DECREE OF THE SUPREME SOVIET OF THE REPUBLIC OF BELARUS
of March 20, 1992, N 1538-XII
(Register of the Supreme Soviet of the Republic of Belarus, 1992, N
13, doc. 221)
ON TEMPORARY ODER OF CURRENCY REGULATION AND
MAKING CURRENCY TRANSACTEONS ON THE TERRITORY OF THE REOUBLIK OF BELARUS
With the aim to strengthen the legal mode of formation, distribution
and use of currency resources and making currency transactions, as well
as to determine the functions of the bodies or power and banking system
in currency regulation and managing currency resources on the territory
of the Republic of Belarus, the Supreme Soviet of the Republic of Belarus
DECIDES:
1. To establish that prior to passing the Law of the Republic of Belarus
on currency regulation:
1.1. The Supreme Soviet of the Republic of Belarus shall determine
the general principles of currency policy, approve by the presentation
of the Council of Ministers of the Republic of Belarus the plan of formation
and usage of the State currency fund of the Republic of Belarus, the limit
of the external state debt, determines the authorities of the bodies of
state power and management in the sphere of currency relations, approve
the norms of compulsory sale of currency income to the state and the taxation
conditions for currency income;
1.2. The Council of Ministers of the Republic of Belarus shall: - execute
functions on operative control and usage of the assets of the State currency
fund of the Republic of Belarus; - submit to the Supreme Soviet of the
Republic of Belarus proposals on values and directions of usage of external
loans of the Republic of Belarus; - determine the need and conditions of
attracting credits within the limit of the external state debt assigned
by the Supreme Soviet of the Republic of Belarus and execute control over
fulfillment of liabilities to repay it; - assign the authorized banks of
the Republic of Belarus, which have licenses of the National Bank of the
Republic of Belarus, the authorities to act as agents on attracting state
credits on behalf of the Government;
1.3. The National Bank of the Republic of Belarus is provided with
functions of the executive body of the state currency regulation and control
over currency resources, which are on its balance; determination the sphere
and order of circulation of foreign currency on the territory of the Republic
of Belarus; regulation of the rouble exchange rate to foreign currencies;
licensing the activities of commercial banks on operations with currency
values; execution of control over currency transactions; representation
of the interests of the Republic of Belarus in relations with central banks
of other countries, international financial and crediting institutions,
as well as over conclusion of respective inter bank agreements; execution
of all types of currency transactions; participation in preparation to
receipt, account for and repayment of intergovernmental currency credits;
determination of the united form to register, account for, document and
make statistics of currency transactions; preparation to publication of
statistics of currency-financial transactions according accepted international
standards; making the united currency plan (balance of payments) of the
Republic of Belarus; determination in cooperation with the State Committee
of the Republic of Belarus for statistics and analysis of the methodology
to make the currency plan (balance of payments); application in the order
stipulated by the legislation of the Republic of Belarus of sanctions for
violating the rules to execute currency transactions, as well as for non-fulfillment
or improper fulfillment of normative documents of the National Bank of
the Republic of Belarus in the field of currency regulation and currency
control;
1.4. The bodies of currency control in the Republic of Belarus are
the National Bank of the Republic of Belarus, the Chamber of Control of
the Republic of Belarus, the Ministry of Finance of the Republic of Belarus,
the State Customs Committee of the Republic of Belarus, the State Committee
of the Republic of Belarus on foreign economic relations, the Chief state
tax inspection of the Ministry of Finance of the Republic of Belarus;
1.5. The system of currency funds in the Republic since 1992 is comprised
of: - State currency fund of the Republic of Belarus; - currency funds
of the local Soviets of people's deputies; - currency reserve fund of the
National Bank of the Republic of Belarus; - currency funds of enterprises,
amalgamations and organizations irrespective of property forms, and of
the persons who execute their activities without forming legal entities
(managing subjects); - currency accounts of citizens;
1.6. The formation of the State currency fund of the Republic of Belarus,
currency funds of local Soviets of people's deputies, currency reserve
fund of the National Bank of the Republic of Belarus is performed in the
order established by the Supreme Soviet of the Republic of Belarus;
1.7. Operations in the currency market of the Republic of Belarus are
executed only through banks which have received licenses of the National
Bank of the Republic of Belarus for the right to execute transactions in
foreign currency (authorized banks). The managing subjects may execute
on the territory of the Republic of Belarus purchase, exchange, conversion
of currency, retail sale and provision services for currency only with
the licenses of the National Bank of the Republic of Belarus in the order
established by the law;
1.8. Sale through the authorized banks of foreign currency to legal
entities, registered on the territory of the Republic of Belarus, is executed
only with the aims to purchase by them from import of equipment, raw materials,
goods and receipt of services, provision of medical help and financing
of events concerning liquidation of the accident at Chernobyl nuclear station.
Sale of foreign currency to citizens is executed by authorized banks at
the account of currency, purchased by them at market exchange rate. The
National Bank of the Republic of Belarus shall determine the limit exchange
rate difference between purchase and sale of cash currency by the authorized
commercial banks, as well as the purchase limits in case of exporting currency
abroad by citizens;
1.9. The managing subjects shall keep their currency assets at the
authorized banks of the Republic of Belarus which have licenses of the
National Bank of the Republic of Belarus. Opening of currency accounts
outside the Republic of Belarus is executed by the managing subjects only
on licenses and in the order established by the National Bank of the Republic
of Belarus. In case of opening by the managing subjects of currency accounts
outside the Republic of Belarus without respective licenses of the National
Bank of the Republic of Belarus, the bodies of the currency control are
entitled to impose penalties on the persons responsible worth ten minimal
salaries. Besides, upon the presentation of the bodies of currency control
the State Committee of the Republic of Belarus on foreign economic relations
is entitled to suspend or withdraw from the managing subjects certificates
of participants of foreign economic relations.
2. To allow the banks authorized to execute currency transactions on
the territory of the Republic of Belarus, to open currency accounts to
all citizens without necessary submitting the documents on origin of the
currency assets by them. The foreign currency which is in the accounts
of citizens is delivered to them upon their demand with no limitations
and permits. Payment by managing subjects of salaries, bonuses and any
types of premiums to citizens-residents in foreign currency is banned.
3. To establish that:
3.1. Payment of expenses in foreign currency during business foreign
trips of the citizens of the Republic is performed from the funds of managing
subjects of the state sector using the norms established by the Ministry
of Finance of the Republic of Belarus. Personal responsibility for purposeful
usage of currency assets for trip expenses is imposed on the managers of
sending enterprises and organizations;
3.2. The employees of state enterprises, institutions and organizations
guilty in thefts or shortage of foreign currency (freely convertible currency
and fund values in freely convertible currency), bear criminal, administrative
or disciplinary responsibility, as well as compensate in two-fold size
the cost of this currency, determined by market exchange rate, in power
by the date of making the decision to recover the damage caused.
4. Exporters of products (works, services) must indicate in their customs
cargo declarations the requisites and the full name of the authorized bank,
through which the transactions will be made with the foreign partner and
the date of arrival of currency payments. The State Customs Committee of
the Republic of Belarus shall every month deliver to the authorized banks
indicated in the customs cargo declarations rolls of customs declarations
on the basis of which the export cargoes were exited. In case of failure
to deliver to the bank the payment documents or non-arrival of currency
income after expiration of the period indicated in the customs declaration,
the authorized bank shall within the period of 30 days inform about these
facts the State Committee for foreign economic relations of the Republic
of Belarus in order to check the foreign economic activities of the exporter.
5. To establish that the currency income received as duties, tax and
other payments, payable to the income of the Republican and local budgets
by managing subjects and citizens in accordance with the legislation in
power on the territory of the Republic of Belarus shall come into the State
currency fund of the Republic of Belarus and currency funds of local Soviets
of people's deputies.
6. The National Bank of the Republic of Belarus and the Ministry of
Finance of the Republic of Belarus shall establish control over the provisions
established by the present Decree. The Council of Ministers of the Republic
of Belarus shall input respective additions and changes into the statutes
of ministries and departments, which have been provided with the authorities
in the fields of currency regulation and currency control by the present
Decree.
7. Annulled. 8. To establish that enterprises, amalgamations and organizations
may purchase by import food and industrial consumer products of primary
necessity in the volume of no more than 25 percent of proper currency assets,
including the good-exchange transactions.
9. To enact the present Decree since April 1, 1992.
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