On September 16, 2013, the National Bank of Ukraine Board approved Resolution No. 364 On Amendments to Some Regulations of the National Bank of Ukraine, whereby amendments shall be introduced to the Instruction On Procedures for Exercising Control over Export and Import Transactions approved by NBU Board Resolution No.136 of March 24, 1999 registered by the Ministry of Justice of Ukraine under No.338/3631 (with amendments) on May 28, 1999 (hereinafter - Instruction No.136).
Ms. Nadiia Pasenova, Director of the Department for Foreign Exchange Transactions Control, Policies and Licensing, explained that the amendments to Instruction No.136 had been introduced in order to bring its provisions on completion of the operations with goods remaining abroad in line with the Procedure for Defining the Terms and Conditions of Completing the Import Transactions without Physical Delivery of the Goods to the Territory of Ukraine approved by Cabinet of Ministers of Ukraine Resolution No.1392 of December 05, 2007 (with amendments).
“In compliance with the applicable laws and within their mandate, banks shall exercise control over FX transactions of their clients, including control of their observance of the settlement deadlines set for foreign economic operations. Exercising of such control is regulated by Instruction No.136, - said Nadiia Pasenova. - Last amendments introduced by the National Bank of Ukraine improve to a certain extent the procedures for banks’ control over import transactions, primarily covering the imports without physical delivery of goods to Ukraine.”
In addition, Instruction No.136 explains more clearly the process of control to be exercised by the banks over the import deliveries of the goods acquired by nonresidents on the territory of Ukraine from other entities (nonresident or resident).
According to provisions of Instruction No.136, the authorized banks shall take control off their clients’ import transactions if such transactions are registered in customs declarations in case the goods are delivered to the territory of Ukraine or on the basis of other documents specified in the respective agreements. “After the above amendments become effective, the authorized banks will be allowed to stop controlling the import transactions without physical delivery of goods to Ukraine upon receipt of confirmation of the proceeds from selling such goods outside Ukraine or usage of the imported goods outside Ukraine. Otherwise, the authorized bank shall inform the tax authority of effecting such a transaction. Thus, the bank will be able to take control off the transaction only upon the confirmation of no breaches of the law by the customer issued by tax authorities,” - Nadiia Pasenova explained.
The Resolution has been registered by the Ministry of Justice and comes into effect from the day of its publishing