»FRY Official Gazette«25/2002 and 34/2002

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1 »FRY Official Gazette«25/2002 and 34/2002 Pursuant to Article 16a, paragraph 2 of the Law on the National Bank of Yugoslavia (»FRY Official Gazette«Nos. 32/93, 41/94, 61/95, 29/97, 44/99, and 73/2000) and Section 15 of the Decision on the Requirements for and Manner of Arranging Payments Made, Payments Received and Transfers under Current and Capital Transactions in Foreign Currency and Dinars (»FRY Official Gazette«No. 25/2002), the Governor of the National Bank of Yugoslavia hereby issues the following GUIDELINES FOR IMPLEMENTATION OF DECISION ON THE CONDITIONS FOR AND MANNER OF ARRANGING PAYMENTS MADE, PAYMENTS RECEIVED AND TRANSFERS UNDER CURRENT AND CAPITAL TRANSACTIONS IN FOREIGN CURRENCY AND DINARS A. GENERAL PROVISIONS 1. By these Guidelines the National Bank of Yugoslavia shall prescribe more detailed conditions for implementing the Decision on the Requirements for and Manner of Arranging Payments Made, Payments Received and Transfers under Current and Capital Transactions in Foreign Currency and Dinars (»FRY Official Gazette«No. 25/2002). 2. The payments made, payments received and transfers under current and capital transactions in foreign currency and dinars shall be arranged using the payment instruments applied in international payment operations. 3. The collecting bank shall be the bank which receives the funds through its foreign account or foreign currency, and the bank which operates a non-resident account to be debited for the respective payment. The paying bank shall be the bank which credits a resident's or non-resident's account or pay funds to such resident or non-resident in the foreign currency of the payment received. 4. A bank shall be required to keep records of the time of receipt of all orders relating to the international payments made or international payments received, as well as the confirmation of the respective cover, unless it has used the SWIFT technology for such orders. 5. A bank shall operate the accounts held by residents and non-residents in compliance with the regulation governing the analytical accounts within the Charter of Accounts for banks and other financial organisations. A bank shall be required to operate the accounts referred to in paragraph 1 thereof (e.g. 540, , or 505, 506) relating to the beneficiary or the ordering party by types of industry for which the funds held in such accounts are used (capital works, representation and sales of goods from consignment stocks, sales of goods in duty-free shops, international transport agency operations, international tourist agency services, payments received and made through settlement accounts, or accounts held by representatives in the area of card business, etc.) and/or to enter any outstanding obligations for received international payments into the account A bank shall operate the foreign exchange accounts in foreign currency and in dinar counter-value based on foreign currency translated to dinars at the official middle rate of exchange.

2 2 B. PAYMENT TRANSACTIONS IN FOREIGN CURRENCY I INTERNATIONAL PAYMENTS RECEIVED Payments received by remittance and collection documents 7. A bank shall be required to credit the beneficiary of the payment received, as specified in the non-resident's order, within the period referred to in Section 4, paragraph 3 of the Decision if it has received a foreign bank's advice of foreign currency credited to such bank's account, as well as the information of the purpose of the payment received. A bank shall be required to deliver the statement containing the balance of and transactions in the account credited in accordance with the Decision to the beneficiary of the payment received and, if necessary, other documents (e.g. the order whereby such payment has been received). 8. If the beneficiary's account is not specified in the non-resident's order, a bank shall act in compliance with Section 6 of the Decision. 9. In cases where the collecting bank is also the paying bank, such bank shall make entries to the debit of accounts 0050, 0060, 5430 and 5431, and to the credit of accounts referred to in Section 5 thereof. 10. In cases where the collecting bank is not the paying bank, the collecting bank shall be required to notify the paying bank of the payment received and to transfer the funds in favour of such bank no later than the day following the date the cover was received: By general foreign exchange order (reference code 562) for transfer through the account 0050, whereas further procedures shall be undertaken by the paying bank in compliance with Section 9 thereof, or The collecting bank shall make entries by general foreign exchange order (reference code 569) to the debit of accounts 0050, 0060, 5430 and 5431, and to the credit of account The paying bank shall make entries by the collection order specifying the reference code for the payment received to the debit of account 0041 or account 4510, and to the credit of accounts referred to in Section 5 thereof. The collecting bank shall be required to provide cover under account 0050 or account 0060 to the paying bank, upon such bank's request and within two days after such request was submitted. 11. In cases where the beneficiary of the payment received referred to in Sections 7 and 8 thereof is not the final beneficiary of funds under the international payment received, such beneficiary shall be required to deliver a request for transfer in favour of the final beneficiary's account to a bank on the same business day or the business day following the date such beneficiary received the advice of the payment received. The bank shall transfer the funds by general foreign exchange order within the period referred to in Section 5, paragraph 4 of the Decision. Payments received under documentary credits 12. A bank shall process the international payments received under documentary credits in compliance with Sections 7 and 8 thereof.

3 3 The beneficiary of the payment received shall be required to deliver to a bank the information for statistical purposes of the National Bank of Yugoslavia, together with the documents specified by the documentary credit. In cases where the payment is received under a confirmed documentary credit, before the received payment referred to in paragraph 1 thereof has been processed, a bank shall enter the received cover for the opened documentary credit to the debit of account 0050, and to the credit of a foreign bank's deposit accounts 5530, 5532 and 5534 by collection order (payment instrument 3, reference code 514), and the payment received under a documentary credit shall be entered to the debit of the foreign bank's respective account, and to the credit of the accounts referred to in Section 5 thereof. 13. A bank shall enter confirmed documentary credits in favour of local beneficiaries as off-balance sheet items. Payments received by cheques 14. A bank shall process the international payment received by a cheque payable on presentation in the manner referred to in Section 7 and 8 thereof, with entries made to the debit of account 2900, and to the credit of the accounts referred to in Section 5 thereof. The beneficiary of the payment received shall be required to deliver to a bank the information for statistical purposes of the National Bank of Yugoslavia, together with the cheque. A bank shall forward the purchased cheque abroad for collection, and shall enter such transaction by general foreign exchange order (reference code 115) to the debit of account 2901, and to the credit of account A bank shall process the international payment against the collected cheque by collection order (reference code 515), with entries to the debit of account 0050, and to the credit of account A bank shall forward the cheques it has not purchased on presentation to a foreign bank for collection. Upon the collection against such cheque, a bank shall process the collection in the manner referred to in Sections 7 and 8 thereof. II INTERNATIONAL PAYMENTS MADE 16. For international payments to be made the ordering party shall submit a payment order containing the required items as provided by these Guidelines to a bank. The ordering party shall attach a document on which such payment is based, as required by regulations, when submitting the order referred to in paragraph 1 thereof to a bank. If the ordering party is an individual, such individual shall be required to comply with paragraph 2 thereof. For the purpose of payments made under particular transactions, in addition to the documents specified in Section 8, paragraph 2 of the Decision, the ordering party shall be required to present the following documents: 1) For credit transactions:

4 4 In case of repayments of the principal amount of the loan to a non-resident forms KZ whereby such loan has been registered; In case of disbursements under the loan extended to a non-resident forms KO whereby such loan has been registered. 2) For international transfers from a non-resident's account: Evidence of paid taxes, customs duties and other government impositions under the particular transaction, as required by regulations. Payments made by remittance and collection documents 17. In case where a bank arranges international payments by remittance or collection documents, such payments shall be entered to the debit of accounts referred to in Section 5 thereof or accounts or 55071, and to the credit of accounts 0050, 0060, 5430 or If the ordering party is an individual, such individual shall provide the cover for the international payment to be made by paying the respective amount in foreign currency to a bank, and such cover shall be entered by the bank in account 542 until the payment has been made. Payments made under documentary credits 18. A bank shall open a documentary credit as requested by the ordering party, and the opened documentary credits shall be entered as off-balance sheet items. The ordering party shall be required to provide cover for the payments to be made under the documentary credit latest by the day such payments are made under the documentary credit, and the cover shall be entered by general foreign exchange order to the debit of the accounts referred to in Section 5 thereof, and to the credit of accounts or If a bank provides cover for the confirmation abroad, such cover shall be entered by payment order (payment instrument 3) to the debit of account 2950, and to the credit of account 0050 or 5430 specifying the reference code. 20. The payments made under a documentary credit shall be entered by payment order to the debit of account 5506 or 5507, and to the credit of account 2950, or to the debit of account or 55061, and to the credit of account 0050 or 5430 specifying the respective reference code. For reimbursed confirmation deposits or partially or fully unused amounts under documentary credits, the following entries shall be made by collection order (payment instrument 4) to the debit of account 0050 or 5430, and to the credit of account 2950 specifying the reference code, as well as to the debit of account or 55061, and to the credit of accounts referred to in Section 5 thereof. A bank shall enter closed documentary credits as off-balance sheet items. Payments made by cheques 21. International payments by cheques issued by a bank shall be made on the basis of payment orders. When issuing a cheque, a bank shall make entries to the debit of the accounts referred to in Section 5 thereof, and to the credit of account 5807.

5 5 After the international payment by cheque has been made, a bank shall make entries to the debit of account 5807, and to the credit of account 0050 or 5430 specifying the respective reference code. III SPECIAL TRANSACTIONS Business trips 22. The costs of international business trips shall be calculated by the ordering party in foreign currency. The payments for business trip advances may be made by cheques drawn on foreign banks, business cards, foreign travellers cheques or cash in foreign currency on the basis of the payment order. A bank shall make the payments referred to in paragraph 2 thereof on the basis of a resident's payment order. A bank shall enter the payments referred to in paragraph 2 thereof to the debit of the ordering party's account, and to the credit of account 5807 (cheques drawn on foreign banks), account (travellers cheques), account or (business cards), or account 0060 (cash in foreign currency). After an international business trip has ended, a resident shall prepare a statement of the respective travelling costs. If the statement of travelling costs referred to in paragraph 5 thereof reveals that the payment for international business trip exceeded the actual costs, any difference shall be returned to a bank which shall enter such funds as the cancelled payment made, by collection order and to the credit of the ordering party's account, with reference code 340. If the statement of travelling costs referred to in paragraph 5 thereof reveals that the payment for international business trip was below the actual costs, any difference up to the amount of travelling costs specified in the final statement shall be paid to the foreign exchange account held by the respective resident individual. Sale of travellers cheques 23. Travellers cheques sold shall be entered by a bank to the debit of accounts referred to in Section 5 thereof, and to the credit of account After a bank has paid a foreign travellers cheque to a foreign bank, the entries shall be made to the debit of account 57933, and to the credit of account IV CANCELLED PAYMENTS RECEIVED AND MADE 24. Cancelled payments received and made resulting from errors in transactions shall be entered as so-called red cancelled items (amount preceded by a minus). 25. In case of the cancelled payments received, a bank shall solely reimburse the funds in such amount and currency, and to such foreign ordering party as specified in the original order. Any other reimbursements of payments received shall be made as ordered by the beneficiary of such payments and by procedures provided by these Guidelines for regular

6 6 payments made and supported by the respective document specifying the respective obligation and reasons of such reimbursement. In case of the cancelled payments made, a bank shall credit the reimbursed funds to the ordering party's account by collection order. 26. In cases where the payments received are reimbursed and the payments made are cancelled, a bank shall specify the payment instrument code applied to cancellation and the reference code applied to the international payment received or made. V SECURITIES 27. Any transactions in securities shall be recorded in the manner and by procedures required by regulations governing the transactions in securities. VI PAYMENT CARDS 28. A bank shall enter the payments received for card charges by collection order (reference code 532). After the payment received by a bank, it shall make entries to the debit of account 0050, and to the credit of account A bank shall enter the international payments made for card charges by payment order (reference code 132) to the debit of account 5407, and to the credit of account The entries referred to in paragraph 1 and 2 shall also be made by a bank acting as a payment card representative. The bank referred to in paragraph 3 thereof shall deliver a list of residents to whom it has issued business cards to the National Bank of Yugoslavia until the 5 th day of the current month for the previous month. C. PAYMENT TRANSACTIONS IN DINARS THROUGH NON-RESIDENT ACCOUNTS Payments received 29. A bank, as requested by a non-resident, to the debit of non-resident account 5030 or 5031, and for resident's exported goods and services, shall make payments in favour of such resident by collection order in the manner provided by these Guidelines. A bank shall make payments in favour of a resident for other purposes (payments of locally incurred costs), as requested by a non-resident, by general foreign exchange order (reference code 704). Payments made 30. A bank, as requested by resident, shall make payments in favour of non-resident accounts 5030 or 5031, for imported goods and services by payment order in the manner provided by these Guidelines. A bank shall make payments in favour of a non-resident for other purposes by general foreign exchange order specifying the respective reference code.

7 7 31. A bank may sell foreign exchange to a non-resident, as requested by such nonresident, to the debit of non-resident accounts 5030 or 5031, and by general foreign exchange order to the debit of account 5030 or 5031, and to the credit of account 5430 or 5431 or 0050 specifying the respective reference code and country code for such nonresident. D. ORDERS USED IN INTERNATIONAL PAYMENT TRANSACTIONS 32. The ordering party or beneficiary of the payment received shall be required to deliver statistical information to the National Bank of Yugoslavia within the periods specified in the Decision and these Guidelines. Collection order, payment order and general foreign exchange order shall contain the following required items:

8 8 а) COLLECTION ORDER (transaction type 60) Field Name Description For bank 1 BANK Name O Identification number O 8Н 2 BENEFICIARY Name and address O - Identification number O 8Н 2 PAYMENT INSTRUMENT As specified in the Payment Instrument Code List O 1Н 3 ORDER NUMBER As recorded by the bank O 20АН 4 SWIFT MESSAGE SENDER BANK Name and/or SWIFT address O - Name and address O 5 ORDERING PARTY Country O 6 CORRESPONDENT BANK Name and/or SWIFT address U - 7 PAYMENT PURPOSE Purpose of the payment received U - 8 AMOUNT Currency code Amount in foreign currency 8 VALUE DATE Date of received cover O 8Н 9 FOREIGN BANK CHARGES Foreign bank charges U 16Н 10 ENTRIES To the debit of account To the credit of account 11 DINAR COUNTER-VALUE At the official middle rate of exchange U - 11 PLACE AND DATE Place and date of issued order O 12 REFERENCE ORDINAL NUMBER 12 REFERENCE CODE TRANSACTION DESCRIPTION FOREIGN CURRENCY AMOUNT FOR PARTICULAR REFERENCE CREDIT REGISTRATION NUMBER STATISTICAL INFORMATION O O O O Field format for NBY - 70А 2АН 3АН 16Н 5АН - Ordinal number O 2Н As specified in Reference Code List for payments received, payments made and transfers under current and capital transactions Transaction description U 70АН (+) gross amount receivable / ( ) amount deducted from payment Credit registration number specified in the respective registration forms for international loans or borrowings 13 CREDIT YEAR Year of the respective credit agreement U 4Н О Required U Optional, required if specified O O U 3Н 16Н 6Н

9 9 COLLECTION ORDER form sample 1 Bank 2 Beneficiary 60 3 Order No. 4 On request of 5 On order of 6 Through 7 Purpose of payment received 8 We are paying you: We recorded the payment received on Currency Amount in currency Value date code 9 Deducted as ordered by foreign bank 10 To the debit of To the credit of To the debit of 11 To the credit of Counter-value in dinars at the official middle rate of exchange Dinars Place and date Bank's stamp and signature STATISTICAL INFORMATION (descrption of all transactions related to the payment received) BENEFICIARY'S DETAILS 12 Ordinal Reference Gross amount receivable (+) No. code Transaction description Amount deducted from payment (-) Net amount in currency of payment 13 Registered credit number Credit year

10 10 b) PAYMENT ORDER (transaction type 70) International payment orders shall be completed by the ordering party, and supplemented by a bank. Line No. Name Description For bank 1 ORDERING PARTY Name and address О Identification number О 2 BANK Name О Identification number О 8Н 2 PAYMENT INSTRUMENT As specified in the Payment Instrument Code List О 1Н Field format for NBY - 8Н 3 ORDER NOUMBER As recorded * О 20АН 4 BENEFICIARY 5 BENEFICIARY'S BANK 6 AMOUNT 6 VALUE DATE 7 ORDINAL REFERENCE NUMBER 7 REFERENCE CODE Non-resident's name and address Non-resident's passport number Country Account Name and country or SWIFT address Currency code Amount in currency Date of debit as reported in bank's foreign account, foreign currency cash account or credit reported in non-resident's account STATISTICAL INFORMATION * О U О О О О О О 70АН - 2АН - 3АН 16Н Ordinal number О 2Н As specified in Reference Code List for payments received, payments made and transfers under current and capital transactions REGISTERED CONTRACT Required for foreign trade transactions NUMBER U 6Н REGISTERED CONTRACT Required for foreign trade transactions YEAR U 4Н TRANSACTION DESCRIPTION Transaction description U 70АН AMOUNT IN CURRENCY (+) gross amount payable / FOR PARTICULAR ( ) amount deducted from payment REFERENCE О 16Н Credit registration number as specified in the CREDIT REGISTRATION respective registration forms for international loans NUMBER or borrowings U 6Н 8 CREDIT YEAR Year of the respective credit agreement U 4Н 9 PLACE AND DATE Place and date of issued order О 10 ENTERED 11 COUNTER-VALUE IN DINARS ACCOUNTING DETAILS To the debit of account To the credit of account О Required U Optional, required if specified * Completed by bank At the official middle rate of exchange О * О О * U 8Н 3Н - 5АН

11 11 COLLECTION ORDER form sample 1 Ordering Party 2 Bank COMPLETED BY ORDERING PARTY In favour of Order No. 5 With 6 Currency code Amount in Value Date STATISTICAL INFORMATION (description of transactions related to the payment): 7 Ordinal Ref. Registered Year Gross amount payable (+) No. No. Contract No. Transaction description Amount deducted from payment (-) Net amount in currency of payment 8 Credit registration No. Credit year 9 Place and date Stamp and signature 10 To COMPLETED BY BANK In favour of To In favour of 11 Counter-value in dinars 12 Place and date Bank's stamp and signature

12 12 c) GENERAL FOREIGN EXCHANGE ORDER (transaction type 66 or 77) General foreign exchange orders shall be used for the transactions specified in the Reference Code List for payments received, payments made and transfers under current and capital transactions (Schedule 2) as TRANSACTIONS BETWEEN RESIDENTS AND NEUTRAL TRANSACTIONS, and for the transactions specified as FINANCIAL ACCOUNT FOREIGN CURRENCY AND DEPOSITS. General foreign exchange order shall be completed by a bank. ORDERING PARTY'S BANK Name Identification number О 8Н BENEFICIARY'S BANK Name Identification number О 8Н ORDER NUMBER As recorded by bank О 20АН VALUE DATE Date of account debit or credit О 8Н ORDERING PARTY Identification number U 8Н NON-RESIDENT'S COUNTRY Required for non-resident's transactions U 2АН AMOUNT Currency code О 3АН Amount in currency О 16Н As specified in Reference Code List for payments REFERENCE CODE FOR received, payments made and transfers under О PAYMENT MADE current and capital transactions 3Н ENTERED To the debit of account О 5Н BENEFICIARY OF PAYMENT RECEIVED Identification number U 8Н NON-RESIDENT'S COUNTRY Required for non-resident's transactions U 2АН AMOUNT REFERENCE CODE FOR PAYMENT MADE Currency code Amount in currency As specified in Reference Code List for payments received, payments made and transfers under current and capital transactions ENTERED To the debit of account О 5Н PURPOSE OF PAYMENT Purpose of payment U - О О О 3АН 16Н 3Н О Required U Optional, required if specified

13 13 GENERAL FOREIGN EXCHANGE ORDER - form sample* Ordering party's bank Bank Order No. Date Ordering party's/ Non- C u r r e n c y resident's Amount in dinars Beneficiary's Reference Account country Identification No. Code Amount in currency Purpose Place and date Banks's stamp and signature * Required to be issued for the purposes of customs authorities in case of exported foreign currency or dinars, subject to the approval of National Bank of Yugoslavia..

14 14 E. DELIVERY OF INFORMATION ON PAYMENTS MADE, PAYMENTS RECEIVED AND TRANSFERS UNDER CURRENT AND CAPITAL TRANSACTIONS IN FOREIGN CURRENCY AND DINARS 33. A bank shall deliver the information from the orders containing the required items, as provided by these Guidelines, as well as the information on the statement of and transactions in the accounts specified in Schedule 1, which has been published with these Guidelines and shall make a part thereof, to the National Bank of Yugoslavia in the manner and within the periods specified in these Guidelines. A bank shall deliver all information within five days after the expiry of the first and second ten days of a month, and within eight days after the expiry of the remaining days of a month. The balance of accounts as of the last day of a month shall match the statement of such accounts as shown in the accounting reports. A bank shall separately deliver the statement of balance and transactions by currencies (transaction type 00) for each account, in original currencies and on daily basis for the accounts where daily reporting is required. 34. A bank may deliver aggregate information for accounts 0060, 2900, 5430, 5431, 5030 и 5031 in case of the following transactions: Purchase or sale of currency and cheques from and to non-residents (reference codes 701 and 699); Foreign currency and cheques deposited in current accounts held by nonresidents or foreign currency withdrawn or cheques issued from current accounts or deposits in foreign currency held by non-residents (reference code 898); Increase or decrease in deposits held by non-residents, excluding foreign banks and other foreign financial organisations (reference codes 502 and 102); Increase or decrease in term deposits held by non-residents (reference codes 504 and 104); Payments in dinars to the debit of dinar accounts held by non-residents or payments to the credit of such accounts (reference code 704); Purchase of foreign currency held in non-resident accounts (reference code 703); Received cover for cheques, or cheques forwarded for collection abroad and used cover for cheques drawn on local banks (reference code 515 and 115); Purchase or sale of foreign currency from and to non-resident individuals (reference codes 796, 700 and 795); Depositing or withdrawals of cash in foreign currency and travellers cheques in or from personal accounts and savings accounts in foreign currency (reference codes 797 and 897); Purchase and sale of foreign currency abroad (reference codes 552 and 152); Transfer of foreign currency of local banks (reference codes 563 and 163); Transfers to and from local foreign currency accounts (reference codes 565 and 165). A bank shall deliver the aggregate information referred to in paragraph 1 thereof in the form of report as prescribed by the National Bank of Yugoslavia. 35. A bank shall separately deliver the information from the international payment transaction order for each order, excluding the transactions specified in Section 34 thereof. 36. A bank shall deliver the information referred to in these Guidelines in electronic format, as provided by the respective regulation of the National Bank of Yugoslavia.

15 The codes contained in Schedules 2 to 6, which have been published with these Guidelines and make a part thereof, shall apply to the orders referred to in Section 32 of these Guidelines. 38. The standards provided by these Guidelines shall further be reconciled until October 1, 2002, whereas the standards used until these Guidelines became effective shall be applied until the same date. 39. These Guidelines shall become effective as of the day following the date it was published in the»fry Official Gazette«. No. 47 May 10, 2002 B e l g r a d e G o v e r n o r of the National Bank of Yugoslavia Mladjan Dinkić

16 16 S C H E D U L E S Schedule 1 REPORTING PERIODS Account as specified in the Chart of Accounts Reporting frequency Report by currencies ORDER DETAILS Debits Credits 0050 Daily Daily Daily * Daily * Daily Ten-day Ten-day Ten-day Ten-day Ten-day Ten-day *For transactions in accounts 0041 and 4510 the reported information shall include only the details of collection orders to be delivered by a paying bank which is not a collecting bank.

17 17 Schedule 2 REFERENCE CODE LIST FOR PAYMENTS RECEIVED, PAYMENTS MADE AND TRANSFERS UNDER CURRENT AND CAPITAL TRANSACTIONS Description I TRANSACTIONS BETWEEN RESIDENTS AND NON-RESIDENTS International payments received International payments made CURRENT ACCOUNT GOODS All payments received or made for export and import of goods, after the goods have been imported or exported. Payment received from and made to carriers of goods sold in ports and airports, with customs declaration completed in export or import procedures. Payments made and received for bought and sold goods respectively for intermediary commodity transactions are included under Other corporate services Advance payments received and made up to 90 days for export and import of goods: payments received before the goods have been exported, or payments made before the goods have been imported (excluding down payments for capital works contracted abroad) Payments received for exported goods or payments made for imported goods with no customs declaration, i.e. imported books, professional publications, sale of goods to foreigners, including payments received from or payments made to carriers of goods in ports, berths and airports, with customs declaration not completed in export or import procedure, irrespective of whether the payment were made or received before or after delivery of goods Differences written off in respect of invoiced value of goods Accrued differences in respect of invoiced value of goods Cover received for (export) documentary credits in favour of local beneficiaries 514 CURRENT ACCOUNT UPGRADING AND REPAIRS Payments received and payments made for upgrading of goods: industrial finishing works and processing of goods Payments received or payments made for repair services: all repairs and servicing, excluding the repairs by companies engaged in construction and assembly works (see: Capital works, construction and assembly), repairs of computer equipment (see: Computer and IT services), and maintenance of appliances and equipment at airports an ports (see: Air transport other and Maritime transport other) CURRENT ACCOUNT SERVICES TRANSPORT Maritime transport Passenger transport Transport of goods Other

18 18 Air transport Description International payments received International payments made Passenger transport Transport of goods Other Road transport Passenger transport Transport of goods Other Railway transport Passenger transport Transport of goods Other River transport Passenger transport Transport of goods Other Passenger transport: transport of non-residents in international traffic by local means of transport, transport of residents by foreign means of transport, local passenger transport by foreign means of transport, including other costs incurred in passenger transport (overweight costs, food and drinks in means of transport, etc.). This item shall not include the transport of non-residents by local means of transport within the country (see: Tourism) Transport of goods: transport of goods, and loading and unloading services on and from means of transport if by the agreement between the owner of goods and carrier such services are to be provided by the carrier. Other: all types of services at ports, airports and other terminal lines (cargo, loading, unloading, keeping, storing, packing, maintenance and cleaning of equipment for transport, vehicle tow and rescue services, as well as agency commission and fees for provided services of transport of passengers and goods. This item shall not include: leased vehicles with crew (see: Leased vehicles with crew), carrier's operating costs (see: Other transport related services), other storage of goods (see: Other corporate-technical services) Other Oil and gas pipeline transport Forwarding services Leased vehicles with crew for a specified period Other transport related services: operating costs, road tolls, transit fees, overflight taxes TOURISM Purchase or sale of foreign currency from and to non-residents (retransfer for unspent dinars). This item shall not include purchase and sale of foreign currency from and to residents (see: Transactions between residents and neutral transactions)

19 19 Description International payments received International payments made Purchase and sale of cheques from and to non-residents (retransfer for unspent dinars). This item shall not include purchase and sale of cheques from and to residents (see: Transactions between residents and neutral transactions) Sale or purchase of local currency abroad Payments abroad for sold cheques of foreign issuers Services of tourist agencies (remittances in favour of foreign agencies, including advance payments), services of hotels and other accommodation facilities, restaurants, etc Other: sales of goods and other services to tourists, hunting and fishing licences, sold road toll vouchers for foreign vehicles, and petrol vouchers International business trips: overall costs of business trips, other than operating costs included in transport costs Health tourist services, spas, medical treatment costs Overall education costs, including scholarships and tuition fees, specialisation costs COMMUNICATIONS RELATED COSTS Telecommunications, sound transmission, transmission of information by phone or telex, telegrams, cable and satellite transmission, including satellite channel fees, satellite lease, , etc Supporting services for telecommunications and similar services; PTT services, parcel deliveries, courier services CAPITAL WORKS, CONSTRUCTION AND ASSEMBLY Construction and assembly services, including imported project equipment and working gear if the duration of works is less than a year Down payments for capital works, in case of long-term works: down payments, i.e. payments received for interim stages and statements (applicable to enterprises which are required to keep separate books of account for a business unit or to pay taxes in the country where they perform the activities involving capital works), excluding the payment of profit from capital works carried out (see: Income from capital) International payments made for contracted long-term capital works Payments received for international capital works on account of locally paid costs in dinars (excluding goods) International payments received for capital works contracted by foreign entities Local capital works contracted by foreigners: all payments, including down payments INSURANCE Insurance premiums Insurance damage compensations (the insurance contracting party with a foreign insurer and the beneficiary is a resident, or the insurance contracting party with a local insurer is a non-resident)

20 20 Description International payments received International payments made Insurance damage compensations (the insurance contracting party with a foreign insurer is a non-resident, and the beneficiary is a resident, or the insurance contracting party with a local insurer is a resident, and the beneficiary is a non-resident) Insurance company's commissions Reinsurer's commissions Reinsurance premiums Reinsurance damage compensations FINANCIAL SERVICES Commission and charges for banking and other credit intermediary services, including guarantee charges Commission for transactions in securities COMPUTER AND IT SERVICES Computer and IT services: data processing, database related services, software design, computer consultancy, hardware servicing, and other IT services INDUSTRIAL PROPERTY RIGHTS Licences, patents, trademarks, and other royalties: payments made or payments received for licences and fees based on industrial property rights, excluding the purchase and sale of patents and licences (see: Sale, purchase of non-manufacturing, intangible assets) Franchise OTHER CORPORATE SERVICES Intermediary and other trade related services Intermediary transactions: all payments received and made under intermediary transactions. Intermediary transactions are understood as the purchase of goods bought by a resident from a non-resident, and then resold to a non-resident (re-export) Representation and intermediary commission and other charges Operating lease Leased equipment includes all types of leased equipment (machinery, computers, and other equipment) Leased means of transport without crew for a specified period: leased vessels without crew, leased aircraft without crew, other leased vehicles without crew Other corporate, professional and technical services Research and development: fundamental and applied research, laboratory and other services, projects and studies, participation fees for professional conventions

21 21 Description International payments received International payments made Legal counselling, accounting consultancy, auditing and tax advising services Entrepreneurship and corporate consultancy, participation fees for business conventions Advertising and market research: media advertising, fair exhibitions, international product presentation, market surveys Architecture, engineering and other similar services Services relating to agriculture, mining and processing industry, including waste processing services Storage, excluding storage at railway stations, airports and ports (see: Transport) Quality and quantity control at take-over of goods, technical testing of goods, analysis and certificate issuing Payment of office space lease Other services (protection and search services, translation and interpretation, photo services, cleaning services, municipal services) Reduction of claims based on services PERSONAL AND CULTURAL SERVICES AND RECREATION RELATED SERVICES Audiovisual services: fees related to film and video industry, radio and television industry, as well as fees for distribution licences and royalties Cultural services: services of museums, libraries and orchestras, other cultural activities and participation fees, membership fees of cultural organisations Sport and recreation: participation and membership gees, etc Fees for services provided by physicians, editors, teachers, etc Advance payments received and advance payments made for services Advance payments received and advance payments made up to 90 days for services, except down payments for capital works and tourism (see: down payments for capital works and services of tourist agencies) GOVERNMENT SERVICES Income and expenses of national embassies and consulates CURRENT ACCOUNTS INCOME INCOME FROM EMPLOYMENT Salaries and all benefits paid to employed seasonal workers for works performed, salaries and all benefits to residents employed in foreign diplomatic missions and international organisations, or salaries of nonresidents employed in our diplomatic missions abroad

22 22 INCOME FROM CAPITAL Description International payments received International payments made Income from investments in shareholding securities Dividends and other paid profit based on share capital, or economic activities performed abroad transfer of profit Contracted capital works profit 420 Interest: income from investments in debt securities Payment of interest on investments in bonds and bills Payment of interest on investments in money market instruments Income from investments in other forms of capital Income from investments in property (lease, etc.) Interest for long-term loans and advances Interest for short-term loans Interest on demand deposits and term deposits Other costs for international loans or borrowings Default interest payments CURRENT ACCOUNT CURRENT TRANSFERS Grants and contributions made to or received from public sector Annuities, pensions, disability allowances, and other welfare benefits Inheritance, support, and other contributions and grants to or from other sectors Court deposits, deposits, fines, duties, awards, issued visas, etc Other public transfers (received taxes, awards, regular transfers by government institutions to international organisations and vice versa, fees for international technical assistance and other transfers Other personal transfers (based on reasonable family support costs) Incoming international transfers in foreign currency, in favour of local individuals paid in dinars Incoming international transfers in foreign currency, in favour of personal foreign currency accounts, or outgoing international transfers from personal foreign currency accounts Foreign currency transfers by workers in favour of legal entities. Incoming international transfers by workers in favour of their foreign currency accounts; incoming international transfers by workers in favour of social security organisations for the purpose of their pension funds and health care for their families 782

23 23 Description CAPITAL AND FINANCIAL ACCOUNT International payments received International payments made CAPITAL ACCOUNT CAPITAL TRANSFERS PUBLIC TRANSFERS Money transfers increasing the fixed capital in the country: e.g. monetary subventions for capital projects and inter-government reparation paid on the government level TRANSFERS OF OTHER SECTORS Migrant transfers: transfers related to migrations of individuals from one economy to other Transfers between resident and non-resident accounts due to changed status CAPITAL ACCOUNT SALE OR PURCHASE OF NON- MANUFACTIRING OR INTANGIBLE ASSETS Sale or purchase of patents, licences, and other intangible assets Sale or purchase of property to or from foreign diplomatic missions FINANCIAL ACCOUNT INVESTMENTS IN SHAREHOLDING SECURITIES Portfolio of investments made by residents in foreign shareholding securities Portfolio of investments made by non-residents in local shareholding securities Foreign capital invested in local enterprises and banks, investments in shares of local enterprises and banks or reimbursement of foreign capital Payment received for sold shareholding in other local enterprise or payment made to non-resident for sold shareholding in other local enterprise Local capital invested in foreign banks or enterprises, all investments in shares of foreign enterprises and banks or reduced shareholding Sale or purchase of property in the FR of Yugoslavia, excluding sale or purchase of property to or from foreign diplomatic missions (see: Sale or purchase of non-manufacturing and intangible assets) Sale or purchase of property abroad Foreign capital paid in whereby the equity is not increased, or reimbursement of such capital FINANCIAL ACCOUNT INVESTMENT IN DEBT SECURITIES Sale or purchase of debt securities of foreign issuers (principal): bonds, bills Sale or purchase of debt securities of local issuers (principal): bonds, bills

24 24 Description International payments received International payments made Sale or purchase of debt securities of foreign issuers (principal): money market instruments (treasury bills, deposit certificates) Sale or purchase of debt securities of local issuers (principal): money market instruments (treasury bills, deposit certificates) FINANCIAL ACCOUNT OTHER INVESTMENTS CREDIT FACILITIES Disbursements or repayments under long-term foreign borrowings (over one year) Disbursements or repayments under short-term foreign borrowings: short-term foreign financial borrowings Repayments or disbursements under long-term foreign loans (over one year) Repayments or disbursements under short-term foreign loans: short-term foreign financial loans Disbursements or repayments under subordinated loans Disbursements under commodity credits or credits foreign account (0050) for payment of goods imported under agreed commodity credits Exports or imports of goods and services with agreed terms exceeding 90 days FINANCIAL ACCOUNT FOREIGN CURRENCY AND DEPOSITS Foreign currency and cheques deposited in current and deposit accounts held by non-residents or foreign currency withdrawn and cheques issued from current and deposit accounts held by non-residents Sold travellers cheques denominated in dinars Increase or decrease in deposits by foreign banks or other financial organisations (accounts 5430 and 5030) Increase or decrease in deposits by non-residents (excluding foreign banks or other financial organisations) Increase or decrease in term deposits by non-residents (foreign banks or other financial organisations) Decrease or increase of term deposits with foreign banks Payments made for other purposes (payment of local costs) from nonresident accounts (accounts 5030 and 5031) Purchase of foreign exchange from non-resident accounts FINANCIAL ACCOUNT OTHER ASSETS AND LIABILITIES Decrease or increase in local capital in international financial organisations Collection under guarantee in favour of local beneficiary for transactions between residents; settlement of collected guarantee in favour of local beneficiary for transactions between residents Collected claims based on collection under guarantee Covered loss in enterprise or covered loss of own enterprise abroad

25 25 Description International payments received International payments made Payment made from bankrupt's estate or by court execution order, including the collection of acceptances Received cover for foreign currency withdrawals from non-resident savings accounts with local banks or foreign currency withdrawals from savings accounts with foreign banks Received cover for cheques or cheques forwarded for collection abroad and used cover for cheques drawn on local banks Reduction of claims based on capital transactions Sale and purchase of gold abroad Settlement of clearing balance in foreign currency II TRANSACTIONS BETWEEN RESIDENTS AND NEUTRAL TRANSACTIONS Purchase or sale of foreign currency from and to resident individuals Purchase or sale of cheques from and to resident individuals Depositing or withdrawal of foreign currency and travellers cheques to or from personal foreign currency accounts or savings accounts Local sales of foreign goods to non-residents and residents: payments abroad for sold foreign goods (consignment stocks and duty-free shops) Transfers from foreign accounts to local accounts or credits to foreign currency accounts abroad Payments made for the purpose of settlement accounts: settlement in payment card accounts Payments made for the purpose of settlement accounts: settlement in long-term manufacturing cooperation accounts Sale and purchase of foreign currency abroad: transfer of foreign currency to foreign account (to the debit of account 0050, and to the credit of account 0060), credits to account 0060 by foreign currency purchased abroad (to the debit of account 0060, and to the credit of account 0050) Transfer of foreign currency through foreign accounts between the NBY and authorised banks (NOTE: for credits to account 0050 of the National Bank of Yugoslavia, a bank uses code 155, and the National Bank of Yugoslavia uses code 555; for credits to a bank's account 0050, a bank uses code 555, and the National Bank of Yugoslavia uses code Transfer from account 0050 to another account 0050 within one bank: if code 561 is used, a debit must be entered under code 161 and with equivalent details, or if code 161 is used, a credit must be entered under code 561 and with equivalent details Transfer from account 0050 of one bank to account 0050 of another bank: a receiving bank uses code 562, and a transferring bank uses code 162 (NOTE: if one of the banks is the National Bank of Yugoslavia, the use of this code is not permitted; code should be used) Local transfers of foreign currency: transfer of foreign currency between banks through collective centres (the use of code is permitted only for account 0060) (NOTE: a transferring banks uses code 163, and a receiving bank uses code 563)

26 26 Description International payments received International payments made Purchase of foreign currency and cheques from licensed exchange offices Transfers between local foreign exchange accounts Payments based on foreign currency savings (so-called old foreign currency savings) bonds and cash in foreign currency Foreign exchange trading: selling one currency and buying other currency Accounting discrepancies (outstanding items) and erroneous entries Recovery of stolen foreign currency or robbery and stolen foreign currency Transfers from payment receiving banks to paying banks Exchange of ex-currencies to euro Conversion

27 27 Schedule 3 PAYMENT INSTRUMENT CODES Code Name 1 Remittances, letters of credit, and cheques 2 Cancelled remittances, letters of credit, and cheques 3 Documentary credit cover 4 Cancelled documentary credit cover 5 Disbursements under documentary credits 6 Cancelled disbursements under documentary credits 7 Cash 8 Cancelled cash