Kazakhstan Vice Premier and Finance Minister Bakyt Sultanov said on Tuesday that amnesty for capital and property could legalize $10-11 billion worth of citizens' funds that are currently in the grey economy.

The amnesty will start on Sept. 1 and extend through December 31, 2015, as stipulated in the draft law. The bill proposes to legalize money, securities, stakes in the capital of legal entities, buildings and structures obtained through legal means, according to Tengri News.

"Legalized money will be placed on specialized savings accounts in second-tier banks," Sultanov said, Tengri News reports. "Later the citizens will be able to choose the means of legalization themselves. But if a citizen legalizing money chooses to abstain from use the offered financial instruments (including various kinds of government securities) he or she will have a right to use the money in their own discretion. In this case the second-tier banks will deduct a legalization fee in the amount of 10 percent of the legalized capital."

Kazakh President Nursultan Nazarbayev earlier instructed the government and the National Bank of Kazakhstan to draft an amnesty law ahead of the 2017 introduction of a requirement for citizens of Kazakhstan to declare their incomes.