Approved by the Resolution of Board of National Bank of Tajikistan of April 25, 2005 No. 111

The instruction No. 138 about procedure for opening, registration, functioning of foreign exchange offices and making of currency exchange transactions with cash foreign currency

This Instruction "About procedure for opening, registration, functioning of foreign exchange offices and making of currency exchange transactions with cash foreign currency" is accepted according to article 1 and 9 of the Law of the Republic of Tajikistan "About currency control and currency exchange control" and establishes procedure for opening, registration and organization of work of foreign exchange offices, procedure for making of currency exchange transactions with cash foreign currency, accounting treatment and the reporting of these transactions by banks, other non-bank financial organizations and physical persons.

I. General provisions

1. Currency exchange transactions with cash foreign currency can perform the banks and other non-bank financial organizations having the License of National Bank of Tajikistan for the right of making of banking activities in foreign currency (further in the text of this Instruction - banks), and also the physical persons having the Certificate of National Bank of Tajikistan which confirms their inclusion in the register of the physical persons which opened foreign exchange offices (further in the text of this Instruction - the Certificate and physical persons).

The certificate grants the right to physical person to open foreign exchange office and to be engaged in implementation of currency exchange transactions with the population, on its own behalf and at the expense of own money.

2. Currency exchange transactions only in foreign exchange offices can make physical persons (residents and nonresidents), except for the physical persons who are engaged in business activity.

Physical persons (residents and nonresidents) who are engaged in business activity can make currency exchange transactions with cash foreign currency through the accounts opened in banks.

Implementation of currency exchange transactions with physical persons out of banks and foreign exchange offices is violation of procedure for making of currency transactions and involves responsibility, according to the legislation of the republic.

3. Banks and physical persons open foreign exchange offices, proceeding from the need of the population for currency exchange transactions and the material opportunities. The National Bank of Tajikistan annually establishes, separately for each bank, the extreme number of the foreign exchange offices opened for them.

Branches of banks can open foreign exchange offices through the head banks, within general quota of bank and if the right to making of currency exchange transactions is granted to branch by the Provision and the License (Order) of head bank.

The physical person who received the Certificate of National Bank of Tajikistan having the right to open one or several foreign exchange offices on its own behalf.

4. Exchange points can be open, directly, under organizations of banks, on boundary and customs posts, at the airports, hotels, stations, shops and other places where need for currency exchange transactions with cash foreign currency is had.

The cabin of foreign exchange office which is in service premises shall be isolated from visitors and employees, and currency exchange transactions shall be performed only through the equipped cash window.

In the cabins of foreign exchange office which are in separately located construction, rooms with separate entrance in non-residential buildings or apartments of the apartment house entrance doors shall be iron, and windows shall have iron lattices.

The cabin of foreign exchange offices opened in cash node jar shall conform to the technical requirements imposed by regulations of National Bank of Tajikistan to the equipment of cabin of the cashier of operational cash desks.

The cabin of foreign exchange offices located out of cash node out of the building of bank shall conform also to "Technical requirements to cabin of the cashier of foreign exchange office" (The appendix N1 to this Instruction).

5. Foreign exchange offices can make:

a) purchase and sale of cash foreign currency for cash somoni;

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

c) exchange of the payment bank note of foreign state on payment bank notes of the same foreign state or on somoni;

d) replacement of not payment bank note of foreign state by payment cash sign (i) of the same foreign state or by somoni;

All transactions listed in this Item in the text hereinafter are referred to as further as "currency exchange transactions".

Foreign exchange offices can make all or some transactions from above the provided list of currency exchange transactions.

Foreign exchange offices shall perform freely exchange of the old and damaged bank notes of national currency for valid cash tickets.

Foreign exchange offices have the right to perform transactions on issue of cash according to plastic cards.

At the same time, the procedure for the organization and making of transactions according to plastic cards in foreign exchange offices is determined by issue of cash by each bank independently, proceeding from the rules and procedure established by the processing center where specific POS the terminal (service point of credit cards) is connected.

Foreign exchange offices of physical persons can be also engaged in servicing of plastic cards. The procedure and conditions of provision of this service are determined in contracts with the servicing banks.

6. The foreign exchange office of bank has the cashier who shall be the staff employee of bank. Acceptance of the cashier by banks on other terms of employment is not allowed. In case of business necessity, the bank has the right to increase at discretion the number of staff of cashiers of Items currency exchange.

The persons who received the Certificate of National Bank of Tajikistan or other physical persons which signed the employment contract with such persons can be the cashier in foreign exchange offices of physical persons.

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