Republika Srpska: amendments to Foreign Exchange Law
The latest amendments to the Foreign Exchange Law will come into effect on 27 March 2014. The amendments moderately liberalise the foreign exchange regime applicable in Republika Srpska.
Foreign deposits — payments via Paypal made possible. Residents of Republika Srpka are not allowed to hold money on offshore accounts except in cases expressly permitted under the Foreign Exchange Law. The amendments reinforce this prohibition by specifying that, when an exception applies, money held by residents of Republika Srpska on a foreign bank account must be repatriated within 30 days from the cessation of the reason that made such foreign deposit permissible.
To enable the citizens to engage in e-commerce via Paypal and similar foreign e-commerce companies, the amendments specify that the currency held with such institutions shall not be deemed bank deposits…
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