Russian President Dmitry Medvedev on Tuesday signed into law a new bill that simplifies the registration process for political parties in the country.

During his second meeting with leaders of unregistered parties, the president put his signature on the bill, which envisages an 80- fold drop in the number of members required for registering a political party, from 40,000 to 500.

The bill also allows a more flexible registration procedure and simplifies parties' reporting system to the Russian Central Election Commission.

The outgoing president stressed that the development of political system cannot be halted in Russia.

"It will be developing regardless of who is in power and which post one occupies," he said.

According to the president, the law will come into force on Wednesday.

Before Russia's presidential election, Medvedev held an unprecedented meeting with leaders of unregistered parties in February, stressing that time for the country's political reforms has come.

Incumbent Prime Minister Vladimir Putin, who won the March 4 presidential election, is expected to be inaugurated on May 7.