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The Law of the Republic of Kazakhstan dated 9 January 2012 no.
531-IV ЗРК "On Introducing
Amendments to Certain Legislative Acts of the Republic of
Kazakhstan in relation to Currency Regulation and Currency Control
Issues" (the "Law") came into force
on 28 January 2012 (apart from certain paragraphs), introducing
amendments to the Currency Control Law1 and National
Bank Law2.
Foreign Trade Contract Registration
The most noteworthy innovation of the Law is its intended
simplification of the repatriation of currency control requirements
by way of replacing the so-called "transaction passport"
with the procedure of assigning contract record number for
the foreign trade contract.
Before an exporter or importer was required to "open"
a transaction passport for any foreign trade transactions amounting
to an equivalent of US $50,000 (or more) with a Kazakh bank. The
transaction passport was then supposed to be presented to the
customs authorities who were obliged to confirm the match between
monetary and trade inflows and outflows.
According to the new procedure, the foreign trade contract need
bear just a stamp of the relevant servicing Kazakh bank, including
the contract register number (the
"CRN").
The National Bank has also developed drafts of the rules on the
CRN procedure (available on the National Bank's official
website). Until the new rules enter into force the old rules
relating to formalisation of transaction passports apply.
Footnotes
1 Law of the Republic of Kazakhstan dated 13 June 2005
no. 57-III "On Currency Regulation and Currency
Control".
2 Law of the Republic of Kazakhstan dated 30 March 1995
no. 2155 "On the National Bank of the Republic of
Kazakhstan".
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