Opportunities for Importers
Requirements of Resolution of the Board of the National Bank of the Republic of Belarus No. 165 on Payment Procedures under Foreign Trade Agreements Involving Import dated 11.11.2008 do not apply to payments by an importer by letter of credits.
A letter of the National Bank of the Republic of Belarus No. 31-14/1517 “on Payment Procedures under Foreign Trade Agreements Involving Import dated 18.11.2008 illustrates that a letter of credit is a separate obligation with respect to obligations arising from a sales contract or other contract involving such method of payment (part three, Article 254 of the Banking Code of the Republic of Belarus).
Starting from November 16, 2008 a Resolution of the Board of the National Bank of the Republic of Belarus No. 165 on Payment Procedures under Foreign Trade Agreements Involving Import dated 11.11.2008, prohibiting prepayment for effecting advance payments by an importer in favor of a non-resident, came into effect.
On Breach Classification
State Customs Committee approved common approach to qualification of breaches related to provision of corrupt data in transport (shipping) and commercial documents. Now customs authorities shall distinctly differentiate between non-deliberate faulty actions implying no damage to national economy, and illicit transfer of goods.
On National Property Sublease
In March of the current year the Republican Commission for Regulation of Administrative Buildings, Constructions, Production Areas and Other National Property Units adopted the Decision on Prohibition of the National Property Sublease in the Republic of Belarus from April 24, 2008 (Protocol No. 39 dated 25-26.03.2008). Later currency exchange offices, ATMs, information kiosks, electronic interactive games sale points set by Sport-Pari CJSC were allowed to work under national property sublease conditions as an exception.
Extension of Foreign Trade Transactions
Ministry of Trade of the Republic of Belarus advised that admission of documents for permits to extend foreign trade transactions shall be stopped on October 1, 2008 at18.00 .
Starting from October 2, 2008 (the date Decree of the President of the Republic of Belarus No. 178 dated 27.03.2008 comes into effect), this transaction shall be carried out by the National Bank of the Republic of Belarus (its main branches regionally).
Permits shall be issued pursuant to Resolution of the Board of the National Bank of the Republic of Belarus No. 100 on Approval of the Instructions for Issue of Permits for Extension of the Terms for Discharge of Obligations in the Exercise of Foreign Trade Transactions dated 28.07.2008.