LAW ON FOREIGN CURRENCY TRANSACTIONS (âOfficial ... - Siepa

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(Erased)Article 55Supervision bodies shall be under obligation to deposit foreign exchange, foreign cash, chequesand securities, temporarily seized under founded suspicion that a criminal act or offence hasbeen committed, on the special-purpose account of the Foreign Currency Inspectoratemaintained with the National Bank of Serbia or on the custody account with the National Bank ofSerbia, whereas dinars shall be deposited on a special-purpose account of the Foreign CurrencyInspectorate maintained with the ministry in charge of finance, no later than two business daysfollowing the day of seizure.Article 56Funds generated from issuing permits for providing money transfer services in internationalpayments, issuance of certificates for performance of exchange operations, charged costs oftraining for performance of exchange operations and other charged costs of administrativeproceedings are revenue of the budget of the Republic.X PENALTY PROVISI<strong>ON</strong>S1. Criminal OffenceArticle 57Any person buying from or selling to physical entities foreign cash and cheques denominated inforeign currency without the authorization of the Foreign Currency Inspectorate shall bepunished for criminal offence by a prison sentence lasting from six months to five years.Any attempt of committing the offence referred to in paragraph 1 of the present Article, shall bepunished.Article 58Any person who effects collection and payment or issues a payment order, and/or executes tonon-resident a transfer of amount exceeding EUR 100,000 on the basis of contract where noactual price is stated or on the basis of untrue document, shall be punished for criminal offenceby a prison sentence lasting from one to ten years.Any attempt of committing the offence referred to in paragraph 1 of the present Article shall bepunished.2. OffencesArticle 59A fine of 100,000 to 2,000,000 dinars shall be imposed on a resident - legal entity, bank andnon-resident - legal entity:
1) If it fails to comply with the regulation of the National Bank of Serbia which prescribes theconditions and manner of filing of the credit facility transactions from Article 4 of this law (Article4, Paragraph 2);2) If it does not set-off debts and claims on the basis of realized foreign trade of goods andservices under the terms and in manner prescribed by the Government (Article 6 Par. 1 and 2);3) If it does not set-off debts and claims based on foreign credit facility transactions under theterms and in manner prescribed by the Government (Article 6 Paragraph 3);4) If it buys or sells, or pays or collects receivables and payables which are not created on thebasis of residents’ foreign trade of goods and services (Article 7 Paragraph 1);5) If it does not carry out the activities specified in Article 7 Paragraph 1 on the basis of acontract concluded in written form between all participants in the activity (Article 7 Paragraph 2);6) If it fails to comply with the prescribed reporting requirement (Article 6 Paragraph 2, Article 7Paragraph 3, Article 12 Paragraph 2, Article 13 Paragraph 5, Article 14 Paragraph 2, Article 33Paragraph 4, Article 37 Paragraph 1);7) If it fails to comply with the regulation of the Government (Article 7 Paragraph 4);8) If it buys claims and debts arising from foreign trade of goods and services contrary to theconditions and manner prescribed by the Government (Article 7 Paragraph 5);9) If it executes collections, payment or issues order for payment, or executes a transfer to anon-resident, based on a contract in which the real price is not listed or on the basis of a falsedocument (Article 8);10) If it does not act in line with the regulation of the Government (Article 8a);11) If it does not inform the Foreign Currency Inspectorate in accordance with Governmentregulation (Article 9);12) If it effectuates payment and transfer of capital based on direct investments contrary toArticle 11 of this law;13) If it effectuates payment in order to acquire ownership on real estate abroad, or in theRepublic, contrary to the law governing ownership matters (Article 12 Paragraph 1);14) If it effectuates payment in order to purchase foreign long-term debt securities contrary toArticle 13 Par. 2, 3 and 4 this law;15) If it effectuates payment for purchases in the Republic of long-term debt and equitysecurities, contrary to the law governing the securities market (Article 14 Paragraph 1);16) If it buys foreign short-term securities in foreign and domestic market contrary to theregulation of the National Bank of Serbia (Article 15 Paragraph 1);
Page 1 and 2: LAW ON FOREIGN CURRENCY TRANSACTION
Page 3 and 4: (10) Long-term securities shall be
Page 5 and 6: - Short-term bank credit facility l
Page 7 and 8: Export and import of goods or servi
Page 9 and 10: Payment and transfer of capital wit
Page 11 and 12: Bank may participate in the syndica
Page 13 and 14: Residents - legal entities may appr
Page 15 and 16: Republic. Such non-resident and res
Page 17 and 18: Notwithstanding the provisions of P
Page 19 and 20: VI FOREIGN CURRENCY MARKET AND DINA
Page 21 and 22: Foreign Currency Inspectorate shall
Page 23 and 24: The Foreign Currency Inspectorate s
Page 25: When conducting on-site supervision
Page 29 and 30: 31) If it acts contrary to the prov
Page 31 and 32: 60) If it performs the activity of
Page 33 and 34: For the acts referred to in Paragra
Page 35 and 36: 24) If it performs the activity of
Page 37 and 38: 12) Fails to comply with the regula
Page 39 and 40: By way of exception to paragraph 1
Page 41: ("Official Herald of the RS", No. 6

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