BANKS / CHARTER CAPITAL REQUIREMENTS
On the basis of the Law "On banks and banking activity" the Central Bank has now issued minimum charter capital requirements for newly established banks. If the foreign participation is less than 50%, the minimum charter capital is 12 billion roubles for banks and 3 billion roubles for non-bank credit institutions. If the foreign share exceeds 50%, the minimum charter capital is 30 billion roubles for banks and 10 billion roubles for other credit institutions. In order to receive a licence to perform foreign currency operations, the own funds should at least amount 30 billion roubles for banks or 10 million roubles for credit institutions.
Telegram of the Central Bank of 9 July 1996 No. 102-96
ISSUE OF NEW SHARES / SALARY AND TAX ARREARS
Generally, a joint stock company is not allowed to issue new shares if there are outstanding debts. Enterprises that are privatised but still more than 25% state owned can now issue new shares if the money raised by the emission will be used to pay of salary and tax arrears.
Presidential Decree of 20 July 1996 No. 1054
CUSTOMS DUTIES / KIRGIZIA
Following the signing by Kirgizia of the CIS customs union agreement, customs duties in respect of goods exported from Russia to Kirgizia are not levied as of 29 March 1996. Payments for customs clearance will no longer be levied from the moment the order as indicated hereunder is received by the applicable customs body. Imports from Kirgizia and exports to Kirgizia will be treated in the same manner as imports from Belarus.
Order of the State Customs Committee of 5 June 1996 No. 343
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