Foreign exchange transactions of legal entities

·       U.S. Dollar;

·       Chinese Yuan;

·       UAE Dirham;

·       Russian Ruble;

·       Kazakhstan Tenge;

·       Turkish Lira;

·       Japanese Yen;

·       Euro;

·       Swiss Franc;

·       Pound Sterling.

To open an account in the Bank, authorized person of the company should apply to the Bank in order to undergo the identification procedure (provide the original passport, Certificate of Registration of the company). The Bank has the right to request additional information. After passing the identification procedure and presentation the relevant documents (application for opening a bank account, signature specimen card), an account is opened for the client.

According to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan, dated May 14, 2020, «On Measures for Further Improvement of Monitoring of Foreign Trade Operations in the Republic of Uzbekistan», No. 283, documents should carried out into the Unified Electronic Information System of Foreign Trade Operations (UEISFTO) by the business entity.

A foreign trade contract should be registered on the website www.exim.miit.uz or through the Foreign Trade Contract program “VED-Contract”.

Information on amendments and additions to the terms and conditions of the contract must be recorded by an additional agreement and registered into the Unified Electronic Information System for Foreign Trade Operations (UEISFTO) in the same manner as the contracts.

To submit an application for purchase of foreign currency via Internet banking, please go to the subsystem «Currency» - «Application for purchase of foreign currency».

Applications for purchase of foreign currency should be submitted from 09.30 to 16.00 hours.

Commission fee for consideration of the application for purchase of foreign currency amounts to 50,000 UZS without VAT.

The status of the application «Final entries generated» or «Completed» is a confirmation that the application has been successfully processed.

To submit an application for sale of foreign currency via Internet banking, please use the subsystem «Currency» - «Application for sale of foreign currency».

Applications for sale of foreign currency should be submitted from 09.30 to 17.45 hours.

There is no commission fee for sale of foreign currency.

Use the «Currency»-«Application for transfer» subsystem.

The status of the order «Sent» is the confirmation that the payment order has been successfully processed.

This status means that the application/payment order has been returned to the client for revision by the Bank's responsible executor.

To create a payment order for transfer in Russian rubles, you should use SWIFT-RUR 6 instructions.

Send documents for the Currency Operations Department to the e-mail address val@aab.uz.

Via «documents» button upload conversion documents.

SWIFT-statement can be printed via the «Currency»-«Bank transfer application» module.

Or apply to the corporate customer service department for payment confirmation.

To obtain the list, please follow the link  or contact the Bank's Currency Operations Department.

Exchange of financial messages in Russian rubles is performed using conversion from Cyrillic to Latin alphabet, i.e. using transliteration. Recoding is performed according to a unified transliteration table.

According to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan, «On Measures for Further Improvement of Monitoring of Foreign Trade Transactions in the Republic

of Uzbekistan», No. 283, foreign trade contracts must contain the following main sections and information:

· Preamble.

· Subject matter of the contract, including a reference to the Foreign Economic Activity Goods Nomenclatures code of the goods.

The contract for the supply of machinery, equipment and technological lines shall specify their newness or the fact of their operation (for used machines, equipment and technological lines - the percentage of amortization);

·  Basic terms of delivery (according to international Incoterms rules).

· Terms and date of delivery of goods, performance of works and rendering of services.

·  Total contract amount and unit price of goods.

·  Payment Terms.

·  Origin of goods, place of performance of works and rendering of services.

·   Responsibilities of the parties.

·   Requisites of the parties.

·  Barter contracts must necessarily take into account terms providing for advance delivery of imported goods or counter bank guarantees;

·  The text of a foreign trade contract must be in the state language or the language chosen by the foreign partner. If the text of the contract is in another language, the contract must be translated into the state language or the language chosen by the foreign partner and certified in accordance with the established procedures.

For information on ITRS codes, you should use the directory.

According to the Bank's tariffs, the following types of fees are charged for transferring funds in foreign currency.

No commission fee is charged.

· Equipment, components and spare parts;

· Raw materials and supplies;

· Services;

· Loans: guaranteed by the government;

· Loans: not guaranteed by the government;

· Loans: issued out of the Bank's own funds;

· Lease Payments;

· Medications, drugs, and medical devices;

· Automobile cars;

· Other consumer goods;

· Income Repatriation;

· Travel Expenses;

· For other purposes.

If the sum of conversing currency is equivalent of up to 10,000 US Dollars it is carried out through the «Conversion Order» module in the Internet banking system.

If the amount of the application exceeds 10,000 US Dollars, the Client shall submit a Conversion Application to the Corporate Customer Service Department. This application shall be submitted in hard copy or by e-mail.

According to the Law of the Republic of Uzbekistan “On Currency Regulation”, No. ZRU-573, dated October 22, 2019, transfers of a non-trade nature include:

·  transfers between individuals up to the equivalent of one hundred million soums;

·  payment for goods (services, works) for personal needs;

·  payment of wages, scholarships, pensions, alimony;

·  payment of expenses related to the secondment of employees outside the Republic of Uzbekistan;

·  payment for education, medical treatment and tourism;

·  Payment for the maintenance of diplomatic and other representations of Uzbekistan in foreign states and permanent missions of Uzbekistan to inter-state or intergovernmental organizations;

· Payments related to notarial and investigative actions, as well as payment of state duty in connection with the consideration of cases in courts;

· Payments of money on the basis of court decisions, arbitration, as well as investigative and other law enforcement bodies;

· Payments for participation in international congresses, symposiums, conferences, sports and cultural events, as well as other international meetings, exhibitions and fairs, excluding investment and material costs;

· Payments related to the burial of the deceased;

· Payment of royalties, payment of patent fees and payment of obligations under intellectual property license agreements;

· Contributions to international non-profit organizations.

Yes.

If the transaction is non-trading, submit a foreign currency purchase order and send a scanned invoice to val@aab.uz.

According to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan, dated May 14, 2020, «On Measures for Further Improvement of Monitoring of Foreign Trade Transactions in the Republic of Uzbekistan», No. 283, in order to pay for imports on the basis of an invoice, the invoice must be entered into the UEISFTO system and contain the following basic data:

name and details of the business entity; name and details of the foreign partner; invoice amount;

identification number (INN) of the business entity; name of goods (works, services);

unit of measurement of goods (works, services); quantity of goods (works, services);

price of goods (works, services);

cost of delivery of goods (works, services); delivery terms according to Incoterms; mode of transportation.

Invoices shall be endorsed with the signature of the business entity.

Company should select «other purposes» as the purpose of the currency purchased.

According to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan, dated May 14, 2020, «On Measures for Further Improvement of Monitoring of Foreign Trade Transactions in the Republic of Uzbekistan» No. 283:

· export of works (services) is the performance (rendering) of works (services) by an exporter to a non-resident of the Republic of Uzbekistan, regardless of the place of their performance (rendering);

· the exportation of goods from the customs territory of the Republic of Uzbekistan without the obligation to import them back, unless otherwise stipulated by the legislation.

According to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan, dated May 14, 2020, «On Measures for Further Improvement of Monitoring of Foreign Trade Operations in the Republic of Uzbekistan», No. 283:

· the importation of goods into the customs territory of the Republic of Uzbekistan without the obligation to exportation them back;

· import of works (services) is the performance (rendering) of works (services) by a legal entity or individual of a foreign state to an economic entity of the Republic of Uzbekistan, regardless of the place of their performance (rendering)

According to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan, dated May 14, 2020, «On Measures for Further Improvement of Monitoring of Foreign Trade Operations in the Republic of Uzbekistan», No. 283:

type 17 exportation contract is a contract between a resident and a non-resident of the Republic of Uzbekistan, providing for the placement of goods purchased under the import contract under the customs regime of re-export for the purpose of their sale;

type 19 sales contract is a contract between a resident and a non-resident of the Republic of Uzbekistan providing for the sale of goods purchased under a purchase contract to another non- resident;

type 16 importation contract is a contract between a resident and a non-resident of the Republic of Uzbekistan that provides for the purchase of goods for placement under the customs regimes of customs warehouse, free warehouse, free customs zone, processing on the customs territory and subsequent sale of goods to another non-resident on the basis of an exportation contract;

type 18 purchase contract is a contract between a resident and a non-resident of the Republic of Uzbekistan for the purchase of goods without their importation into the customs territory or in case of transit.

Call Center: 71 231- 60 - 00.

No, the system generates such an accounting entry automatically.

Please submit the documents to the Corporate Clients Service Department of the Bank according to the list:

·  A copy of the foreign trade contract;

· Original of the notarized power of attorney issued by the foreign partner in the name of the person depositing the foreign currency in cash in the cash office;

· The original of the passport or other identity document of the person depositing the foreign currency in cash;

·  Original letter of the organization in whose name the foreign currency in cash will be deposited;

· The original of the customs declaration drawn up in the name of the person surrendering the foreign currency in cash in cases defined by the legislation of the Republic of Uzbekistan.

· Organization's order on business trip;

· Original passport of the person/persons seconded according to the order of the organization;

· Original of the passport or other identity document of the person receiving the foreign currency in cash;

· Original letter of the organization in whose name the foreign currency in cash will be issued;

· Plan Assignment;

· Calculation of travel expenses, signed/stamped by the organization.

The norms of travel expenses are specified in the Regulation «On the procedure for issuing funds for travel expenses during business trips of employees of ministries, departments, enterprises and organizations outside the Republic of Uzbekistan» No. 2730 dated November 19, 2015.

According to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan, dated May 14, 2020, No. 283 the following is allowed:

· mutual settlements within the framework of two or more import contracts of one economic entity, payment for which was made at the expense of the importer's own funds;

· mutual settlements within the framework of two or more export contracts of one economic entity.

To create mutual settlements, the economic entity shall submit an additional agreement to the Currency Operations Department and pay a commission fee according to the Bank's tariffs.

Closure of accounts payable is possible according to the procedure described in the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan, dated April 14, 2021, No. 216 «On approval of the regulations on the procedure for writing off bad debt from the unified electronic information system of foreign trade operations».

It is also possible to close accounts payable if the company has an additional agreement signed by both parties. The Customer pays a commission fee for closing accounts payable according to the Bank's tariffs.

According to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan, dated May 14, 2020, No. 283:

The period of importation into the country and registration of goods under the regime «release for free circulation (import)», as well as performance of works and rendering of services or return of money paid for them should not exceed 180 calendar days from the date of payment under import contracts.

The term for receipt of proceeds or re-importation of goods under export operations should not exceed 180 days from the date of registration of the customs cargo declaration under the customs regime «export» - in respect of goods and from the date of signing the acceptance certificate for work performed - in respect of services (work).

Debts that are more than 180 days past due are considered overdue.

A letter on change of transfer conditions, return, annulment of transfer (through no fault of the Bank) after its acceptance for execution via SWIFT, TELEX system shall be submitted by the customer by e-mail or in hard copy to the Corporate Customer Service Department.

After execution of the letter, the Bank withholds the commission fee from the client's account according to the tariffs.

The letter of search for funds and monetary documents via SWIFT, TELEX systems is submitted by the client by e-mail or in hard copy to the Corporate Client Service Department.

Please call: 71  231-60-00, or follow the link sdn.

A grant is a type of targeted financing, i.e. a certain amount of money that is provided to an entrepreneur under clearly defined conditions. The grant does not need to be repaid or interest paid on it if the conditions are met.

No, it does not.

According to the Regulation of the Central Bank of the Republic of Uzbekistan «On the procedure of certain currency transactions related to capital movement» No. 2536 dated 17.12.2013, all settlements and payments under external loan agreements are made by the Client in the Bank where the Client has opened the main deposit account in the national currency.

If this basic requirement is met, the Client shall provide scanned copies of the following original documents to val@aab.uz: 1) Application (letter) on acceptance of the Loan Agreement on record and 2) Loan Agreement duly executed.

After verification of the documents accepted by the Bank, the external loan agreement is registered in the system of the Central Bank of RUz - ExDebtUz. Upon confirmation of the registration request by the Central Bank of RUz and compliance with the payment requirements, the Bank shall credit the funds received under the loan agreement to the Client's account.

In case of transfer of the main deposit account of the Client to another commercial bank, the account of subsequent currency operations is maintained by the commercial bank to which the main deposit account of the resident was transferred. In this case the Client should submit an additional agreement to the loan agreement on change of details, and the Bank should transfer this ID-agreement in the system of the Central Bank of RUz ExDebtUz to the bank where the main deposit account was opened.

According to the Bank's Tariffs, a commission fee of UZS 50,000 plus VAT is charged for 1 contract per month on external loan agreements of the Customers registered with the Bank.

At the moment of repayment of foreign currency funds under the external loan agreement and/or interest due, the Client's main deposit account shall be opened with the Bank at the place of transaction. Settlement and repayment of funds shall be made strictly according to the terms and details of the loan agreement valid and registered in the ExDebtUz system.

If the Customer has its own currency funds for repayment under the Loan Agreement, the Customer shall submit to the Bank a payment order for transfer of currency funds. In case of absence of own currency funds - submits an application for purchase of foreign currency in advance.