Tashkent, Uzbekistan (UzDaily.com) -- At the forty-fourth plenary session of the Senate, the Law "On amendments and amendments to some legislative acts of the Republic of Uzbekistan aimed at improving currency regulation, rental and leasing relations" was considered.

The discussed Law is aimed at further expanding the export potential of business entities, effective regulation of civil law relations in the field of rent and leasing, within the framework of which additions and changes are made to the laws “On Lease”, “On Leasing” and “On Currency Regulation”.

The Law “On Lease” envisages the concept of a lease agreement with the condition of subsequent redemption, the features of disposing of the object of the agreement and pledging it, as well as levying execution on it.

The law establishes that under a lease agreement with the condition of subsequent redemption, the lessor, by leasing the property belonging to him, undertakes to transfer it into the ownership of the tenant after the tenant fulfills the terms of the agreement, and the tenant undertakes to pay lease payments within the terms specified by the agreement.

Along with this, from the moment the lease agreement is concluded with the condition of subsequent redemption, the property specified in the agreement is considered pledged and it is prohibited to transfer this property to other persons as a pledge or otherwise dispose of it.

Also, a provision is introduced into the Law “On Leasing”, according to which, unless otherwise provided by the leasing agreement, from the moment the leasing agreement is concluded, the object of the agreement is considered to be pledged by the lessee to ensure the fulfillment of the obligations of the lessor.

It is established that the lessor does not have the right to use the object of leasing as collateral or otherwise dispose of it without the consent of the lessee.

In addition, it indicates the possibility of the lessee acquiring the object of leasing in the property, having fully paid its cost before foreclosure.

A new rule is being introduced into the Law “On Currency Regulation”, which stipulates exemption from paying a fine for failure to ensure the repatriation of assets in the amount of 5 percent of the amount of currency from the value of all products shipped for export under one export contract.

According to the senators, the adoption of the Law directly serves to increase the export potential of entrepreneurs and the competitiveness of local products in foreign markets.

The law also ensures legality in rental and leasing relations and prevents fraudulent crimes, while ensuring the rights of subjects of leasing relations and eliminating legal gaps.

After deliberations, the senators approved this Law.