Types of foreign exchange operations of authorized banks and requirements for their implementation. Currency exchange transactions Procedure for conducting currency exchange transactions
Authorized banks may open exchange offices to carry out foreign exchange transactions. The procedure for their opening and functioning is regulated by Instruction of the Central Bank of Russia dated April 28, 2004 N 113-I “On the procedure for opening, closing, organizing the work of exchange offices and the procedure for authorized banks to carry out certain types of banking operations and other transactions with cash foreign currency and the currency of the Russian Federation , checks (including traveler's checks), the nominal value of which is indicated in foreign currency, with the participation of individuals."
Opening an exchange office is possible only after completing the registration procedure in accordance with Bank of Russia Instruction No. 109-I dated January 14, 2004 “On the procedure for the Bank of Russia to make decisions on state registration of credit organizations and issuing licenses for banking operations,”
The following types of transactions with cash currency and checks are carried out at exchange offices:
1. Purchase of cash foreign currency for cash currency of the Russian Federation.
2. Sale of cash foreign currency for cash currency of the Russian Federation.
3. Sale of cash foreign currency of one foreign state (group of states) for cash foreign currency of another foreign state (group of states) (conversion).
4. Exchange of a banknote (banknotes) of a foreign state (group of states) for banknotes (banknotes) of the same foreign state (group of states).
5. Replacing a damaged banknote(s) of a foreign state (group of states) with an undamaged banknote(s) of the same foreign state (group of states).
6. Replacing a damaged banknote(s) of a foreign state (group of states) with an undamaged banknote(s) of another foreign state (group of states).
7. Purchase of damaged banknote(s) of a foreign state (group of states) for cash currency of the Russian Federation.
8. Acceptance of banknotes of foreign states (groups of states) and banknotes of the Bank of Russia, raising doubts about their authenticity, for sending for examination.
9. Purchase of checks for cash in the currency of the Russian Federation.
10. Purchasing checks for cash in foreign currency.
11. Sale of checks for cash in the currency of the Russian Federation.
12. Sale of checks for cash in foreign currency.
13. Payment of checks in cash in the currency of the Russian Federation.
14. Payment of checks in cash in foreign currency.
15. Reception for sending foreign currency cash and checks for collection.
16. Acceptance of cash foreign currency for crediting to accounts using payment cards.
17. Acceptance of cash currency of the Russian Federation for crediting to accounts using payment cards.
18. Issuance of cash in foreign currency from accounts using payment cards.
19. Issuance of cash currency of the Russian Federation from accounts using payment cards.
20. Purchase of checks with funds credited to the accounts of individuals in foreign currency.
21. Purchase of checks with funds credited to the accounts of individuals in the currency of the Russian Federation.
22. Sale of checks using funds in individuals’ accounts in foreign currency.
23. Sale of checks using funds in the accounts of individuals in the currency of the Russian Federation.
24. Acceptance of cash foreign currency for transfers from the Russian Federation on behalf of an individual without opening a bank account (except for postal transfers).
25. Acceptance of cash currency of the Russian Federation for making a transfer from the Russian Federation on behalf of an individual without opening a bank account (except for postal transfers).
26. Payments of cash foreign currency for transfers to the Russian Federation without opening a bank account in favor of an individual.
27. Payments of cash currency of the Russian Federation for transfers to the Russian Federation without opening a bank account in favor of an individual.
28. Acceptance of banknotes of foreign states (groups of states) that raise doubts about their authenticity, to verify their authenticity.
29. Acceptance of damaged banknotes of foreign states (groups of states) for crediting to the accounts of individuals.
30. Acceptance of cash foreign currency for crediting to the accounts of individuals in foreign currency.
31. Acceptance of cash foreign currency for crediting to the accounts of individuals in the currency of the Russian Federation.
32. Acceptance of cash currency of the Russian Federation for crediting to the accounts of individuals in foreign currency.
33. Issuance of cash foreign currency from the accounts of individuals in foreign currency.
34. Issuance of cash foreign currency from the accounts of individuals in the currency of the Russian Federation.
35. Issuance of cash currency of the Russian Federation from the accounts of individuals in foreign currency.
Transactions with cash currency and checks are carried out by the exchange office only with that foreign currency, the rate of which is established by the Bank of Russia in relation to the currency of the Russian Federation. In this case, the list of foreign currencies with which the authorized bank carries out these operations is determined by the authorized bank independently.
Transactions with cash and checks are carried out in the presence of an individual.
Exchange offices, when carrying out transactions with cash currency and checks, are required to identify the individual being served at the exchange office, in accordance with paragraph 1 of Article 7 of the Federal Law “On Combating the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism.”
In accordance with the legislation of the Russian Federation, identity documents are:
1. Passport of a citizen of the Russian Federation - for citizens of the Russian Federation.
2. General international passport - for citizens of the Russian Federation.
3. Sailor's passport - for citizens of the Russian Federation.
4. Military personnel identification card or military ID - for military personnel of the Russian Federation.
5. Other documents recognized in accordance with the legislation of the Russian Federation as identity documents - for citizens of the Russian Federation.
6. A foreign citizen’s passport or other document established by federal law or recognized in accordance with an international treaty of the Russian Federation as an identity document - for foreign citizens.
7. Residence permit in the Russian Federation - for stateless persons if they permanently reside on the territory of the Russian Federation.
8. A document issued by a foreign state and recognized in accordance with an international treaty of the Russian Federation as an identification document of a stateless person - for stateless persons.
9. Temporary residence permit - for stateless persons.
10. Residence permit - for stateless persons.
11. A certificate of consideration of an application for recognition of a person as a refugee, issued by a diplomatic or consular office of the Russian Federation or an immigration control post or a territorial federal executive body for the migration service - for refugees.
12. Refugee certificate - for refugees.
In addition, transactions with cash currency and checks can be carried out upon presentation by an individual to the cashier of the exchange office of a driver's license.
The instruction allows transactions with cash currency and checks of an individual who is a representative of another individual and acting on his behalf. To do this, a representative of an individual must present to the cashier of the exchange office an identification document and a power of attorney. certified in the manner established by the legislation of the Russian Federation.
The beginning of a transaction with cash currency and checks is considered to be the moment an individual transfers cash currency, checks, payment cards necessary for the transaction, as well as one of the personal identification documents to the cashier of the exchange office. These actions are considered as the consent of the individual to the terms of the transaction with cash currency and checks.
Having accepted banknotes of a foreign state or checks from an individual, the cashier of the exchange office, with the help of reference materials, technical means, as well as operational information from the Bank of Russia, determines whether the accepted banknotes of a foreign state are a means of payment in the relevant territory, as well as the authenticity of the specified banknotes and checks. checks At the same time, the cashier of the exchange office and the individual must be provided with the opportunity to communicate and visually control the receipt and recalculation of cash and checks.
When carrying out transactions with cash currency and checks, exchange offices exercise control over the solvency and authenticity of Bank of Russia banknotes in the manner established by the Bank of Russia.
During a transaction with cash currency and checks, the cashier of the exchange office fills out an electronic Register of transactions with cash currency and checks in the prescribed form.
The cashier of the exchange office maintains one Register of transactions with cash currency and checks for all types of transactions performed during the working day of the exchange office.
At the end of the working day of the exchange office, when the cashier of the exchange office changes, when the rates of foreign currencies and cross rates change, as well as when the calendar date changes, the cashier of the exchange office calculates the final data on the amount of received and issued cash currency and checks by type of transaction , names of cash foreign currency and checks, prints out the current Register of transactions with cash currency and checks, puts his signature on the current Register. Then a new Register of transactions with cash currency and checks opens. The register of transactions with cash currency and checks is sent to cash documents.
The end of the transaction with cash currency and checks is considered to be the transfer by the cashier to an individual of cash currency, checks, payment cards and documents,
The cashier of the exchange office is obliged to issue an individual, at his request, along with cash currency, checks, and a payment card, a document confirming the operation.
If the cashier of the exchange office identifies a banknote or check from a foreign state that raises doubts about its authenticity (having signs of counterfeiting), such a banknote will not be returned to the individual. In this case, the cashier of the exchange office is obliged to inform the individual that the banknote raises doubts about its authenticity (has signs of counterfeiting). The specified banknote is handed over for examination in the manner established by the Bank of Russia, or to employees of territorial internal affairs bodies in the manner established by the legislation of the Russian Federation.
If the cashier of the exchange office detects damage to accepted foreign banknotes and checks that significantly changes their appearance, the possibility of conducting transactions is determined in accordance with the instructions of the foreign bank accepting foreign banknotes and checks for collection, or an authorized bank that is an intermediary when sending the specified currency values for collection to a foreign bank (hereinafter referred to as the collecting bank). In the absence of such instructions, a damaged foreign banknote and a check are accepted for collection with the consent of the individual.
It is not allowed to issue to individuals banknotes of foreign countries and checks that have manufacturing defects, damage or defects that may cause refusal to accept them by other authorized banks.
If banknotes and checks specified in this paragraph are found in the received cash currency, claims of an individual against the cashier of the exchange office are accepted immediately after their receipt. The replacement of such banknotes and checks is considered a continuation of the same transaction with cash currency and checks and is carried out by the exchange office without charging a commission.
An authorized bank (branch of an authorized bank) may charge an individual a commission for transactions with cash currency and checks, in accordance with tariffs that are established by the authorized bank (branch of an authorized bank) independently and approved by the head of the authorized bank (branch of an authorized bank) and sealed an imprint of the round seal of the authorized bank (branch of the authorized bank).
An authorized bank does not have the right to charge a commission or any other fee from individuals for the execution and issuance of a document.
Foreign exchange rates and cross rates are established and changed by order of the authorized bank.
It is allowed to change the rates of foreign currencies and cross rates during the operating day with the obligatory execution of each change by an appropriate order.
The purchase rate for damaged banknotes of foreign countries for cash currency of the Russian Federation is established by the authorized bank.
Authorized bank (branch of an authorized bank) has no right when carrying out transactions with cash currency and checks, establish:
restrictions on the denomination (face value) and years of issue of banknotes of foreign states (groups of states) in circulation;
restrictions on the amount of foreign currency purchased (accepted) and sold (issued), with the exception of coins of foreign countries, and restrictions determined by the actual balances in cash currency of the Russian Federation and in cash foreign currency available to the cashier of the exchange office;
different rates of foreign currencies depending on the denomination (face value) of banknotes of foreign countries.
When carrying out transactions with cash currency and checks, the authorized bank does not have the right to establish restrictions on the denomination (face value) and years of issue of Bank of Russia banknotes in circulation, on the amount of purchased (accepted) and sold (issued) cash currency of the Russian Federation.
It is prohibited during the operating day to carry out transactions only for the purchase or only for the sale of cash foreign currency for the cash currency of the Russian Federation, with the exception of cases where the cashier of the exchange office has spent cash advances.
The authorized bank can independently determine the need to support the exchange office at the beginning of the operating day with an advance in cash foreign currency, the demand for which is insignificant.
If the authorized bank has not provided the exchange office with an advance payment in cash foreign currency, the demand for which is insignificant, the exchange office has the right to carry out transactions with cash currency and checks with this foreign currency within the limits of its receipt from individuals.
Exchange offices are required to accept foreign banknotes withdrawn from circulation for collection before the day of their final withdrawal from circulation announced by the issuing bank. Acceptance of banknotes for collection is carried out on the basis of a written application from an individual.
The procedure for authorized banks to carry out currency exchange transactions with individuals (residents and non-residents), as well as the procedure for recording such transactions, is established by Bank of Russia Instruction No. 113-I dated April 28, 2004 “On the procedure for opening, closing, organizing the work of exchange offices and the procedure carrying out by authorized banks of certain types of banking operations and other transactions with cash foreign currency and the currency of the Russian Federation, checks (including traveler's checks), the nominal value of which is indicated in foreign currency, with the participation of individuals"1.
The place where the bank carries out foreign exchange transactions is the exchange office.
Individuals participate in foreign exchange transactions through transactions at exchange offices.
The Bank of Russia establishes the procedure for opening, closing, organizing the work of exchange offices and the procedure for authorized banks to carry out certain types of banking operations and other transactions with cash foreign currency and the currency of the Russian Federation, checks (including traveler's checks), the nominal value of which is indicated in foreign currency, with the participation of individuals.
The following types of transactions with cash currency and checks are carried out at exchange offices:
– purchase and sale of cash foreign currency for cash currency of the Russian Federation or for cash foreign currency of another foreign state (group of states) (conversion);
– exchange of banknotes (banknotes);
– replacement of damaged banknote(s);
– purchase of a damaged banknote;
– acceptance of banknotes of foreign states (groups of states) and banknotes of the Bank of Russia for examination;
– purchase and sale of checks for cash in the currency of the Russian Federation and foreign currency;
– payment of checks in cash in the currency of the Russian Federation and foreign currency;
– acceptance for sending for collection cash foreign currency, currency of the Russian Federation and checks for crediting to accounts using payment cards;
– issuance of cash foreign currency and currency of the Russian Federation from accounts using payment cards.
To carry out these operations, the bank must open and register an exchange office in the territorial division of the Bank of Russia. The bank is obliged to notify the main territorial department of the Bank of Russia about the opening of an exchange office. Currency exchange rates are set by banks independently. The exchange office can only carry out transactions with currencies quoted by the Bank of Russia.
The law removes the requirement for personal identification when buying and selling foreign currency and checks whose nominal value is expressed in foreign currency. That is, in other words, when buying or selling currency, presenting a passport is not required. However, “identifying information may be included in documents prepared for the purchase and sale by an individual of cash foreign currency and checks (including traveler’s checks), the nominal value of which is indicated in foreign currency, at the request of the individual himself.”
However, on the basis of the Instruction of the Central Bank of the Russian Federation dated April 28, 2004 No. 113-I, exchange offices, when carrying out transactions with cash currency and checks, are required to identify the individual being served by the exchange office, in accordance with paragraph 1 of Article 7 of the Federal Law “On combating the legalization (laundering) of proceeds from crime and the financing of terrorism.” In accordance with the legislation of the Russian Federation, identification documents are: a passport of a citizen of the Russian Federation - for citizens of the Russian Federation, a general foreign passport - for citizens of the Russian Federation, a sailor's passport - for citizens of the Russian Federation, a military personnel identification card or military ID - for military personnel of the Russian Federation Federation, other documents recognized in accordance with the legislation of the Russian Federation as identity documents - for citizens of the Russian Federation, a passport of a foreign citizen or another document established by federal law or recognized in accordance with an international treaty of the Russian Federation as an identity document - for foreign citizens, a residence permit in the Russian Federation - for stateless persons, if they permanently reside on the territory of the Russian Federation, a document issued by a foreign state and recognized in accordance with an international treaty of the Russian Federation as an identification document of a stateless person - for stateless persons, temporary residence permit - for stateless persons, residence permit - for stateless persons, other documents provided for by federal laws or recognized in accordance with an international treaty of the Russian Federation as identification documents of a stateless person - for stateless persons. There is a legislative conflict.
Currently, personal identification is not significant for the currency circulation market. This requirement was relevant for the period of formation of market relations in order to reduce the possibility of speculation. At that time, the foreign exchange market was poorly developed, represented by a narrow circle of participants, and a small group of individuals could carry out transactions that would destabilize the market. Today's situation in the foreign exchange market is very different.
At the same time, the fight against money laundering has now intensified and acquired an anti-terrorist character, within the framework of which the Federal Service for Financial Monitoring (FSFM) requires the implementation of measures to identify individuals.
Individuals have the right, without restrictions, to open accounts in foreign currency in banks located in states that are members of the Organization for Economic Co-operation and Development (OECD) or the Financial Action Task Force (FATF). Almost all the most developed countries are members of the above organizations. In this case, however, it is necessary to notify the Russian tax authorities about this within a month from the date of opening the account (Article 12).
Also, a resident individual can take out of the country up to 10 thousand US dollars (or an equivalent amount in another currency) without permits. The amount of foreign currency over 3 thousand US dollars is subject to mandatory declaration at customs. Please note that the import of foreign currency and foreign securities in documentary form into the Russian Federation is carried out without restrictions.
The activities of the bank's exchange office are regulated by Central Bank Instruction No. 113-I.
When performing exchange transactions that require a long time (for example, accepting currency for collection or examination), clients, in addition to the Certificate of Transaction, receive a receipt that reflects the details of the banknote and the details of its owner. This receipt will be needed when the time comes to receive funds (reimbursement) for banknotes previously accepted from you. The operation of acceptance for collection and examination takes up to 1 month, and sometimes a little longer. It should be remembered that banknotes that have lost the signs of payment (damaged, torn, burnt, etc.) are accepted for collection, and banknotes whose authenticity requires verification by experts of the Central Bank of Russia are accepted for examination.
The main document that guides banks when carrying out transactions with cash foreign currency is the instruction of the Central Bank of Russia “On the procedure for organizing the work of exchange offices on the territory of the Russian Federation.” This instruction allows banks to independently set purchase and sale rates for cash foreign currency.
The purpose of currency control is to ensure compliance with currency legislation when carrying out currency transactions.
The main areas of currency control are:
a) determining the compliance of currency transactions carried out with current legislation and the availability of the necessary licenses and permits;
b) checking the fulfillment by residents of obligations in foreign currency to the state, as well as obligations to sell foreign currency on the domestic foreign exchange market of the Russian Federation;
c) checking the validity of payments in foreign currency;
d) checking the completeness and objectivity of accounting and reporting on foreign exchange transactions, as well as on transactions of non-residents in the currency of the Russian Federation.
The main principles of currency regulation and currency control in the Russian Federation are:
1) priority of economic measures in the implementation of state policy in the field of currency regulation;
2) exclusion of unjustified interference by the state and its bodies in foreign exchange transactions of residents and non-residents;
3) unity of the foreign and domestic monetary policy of the Russian Federation;
4) unity of the system of currency regulation and currency control;
5) provision by the state of protection of the rights and economic interests of residents and non-residents when carrying out currency transactions.
Currency control in the Russian Federation is carried out by the Government of the Russian Federation, currency control authorities and currency control agents in accordance with the legislation of the Russian Federation.
The currency control bodies in the Russian Federation are the Central Bank of the Russian Federation, federal executive authorities within the competence established by federal laws, as well as the federal executive authority 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 organizations reporting to federal executive authorities, in accordance with the legislation of the Russian Federation.
Control over the performance of foreign exchange transactions by credit institutions and currency exchanges is exercised by the Central Bank of the Russian Federation.
Control over the performance of currency transactions by residents and non-residents that are not credit institutions or currency exchanges is carried out within their competence by federal executive authorities, which are currency control bodies, and currency control agents.
The Government of the Russian Federation ensures the delimitation of functions and interaction of federal executive authorities in the field of currency control, as well as their interaction with the Central Bank of the Russian Federation.
The Central Bank of the Russian Federation interacts with other currency control authorities within their competence and ensures interaction with them of authorized banks as currency control agents.
Currency control authorities, within the limits of their competence, issue regulations that are binding on all residents and non-residents of the Russian Federation.
Currency control bodies and agents, within their competence:
a) exercise control over foreign exchange transactions carried out in the Russian Federation by residents and non-residents, over the compliance of these operations with legislation, the terms of licenses and permits, as well as over their compliance with acts of currency control authorities;
b) conduct inspections of currency transactions of residents and non-residents in the Russian Federation.
Currency control authorities determine the procedure and forms of accounting, reporting and documentation for foreign exchange transactions of residents and non-residents.
The Vologda branch of the Bank of Moscow began operating in April 2001, staffed by a professional team.
From the first days of its operation, the branch has been pursuing an active customer policy. Today the branch is involved in the implementation of projects in various sectors of the economy of the Vologda region - mechanical engineering, construction, transport, woodworking industry, housing and communal services sector, and trade.
The main principle of the client policy is to satisfy the diverse needs for banking services of corporate clients and individuals, and their high-quality comprehensive services. This is achieved through the introduction of new banking products, the use of various financial and settlement schemes, and new technologies.
OJSC Bank of Moscow is one of the five largest financial institutions in Russia in terms of assets and equity capital. The net profit of Bank of Moscow OJSC according to international financial reporting standards for 2005 amounted to 85 million dollars, assets - 2.7 billion dollars, the bank's equity capital - 278 million dollars, loan portfolio - 1.5 billion. Doll.
OJSC Bank of Moscow is currently one of the five largest financial institutions in Russia. However, growth has never been an end in itself for the Bank, and especially now. The immediate goal is to improve the quality of services.
The bank has the following types of licenses.
General license for banking operations.
Licenses of a professional participant in the securities market to carry out:
a) Brokerage activities, including transactions with individuals;
b) Dealer activities;
c) Securities management activities;
d) Depository activities.
The Vologda Branch of the Bank of Moscow, being a structural division of OJSC IMB Bank of Moscow, operates on the basis of the Regulations on the branch.
The organizational structure of the Bank of Moscow branch corresponds to the generally accepted management scheme for a commercial bank branch (Fig. 1.1.)
The branch has a separate balance sheet, which is part of the general balance sheet of the Bank.
The branch's credit resources are formed through:
Financial assets transferred by the Bank;
Funds of legal entities and individuals held in accounts and deposits;
Loans received from other banks;
Other attracted resources.
Figure 1.1. Organizational structure of management of the Krasnodar branch of the Bank of Moscow
Foreign exchange Department– carries out accounting of the purchase and sale of currency and currency valuables, conducting business on export-import operations of enterprises participating in foreign economic activity, monitoring the purchase of currency, transporting currency valuables across the territory of Russia, storing foreign currency valuables in bank divisions.
Upon creation, the branch was endowed with financial resources in the amount of 1,000,000 (million) rubles.
The branch carries out operations and transactions in accordance with the limits established by the Bank.
The Bank sets tariffs for operations and transactions carried out by the Branch.
Director of the Branch on the basis and within the powers determined by the power of attorney:
Performs certain transactions on behalf of the Bank and represents the interest of the Bank;
Manages the property and funds of the Branch, concludes business agreements and contracts;
Manages the activities of the Branch;
Issues orders and instructions that are mandatory for all employees of the Branch;
Opening an account of the Branch with the Central Bank of the Russian Federation and the CB has the right of first signature;
Hires and fires employees;
Introduction 3
1.Theoretical foundations of currency regulation in the Russian Federation 5
1.1.The concept and essence of currency regulation 5
1.2. Functions of currency legislation 6
1.3. Currency exchange transactions 8
1.4. Currency control 10
2.Organization of foreign exchange transactions in the Vologda branch of the Bank of Moscow 13
2.1. General characteristics of the Bank of Moscow 13
2.2. Currency exchange operations of the Bank of Moscow 18
3. Improving foreign exchange operations of the Bank of Moscow 21
Conclusion 22
List of used literature 24
APPLICATIONS 27
Introduction
Currency exchange is the exchange of the currency of one country for the currency of another at a certain rate.
Currency exchange operations are present in the bank as a mandatory element of the product range offered to individuals along with plastic cards, money transfers and other banking products. As world practice shows, banks earn from 40% to 65% of their income from foreign exchange operations, therefore the constant expansion and improvement of foreign exchange operations is the most important condition for the functioning of the country’s banking system as a whole.
In our country, issues related to the study of the essence and technique of conducting currency transactions are acquiring enormous theoretical and practical importance. This is due to the need for further development of foreign economic activity of our country, with the establishment of convertibility of the ruble, with the rapid development of the banking system in the country and the emergence of new banks that have received licenses to carry out foreign exchange transactions and are taking the first steps in developing the foreign exchange market created within the country and the international foreign exchange market. market, and this is also connected with the entire course of reforms carried out in our country. Knowledge of the techniques for conducting foreign exchange transactions in the market allows banks and participants in foreign trade transactions to insure against currency risks, avoid unreasonable losses of foreign currency, and receive additional profit from speculative play and exchange rate differences. All this is intended to help Russian banks in mastering the international foreign exchange market.
Despite the long history of foreign exchange relations, there is no single foreign exchange policy for all banks. Each bank forms its own foreign exchange policy, taking into account economic, political, geographical, organizational and other factors that influence its activities. Therefore, studying the problem and improving the currency exchange system in the bank’s work will always be relevant.
The object of study of this work is the Vologda branch of the Bank of Moscow.
The subject of the study is the bank's foreign exchange policy.
The purpose of the work is to analyze the bank's foreign exchange operations and develop measures to improve them.
Theoretical foundations of currency regulation in the Russian Federation
1.1.The concept and essence of currency regulation
Currency regulation can be defined as the activities of government bodies aimed at regulating the procedure for carrying out currency transactions.
Foreign exchange legal regulation is carried out at two levels: regulatory and individual. Legal regulation consists of the creation (development and approval) of legal norms, the object of which is social relations related to currency. Individual legal regulation is the application of legal norms to specific life circumstances, which entails the emergence, change and termination of currency legal relations.
The principles of organization and implementation of currency regulation are determined by the Law of the Russian Federation “On Currency Regulation and Currency Control”. More detailed regulation of private issues related to currency relations is carried out in other legislative and regulatory acts, including departmental ones (however, they have a general significance).
According to Article 1, Clause 9 of the Law of the Russian Federation “On Currency Regulation and Currency Control”, currency transactions:
a) the acquisition by a resident from a resident and the alienation by a resident in favor of a resident of currency assets on a legal basis, as well as the use of currency assets as a means of payment;
b) the acquisition by a resident from a non-resident or by a non-resident from a resident and the alienation by a resident in favor of a non-resident or by a non-resident in favor of a resident of currency valuables, the currency of the Russian Federation and domestic securities on a legal basis, as well as the use of currency valuables, the currency of the Russian Federation and domestic securities as means of payment;
c) the acquisition by a non-resident from a non-resident and the alienation by a non-resident in favor of a non-resident of currency values, the currency of the Russian Federation and domestic securities on a legal basis, as well as the use of currency values, the currency of the Russian Federation and domestic securities as a means of payment;
d) import into the customs territory of the Russian Federation and export from the customs territory of the Russian Federation of currency values, currency of the Russian Federation and domestic securities;
e) transfer of foreign currency, currency of the Russian Federation, domestic and foreign securities from an account opened outside the territory of the Russian Federation to the account of the same person opened on the territory of the Russian Federation, and from an account opened on the territory of the Russian Federation to that account the same person opened outside the territory of the Russian Federation;
f) transfer by a non-resident of the currency of the Russian Federation, domestic and foreign securities from an account (from a section of an account) opened on the territory of the Russian Federation to an account (section of an account) of the same person opened on the territory of the Russian Federation;
1.2. Functions of currency legislation
The legal norms that determine the procedure for carrying out foreign exchange transactions perform two main functions - regulatory and control.
The regulatory function of currency legislation is reduced. First of all, to determine the scope of rights and obligations of persons involved in currency transactions, which are understood as:
operations related to the transfer of ownership and other rights to currency values, including operations related to the use of foreign currency and payment documents in foreign currency as a means of payment
import and shipment to the Russian Federation, as well as export and shipment from the Russian Federation of currency valuables
implementation of international money transfers
The main purpose of currency control is to ensure compliance with currency legislation when carrying out currency transactions 1 .
A special area of currency control is monitoring compliance with currency legislation when carrying out foreign trade activities - business activities in the field of international exchange of goods, works, services, information, results of intellectual activity, including exclusive rights to them 2.
In accordance with Article 10 of the Law of the Russian Federation “On Currency Regulation and Currency Control,” currency control over foreign trade activities is carried out in the following main areas:
determining the compliance of currency transactions carried out with current legislation and the availability of the necessary licenses for them
checking the fulfillment by residents of obligations in foreign currency to the state, as well as obligations to sell currency on the domestic foreign exchange market of the Russian Federation
checking the validity of payments in foreign currency
checking the completeness and objectivity of accounting and reporting on currency transactions
To implement the assigned tasks, the formation of mechanisms for currency control over foreign trade activities began. By which we mean a set of special institutions, bodies, persons involved in the process of currency control (subjective component), as well as a set of forms and methods of control activities (functional component).
1.3. Currency exchange transactions
Currency exchange transactions (transactions with cash foreign currency) are one of the most popular services of Russian banks provided to the population. Foreign currency in our country is traditionally used as an accumulation of funds, trying to protect oneself from growing inflation and constantly “running away” prices. Who among us is not familiar with the situation when, having received a salary, we plan our expenses for the next month, and then go to the bank to buy 10, 50 or 100 dollars and put them aside for vacation, save up money for some major purchase. Or, on the contrary, after large purchases, in order to “hold out” until salary, we take 10-20 dollars to the bank to exchange them for rubles. Statistics say that we spend about half of the free cash that remains with us after paying for utilities and purchasing various everyday goods on the purchase of foreign currency.
Currently, in addition to US dollars and euros, banks carry out transactions with Swiss francs and British pounds sterling. To improve the level of service to its clients, the bank plans to expand the list of currencies this year and supplement it with Japanese yens and Scandinavian currencies, which are in demand among the population.
What are foreign exchange transactions? The most famous and most popular are the purchase and sale of cash currency. At the same time, not everyone knows that in bank branches you can exchange banknotes of foreign countries, sell, replace or hand over for collection non-payment (worn, damaged and even out of circulation) banknotes, as well as hand over for examination banknotes whose authenticity you have is doubtful. The purchase, sale and acceptance of banknotes for examination are carried out either free of charge or for a certain fee. For other transactions, the bank charges a commission in the amount of 5% to 8% of the amount exchanged.
When performing exchange transactions that require a long time (for example, accepting currency for collection or examination), clients, in addition to the Certificate of Transaction, receive a receipt that reflects the details of the banknote and the details of its owner. This receipt will be needed when the time comes to receive funds (reimbursement) for banknotes previously accepted from you. The operation of acceptance for collection and examination takes up to 1 month, and sometimes a little longer. It should be remembered that banknotes that have lost the signs of payment (damaged, torn, burnt, etc.) are accepted for collection, and banknotes whose authenticity requires verification by experts of the Central Bank of Russia are accepted for examination.
