Resolution of the Board of the National Bank of the Republic of Belarus

Resolution of the Board of the National Bank of the Republic of Belarus

No. 72 of April 30, 2004

[Amended as of August 26, 2015]

 

On Approval of Rules of Conducting Currency Operations

 

On the basis of articles 26, 33, 277 of the Banking Code of the Republic of Belarus, article 21 of the Law of the Republic of Belarus of July 22, 2003 “On Currency Regulations and Currency Control” the Board of the National Bank of the Republic of Belarus has decided:

1. To approve the annexed Rules of Conducting the currency operations.

2. To establish that the accounts of the non-residents of the type "I" (investment), which have been opened at the banks of the Republic of Belarus prior to the entry into force of this Resolution, function till the full depletion of monetary funds in the following regime:

credit operations are not performed;

debit operations are performed in the order established for current (settlement) account of the type "T".

21. [Excluded]

3. [Excluded]

4. [Not given]

5. This Resolution enters into force from July 1, 2004.

 

Chairperson of the Board                                                                                                                                                       P.P. Prokopovich

 

Annex to the Resolution

of the Board on the National Bank

of the Republic of Belarus

No. 72 of April 30, 2004

 

Rules of Conducting the Currency Operations

 

CHAPTER 1
MAIN TERMS AND DEFINITIONS

 

1. The terms applied in the present Rules are used in the notions mentioned in article 1 of the Law of the Republic of Belarus of July 22, 2003 “On Currency Regulations and Currency Control”.

2. Applicably to the present Rules the terms and notions are used in the following meaning:

banks – banks and non-bank credit and financial organizations being such in accordance with the legislation of the Republic of Belarus, their affiliations as well as the National Bank of the Republic of Belarus (hereinafter – the National Bank) including its structural subdivisions;

banks-non-residents – banks and non-bank credit and financial organizations created in accordance with the legislation of a foreign state with the location outside the Republic of Belarus;

currency-operation entities – legal persons created in accordance with the legislation of the Republic of Belarus with the location in the Republic of Belarus; foreign affiliations and representations of legal persons located in the Republic of Belarus and created in accordance with the legislation of the Republic of Belarus; diplomatic and other official missions, consular establishments of the Republic of Belarus being abroad; the Republic of Belarus and its administrative units participating in the relations regulated by the currency legislation of the Republic of Belarus; legal persons created in accordance with legislation of foreign states with the location abroad; Belarusian and foreign affiliations and representations of legal persons created in accordance with legislation of foreign states and located abroad; organizations not being legal persons created in accordance with the legislation of foreign states and located abroad; Belarusian and foreign affiliations and representations of the organizations not being legal persons and created in accordance with the legislation of foreign states with the place of location abroad; diplomatic and other official missions, consular establishments of foreign states being in the Republic of Belarus and abroad; international organizations, their affiliations and representations; foreign states and their administrative units participating in the relations regulated by the currency legislation of the Republic of Belarus;

currency – Belarusian rubles and foreign currency;

settlements – the fulfillment of monetary obligation by paying cash or in the cashless form.

The currency operations carried out on the territory of the Republic of Belarus are the following:

in part of the currency operations providing the settlements under the transactions stipulating the transfer of goods, protected information, exclusive rights to results of intellectual activity, property for lease, fulfillment of works and rendering services - the currency operations providing settlements under the transactions under which the transfer or reception of goods, protected information, exclusive rights to results of intellectual activity, property for lease, fulfillment of goods and rendering services is carried out on the territory of the Republic of Belarus regardless of the place where the money is given or transferred and/or put into account under these currency operations;

in part of the currency operations providing settlements under the transactions not providing the transfer of the goods, protected informatoin, exclusive rights to results of intellectual activity, property for lease, fulfillment of works and rendering services - the currency operations providing settlements under the transactions under which the cash money is given on the territory of the Republic of Belarus, the cash money is put on the accounts in the banks or money are transferred from one account into another account opened in banks;

currency operations providing settlements under the transactions on alienation of immovable property located in the territory of the Republic of Belarus.

Currency operations carried out abroad are all other currency operation not referring to as currency operations carried out on the territory of the Republic of Belarus.

In case there is a dispute about the place of transfer or reception of the goods, protected information, exclusive rights to results of intellectual activity, property for lease, fulfillment of works and rendering services as well as the place where the money is given, the place of the transfer (fulfillment or rendering) is the territory of the Republic of Belarus.

21. [Excluded]

CHAPTER 2
BASIC RULES OF CONDUCTING CURRENCY OPERATIONS

3. Currency operations are carried out by the residents and non-residents in accordance with the requirements of legislation of the Republic of Belarus on the basis of concluded contracts or on other grounds provided by legislation of the Republic of Belarus or legislation of foreign states.

4. Individual entrepreneurs, notaries carrying out notary activity in notarial offices, advocates carrying out advocatory activity individually, - residents hold the currency operations in order established for the currency-operation entities-residents except for the currency operations for which the legislation of the Republic of Belarus provides a special order.

5. Individual entrepreneurs-non-residents hold currency operations in order established for the currency-operation entities-non-residents, Unless otherwise established by legislation of the Republic of Belarus.

6. Residents and non-residents carry out the currency exchange transactions on the territory of the Republic of Belarus through banks in accordance with the requirements of legal acts of the National Bank.

7. Unless otherwise determined by the acts of currency legislation of the Republic of Belarus, the change of currency of obligation is possible while carrying out the currency operations between a resident and non-resident under export or import in the following cases:

changing the monetary obligations of the resident expressed in foreign currency into the monetary obligations expressed in Belarusian rubles;

changing the monetary obligations of the resident expressed in Belarusian rubles into the monetary obligations expressed in foreign currency;

changing the monetary obligations of a non-resident expressed in foreign currency into monetary obligations expressed in Belarusian rubles;

changing the monetary obligations of the non-resident expressed in Belarusian rubles into the monetary obligations expressed in foreign currency.

8. Unless otherwise determined by the acts of the currency legislation of the Republic of Belarus, while carrying out the currency operations (except for the import-export currency operations) between the resident (except for the bank in regard to the bank transaction) and non-resident:

8.1. the change of the currency of obligation is allowed:

at changing the money obligations of the resident expressed in foreign currency into monetary obligations expressed in Belarusian rubles;

at changing the money obligations of the non-resident expressed in Belarusian rubles into monetary obligations expressed in foreign currency;

8.2. the change of currency of obligation is not allowed:

if the monetary obligations of the resident expressed in Belarusian rubles are changed into the monetary obligations expressed in foreign currency;

if the monetary obligations of non-resident expressed in foreign currency are changed into the monetary obligations expressed in Belarusian rubles.

9. Unless otherwise determined by the acts of currency legislation of the Republic of Belarus, while carrying out the currency operations, being the bank transactions, between a bank and non-resident the change of the currency of obligation is allowed in the following cases:

changing the monetary obligations of the bank expressed in foreign currency into monetary obligations expressed in Belarusian rubles;

changing the monetary obligations of the bank expressed in Belarusian rubles into monetary obligations expressed in foreign currency;

changing the monetary obligations of the non-resident expressed in foreign currency into the monetary obligations expressed in Belarusian rubles;

changing the monetary obligations of the non-resident expressed in Belarusian rubles into the monetary obligations expressed in the foreign currency.

10. Unless otherwise determined by the acts of currency legislation of the Republic of Belarus, while carrying out the currency operations being the bank transactions between the bank and the resident the change of the currency is allowed in the following cases:

changing the monetary obligations of the bank expressed in foreign currency into monetary obligations expressed in Belarusian rubles;

changing the monetary obligations of the resident expressed in foreign currency into the monetary obligations expressed in Belarusian rubles.

11. Unless otherwise determined by the acts of currency legislation of the Republic of Belarus, while carrying out the currency operations between the residents (except for the banks in regard to the bank transactions) the change of the monetary obligations of the resident expressed in the foreign currency into the monetary obligations expressed in Belarusian rubles is allowed.

12. Unless otherwise determined by the acts of the currency legislation of the Republic of Belarus, the change of monetary obligations of the resident expressed in Belarusian rubles into the monetary obligations expressed in foreign currency while carrying out the transactions between the residents (except for the banks in regard to the bank transactions) is allowed only in cases, when the legislation of the Republic of Belarus permits the use of the foreign currency between them.

13. Unless otherwise determined by the acts of currency legislation of the Republic of Belarus, while carrying out bank transactions between the bank and the resident:

it is allowed to change the monetary obligations of the resident expressed in Belarusian rubles into the monetary obligations expressed in foreign currency;

it is not allowed to change the monetary obligations of the bank expressed in Belarusian rubles into the monetary obligations expressed in foreign currency.

131. Unless otherwise is stipulated by the acts of currency legislation of the Republic of Belarus, while carrying out the currency operations between residents, between residents and non-residents it is possible to change the money obligations expressed in one foreign currency to the money obligations expressed in other foreign currency.

132. The change of currency of monetary obligations in the cases non permitted by provisions of clauses 8, 12, 13 of the present Rules is allowed on the basis of a permit of the National Bank.

14. Grounds for conducting currency operations, for which the legislation of the Republic of Belarus establishes a permissive order, are the following:

under the currency operations carried out between the entities of the currency operations, between such an entity and a natural persons, as well as between natural persons – a permission of the National bank received by one of the parties participating in the transaction;

under the currency operations being the bank transactions and carried out with the bank – a relevant license of the National Bank issued to that bank.

CHAPTER 3
CONDUCTING CURRENT CURRENCY OPERATIONS AND CURRENCY OPERATIONS CONNECTED WITH THE CAPITAL FLOW

15. Current currency operations are carried out between the residents and non-residents without limitations.

No permits (licenses) of the National Bank are required for the performance of current currency operations, with the exception of the currency operations specified in part 3 of this clause..

The currency operations stipulating the transfer of monetary funds by a currency-operation entity, resident (except for a bank), to a non-resident under gift contracts (including donations) are performed on the basis of a permit of the National Bank.

16. Natural persons-residents carry out the currency operations connected with the capital flow:

on the ground of the permits of the National Bank – for the currency operations mentioned in article 10 of the Law of the Republic of Belarus “On Currency Regulation and Currency Control”;

without any permits of the National Bank – for other currency operations.

17. currency-operation entities (except for the banks) carry out the currency operations connected with the capital flow:

on the ground of the permits of the National Bank – for the currency operations mentioned in clause 18 of the present Rules;

without any permits of the National Bank – for the currency operations mentioned in article 10 of the Law of the Republic of Belarus “On Currency Regulation and Currency Control”;

in order of notification – for the currency operations mentioned in clause 20 of the present Rules.

18. currency-operation entities-residents (except for the banks) carry out, on the ground of the permits of the National Bank to hold currency operations connected with the capital flow, the currency operations which stipulate:

18.1. purchase of shares at their distribution among founders, stake in the statutory fund or stock in the property of a non-resident, as well as additional contribution to the statutory fund of a non-resident in the event of its increase;

18.2. purchase from a non-resident of securities issued by non-residents, except for the purchase of the shares at their distribution among the founders;

18.3. purchase in ownership of the property located outside the Republic of Belarus, that is referred to real estate by the legislation of the Republic of Belarus, including on the basis of contracts stipulating creation of shared construction objects;

18.4. [excluded]

18.5. putting money into the banks-non-residents or transfer of monetary funds to non-residents (except for banks -- non-residents) on trust conditions;;

18.6. giving loans for the term;

18.7. settlements under obligations which have arisen at the currency-operation entity (except for a bank) being a surety, a guarantor before a non-resident on the ground of a suretiship (guaranty) contract concluded between them;

18.8. reception of credits and/or loans, if there is at least one of the following conditions:

interest rate for the credit and/or loan exceeds the following levels: while performing operations in US dollars, Euros -- 14 percent per annum; while performing operations in other foreign currencies, Belarusian rubles -- the rate of refinancing of the respective central (national) bank effective on the day of receipt of the credit and/or loan by the subject of currency operation -- resident, increased by 5 percentage points;

interest rate for using credit and/or loan in the case of default on the credit and/or loan (in the amount of increase of the interest rate due to the failure to return the credit and/or loan), the amount of penalty (fine, penalty interest), combined, exceed 0.01 percent for every day of delay (3.65 percent per annum). For the calculation of this level in the event when the amount of penalty (fine, penalty interest) is expressed in an fixed sum, it has to be recalculated in a percentage-point expression;

the contract between a currency-operation entity -- resident (except for a bank) and a non-resident (except for a bank -- non-resident) stipulates, along with the interest rate of using credit and/or loan, a duty to perform other payments (except for payments for using the credit and/or loan in the case of the default in repayment of the credit and/or loan (in the amount of increase of the interest rate due to the failure to return the credit and/or loan), and the payments for paying the penalty (fine, interest penalty);

fulfillment of obligations on the repayment of the credit and/or loan is carried out not from the credit-holder’s account;

the creditor is registered in the state (in the territory) where there is a privileged taxation regime and/or no financial information may be submitted or disclosed (off-shore zones);

18.9. settlements with a bank -- non-resident under a letter of credit according to the conditions of which the resident receives financing for a term exceeding 180 days, and the interest rate for using monetary funds exceeds the level established by .the Board of Directors of the National Bank;

18.10. settlements under a loan contract which stipulates the payment of interest rate exceeding the level established by the Board of Directors of the National Bank for a deferral and/or instalment of payment for goods shipment (work performance, services provision), transfer of protected information, exclusive rights to results of intellectual activity and/or for using received monetary funds, including settlements under a contract which stipulates export and/or import of goods (works, services), protected information, exclusive rights to results of intellectual activity, if the period between the date of receipt of monetary funds (payment) and the date of shipment (receipt) of goods (works performance, services provision), transfer of protected information, exclusive rights to results of intellectual activity, in which the said loan conditions are contained;

18.11. settlements under obligations which have arisen for a currency-operation entity -- resident (except for a bank) before a non-resident on the ground of a contract stipulating delegation of debt or assignment of right (claim), under the terms of which the currency-operation entity – resident accepts the debt of a non-resident before another non-resident or performs payment for the right (claim) assigned by a non-resident;

19. [Excluded]

20. currency-operation entities-residents (except for the banks) in the order of notification carry out the currency operations connected with the capital flow and not mentioned in clauses 18-19 of the present Rules and not mentioned in article 10 of the Law of the Republic of Belarus “On Currency Regulation and Currency Control”.

The procedure for submitting the notifications under the currency operations connected with the capital flow is established by the legal acts of the National Bank.

21. The banks carry out the currency operations connected with the capital flow:

on the ground of the licenses issued by the National Bank – for the currency operations being the bank transactions;

on the ground of permits of the National Bank – for the currency operations mentioned in clause 22 of the present Rules;

without a permit of the National Bank - for the currency operations specified in Article 10 of the Law of the Republic of Belarus "On currency regulation and currency control";

in the order of notification – other currency operations.

22. Banks carry out the following transactions connected with the capital flow on the ground of a permit of the National Bank:

22.1. purchase of shares at their distribution among the founders as well as the share in statutory fund or the share in the property of non-residents;

22.2. transfers in favor of non-residents under the obligations on purchasing by the resident of property being abroad and referred by the legislation of the Republic of Belarus to the real estate;

22.3. [excluded]

CHAPTER 4
CURRENCY OPERATIONS BETWEEN CURRENCY-OPERATION ENTITIES-RESIDENTS AND CURRENCY-OPERATION ENTITIES-NON-RESIDENTS

23. While performing currency operations between a currency-operation entity-resident and a currency-operation entity-non-resident, Belarusian rubles may be used:

in a cashless form, while performing all currency operations;

in cash, in accordance with the legislation of the Republic of Belarus.

24. Unless otherwise provided by treaties of the Republic of Belarus, the monetary obligations under the currency operations between the currency-operation entity-resident and currency-operation entity-non-resident may be expressed and fulfilled in foreign currency the official rate of which in Belarusian rubles is established by the National Bank.

CHAPTER 5
 USE OF FOREIGN CURRENCY, SECURITIES IN FOREIGN CURRENCY AND PAYMENT DOCUMENTS IN FOREIGN CURRENCY AT HOLDING CURRENCY OPERATIONS BETWEEN CURRENCY-OPERATION ENTITIES-RESIDENTS

25. While holding the currency operations the use of foreign currency, securities in the foreign currency and/or payment documents in foreign currency between the currency-operation entities-residents is allowed in the following cases:

25.1. at settlements with transportation and/or forwarding organizations for transportation and/or forwarding of cargo abroad and from abroad, outside the Republic of Belarus, and at transit across the Republic of Belarus;

25.2. at conducting currency operations between banks;

25.3. at settlements carried out between currency-operation entities-residents under the commission contract according to which the commissioner carries out export paid in foreign currency;

25.4. at settlements carried out between currency-operation entities-residents within the frameworks of contracts stipulating paying off and servicing external state loans and external loans received under the guarantee of the Government of the Republic of Belarus, and also reimbursement of payments made from the budget on the mentioned loans;

25.5. while conducting, between a bank and a currency-operation entity-resident, currency operations:

being banking operations;

with bonds issued by residents the nominal value of which is expressed in foreign currency;

25.6. when paying monetary sums in foreign currency due to currency-operation entities-residents and received on accounts of advocates collegiums form outside the Republic of Belarus;

25.7. at receiving of foreign currency by a patent agent for payment of patent duties;

25.8. at settlements connected with insurance activities concerning:

insurance contracts and co-insurance contracts, the subject matter of which is insurance against financial, currency, other risks (losses) arising when fulfilling contracts stipulating export, financial support to exporters, and also investment projects being implemented with attraction of foreign investments;

insurance contracts and co-insurance contracts against risks of non-fulfilment of obligations of the issuer of bonds the nominal value of which is expressed in foreign currency;

insurance contracts and co-insurance contracts of property interests of diplomatic and other official representations of consular offices of the Republic of Belarus outside the Republic of Belarus;

insurance contracts and co-insurance contracts the insurers under which are international carriers in the event if contractual terms stipulate the regulation of losses by the insurance organization outside the Republic of Belarus;

re-insurance contracts;

25.9. at introducing by the debtor of the foreign currency and securities in foreign currency due under the contract into the depository of a notary or deposit of the court in cases established by legislation as well as at paying the foreign currency, transfer of securities in foreign currency from the depository of the notary or depository of the court to the creditor, if the use of the foreign currency and securities between the debtor and creditor is provided by legislation;

25.10. at returning the foreign currency, securities in foreign currency and/or payment documents in foreign currency:

in cases of change or rescission of contracts;

paid (transferred) by mistake or in excess;

under transactions being invalid in accordance with legislation;

25.11. at paying taxes, dues (duties) and obligatory payments to the budget (republican or local), state purpose budgetary and non-budgetary funds in case, if the possibility of their payment in foreign currency is provided by legislative acts;

26.12. at carrying out payments between the Ministry of Finance of the Republic of Belarus and the Fund for Social Security of the Population of the Ministry of Labor and Social Security of the Republic of Belarus;

25.13. at settlements between currency-operation entities-residents and diplomatic and other official representations of consular offices of the Republic of Belarus outside the Republic of Belarus;

25.14. at settlements between currency-operation entities-residents being contractors or subcontractors under contracts stipulating performance of construction and other special assembly works outside the Republic of Belarus;

25.15. at settlements carried out on the ground of permits of the National Bank;

25.16. in other cases provided by the acts of currency legislation.

26. In cases when in the relations between the currency-operation entities-residents it is allowed to use foreign currency and securities in foreign currency, they can be used while paying the fines or compensating the losses, if it is provided by the documents being grounds for such settlements.

27. Unless otherwise established by the acts of currency legislation, the kind of foreign currency for the settlements as well as the kind of the foreign currency, in which the securities are expressed, are determined under the agreement of the parties.

CHAPTER 6
CURRENCY OPERATIONS WITH PARTICIPATION OF NATURAL PERSONS

28. Use of Belarusian rubles at holding the currency operations is allowed:

28.1. on the territory of the Republic of Belarus in relations between a natural person-resident and natural persons-non-resident, between natural persons-residents, between a currency-operation entity and a natural person;

28.2. Abroad the Republic of Belarus in relations between a natural person-resident and natural person-non-resident and between the currency-operation entity and a natural person;

29. Use of foreign currency, securities and/or payment documents in foreign currency at holding currency operations on the territory of the Republic of Belarus is allowed:

29.1. in relations between natural persons-residents – at holding currency operations established by the Law of the Republic of Belarus “On Currency Regulations and Currency Control” as well as other cases established by the acts of currency legislation;

29.2. in relations between a natural person-resident and a natural person-non-resident, as well as between natural persons-non-residents – under currency operations providing giving out as a gift (including donations), abolishment of the gift, granting loans, return of the loans and interests, transfer for storage and their return, as well as other cases established by the acts of currency legislation.

29.3. in relations between a currency-operation entity and a natural person – under the currency operations mentioned in clause 31 of the present Rules.

30. Use of foreign currency, securities and/or payment documents in foreign currency abroad in relations between natural persons-residents, between a natural person-resident and natural person-non-resident, between natural persons-residents and currency-operation entities and between natural persons-non-residents and currency-operation entities is allowed while holding all currency operations.

31. Use of foreign currency, securities and/or payment documents in foreign currency in relations between a currency-operation entity and a natural person on the territory of the Republic of Belarus is allowed in the following cases:

31.1. at realization of goods in duty-free shops and on board of aircraft of Belarusian aviation organizations, and also at realization of goods and rendering of services to natural persons in trains of the State Amalgamation “Belarusian Railway” performing international carriage of passengers;

31.2. while conducting, between a bank and a natural person, currency operations:

being banking operations;

with bonds issued by residents, the nominal value of which is expressed in foreign currency;

31.3. when paying monetary sums in foreign currency due to natural persons –residents and received to accounts of advocates collegiums from outside to the Republic of Belarus;

31.4 when receiving by a patent agent – resident of foreign currency for payment of patent fees;

31.5. when making gift (including in the form of donations) and also abolishment of the gift (except for currency operations performed between a currency-operation entity -- resident and a natural person -- resident);

31.6. at settlements between a currency-operation entity -- resident and a natural person on state securities the nominal value of which is fixed in foreign currency;

31.7. at return of foreign currency, securities in foreign currency:

In the instances of change or rescission of contracts;

remitted (transferred) by mistake or in excess;

under transactions being invalid in accordance with legislation;

31.8. at paying taxes, dues (duties) and obligatory payments to the budget (republican or local), state purpose budgetary and non-budgetary funds in case, if the possibility of their payment in foreign currency is provided by legislative acts;

31.9. at collecting by the Ministry of Foreign Affairs of the Republic of Belarus (including cross points on the State border of the Republic of Belarus) of consular fees;

31.10. at acceptance of foreign currency by diplomatic and other official missions of foreign states;

31.11. at bringing by a natural persons-debtor of foreign currency and securities in foreign currency he owes under a contract into the depository of a notary or court depository in cases, established by legislation, if the use of foreign currency and securities in foreign currency in relations between the natural person-debtor and his creditor is provided by legislation, as well as their payment from the depository of the notary or court depository to the person to whose address were received the mentioned means;

31.12. at carrying out of currency operations of non-trade nature between currency-operation entities-non-residents and natural persons-residents, between currency-operation entities-residents and natural persons-non-residents, and also at payment to natural persons and other persons of money due to them that have been received from non-residents under transactions of non-trade nature;

31.13. at payment by currency-operation entities to natural persons of money for payment of travel expenses of employees abroad as well as other expenses borne by them in foreign currency, if the possibility of such payment in foreign currency is provided by legislation;

31.14. in other cases on the ground of a permit of the National Bank;

31.25. in other cases established by the acts of currency legislation;

32. In cases provided by sub-clauses 31.1-31.22 of clause 31 of the present Rules, the currency-operation entities have the right to give a change for the sum not less than the sum of the minimal nominal banknote of the relevant foreign currency in Belarusian rubles at the official rate of Belarusian ruble to foreign currencies established by the National Bank on the day of the currency operation.

321. Unless otherwise is provided by the international treaties of the Republic of Belarus, the fulfillment of money obligations under currency operations with participation of natural persons mentioned in clauses 29-31 of the present Rules may be carried out in any foreign currency the official rate of Belarusian ruble to it is established by the National Bank.

CHAPTER 7
TRANSACTIONS UNDER THE BANK ACCOUNTS OF NATURAL PERSONS IN FOREIGN CURRENCY

33. A natural person-resident opens in a bank the following accounts in foreign currency:

current (settlement) accounts (hereinafter – current (settlement) account;

accounts on deposits;

other accounts established by legislation of the Republic of Belarus.

34. If legislation of the Republic of Belarus does not provide otherwise, a natural persons-non-residents open accounts in banks in foreign currency and Belarusian rubles and make transactions under them in order established by natural persons-residents.

35. Under a current (settlement) account and account on deposit of a natural person in foreign currency the following transactions can be carried out:

putting and taking off the foreign currency from the account in order established by legislation of the Republic of Belarus;

carrying out transfers under the accounts in foreign currency;

transfers to natural persons abroad and from abroad not connected with settlements under the currency operations;

settlements under currency operations of the natural person with the resident or non-resident in cases, when acts of currency legislation allow using the foreign currency between them.

351. [Excluded]

36. Foreign currency being on the accounts and deposits of natural persons is returned when claimed within the rest of the assets on the account in order provided by relevant contract with the bank or on other grounds established by legislation.

CHAPTER 8
OPENING THE ACCOUNTS OF RESIDENTS IN THE BANKS-NON-RESIDENTS

37. Natural persons-residents open accounts in foreign currency and in Belarusian rubles in banks--non-residents (except of accounts for record keeping of credits) on the ground of the permit of the National Bank.

Natural persons -- residents open accounts for record keeping credit operations in foreign currency and Belarusian rubles in banks -- non-residents without a permit of the National Bank.

38. No permit of the National Bank is required for opening the account in banks-non-residents by natural persons-residents for the period of their residing (staying) abroad.

The period of residing of a natural person abroad is a period of time in which the natural person-resident lives (stays) abroad and has residence permit, visa, permission for temporal stay in the country of other document confirming the fact of his legal stay abroad.

When the period of residence (stay) mentioned in the document permitting the stay, the natural person shall close the account and transfer the rest of assets into the Republic of Belarus or import all the currency valuables received abroad to the Republic of Belarus observing the customs rules or shall receive a permit of the National Bank for opening of the account in the bank-non-resident.

The natural person-resident can leave the account in the bank-non-resident if he comes to the Republic of Belarus during the period mentioned in the document permitting the stay abroad, and then he returns to the country of his temporal residence (stay).

39. Currency-operation entities-residents (except for the banks) may open accounts in foreign currency and in Belarusian rubles in the banks-non-residents:

without permit of the National Bank;

with notification;

based on the permit of the National Bank.

40. Currency-operation entities-residents (except for the banks) open in banks-non-residents without a permit of the National Bank accounts to record their credit transactions and accounts of diplomatic, other official missions of the Republic of Belarus and consular establishments of the Republic of Belarus.

Currency-operation entities-residents (except for banks and budget organizations) open, with a notification, accounts of their representations in the banks states – member of the Eurasian Economic Union in the national currency of the member states on the territory of which the account of representation is opened (hereinafter - account of the representation). The procedure for submitting the notification is established by the legal acts of the National Bank.

Currency-operation entities-residents (excluding banks) based on the permit of the National Bank open in banks-non-resident other accounts except for the accounts opened without a permit or with the notification.

401. currency-operation entities-residents (except for banks and budget establishments) carry out the following transactions under the accounts of their representations:

putting into the account the money transferred from the account of currency operation entity-resident opened in the Belarusian bank or from the account in the bank-non-resident opened there based on the permit of the National Bank in accordance with the expenses calculation for maintaining the representation;

transfer of money from the account of the representation to hold maintenance transactions and fulfilling the functions directly connected with its activity including payment to state – member of the Eurasian Economic Union, on the territory of which the representation operates, of taxes, duties, dues and other obligatory payments as well as for the services of the bank-non-resident where the account is opened.

Account of the representation may not be used to hold transactions connected with business, investment activity as well as transactions on purchasing the rights to real estate except for the rights arising from the lease contract for the purposes of the representation.

Transactions under the account of the representation not mentioned in the present clause are prohibited.

In case the account of the representation is closed the currency operations entity-resident (except for the banks and budget establishments) shall within 5 banking days from the day the account is closed to transfer the remains of the money to its account in the bank.

41. The banks open accounts in foreign currency and in Belarusian rubles in the banks-non-residents for maintaining the representation, affiliation, resort or other health establishment or other structural subdivision of the bank on the territory of a foreign state on the grounds of the permit of the National Bank.

No permit of the National Bank is required for opening by the banks in the banks-non-residents of other accounts used in the bank practice (except for the accounts for maintaining the representation, affiliation, resort or other health establishment or other structural subdivision of the bank on the territory of a foreign state).

411. Natural persons -- residents and currency-operation entities -- residents carry out operations on an account opened in a bank-- non-resident on the ground of the National Bank in accordance with the account regime determined in the permit of the National Bank.

The sum of foreign currency on the account of a natural person -- resident and a currency-operation entity -- resident, opened in a bank -- non-resident on the ground of a permit of the National Bank is subject to transfer to the Republic of Belarus within the terms established by the permit.

CHAPTER 9
TRANSACTIONS UNDER ACCOUNTS OF CURRENCY-OPERATION ENTITIES-NON-RESIDENTS IN BANKS

42. Currency-operation entity-non-resident (except for bank-non-resident) has the right to open in the bank the following accounts in foreign currency:

current (settlement) accounts;

accounts on deposit;

other accounts established by legislation of the Republic of Belarus.

43. A current (settlement) account in foreign currency is opened by the currency-operation entity-non-resident (except for the bank-non-resident) directly or through his representation (affiliation).

44. Transactions under the current (settlement) account in foreign currency is carried out without any limitations under the kinds of transactions (including currency exchange connected with sale and purchase of foreign currency in order established by acts of currency legislation).

45. Transactions on the accounts in foreign currency of the currency-operation entities-non-residents (except for the banks-non-residents, diplomatic and other official missions, consular establishments of foreign states and the missions of international organizations) are held in cashless form except for putting (withdrawing) cash foreign currency in the cases established by legislation of the Republic of Belarus.

46. Diplomatic and other official missions, consular establishments of foreign states, as well as missions of international organizations have the right to carry out transactions under their current (settlement) accounts in foreign currency in cash and in cashless form.

47. Putting (withdrawing) cash foreign currency on/from the current (settlement) account by the currency-operation entity-non-resident is carried out in order established by the legislation of the Republic of Belarus.

48. currency-operation entity-non-resident (except for the bank-non-resident) opens the following accounts in the banks in Belarusian rubles:

current (settlement) account of type “T”;

account of type "C";

accounts on deposit;

other accounts established by legislation of the Republic of Belarus.

Banks open an account of type "C" for a currency-operation entity--non-resident independently having regard to the requirements of the legislation of the Republic of Belarus and on the basis of local normative legal acts.

49. [Excluded]

50. Transactions under the current (settlement) account of type “T” are carried out without limitations of kinds of transactions (including currency exchange connected with the sale and purchase of foreign currency in order established by acts of currency legislation and also on operations connected with the sale and purchase of securities).

51. Transactions on current (settlement) accounts of type “T”, accounts of type "C" are held in cashless form except for the cases mentioned in clause 52 of the present Rules.

511. Investing of Belarusian rubles by currency-operation entities--non-residents in securities issued by currency-operation entities--residents may be carried out both from accounts of type "T" and from accounts of type "C".

To the account of type "C" of an entity of foreign transactions--non-resident may be credited Belarusian rubles received:

on a foreign exchange transaction in internal currency market;

as a result of redemption (realization) of the securities;

in the form of income on the securities;

from an account of type "C" of this entity of foreign transactions--non-resident;

as interest paid by the bank for using temporarily idle monetary funds on accounts of type "C";

in other cases when a permission of the National Bank is available.

Belarusian rubles from the account of type "C" of an entity of foreign transactions--non-resident may be used for:

purchasing the securities;

paying expenses connected with conclusion and/or execution of deals with the securities, including for paying remuneration of a professional participant of the securities market and for paying remuneration to the bank for services and for reimbursement of its expenses on maintaining the account;

paying for services of the depositary;

remittance to an account of the entity of foreign transactions--non-resident;

paying taxes (dues, other mandatory payments) connected with purchase of alienation of the securities and with receiving of income on them;

making foreign exchange transactions in internal foreign currency market (only subsequent to their investment in the securities and observance of time limit of their (securities) being in the ownership of the non-resident where such time limit is established by the legislation of the Republic of Belarus or by the issuer);

performing currency-exchange operation in the internal currency market.

52. Putting (withdrawing) cash Belarusian rubles on (from) a current account of type "T" of the entity of foreign transaction -- non-resident is carried out in cases and order established by the legislation of the Republic of Belarus.

Putting (withdrawing) cash Belarusian rubles on (from) an account of type "C" of the entity of foreign transactions -- non-resident is not allowed.

53. Banks-non-residents (except for their representative offices) have the right to open in the banks the following accounts in foreign currency and Belarusian rubles:

correspondent accounts;

other accounts established by legislation of the Republic of Belarus.

The representative offices of the banks--non-residents with the location in the Republic of Belarus open accounts in Belarusian rubles and foreign currency in the orders established for currency-operation entities -- non-residents.

54. Putting cash foreign currency (cash Belarusian rubles) to the correspondent account in foreign currency (Belarusian rubles) of the bank-non-resident and taking off the cash foreign currency (Belarusian rubles) from the correspondent account of the bank-non-resident requires the permit of the National Bank of the Republic of Belarus.

55. Banks-non-residents have the right to purchase foreign currency with the payment in Belarusian rubles from their accounts in order established by acts of currency legislation.

 

*unofficial translation*

 

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