Dear Customer,
“Al Hilal” Islamic” Bank JSC hereby expresses its gratitude to you and kindly informs you about following.
Resolution of the Board of the National Bank of the Republic of Kazakhstan dated July 20, 2020 No. 93 "On amendments to some resolutions of the Board of the National Bank of the Republic of Kazakhstan on the implementation of Currency Transactions in the Republic of Kazakhstan and reporting by insurance (reinsurance) organizations" according to the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated July 20, 2020 No. 93 (hereinafter referred to as the "Rules").
Please pay attention to the fact that the Rules have been amended in terms of crediting and transferring foreign currency to your own accounts in authorized banks, as well as new requirements are provided when making an application for the purchase of non-cash foreign currency for national currency in an amount exceeding fifty thousand US dollars in equivalent.
Please see below new edition of paragraphs 19-23 of the Rules.
Paragraphs 19 and 20 should read as follows:
"19. Resident legal entities (with the exception of authorized banks) shall purchase from one authorized bank during one business day non-cash foreign currency for the national currency for purposes not related to the fulfillment of obligations in foreign currency in amount not exceeding fifty thousand US dollars in equivalent.
Purposes not related to the fulfillment of obligations in foreign currency include transfer of foreign currency to the own accounts in foreign banks, gratuitous transfers of money in foreign currency, as well as crediting and (or) transferring foreign currency to the own accounts with authorized banks.
20. When applying to purchase non-cash foreign currency for the national currency in amount exceeding fifty thousand US dollars in equivalent, resident legal entity (with the exception of authorized bank) shall indicate the purpose of the purchase, and attach to the application copy of the foreign currency agreement and invoice or other payment reference document for which foreign currency is being bought. In this case, the application to purchase non-cash foreign currency for national currency by resident legal entity (with the exception of authorized bank) shall be accompanied by instruction to the authorized bank in case of its non-use within ten working days from the date of purchase for the stated purpose to sell this currency for national currency within the next three working days, except for the cases provided for in paragraph 20-1 of the Rules.
Non-cash foreign currency purchased under this paragraph of the Rules for purposes not related to the fulfillment of obligations in foreign currency shall not be permitted, except for the case provided in paragraph 22 of the Rules.
If the currency agreement requires to obtain registration number, a copy of the currency agreement with a registration number, or a copy of the registration certificate, or a copy of the notification certificate shall be provided.
Purchase by authorized entities of non-cash foreign currency for the national currency from authorized bank is executed on the basis of valid certificate to perform exchange transactions with foreign currency and valid attachment (valid attachments) to it.”;
add paragraph 20-1 as follows:
"20-1. When a resident legal entity (with the exception of an authorized bank) purchases non-cash foreign currency for the purpose of payment of net income or a part thereof, distributed by this resident legal entity between its shareholders, founders, participants, the authorized bank does not need to submit the instructions provided for in paragraph 20 of the Rules ...
When a resident legal entity (with the exception of an authorized bank) purchases non-cash foreign currency in accordance with clause 20 of the Rules for the purpose of repaying obligations in foreign currency to a non-resident of the Republic of Kazakhstan on external loans received, the amount of the currency agreement under which exceeds one hundred million US dollars in equivalent, and bonds issued in foreign currency, the nominal amount, according to the issue prospectus for which exceeds one hundred million US dollars in equivalent, and for which the fulfillment of obligations occurs within ninety calendar days from the date of purchase of non-cash foreign currency, the resident legal entity shall attach an application for opening a separate bank account in the corresponding foreign currency, an instruction to the authorized bank to credit the purchased non-cash foreign currency to a separate bank account in a foreign currency, an instruction to the authorized bank if it is not used within ninety calendar days from the date of purchase, for the stated purpose, to sell this currency for the national currency within the next three working days, as well as documents confirming the amount and terms of fulfillment of obligations (loan agreement and payment schedule, other documents). The authorized bank shall credit the non-cash foreign currency purchased by the resident legal entity to a separate bank account and ensure its use by the resident legal entity exclusively for the stated purposes.”;
Paragraphs 21, 22 and 23 should read as follows:
21. When fulfilling application of a resident legal entity (with the exception of an authorized bank) to purchase non-cash foreign currency for the national currency in amount exceeding fifty thousand US dollars in equivalent, the authorized bank will verify the purchase purpose and the amount of foreign currency specified in the application with the foreign currency agreement and invoice or another document with payment reference, confirming the purpose and amount of the purchase of foreign currency, as well as with available information on previously fulfilled purchases of foreign currency in accordance with the Rules to purchase foreign currency for national currency on the basis of this currency agreement.
It is not allowed to exceed the total amount of purchases of non-cash foreign currency for national currency under the currency agreement over the amount of the currency agreement. The total amount of purchases of non-cash foreign currency for national currency under the currency agreement is calculated basis of applications of a resident legal entity and (or) information from other authorized banks about purchases of foreign currency made under this currency agreement.
22. It is allowed to use non-cash foreign currency purchased in accordance with paragraphs 19 and 20 of the Rules for purposes related to the fulfillment of obligations in foreign currency under another currency agreement, except for the cases provided for in paragraph 20-1 of the Rules, upon submission by resident legal entity to authorized bank of additional application drawn up in accordance with part one of paragraph 20 of the Rules, to a previously executed application, according to which non-cash foreign currency was purchased.
When a resident legal entity (except for an authorized bank) transfers a non-cash foreign currency previously acquired in accordance with clause 20 of the Rules to the own account in another authorized bank in order to fulfill obligations in foreign currency under a currency agreement, the authorized bank together with money transfer sends information to another authorized about the non-cash foreign currency previously acquired in accordance with clause 20 of the Rules for further currency control.
23. Authorized bank cannot accept application of resident legal entity to purchase non-cash foreign currency for national currency which is not in accordance with Paragraphs 19, 20, 20-1 and 22 of the Rules, as well as, if:
The amount of purchases of non-cash foreign currency for the national currency under one currency agreement, calculated on the basis of applications from resident legal entity, and (or) information from other authorized banks about purchases of foreign currency made, exceeds the amount of such currency agreement and invoice or other payment document.
The amount of purchases of non-cash foreign currency for national currency by one resident legal entity through one authorized bank during one business day for purposes not related to the fulfillment of obligations in foreign currency, calculated on the basis of applications from resident legal entity, exceeds fifty thousand US dollars in equivalent.”
The above mentioned changes to the Rules became effective from August 07, 2020.
Kind regards,
“Al Hilal” Islamic Bank” JSC
