export-import currency exchange control

3. Authorized banks, and also branches of National Bank exercise control of execution of the requirement of repatriation under contracts for the amount over equivalent of fifty thousand US dollars, except as specified, specified in subitems of 1)-5) 7) of Item 20 of Rules.

If the contract is expressed in the currency other than US dollar, and in the contract there is no specifying on the exchange rate in relation to US dollar, for determination of equivalent of contract value in US dollars recalculation is performed with use of the market rate of currency exchange for date of the conclusion of the contract.

If the contract is expressed in the currency other than US dollar, the sum of unexecuted obligations is calculated in contract currency with subsequent its recalculation in US dollars with use of the market rate of currency exchange on the last date of the expiration of repatriation for the contract.

If the contract is expressed in the currency other than obligation fulfillment currency, in the absence of the currency clause determination of the amounts of the fulfilled obligations in contract currency is performed with use of the market rate of currency exchange for completion date of obligations.

4. The exporter or the importer upon the demand of authorized banks, and also branches of National Bank for the purpose of control by them behind execution of the requirement of repatriation specifies under the contracts requiring execution of the transaction certificate - in the transaction certificate or the additional sheet to it, under the contracts which are not requiring execution of the transaction certificate - in the statement in any form, expected period of time (the number of days, years) between:

1) date of export and receipt date of currency in payment of the contract on export;

2) payment date and (or) money transfer and date of return of the currency converted by the importer for benefit of the nonresident for implementation of contract settlements on import in case of non-execution and (or) incomplete obligation fulfillment by the nonresident (further - return of unused advance payment) or, in case of absence in the contract of such terms of return of unused advance payment, date of import.

The specified period of time (further - repatriation term) is calculated the exporter or the importer, proceeding from conditions of obligation fulfillment by contract parties, taking into account requirements of Rules.

If within the contract export or import more than one batch (stage of performance of works or services) with different conditions of obligation fulfillment on delivery or payment of goods of the nonresident is provided, then as the term of repatriation is accepted maximum of all terms of receipt of currency on job lots of goods (stages of performance of works or services).

In case of absence under the contracts which are not requiring execution of the transaction certificate, the statement of the exporter or the importer with indication of repatriation term the last is accepted to equal 180 calendar days.

4-1. The term of repatriation changes by specifying of new term in additional leaf to the transaction certificate or in the new statement under the contracts which are not requiring execution of the transaction certificate in the following cases:

1) if the term of repatriation specified in the transaction certificate is calculated by the exporter or the importer not in accordance with the terms of the contract and (or) without regulations of these rules;

2) availability of the following documents by which approach of the circumstances influencing terms and conditions of obligation fulfillment by the nonresident on the contract is confirmed:

changes and (or) amendments in the contract;

decision of judicial or other state body, arbitration;

the documents confirming emergence of force majeure circumstances.

In case of force majeure circumstances or absence in the decision of judicial or other state body, arbitration of completion dates of obligations by the nonresident under the contract, the term of repatriation is prolonged for term no more than three years.

5. The exporter or the importer, in case of the circumstances influencing terms and conditions of obligation fulfillment by the nonresident on the contract submits supporting documents to authorized bank or branch of National Bank (according to the passports of transactions which are drawn up in branch of National Bank).

Documents are submitted in case of their availability no later than the last date of the expiration of repatriation in which the amount unexecuted the nonresident of obligations to the exporter or the importer exceeded equivalent of fifty thousand US dollars.

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