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Updated Central Bank instruction on cash foreign currency operations
Practical Law UK Legal Update 1-504-0991 (Approx. 2 pages)
Updated Central Bank instruction on cash foreign currency operations
by White & Case LLP
| Published on 30 Nov 2010 • Russian Federation |
This article is part of the PLC Global Finance November 2010 e-mail update for the Russian Federation.
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On 16 September 2010, the Central Bank issued Instruction No. 136-I regarding the performance by Russian banks of cash foreign currency operations involving individuals. The Instruction entered into force on 1 November 2010 and invalidated Central Bank Instruction No. 113-I, dated 28 April 2004, on the same matter.
On 16 September 2010, the Central Bank issued Instruction No. 136-I regarding the performance by Russian banks of cash foreign currency operations involving individuals. The Instruction entered into force on 1 November 2010 and invalidated Central Bank Instruction No. 113-I, dated 28 April 2004, on the same matter.
Instruction No. 136-I represents an updated version of Instruction No. 113 I on the same matter. The update was necessary because the previous regulation contained a number of rules on operation of exchange offices, whereas they had to be either closed or transformed into other type of a bank's subdivision until 1 October 2010.