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New currency law
03.06.2003 10:21

New currency law A law allowing individuals to take up to USD 10,000 worth of foreign currency (cash) out of the country freely will enter into effect on March 15, 2003. The document, signed by Russian President Vladimir Putin on February 28, 2003, was published in the Rossiyskaya Gazeta newspaper on Wednesday. It was passed by the State Duma on February 7 and approved by the Federation Council on February 12, 2003.

This bill amends Article 6 and Article 8 of the federal law on currency regulation and currency control. According to the amendments, individuals resident in Russia are allowed to take up to USD 10,000 worth of foreign currency (cash) out of the country at a time. They will not have to show customs officials documents certifying that the money was purchased in Russia or had been brought into the country. But individuals resident in Russia are not allowed to take foreign currency in excess of USD 10,000 out of the country at a time. They do not need to declare cash under USD 3,000, but have to fill in customs declaration forms to take out more than USD 3,000. Earlier, citizens were allowed to take only up to USD 1,500 worth of foreign currency out of the country.

News source: www.rosbaltnews.com
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