PRESIDENTIAL DECREE OF THE REPUBLIC OF UZBEKISTAN

of February 20, 2008 No. UP-3968

About additional measures for liberalization of conditions and providing deposit guarantees of the population in commercial banks

For the purpose of building confidence of the population in bank system, reducing extra bank turnover of cash, further stimulation of attraction of free money of the population in deposits to commercial banks as most important source of investment resources for the accelerated development of national economy and increase in level of living of the population:

1. Establish procedure according to which from April 1, 2008 to April 1, 2009 banks shall accept from physical resident persons of the Republic of Uzbekistan into deposit accounts, including deposits to bearer, the money in national and foreign currency brought in cash form or listed from the personal accounts in foreign banks without restrictions of the sizes of contribution and submission of the documents confirming sources of their origin.

2. Determine that:

sources of funds deposited by physical resident persons of the Republic of Uzbekistan into deposit accounts in banks are not subject to declaring;

the money deposited by physical persons into deposit accounts in banks during the period from April 1, 2008 to April 1, 2009 is exempted from tax payment and other obligatory payments.

3. Ceased to be valid

4. Take into consideration that according to the legislation:

physical persons investors can dispose of the money deposited into their deposit accounts in banks, at discretion and without restrictions;

banks shall guarantee preserving bank secrecy on accounts and household deposits, and also the transactions made on them;

for illegal disclosure or provision to the third parties of the data which are bank secrecy, guilty officials are made responsible in the procedure established by the legislation, up to criminal.

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