Law On Foreign Exchange Operations

L A W ОN FOREIGN EXCHANGE OPERATIONS I GENERAL PROVISIONS Article 1 This Law shall govern: 1) payments, collections and transfers between residents and nonresidents in foreign means of payment and dinars; 2) payments, collections and transfers between residents in foreign means of payment; 3) purchase and sale of means of payment between residents and nonresidents, as well as the purchase and sale of foreign means of payment between residents; 4) unilateral transfers of means of payment from and into the Republic of Serbia (hereinafter: the Republic) which do not have the characteristics of transactions performed between residents and nonresidents; 5) current and deposit accounts of residents abroad and of residents and nonresidents in the Republic 6) credit operations in

the Republic between banks and residents in foreign exchange, and between banks and nonresidents in dinars, as well as international credit operations. The establishment of Foreign Exchange Inspectorate, as an administration body within the ministry in charge of finance, and its competences and organization are stipulated by this Law. II DEFINITIONS OF TERMS Article 2 For the purposes hereof: (1) Residents shall be: 1) legal entity registered in accordance with regulations and headquartered in the Republic; 2) entrepreneur - physical entity registered in the Republic and pursuing a legally allowed activity as a form of profession for the purpose of making profit; 3) branch of a foreign legal entity entered into the register with the competent body in the Republic; 4) physical entity residing in the Republic, except for a physical entity with temporary residence abroad for over a year; 5) physical entity - foreign citizen residing in the Republic on the basis of residence permit, and/or work visa for over a year; 6) state body and organization, beneficiaries of budget funds of the Republic, beneficiaries of funds of mandatory social insurance organizations, and beneficiaries of local government budget funds; 7) diplomatic, consular or other representative office abroad financed from the budget of the Republic, domestic citizens employed in these offices, as well their family members. (2) Nonresidents shall be all persons not listed in Section 1 hereof. (3) Bank means a joint stock company headquartered in the Republic of Serbia, with the operating licence granted by the National Banak of Serbia, which performs deposit and credit activities and may perform other activities in compilance with the law. (4) Means of payment shall be dinars and foreign means of payment. (5) Foreign means of payment shall be: 1) foreign exchange - external claims denominated in foreign currency; 2) foreign cash - claims in cash, and/or banknotes and coins denominated in foreign currency. (6) Payment instruments shall be: cheques, bills of exchange, letters of credit, remittances, payment cards and other payment instruments - claims from the issuer nonresident, denominated in foreign currency and cashable in foreign currency. (7) Securities shall be securities determined by the law governing the market of securities and other financial instruments. (8) Domestic securities shall be securities issued by the resident in the domestic and foreign market, and may also be denominated in foreign currency if prescribed by a special law. (9) Foreign securities shall be securities...

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