LAW OF UKRAINE OF 23 SEPTEMBER 1994.

ON THE PROCEDURE OF MAKING PAYMENTS IN FOREIGN CURRENCY 

Article 1. Returns of citizens in foreign currency shall be subject
to placing to their currency accounts in the authorized banks
within the terms of debt payment, specified in contracts, but not
later than 90 calendar days from the date of customs registration
(drawing export cargoe customs declaration) of exported products,
and if works (services), intellectual property rights are exported
- from the moment of signing the act or another document that
confirms performance of works or services, export of intellectual
property rights. Exceeding the above-mentioned term shall require
the individual lisence of the National Bank of Ukraine.

Article 2. Residents' import operations that are carried out under
the conditions of extension of delivery time, if such extension
exceeds 90 calendar days from the date of making an advance payment
or presenting a bill for the benefit of the supplier of imported
products (works, services), shall require an individual license of
the National Bank of Ukraine.

Article 3. Residents, that buy foreign currency through the
authorized banks for performing obligations in the name of
non-residents, shall be obliged to make transference of such sums
within 5 working days from the day of calculation of such sums to
currency accounts of residents.

Article 4. Violation by residents of the terms stipulated by
Articles 1 and 2 of this Law shall result in the imposition of a
penalty for each day of delay at the amount of 0,3 per cent of the
sum of lost profit in hard currency (customs value in the
incomplete delivery) transferred at the official current currency
rate on the day of calculating the penalty. The whole amount of the
calculated penalty shall not exceed the amount of the debt.

Article 5. If residents violate the terms stipulated by Article 3
of this Law, the gained currency shall be sold by the authorized
banks within 5 working days at the inter-bank currency market of
Ukraine. Positive currency rates difference that may arise under
such an operation shall quarterly be transmitted to the State
budget of Ukraine, and negative currency rates difference shall be
attributed to the results of residents' economic activity.

Article 6. If the terms stipulated by Articles 1 and 2 of this Law
are exceeded, provided residents perform agreements on production
co-operation, consignment, complex building, complicated technical
products and goods of special purpose supply, the National Bank of
Ukraine may grant individual lisences.
The order of ascribing the residents' operations to those mentioned
in part one of this Article shall be established by the Cabinet of
Ministers of Ukraine.

Article 7. The Decree of the Cabinet of Ministers of Ukraine of 19
February 1993 No. 17-93 "On the Procedure of Making Payments in
Foreign Currency" (VIDOMOSTI VERKHOVNOI RADY UKRAINY", 1993, No.
17, p. 186, No. 49, p. 462) shall be considered invalid.


President of Ukraine
L. Kuchma