Article 6. Currency transactions of residents and non-residents of the Law on Currency Regulation and Currency Control

Home / RLA / Article 6. Currency transactions of residents and non-residents of the Law on Currency Regulation and Currency Control

1. Currency transactions between residents in the territory of the Republic of Kazakhstan are prohibited, except for the following cases::

1) transactions, one of the parties to which are the National Bank of the Republic of Kazakhstan, the Ministry of Finance of the Republic of Kazakhstan, as well as foreign institutions of the Republic of Kazakhstan;

2) transactions, one of the parties to which are residents, who are granted the right to conduct currency transactions with residents by the laws of the Republic of Kazakhstan or acts of the President of the Republic of Kazakhstan adopted before the entry into force of this Law;

3) transactions with currency values related to banking operations and other operations that authorized banks and authorized organizations may carry out in accordance with the license issued by the National Bank of the Republic of Kazakhstan, the authorized body for regulation, control and supervision of the financial market and financial organizations or the laws of the Republic of Kazakhstan.;

4) payment for banking services related to currency transactions;

5) transactions related to the acquisition, sale, payment of remuneration and (or) repayment of securities, the nominal value of which is expressed in foreign currency;

6) transactions between commission agents and committees when commission agents provide services related to the conclusion and execution of export or import contracts with non-residents, including transactions for the return of currency valuables to the committee;

7) transactions for the purchase and (or) sale of refined gold bullion for the national currency;

8) transfer of promissory notes denominated in foreign currency as fulfillment of monetary obligations;

9) transactions related to payments for the sale of goods in duty-free shops, as well as for the sale of goods and services to passengers en route during international transportation;

10) transactions between branches (representative offices) of foreign organizations;

11) operations when paying expenses of an individual related to his business trip outside the Republic of Kazakhstan, including representative expenses, as well as operations when paying off an unspent advance issued in connection with a business trip outside the Republic of Kazakhstan;

12) gratuitous money transfers or gratuitous transfer of currency valuables by individuals to individuals, as well as to legal entities whose statutory activities are aimed at charity;

13) making bank deposits by individuals for the benefit of other individuals;

14) transactions between professional participants in the securities market who carry out currency transactions on behalf of clients and individuals or legal entities related to the transfer of money and financial instruments from accounts (to accounts) for accounting and storing money and financial instruments belonging to clients, as part of the execution and termination of contracts for the provision of brokerage services;

15) transactions related to the payment of taxes and other mandatory payments to the budget in cases stipulated by the Tax Code;

16) operations of the recipient on behalf of the state of minerals, which, in accordance with the Tax Code, are transferred to him due to the fulfillment by the subsurface user of a tax obligation in kind related to the transportation, storage and sale of such minerals.;

17) payments by individuals for goods, works and services under transactions concluded and executed on the territory of a special economic zone, the boundaries of which fully or partially coincide with the sections of the customs border of the Eurasian Economic Union.

2. Currency transactions between residents and non-residents are carried out in national and (or) foreign currencies.

3. Non-residents have the right to freely receive and transfer money for any currency transactions with their branches (representative offices) located in the Republic of Kazakhstan in accordance with the currency legislation of the Republic of Kazakhstan.

4. Non-residents have the right to freely receive and transfer dividends, remuneration and other income received on deposits, securities, borrowed and other currency transactions with residents, in accordance with the currency legislation of the Republic of Kazakhstan.

5. Currency transactions between non-residents in the territory of the Republic of Kazakhstan are carried out without restrictions in accordance with the currency legislation of the Republic of Kazakhstan.

6. The conditions and procedure for conducting currency transactions related to the provision of financial and professional services on the territory of the Astana International Financial Center are determined by acts of the Astana International Financial Center in coordination with the National Bank of the Republic of Kazakhstan.

7. Currency transactions between residents and non-residents, in respect of which this Law does not establish requirements for their implementation, are carried out without restrictions in accordance with the currency legislation of the Republic of Kazakhstan.

8. The import into the Republic of Kazakhstan and export from the Republic of Kazakhstan of currency valuables are carried out by residents and non-residents without restrictions in compliance with the requirements of the customs legislation of the Eurasian Economic Union and (or) the Republic of Kazakhstan.

This Law regulates public relations related to the implementation of currency transactions, defines the goals and objectives of currency regulation and currency control.

President

Republic of Kazakhstan

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