Currency transactions are all transactions that are associated with the transfer of rights to currency values. In addition, the legislation of the Russian Federation also includes the maintenance of ruble accounts of non-residents by domestic financial institutions as currency transactions.
Implementation of foreign exchange transactions and their types
Order of organization currency transactions in the Russian Federation is determined by the provisions of the Federal Law "On currency regulation and currency control". This law provides that in Russia the implementation of foreign exchange transactions is available to both financial and credit institutions and participants in foreign economic trade relations.
Operations in foreign currency divided into 2 groups:
- current - the provision of loans for a period of six months and international transfers(settlements with suppliers, payment of salaries, alimony, interest on loans, income from deposits, investments and other transactions related to the movement of capital).
- related to the movement of capital - portfolio and direct investments, loans for a period of 6 months or more, other foreign exchange transactions that are not included in the current group.
The implementation of current currency transactions by residents is possible without any special restrictions. But there are limits on the export of foreign currency from the country.
Implementation of foreign exchange transactions associated with the movement of capital, is carried out taking into account the requirements. The latter strictly controls the export of capital from the country, issuing permission to organize foreign exchange transactions of this kind only to domestic banks with the appropriate license.
When carrying out foreign exchange transactions, financial institutions are required to insure imported and exported valuables against all possible risks that may occur along the way between the cash desk of a domestic bank and the vault of a foreign credit institution.
Organization of currency transactions
As we have already noted, the principles for the implementation of various kinds of foreign exchange transactions in the Russian Federation, as well as the procedure for their organization, are regulated by federal law. Organization of currency transactions primarily assigned to commercial banks, which in their activities are guided by the instructions of the Bank of Russia.
The procedure for organizing foreign exchange transactions (transportation, importation, transfer of foreign currency), as well as the conditions and possibility for Russians to open accounts in non-resident banks - all this is determined normative documents Central Bank of Russia. It also sets limits on open currency positions of authorized banks - the ratio between liabilities and claims of financial institutions in foreign currency.
The organization of foreign exchange transactions, accompanied by a violation of the norms and requirements of the Central Bank of the Russian Federation, is punishable by financial sanctions - impressive fines.
Currency operations- these are actions aimed at the fulfillment or other termination of obligations with currency values and their use as a means of payment, as well as in other cases involving the transfer of ownership.
So, foreign exchange transactions include:
transactions of sale or purchase of foreign currency;
use of foreign currency as a means of payment;
payment of foreign economic obligations in national currency;
export, shipment currency values abroad and import from abroad.
In what cases there are foreign exchange transactions
Currency transactions appear:
1) when converting legal entities or individuals Money from one currency to another;
2) when they are used in the international circulation of currency values as a means of payment;
3) when importing, sending, transporting currency valuables on the territory of this country and beyond its borders.
Legal regulation of foreign exchange transactions
The regulation of foreign exchange operations is carried out in accordance with the principles defined in Art. 3 of Law No. 173-FZ "On Currency State Regulation and Control".
Among them are the following:
non-intervention of government agencies in foreign exchange transactions performed by non-residents and residents, without the presence of good reason;
prioritization for economic ways when implementing currency regulation;
one-vector development of both domestic and foreign monetary policy of Russia;
a unified policy in state regulation and control of foreign exchange transactions;
state protection of the rights and interests of subjects in their commission.
Normative legal acts regulating the performance of foreign exchange transactions are:
Law on currency state regulation and control of December 10, 2003 No. 173-FZ;
The regulators, whose powers include control over the conduct of foreign exchange transactions, are the Central Bank and the Government of the Russian Federation (Article 5 of Law No. 173-FZ).
What applies to foreign exchange transactions at the legislative level
The Law "On Currency State Regulation and Control" dated December 10, 2003 No. 173-FZ defines currency transactions by listing their types.
Article 1 of the 173rd Law reveals the basic concepts and terms used in the Law, including the concept of currency transactions.
In accordance with the legislation of the Russian Federation, currency transactions include:
acquisition or alienation of currency values by residents among themselves (purchase and sale, donation, inheritance, and so on) or their use for payment;
acquisition or alienation by a resident from a non-resident and vice versa of currency or securities, including in the Russian currency, or their use for making payments;
acquisition or alienation between non-residents of currency and securities, including in Russian currency, or their use for payment;
import and export to and from Russia of currency and securities, including in Russian currency;
transfer of currency and securities, including in Russian currency, from an account in Russia to an account of the same person abroad and vice versa;
transfer by a non-resident of securities, Russian currency from an account in Russia to an account abroad;
transfer of Russian currency by a resident to the account of another resident from Russia abroad and vice versa, as well as making such a transfer from an account to an account, both to his own and to another resident outside Russia.
Classification of foreign exchange transactions
Based on the provisions of the current currency law, the classification of currency transactions can be carried out according to various criteria.
According to the object, it is possible to distinguish operations with Russian currency, foreign currency, Russian and foreign securities.
According to the subject of operations, they can be divided into operations between:
non-residents,
currency residents and non-residents.
Also, foreign exchange transactions can be classified:
By deadline. Foreign exchange transactions can be divided into capital foreign exchange transactions, current and cash foreign exchange transactions.
Depending on the entities participating in foreign exchange transactions. Currency transactions can be performed by residents and non-residents.
Currency transactions can have different purposes and be aimed at achieving different goals. For example, currency transactions can be performed in the interests of clients or in their own interests.
In accordance with the characteristics of the management accounting and the nature of foreign exchange operations, foreign exchange operations can be divided into active operations and passive operations.
Also, foreign exchange transactions can be classified by the nature of the transaction.
In this case, one can distinguish:
currency transactions by bank currency account bank client;
implementation of export-import operations;
foreign exchange trading;
acquisition of foreign currency by the country;
lending operations at the international level.
It is also possible to highlight conversion operations with currency, carried out with the aim of exchanging one foreign currency for another, taking into account the difference in rates, for example, Forex trading.
Current foreign exchange transactions
The following actions are included in the current foreign exchange operations:
transfer to and from Russia of funds in foreign currency for export and import operations;
issuance and receipt of loans in foreign currency;
transfer to and from Russia of interest and other payments related to income generation;
transfer to and from Russia of funds in the form of wages, bonuses, pensions and other payments;
investment, which is carried out in the form of the acquisition of shares in the authorized capital of companies or through the purchase of securities;
transfer of funds for the purpose of purchasing property objects and non-property rights.
At the same time, all transactions that are not included in this list are not current currency transactions.
Currency transactions in the foreign exchange market
Such transactions are carried out by banks, individuals and companies.
Since 07/01/2016, the procedure for making such transactions has been significantly simplified due to the loss of force of a number of provisions of the currency law No. 173-FZ.
On this moment there remains a requirement to carry out transactions for the purchase of foreign currency (currency checks) through authorized banks - banks that have a license to carry out foreign exchange transactions.
Individuals make foreign exchange transactions in the domestic market, buying currency or checks for their own needs.
When making such transactions, in order to counteract the legalization of illegal income, requirements for identification of a person may be established.
The law does not contain restrictions on the amount of currency purchased in this way.
Who controls currency transactions
Currency transactions in Russia are controlled by agents and government bodies currency control.
In general, control over the conduct of foreign exchange transactions is carried out by the government.
It should be noted that the Central Bank and the Ministry of Finance are among the controlling bodies.
And the agents that exercise control over the implementation of foreign exchange transactions are authorized banks, as well as brokers and dealers, the state corporation Vnesheconombank and fiscal authorities.
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Currency transactions can be considered as a combination of the following elements:
a) transactions related to the transfer of ownership and other rights to currency values, including those related to the use of foreign currency and payment documents in foreign currency as a means of payment;
b) import and transfer to the Russian Federation, as well as export and transfer from the Russian Federation of currency valuables;
c) implementation of international money transfers. Legislation relating to currency regulation and
currency control, establishes that transactions with foreign currency and securities in foreign currency are divided into current foreign exchange transactions and foreign exchange transactions associated with the movement of capital.
Under current foreign exchange transactions are understood:
a) transfers to the Russian Federation and from the Russian Federation of foreign currency for settlements without deferred payment for the export and import of goods, works and services, as well as for settlements related to crediting export-import transactions for a period not exceeding 180 days;
b) obtaining and granting financial loans for a period not exceeding 180 days;
c) transfers to the Russian Federation and from the Russian Federation of interest, dividends and other income on deposits, investments, loans and other transactions related to the movement of capital;
d) non-commercial transfers to and from the Russian Federation, including transfers of wages, pensions, alimony, inheritance, and other similar transactions.
Under the currency transactions associated with the movement of capital are understood:
a) direct investment, i.e. investments in authorized capital enterprises in order to generate income and obtain rights to participate in the management of the enterprise;
b) portfolio investment, i.e., the acquisition of securities;
c) transfers in payment of the right of ownership to buildings, structures and other property, including land and its subsoil, attributable under the legislation of the country of its location to real estate, as well as other rights to real estate;
d) granting and receiving a deferred payment for a period of more than 180 days for the export and import of goods, works and services;
e) provision and receipt of financial loans for a period of more than 180 days;
f) all other currency transactions that are not current currency transactions.
There is a rule according to which settlements between residents are carried out in the currency of the Russian Federation.
Export and shipment from the Russian Federation, the currency of the Russian Federation and other securities denominated in the currency of the Russian Federation, as well as import And translation to the Russian Federation, the currency of the Russian Federation and securities denominated in the currency of the Russian Federation are carried out by residents and non-
residents in the manner prescribed central bank Russia together with the Ministry of Finance of the Russian Federation and the State Customs Committee of Russia.
The current legislation establishes the following procedure for the implementation of current currency transactions by residents:
current currency transactions are carried out without restrictions;
currency transactions related to the movement of capital are carried out in accordance with the procedure established by the Central Bank of the Russian Federation;
residents have the right to transfer, import and forward currency values to the Russian Federation without restrictions, subject to customs regulations;
the procedure for the mandatory transfer, importation and transfer to the Russian Federation of foreign currency and securities in foreign currency owned by residents is established by the Central Bank of the Russian Federation;
residents have the right to sell foreign currency for the currency of the Russian Federation on the domestic foreign exchange market Russia in the manner prescribed by the current currency legislation;
the procedure for the formation of state foreign exchange reserves is established by the highest representative body of Russia. The procedure for the mandatory sale by residents of foreign currency receipts in the domestic foreign exchange market of Russia is established by the President of the Russian Federation with subsequent submission of information to the highest representative body of Russia;
resident individuals have the right to transfer, export and send from the Russian Federation currency values previously transferred, imported or sent to the Russian Federation, subject to customs rules within the limits specified in the declaration or other document confirming their transfer, import or transfer to the Russian Federation;
the procedure for the export and transfer of currency valuables from the Russian Federation is established by the Central Bank of the Russian Federation jointly with the State Customs Committee of Russia.
Non-residents have the right:
have accounts in foreign currency and in the currency of the Russian Federation in authorized banks. The procedure for opening and maintaining an authorization
Financial Law of Russia. Special part
banks of accounts of non-residents in foreign currency and in the currency of the Russian Federation are established by the Central Bank of the Russian Federation;
without restrictions to transfer, import and forward currency values to the Russian Federation, subject to customs regulations;
sell and buy foreign currency for the currency of the Russian Federation in the manner established by the Central Bank of the Russian Federation;
freely transfer, export and send from the Russian Federation currency values subject to customs rules, if these currency values were previously transferred, imported or sent to the Russian Federation or acquired in the Russian Federation on the grounds specified by the Law on Currency Regulation, and in other cases in accordance with the legislation of the Russian Federation;
transfer, export and forward from the Russian Federation currency values, except for the cases specified in the law, in the manner established by the Central Bank of the Russian Federation together with the State Customs Committee of Russia.
For foreign investors after payment of the relevant taxes and fees, the unhindered transfer abroad of payments in connection with the investments they make is guaranteed, if these payments are received in foreign currency.
The procedure for selling goods (works, services) to citizens in Russia for foreign currency is established by the Central Bank of the Russian Federation.
In order to strengthen control over foreign exchange transactions, from January 1, 1994, the Central Bank of the Russian Federation prohibited the sale of goods (works, services) to citizens in Russia for cash foreign currency. At the same time, all payments between authorized enterprises and citizens for the goods (works, services) sold by the latter on the territory of the Russian Federation can be carried out in rubles and foreign currency in all forms accepted in international practice(including payment by credit and debit cards), except for cash payments in foreign currencies.
To carry out official foreign exchange transactions, commercial banks have the right to open specialized exchange offices. Such points are opened only at the location commercial bank throughout the territory under the jurisdiction of the respective Main Territory
Chapter 26 Legal basis currency regulation
rhetorical management of the Bank of Russia. IN exchange office the following operations are performed:
purchase and sale of cash foreign currency for cash rubles;
purchase and sale of payment documents in foreign currency for cash rubles, as well as sale and payment of payment documents in foreign currency for cash foreign currency;
acceptance for sending for collection of cash foreign currency and payment documents in foreign currency;
acceptance for examination of banknotes of foreign states and payment documents in foreign currency, the authenticity of which is in doubt;
issuance of cash foreign currency on credit and debit cards, as well as acceptance of cash foreign currency for crediting to accounts of individuals in banks, for settlements on credit and debit cards;
exchange (conversion) of cash foreign currency of one foreign state for cash foreign currency of another foreign state;
exchange of banknotes of a foreign state for banknotes of the same foreign state.
§ 4. Currency control
Currency control is the control of the state over the observance of currency legislation in the implementation of foreign exchange transactions.
According to the currency legislation purpose of currency control is the observance of currency legislation in the implementation of foreign exchange transactions.
Currency control is a type financial control, so it has all common features financial control. At the same time, it has some specific features. Its main directions are: a) determining the compliance of ongoing foreign exchange transactions with the current legislation and the availability of the necessary licenses and permits for them; b) verification of compliance by residents with the obligation
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liabilities in foreign currency to the state, as well as obligations to sell foreign currency on the domestic foreign exchange market of Russia; c) checking the validity of payments in foreign currency; d) checking the completeness and objectivity of accounting and reporting on foreign exchange transactions.
Currency control is carried out by the Government of the Russian Federation, bodies and agents of currency control.
The currency control bodies are the Central Bank of the Russian Federation and federal executive bodies authorized by the Government of the Russian Federation.
Currency control agents are authorized banks reporting to the Central Bank of the Russian Federation, as well as professional participants in the securities market that are not authorized banks, including register holders (registrars) reporting to the federal executive body for the securities market, and territorial bodies federal bodies executive power, which are bodies of currency control.
The Federal Law "On Currency Regulation and Currency Control" establishes the rights and obligations of bodies and agents of currency control and their officials. Bodies and agents of currency control have the following general powers:
carry out inspections of compliance by residents and non-residents with acts of the currency legislation of the Russian Federation and acts of currency regulation bodies;
to check the completeness and reliability of accounting and reporting on foreign exchange transactions of residents and non-residents;
request and receive documents and information related to the conduct of foreign exchange transactions, the opening and maintenance of accounts.
Exclusively currency control bodies and their officials, within their competence, have the right to:
issue orders to eliminate revealed violations of acts of the currency legislation of the Russian Federation and acts of currency regulation bodies;
apply the measures of responsibility established by the legislation of the Russian Federation for violation of acts of currency legislation and acts of currency regulation bodies.
Chapter 26. Legal bases of currency regulation 681
For the purpose of exercising currency control, currency control agents, within their competence, have the right to request and receive from residents and non-residents documents related to the conduct of currency transactions, the opening and maintenance of accounts. Legislation prohibits currency control agents from requiring audited entities to provide documents that are not directly related to the ongoing currency transaction.
Foreign exchange control Government of the Russian Federation is implemented through the activities of the Department of International Cooperation, whose main functions are currency regulation and currency control over transactions and operations with currency and currency values.
Currency control is carried out customs authorities. All customs authorities carry out the functions of currency control within their competence. According to the Labor Code of the Russian Federation, the State Customs Committee of Russia is a currency control body. Other customs authorities are agents of currency control, accountable to the State Customs Committee of Russia. In order to implement currency control in the structure of the State Customs Committee of Russia, special units: a) in the State Customs Committee of Russia - the Office of Foreign Exchange Control; b) in regional customs departments - departments of currency control or departments of customs value control and currency control; c) in customs - departments of customs clearance and customs control, or departments of currency control, or departments of customs value control and currency control; d) at customs posts - departments of customs clearance and customs control.
The competence of the customs authorities in the field of currency control is established by the Labor Code of the Russian Federation, according to which these authorities carry out currency control of two types: 1) actual - control over the movement of various objects of currency control across the customs border by persons; 2) documentary - control over currency transactions related to the movement of goods and vehicles across the customs border. The customs authorities exercise currency control over the movement of persons across the customs border of the Russian Federation, with the exception of the perimeters of free
Financial Law of Russia. Special part
Chapter 26
customs zones and free warehouses, the currency of the Russian Federation, securities in the currency of the Russian Federation, currency valuables, as well as control over the correctness of currency transactions related to the movement of goods and vehicles across the Russian border.
The legal basis for the powers of customs authorities in the field of currency control have significant specifics, consisting in a combination of customs and currency legislation, as well as its detailing by subordinate regulatory legal acts adopted by the State Customs Committee of Russia independently or jointly with other currency control bodies.
The customs legislation establishes procedures for conducting and forms of exercising currency control by customs authorities. When exercising currency control over compliance with the current rules for transactions and operations with currency and currency values, the customs authorities apply such forms as checking documents and information necessary for customs purposes; customs inspection (examination of goods and vehicles, personal inspection as an exceptional form of control); accounting of goods and vehicles; oral questioning of individuals and officials; verification of the accounting and reporting system; inspection of the territories and premises of temporary storage warehouses, customs warehouses, free warehouses, free customs zones and duty-free shops and other places where goods and vehicles subject to customs control, or activities are carried out, the control of which is entrusted to the customs authorities.
Currency legislation contains norms that apply to all currency control bodies and determine the objects of currency control.
The ratio of customs and currency legislation must also be taken into account when qualifying offenses identified by customs authorities in the course of exercising currency control. The Labor Code of the Russian Federation establishes a rule on the basis of which, if customs authorities detect violations of currency legislation during the implementation of currency control, which are also violations of customs rules, the acts of the guilty subjects are qualified in accordance with the norms of the Code of Administrative Offenses of the Russian Federation, establishing the answer
responsibility for violation of customs rules. All other illegal acts, the objects of encroachments of which are currency or currency values, form the composition of currency offenses, and the persons guilty of their commission are held accountable on the basis of Art. 25 of the Federal Law "On currency regulation and currency control".
Ministry of Finance of the Russian Federation performs the functions of a currency control body assigned to it through the Currency Control Department. The Currency Control Department of the Russian Ministry of Finance is the legal successor of the previously existing Federal Service of Russia for Currency and Export Control 1 and operates on the basis of the Regulations approved by Order No. 120-P of the Russian Ministry of Finance dated November 28, 2002.
The main objectives of the Department of Currency Control are: improvement of the legal framework and organizational system of currency control; coordinating the activities of bodies and agents of currency control, as well as law enforcement, regulatory and other federal executive bodies in the field of organizing and conducting currency control; exercising, within its competence, control over the observance by residents and non-residents of the currency legislation of the Russian Federation.
In accordance with the assigned tasks, the Currency Control Department performs extensive functions, the main of which are: control over the fulfillment by residents of obligations in foreign currency to the state, as well as obligations to sell foreign currency in the domestic foreign exchange market of the Russian Federation; control over the completeness of the receipt by the Russian Federation of funds in foreign currency for foreign economic operations; issuing permits to residents to carry out foreign exchange transactions and licensing foreign exchange activities of residents; organizing and conducting audits of the completeness and objectivity of accounting and reporting on foreign exchange transactions, as well as on non-recurring transactions
1 See: Decrees of the President of the Russian Federation of September 24, 1993 No. 1444 “On the Federal Service of Russia for Currency and Export Control” // SAP RF. 1993. No. 39. Art. 3605; dated August 9, 2000 No. 1476 “On recognizing as invalid some acts of the President of the RSFSR and the President of the Russian Federation on issues of federal executive bodies” // СЗ RF. 2000. No. 33. Art. 3353.
Financial Law of Russia. Special part
residents in the currency of the Russian Federation; organizing and exercising control over the use of loans in foreign currency provided to the Russian Federation and constituent entities of the Russian Federation on the basis of international treaties and agreements.
The Department of Currency Control of the Ministry of Finance of Russia participates in international negotiations with the aim of concluding international treaties and agreements on the organization and implementation of currency control and combating the financing of terrorism.
Based on the results of inspections of compliance by residents and non-residents with the currency legislation of the Russian Federation, the Currency Control Department prepares materials for submission to the relevant administrative, tax and law enforcement authorities, as well as to the relevant other currency control authorities, and assists them within its competence. Based on the results of generalization and analysis of the practice of currency control, including in foreign countries, the department develops proposals for the development and improvement of the currency legislation of the Russian Federation.
Ministry of the Russian Federation for Taxes and Duties provides currency control: foreign trade transactions, the objects of which do not have a material form (works, services and intellectual property); the validity of settlements and payments by residents and non-residents in foreign currency within the customs territory of the Russian Federation; the completeness of the receipt of foreign exchange earnings from the export of works, services and intellectual activity to the Russian Federation.
In accordance with the currency legislation, the Central Bank of the Russian Federation, as a body of currency regulation, has a normative function, i.e. issues regulations, obligatory for execution in Russia by all residents and non-residents (clause 2, article 9).
The Central Bank of the Russian Federation issues instructions, regulations and guidelines for certain areas of currency control. Objects legal regulation Bank of Russia in the field of currency control are: the mandatory sale of foreign exchange earnings in the domestic foreign exchange market of Russia; organization and circulation of foreign currency in the Russian Federation; issue of securities in foreign currency on the territory of the Russian Federation
regulation 685
walkie-talkies, in particular government securities; payment of mandatory payments to the state in foreign currency; movement of Russian and foreign currency and currency values across the border of the Russian Federation.
Importance when exercising currency control have main territorial departments of the Bank of Russia, who exercise control over compliance by authorized enterprises with the procedure established by the Central Bank of the Russian Federation for the sale of goods (works, services) to citizens on the territory of the Russian Federation for foreign currency and, based on the results of the audits, send them to the Main Directorate for Foreign Exchange Regulation and Foreign Exchange Control of the Bank of Russia, as well as to local executive bodies authorities and territorial law enforcement agencies information about detected violations and measures taken. In the event that an authorized enterprise violates the current legislation, the main territorial department of the Bank of Russia makes a decision to cancel the permit issued to it (with a written notification of this to the authorized enterprise, authorized banks, maintaining foreign currency accounts of the corresponding enterprise, as well as the local executive authority). The authorized bank, upon receipt from the main territorial department of the Bank of Russia of a notice of cancellation of the permit, shall cease crediting to the current currency account of this enterprise of funds from the sale of goods (works, services) to citizens on the territory of the Russian Federation, which were transferred in favor of the enterprise after the date of cancellation of the latter's permit.
In addition, the main territorial departments of the Bank of Russia are required to perform the following actions:
check that enterprises selling goods (works, services) for foreign currency in the territory under their jurisdiction to citizens have the appropriate permission from the Bank of Russia;
suspend the operations of enterprises on accounts in authorized banks in the event that officials of foreign exchange control bodies and agents fail to provide permission from the Bank of Russia to sell goods (works, services) to citizens in the territory of the Russian Federation for foreign currency;
Financial Law of Russia. Special part
submit claims to the court, arbitration court to invalidate transactions and illegal actions for the sale of goods (works, services) to citizens for foreign currency on the territory of the Russian Federation without permission from the Bank of Russia, as well as to recover everything received from invalid transactions and unreasonably acquired as a result of illegal actions to the state revenue;
upon re-acknowledgment by the court, arbitration court of the above transactions invalid and illegal actions to collect without acceptance fines in foreign currency in the amount of five times the amount unreasonably received as a result of invalid transactions and illegal actions in the state revenue. In the absence or insufficiency of funds for currency accounts x enterprises V without acceptance, an amount in rubles is debited from his current account (within the balance of funds on it or from subsequent receipts in case of insufficient funds on the account), equivalent to the entire amount in foreign currency subject to direct debiting, or the missing part of it (with conversion into rubles at the exchange rate Bank of Russia on the date of debiting funds from the current account);
send statements about the implementation by a legal entity of activities without a proper permit (license) to the prosecutor's office or other bodies authorized to file claims for the liquidation of a legal entity;
send materials of inspections of the activities of enterprises for the sale of goods (works, services) to citizens on the territory of the Russian Federation for foreign currency, during which facts of violations of the law were established, to local law enforcement agencies with a request to initiate criminal proceedings in accordance with the legislation of the Russian Federation;
collect in an indisputable manner fines from authorized banks that make settlements (payments) in violation of the provisions of the law or credit foreign exchange earnings to the accounts of enterprises that sell goods (work, services) to citizens on the territory of the Russian Federation for foreign currency without the appropriate permission of the Bank of Russia, and also send to the Department for the Regulation of
Chapter 26 regulation 687
banks Central Bank RF information on the indicated authorized banks;
to collect in an unaccented manner fines from authorized enterprises in the amount of amounts that were not taken into account, were taken into account improperly, or for which documentation and information were not provided in the prescribed manner.
take other measures provided by the current legislation.
The creation of an effective financial and legal mechanism for currency control is a necessary condition for ensuring state economic interests. The mechanism of foreign exchange control over export and import transactions also makes it possible to record them and identify violations of foreign exchange legislation committed in the process of executing foreign economic transactions. At the same time, the financial and legal mechanism of currency control should not infringe on the rights of controlled entities. For these purposes, the currency legislation establishes that residents and non-residents carrying out currency transactions in the Russian Federation have the right: a) to get acquainted with the acts of inspections carried out by bodies and agents of currency control; b) appeal against decisions and actions (inaction) of bodies and agents of currency control and their officials in the administrative and judicial order; c) for compensation in accordance with the procedure established by law for real damage caused by unlawful actions (inaction) of bodies and agents of currency control and their officials.
When carrying out foreign exchange transactions in the territory of the Russian Federation, residents and non-residents are obliged: a) to submit to the bodies and agents of foreign exchange control documents and information related to the conduct of foreign exchange transactions, the opening and maintenance of accounts; b) keep records and draw up reports on their foreign exchange transactions in accordance with the established procedure, ensuring the safety of the relevant Documents and materials for at least three years from the date of the relevant foreign exchange transaction, but not earlier
Financial Law of Russia. Special part
term of the contract; c) comply with the instructions of the currency control bodies to eliminate the identified violations of the acts of the currency legislation and acts of the currency regulation bodies.
Implementation control measures in any area financial activities, and especially in currency, should be based on adequate legislation. The imperfection of currency legislation, miscalculations and lack of experience in the work of regulatory and law enforcement agencies are used for criminal purposes through transactions that cause damage economic security states.
The current legislation in Russia regulating currency control was created in the 1980s-1990s, characterized by a number of negative processes in public financial activities. The period of formation of currency legislation coincided with the reduction of state reserves in foreign currency, the presence of a significant external debt, the outflow of capital abroad, the depreciation of the national currency. These negative aspects had a corresponding effect on monetary policy state and its legal form.
As world experience shows, only countries with strong economic and financial potential can cope with serious financial problems without establishing strict currency control over the international movement of payments and capital 1 . Despite the growing trend in the world towards the abolition of foreign exchange restrictions, state of the art economy and finances of Russia, largely undermined by the uncontrolled export of national resources, does not currently allow the state to completely abandon the use of currency regulation and control measures by the state.
One of the most important tasks of the ongoing control measures should be the timely detection, suppression and prevention of violations of the rules of currency regulation established by law, designed to ensure the sustainability national currency RF.
Cm.: Ekbe V.F. International currency law M., 1997. S. 29
Chapter 26. Legal bases of currency regulation 689
Russia's integration into the international economic system requires a compromise between the need to liberalize the rules for foreign exchange transactions and the need to maintain an optimal balance of payments structure, maintain the national currency rate, and create a state foreign exchange reserve.
Russia, being a participant in international economic cooperation, joins collective measures to combat the legalization (laundering) of money and other property acquired illegally.
List of abbreviations
Arbitration Procedure Code of the Russian Federation
BC RF - Budget Code of the Russian Federation BNA RF - Bulletin of normative acts of federal executive authorities
Air Force of the RSFSR - Gazette of the Supreme Council of the RSFSR VdK RF - water code Russian Federation Vedomosti RSFSR - Vedomosti of the Congress of People's Deputies of the RSFSR and the Supreme Soviet of the RSFSR
Vedomosti RF - Vedomosti of the Congress of People's Deputies of the Russian Federation and the Supreme Soviet of the Russian Federation
VKS RF - Bulletin Constitutional Court Russian Federation
Civil Code of the Russian Federation - Civil Code of the Russian Federation of the Code of Administrative Offenses of the Russian Federation - Code of the Russian Federation on Administrative Offenses
KTM RF - Merchant Shipping Code of the Russian Federation
LC RF - Forest Code of the Russian Federation Tax Code of the Russian Federation - tax code of the Russian Federation SAP RF - Collection of acts of the President of the Russian Federation and the Government of the Russian Federation
SZ RF - Collection of Legislation of the Russian Federation
Labor Code of the Russian Federation - Customs Code of the Russian Federation TRK RF - Labor Code of the Russian Federation Criminal Code of the Russian Federation - Criminal Code of the Russian Federation Criminal Procedure Code of the Russian Federation
Krokhina Yulia Alexandrovna- Doctor of Law, Professor. Born in 1973. In 1994 she graduated from the Saratov state academy law, in 1997 she defended her Ph.D., and in 2001 - a doctoral dissertation (they were published as monographs).
Head of the Department of Administrative and financial law Russian Law Academy of the Ministry of Justice of the Russian Federation. He combines scientific and pedagogical activity with practical work, being a judge of the arbitration court at the Russian Law Academy of the Ministry of Justice of the Russian Federation, as well as an expert on legal issues of the Chamber of Tax Consultants of Russia.
Yu. A. Krokhina is the author of more than a hundred scientific works, including "The city as a subject of financial law" (monograph) (Saratov, 2000); "Budgetary Law and Russian Federalism" (monograph) (M., 2001); " Tax law Russia "(Textbook for universities. M., 2003)
"Financial newspaper", N 35, 2000
Russian currency legislation contains a significant amount of legal norms governing the procedure for conducting foreign exchange transactions by resident legal entities. At the same time, in a number of cases, the law does not directly provide for the possibility of conducting certain currency transactions by resident individuals who carry out entrepreneurial activity without formation of a legal entity (hereinafter - individual entrepreneurs) or the need to apply in relation to them regulatory legal acts in the field of currency regulation and currency control. Therefore, in the practice of applying currency legislation, a number of questions often arise, which we will try to answer on the pages of the newspaper.
Is it necessary for individual entrepreneurs to issue passports for export (import) transactions in case of concluding agreements with non-residents on the export (import) of goods?
In accordance with clause 1 of the Regulations of the Bank of Russia and the State Customs Committee of Russia of December 22, 1999 N 101-P and N 01-23 / 32005 "On the application of the Instruction of the Bank of Russia and the State Customs Committee of Russia" On the procedure for exercising currency control over the receipt of export proceeds into the Russian Federation goods" of October 13, 1999 N 86-I and N 01-23 / 26541 (respectively)" this Instruction applies to transactions concluded between residents (legal entities or individuals engaged in entrepreneurial activities without forming a legal entity) and non-residents and providing for settlements in whole or in part in foreign currencies and / or in the currency of the Russian Federation for exported by a resident (including to pay off debt former USSR and the Russian Federation, as well as on account of state loans granted by the Russian Federation to foreign states) goods that are placed under the customs regime of export. According to the preamble of Instructions of the Bank of Russia and the State Customs Committee of Russia dated July 26, 1995 N 30 and N 01-20 / 10538 "On the procedure for exercising currency control over the validity of payments in foreign currency for imported goods", its effect applies to legal entities - residents of the Russian Federation, regardless of organizational - legal form. Thus, individual entrepreneurs need to issue passports for export transactions in the event of concluding agreements with non-residents on the export of goods. Registration of passports for import transactions in the event that individual entrepreneurs conclude agreements on the import of goods with non-residents is not required.
Are authorized banks required to open deposits for individual entrepreneurs in the amount of rubles transferred for the purchase of foreign currency to make advance payments under contracts for the import of goods?
The obligation for authorized banks to open deposits for residents in the amount of rubles transferred for the purchase of foreign currency for making advance payments under contracts for the import of goods is established by clause 3 of Directive No. 519-U of the Bank of Russia of March 22, 1999 (as amended on March 24, 1999, .1999) "On the procedure for the purchase by legal entities - residents of foreign currency for rubles in the domestic foreign exchange market of the Russian Federation for the purposes of making payments under contracts for the import of goods into the Russian Federation". In accordance with the preamble of this Directive, its effect applies to cases of purchase of foreign currency for rubles on the domestic foreign exchange market of the Russian Federation for the purpose of making payments under agreements on the import of goods into the Russian Federation only by resident legal entities. Instruction N 519-U does not apply to the purchase of foreign currency by individual entrepreneurs. Thus, individual entrepreneurs have the right to purchase foreign currency in order to make advance payments under contracts for the import of goods without depositing the amount of rubles transferred for the purchase of foreign currency.
Should an authorized bank, when opening a current currency account for an individual entrepreneur, simultaneously open a transit currency account and a special transit currency account for him? What is the mechanism for the mandatory and reverse sale of foreign currency received in favor of an individual entrepreneur?
The procedure for opening transit foreign currency accounts by authorized banks to their customers is established by the Instruction of the Bank of Russia dated 06/29/1992 N 7 (as amended on 06/18/1999) "On the procedure for the mandatory sale by enterprises, associations, organizations of a part of foreign exchange earnings through authorized banks and conducting operations in the domestic foreign exchange market of the Russian Federation. Based on the preamble of this Instruction, its effect applies exclusively to resident legal entities. The procedure for opening special transit currency accounts by authorized banks to their customers is established by Bank of Russia Ordinance No. 383-U dated October 20, 1998 "On the procedure for resident legal entities to purchase and resell foreign currency in the domestic foreign exchange market of the Russian Federation." According to the preamble of this Ordinance, its effect also extends exclusively to resident legal entities. Thus, when opening a current currency account for an individual entrepreneur, an authorized bank does not need to simultaneously open a transit and a special transit currency account. Since the partial mandatory sale of foreign currency is carried out from a transit currency account, and its resale - from a special transit currency account, the procedure for mandatory and resale does not apply to individual entrepreneurs.
Is an individual entrepreneur entitled to transfer funds from his current currency account opened with an authorized bank to a current currency account opened for him as an individual in the same or another authorized bank? What documents need to be submitted for such a transfer?
The transfer of foreign currency from a foreign currency account of a person opened in an authorized bank to a foreign currency account of the same person in the same or another authorized bank is not a foreign exchange transaction, since there are no signs of a foreign exchange transaction contained in paragraph 7 of article 1 of the Law of the Russian Federation dated 09.10 .1992 N 3615-1 (as amended on December 29, 1998 N 192-FZ) "On currency regulation and currency control". Therefore, in this case in order to transfer foreign currency, it is sufficient to submit an instruction to the authorized bank for the transfer of foreign currency.
Is an individual entrepreneur entitled to withdraw (credit) foreign currency in cash from (to) his (his) currency (currency) account (account) opened (opened) in an authorized bank?
The current currency legislation of the Russian Federation, including the regulations of the Bank of Russia, does not contain restrictions on depositing (withdrawing) foreign currency in cash to (from) currency (currency) accounts (accounts) opened (opened) in authorized banks in the name of individual entrepreneurs.
Can an individual entrepreneur acting as a partner under a simple partnership agreement transfer part of the export foreign exchange earnings received from a non-resident in favor of another individual entrepreneur - a partner in accordance with a simple partnership agreement?
In accordance with subparagraph "e" of paragraph 10 of article 1 of Law N 3615-1 (as amended on December 29, 1998 N 192-FZ), settlements in foreign currency between resident comrades under a simple partnership agreement are currency transactions related to the movement of capital. According to clause 2, article 6 of this Law, as well as clause 4, section II of the Basic Provisions on the regulation of foreign exchange transactions on the territory of the USSR, approved by Letter of the State Bank of the USSR dated 05/24/1991 N 352 (as amended on 09/02/1994) and valid in part that does not contradict the existing currency legislation of the Russian Federation, currency transactions related to the movement of capital are carried out by residents with permission from the Bank of Russia. At the same time, a simple partner, to whose account the export currency earnings were received, has the right to sell it and, on the basis of paragraph 1 of article 2 of Law N 3615-1, transfer the currency of the Russian Federation in favor of another simple partner.
How can an individual entrepreneur obtain permission from the Bank of Russia to conduct foreign exchange transactions related to the movement of capital?
At present, consideration of the issue of the possibility of issuing permits from the Bank of Russia falls within the competence of the Currency Control Department of the Bank of Russia. When contacting the Department of Foreign Exchange Control legal entities submit documents, an approximate list of which is established by the Letter of the Bank of Russia dated 06.10.1995 N 12-524. From the established list of documents, individual entrepreneurs submit those documents that correspond to their status as individual entrepreneurs. In addition to these documents, individual entrepreneurs submit a document corresponding to their status. individual(copy of passport). At the same time, an exhaustive list of documents that residents must submit to the Bank of Russia Currency Control Department in order to consider the possibility of obtaining the above-mentioned permits has not been established by law.
D. Rubinov Lead Economist |
currency board
Main Department of the Bank of Russia