SUPREME COUNCIL OF THE

SUPREME COUNCIL OF THE SUPREME COUNCIL OF THE REPUBLIC OF LITHUANIA RESOLUTION Provisional Law on Currency Reserves of the Republic of Lithuania and Deductions in Convertible Currency -- Entry into Force The Supreme Council of the Republic of Lithuania resolves:

1. To establish that the Provisional Law on Currency Reserves and Deductions in Convertible Currency of the Republic of Lithuania enters into force as of 22 March
2. Taxes shall be imposed on income received from 1 January 1991 in accordance with this and other laws.
3. To charge the Government of the Republic of Lithuania, prior to 5 April 1991, to adopt laws on the implementation of this Provisional Law and Resolution and, also, by 20 June 1991, submit to the Supreme Council the draft plan on the incomes and expenditures of the Currency Fund of the State of Lithuania for the second half of
5. To apply, from 1 January 1991, the following rate of ex change between a rouble and foreign currency - 1 US dollar shall be equal to 2 roubles. Such exchange rate shall be applied in revaluating investments and currency deductions in roubles (litas) or in other transactions, as well as in other cases specified in legal acts. Taking into consideration the rate of inflation the Government of the Republic of Lithuania may change this rate.
6. To establish that from 1 April 1991 enterprises shall pay to the State in convertible currency for natural resources of the Republic of Lithuania and for raw materials supplied to them by the State in centralised manner, and used for the production of goods (or for rendering services) which shall be sold for con vertible currency, in the manner established by the Government of the Republic of Lithuania.
7. To permit, from 1 April 1991, legal and natural persons of the Republic of Lithuania and of foreign states to purchase and sell currency for the market price in the manner established by the Bank of Lithuania and, also, to permit foreign persons to open accounts in roubles with banks registered in the Republic of Lithuania.
8. To establish that upon receiving the permission from the Bank of Lithuania, a credit institution may perform transactions of currency exchange for residents, may establish agencies of currency exchange, purchase and selling of currency for market price. For the transactions of currency exchage (purchase, sell ing) the state tax at the rate of 5 percent in currency shall be imposed which shall be transferred to the currency fund. The Bank of Lithuania shall impose additional commission fee at the rate not in excess of 2 percent for the currency exchange services as well as for other services of currency exchange.
9. To charge the Bank of Lithuania,to establish prior to 15 April 1991, the order of the usage of foreign currency, deduc tions in convertivle currency and regulation of currency transac tions in the Republic of Lithuania.
10. Until the Bank of Lithuania makes information concerning the market rate of currency available to the public, in order to calculate taxes, to establish that the temporary market rate be tween a rouble and freely convertible currency shall be 1 US dol lar for 20 roubles.
11. To establish that, according to the data as of 22 March of the current year, currency resources which are in the owner ship of state enterprises and stock corporations and which com prise a part of state capital shall be prescribed to the authorised state capital. VYTAUTAS LANDSBERGIS President Supreme Council Republic of Lithuania Vilnius, 21 March 1991 No. I-1160