Principles and methods of conducting currency transactions. Currency transactions and the procedure for their implementation Rules for the implementation of currency transactions
» Types of foreign exchange transactions and the general procedure for their execution
A. S. Selivanovsky
Types of currency transactions and the general procedure for their performance
Basic concepts
Article 140 of the Civil Code of the Russian Federation (hereinafter referred to as the Civil Code of the Russian Federation) establishes that the legal tender, which is obligatory for acceptance at face value throughout the territory of the Russian Federation, is the ruble. The cases, procedure and conditions for the use of foreign currency on the territory of the Russian Federation are determined by law or in the manner prescribed by it. In Art. 141 of the Civil Code of the Russian Federation states that the types of property recognized as currency values and the procedure for making transactions with it are determined by the law on currency regulation and currency control.
Consider the general rules for the implementation of foreign exchange transactions by residents.
Law of the Russian Federation No. 3615-1 dated 09.10.92 “On Currency Regulation and Currency Control” (hereinafter Law) distinguishes between two concepts: “foreign currency” and “currency values”.
The Law refers to the concept of "foreign currency":
a) banknotes in the form of banknotes, treasury bills, coins that are in circulation and are legal tender in the relevant foreign state or group of states, as well as banknotes withdrawn or withdrawn from circulation, but subject to exchange;
b) funds on accounts in monetary units of foreign states and international monetary or accounting units.
under the term " currency values» Law understands:
a) foreign currency;
b) securities in foreign currency - payment documents (checks, bills of exchange, letters of credit and others), stock values (shares, bonds) and other debt obligations denominated in foreign currency;
c) precious metals - gold, silver, platinum and platinum group metals (palladium, iridium, rhodium, ruthenium and osmium) in any form and condition, with the exception of jewelry and other household products, as well as scrap of such products;
d) natural precious stones - diamonds, rubies, emeralds, sapphires and alexandrites in raw and processed form, as well as pearls, with the exception of jewelry and other household products made from these stones and scrap of such products.
The law refers to foreign exchange transactions:
a) transactions related to the transfer of ownership and other rights to currency values, including transactions related to the use of foreign currency as a means of payment and payment documents in foreign currency;
b) import and transfer to the Russian Federation, as well as export and transfer from the Russian Federation of currency valuables;
c) making international money transfers;
d) settlements between residents and non-residents in the currency of the Russian Federation.
The law, in addition to the right of ownership, uses the term " other rights to currency values, but does not reveal it. Let's consider some possible "other rights" that can be used as a criterion for classifying a transaction as a foreign exchange transaction.
Currently, there are different opinions of experts on the issue of classifying a particular transaction as “other rights to currency values”. Most often, the following “other rights” are distinguished: the right to possess, the right to use, the right to dispose, the right to demand the transfer (receipt) of currency values.
Transactions on the transfer of ownership of currency values can be attributed to currency transactions (for example, the transfer of gold bars for storage or for trust management).
The task of classifying transactions for the transfer of the right to use or dispose of currency values to currency transactions looks more complicated.
Difficult questions arise during the qualification of transactions, the object of which is the right to claim for the transfer (receipt) of currency values. Unfortunately, at present there is no clear position of the Bank of Russia on this issue.
On the one hand, clause 1.14 of the Regulation on changing the procedure for conducting certain types of foreign exchange transactions in the Russian Federation, approved by Order No. 39 of the Central Bank of the Russian Federation dated April 24, 1996 (hereinafter Regulation No. 39), defines transactions for the transfer of rights of claim from a resident to an authorized bank as a foreign exchange an operation carried out without the permission (license) of the Bank of Russia.
On the other hand, in the Generalization of the practice of applying Bank of Russia regulations on currency regulation issues "Other Issues on the Application of Currency Legislation", published on May 26, 2000, the Bank of Russia explained that:
« By its nature, a transaction of assignment of a claim denominated in a foreign currency is not a foreign exchange transaction.. Foreign currency transactions will be settlements in foreign currency under this transaction.
Unless otherwise established by the regulations of the Bank of Russia, obtaining permission from the Bank of Russia to carry out such a currency transaction is necessary for the fulfillment of a monetary obligation in favor of the person to whom the claim is assigned, provided that such payments are made in foreign currency.”
It is impossible not to take into account the position of the Supreme Arbitration Court of the Russian Federation (hereinafter referred to as the Supreme Arbitration Court of the Russian Federation) on this issue. In the information letter of the Presidium of the Supreme Arbitration Court of the Russian Federation dated May 31, 2000 No. 52 "Overview of the practice of resolving disputes by arbitration courts related to the application of legislation on currency regulation and currency control", one case is cited related to the qualification of an agreement (transaction) regarding the fulfillment of obligations in foreign currency as currency transaction. The crux of the matter was that the resident A concluded with a resident B an agreement under which a resident B undertook to make a payment in foreign currency to a non-resident for a resident A. The currency control authority fined the resident A for a capital currency transaction performed without a license from the Bank of Russia. Considering this case, the Supreme Arbitration Court of the Russian Federation pointed out that “The imposition of the performance of an obligation in foreign currency on a third party provides the third party with the appropriate powers, but does not create an obligation for the latter to perform the performance against his will and is not identical with the performance of the obligation in foreign currency. Such an assignment does not oblige its addressee to act in violation of the law even if it is contained in a civil law contract. In the above example, a foreign exchange transaction is a transfer of foreign currency to a non-resident by a third party, and not an agreement between the latter and the contract holder. A foreign exchange operation performed by a third party required obtaining permission from the Bank of Russia for the following reasons. In the case under consideration, it is a violation of currency legislation that a resident third party, without the latter obtaining permission from the Bank of Russia, makes settlements in foreign currency under an external economic contract providing for the import of goods into the Russian Federation, concluded by another resident with a non-resident.
Thus, at present it is not clear whether transactions with currency values, under the terms of which the ownership of currency values does not transfer, are classified as foreign exchange transactions.
Currency transactions can be divided into the following groups:
- operations with foreign currency and securities in foreign currency;
- operations with precious metals, precious stones, pearls;
- transactions related to settlements in the currency of the Russian Federation between residents and non-residents.
The law subdivides the first group of foreign exchange operations into current operations and foreign exchange operations associated with the movement of capital (hereinafter capital operations). With respect to the second and third groups of operations, such a division is not applicable, and the Law establishes special rules for the implementation of such operations.
The qualification of a currency transaction is an important task, since the incorrect assignment of a transaction to any group entails the application of sanctions by the currency control authorities. Judicial and arbitration practice shows that most disputes related to the application of currency legislation arise over the definition of a currency transaction as a current or capital transaction and come down to the application of liability to a person for a capital transaction without the appropriate permission of the Bank of Russia.
Current operations
The law provides a closed (exhaustive) list of current operations:
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, services, results of intellectual activity), as well as for settlements related to crediting export-import operations for a period not exceeding 90 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.
Let's take a closer look at each type of current operations.
Export or import operations with payment up to 90 days. The condition for classifying payments on foreign trade activities as current foreign exchange transactions is the absence of conditions for deferring payment for exports and imports of goods (works, services, results of intellectual activity) for a period exceeding 90 days (Before December 30, 1998, this period was 180 days).
Credit operations with a term of up to 180 days . The law refers to current operations the receipt and provision of financial loans for a period not exceeding 180 days. This definition was introduced in 1992 and has not changed since then. However, the lack of a definition of “financial credit” in the Law for a long time complicated the application of this provision.
Chapter 42 of the second part of the Civil Code of the Russian Federation, which entered into force on March 1, 1996, draws a clear line between a loan agreement and a credit agreement. In this regard, there was an ambiguity in the classification of operations to attract (provide) loans from residents and non-residents.
This problem was resolved in the Generalization of the Practice of Applying Bank of Russia Regulations on Currency Regulation Issues "Other Issues on the Application of Currency Legislation", published on August 10, 2000. The Bank of Russia clarified that:
“Since financial credits and loans by their nature have a single economic nature, residents (legal entities and individuals) have the right, without restrictions, to provide loans in foreign currency to residents and non-residents (legal entities and individuals) for a period of not more than 180 days, and also receive loans from residents and non-residents (legal entities and individuals) in foreign currency for a period not exceeding 180 days. In this case, payments must be made in a non-cash manner.
Thus, for the purposes of currency legislation, the concept of "financial credit" includes both credits and loans.
Upon receipt of a loan, the calculation of the specified period is carried out from the date of crediting funds in foreign currency to a foreign currency account until the date of debiting funds sent in the form of a loan (loan) repayment. Similarly, the term is calculated when providing a loan (loan).
Getting income from investments . The law classifies as current operations transfers to and from the Russian Federation of interest, dividends and other income on deposits, investments, loans and other transactions related to the movement of capital.
It should be noted that the condition for classifying money transfers to and from the Russian Federation as interest, dividends and other income on deposits, investments, loans and other capital transactions as current operations is the fact of a previously performed capital transaction. Otherwise, a foreign exchange transaction for the transfer of interest, dividends and other investment income should be qualified as a capital transaction.
Non-trading operations. The law classifies as current transactions non-commercial transfers to and from the Russian Federation, including transfers of wages, pensions, alimony, inheritance, and other similar transactions.
The concept of “non-commercial transfers” is defined by listing possible cases: transfers of wages, alimony, inheritance, while the Law leaves this list open. In this regard, questions arise about the criteria for classifying certain operations as non-trading.
The Bank of Russia expressed its position on this issue in the clarification of the Department of Currency Regulation and Currency Control of the Bank of Russia, published on August 19, 1997 in the Bulletin of the Bank of Russia:
“An exhaustive list of non-trading operations is not established by the current legislation. Non-trading transactions include currency transactions, which are specified in subparagraph "d" of paragraph 9 of Article 1 of the Law of the Russian Federation "On currency regulation and currency control". In addition, lists of non-trade transactions are contained in intergovernmental agreements on non-trade payments concluded by the Russian Federation with a number of foreign states.
It should also be noted that some types of foreign exchange transactions of a non-trading nature, carried out without the permission of the Bank of Russia, are singled out by the Bank of Russia in Regulation No 39:
- payment of entrance and membership fees in favor of international (governmental and non-governmental) organizations;
- payment for participation in international symposiums, conferences, other international meetings, as well as international exhibitions, fairs, sports competitions, other cultural events held on the territory of foreign states;
- non-cash crediting by residents who are not commercial organizations to their foreign currency accounts opened with authorized banks of foreign currency received from non-residents as voluntary and gratuitous donations; transfers by residents from the Russian Federation of foreign currency in favor of non-residents in payment for education and treatment of individuals;
- transfers by residents from the Russian Federation of pensions, alimony, state benefits, additional payments and compensations, amounts paid on the basis of sentences, decisions and rulings of judicial and other competent authorities, inheritance amounts and amounts received from the sale of hereditary property, as well as payments for reimbursement of court expenses, arbitration, notarial and other administrative bodies (including payment of taxes, fees, duties and other obligatory payments for the performance by these bodies of their functions) in accordance with the legislation of foreign states, etc.
- payment in foreign currency as payment for the authorized capital of a legal entity during the initial issue;
- making payment for participation in the capital of a non-resident legal entity by depositing currency values (securities in foreign currency or precious metals or stones);
- acquisition of the right of ownership (and/or other rights) to securities of a legal entity, certifying participation in the authorized capital and denominated in foreign currency, in the secondary market.
- current operations are carried out by residents without restrictions, i.e. obtaining a special permit (license) from the Bank of Russia;
- capital transactions are carried out by residents in the manner established by the Bank of Russia.
Capital operations
Unlike current operations, the Law lists operations related to the movement of capital in the following open list:
a) direct investments, that is, investments in the authorized capital of an enterprise in order to generate income and obtain rights to participate in the management of an enterprise;
b) portfolio investment, that is, the purchase 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 90 days for the export and import of goods (works, services, results of intellectual activity);
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.
The principle of such qualification: all foreign exchange transactions that do not fall into the category of current transactions are recognized by the Law as capital transactions.
Let us dwell in more detail on two types of capital transactions, which the Law singles out separately in this list.
Direct investments . By direct investment, the Law understands investments in the authorized capital of an enterprise for the purpose of generating income and obtaining rights to participate in the management of an enterprise. It should be noted that this rule applies both to investments in the authorized capital of non-resident enterprises and to investments in the authorized capital of Russian legal entities. Unfortunately, the Law vaguely formulates and does not disclose the concept of "investment in authorized capital". As a result, this rule can be interpreted in different ways.
A “broad” interpretation is possible, according to which any acquisition of rights to participate in the management of a legal entity is a capital transaction. In accordance with the “narrow” interpretation of this provision, a capital operation is only the transfer of funds in foreign currency to pay for the authorized capital of a legal entity in order to generate income and, at the same time, obtain rights to participate in the management of this legal entity.
In our opinion, when solving this problem, one should be based on the concepts of "currency transaction" and "currency values" defined by the Law. To classify foreign exchange transactions as related to “investment in authorized capital”, it is advisable to consider only transactions related to the transfer of ownership and other rights to foreign exchange values, as well as international money transfers. Capital operations in this case will be:
Operations for the acquisition of real estate. The law includes transfers in payment for the right of ownership and other rights to real estate (buildings, structures and other property, including land and its subsoil, which, according to the legislation of the country of its location, to real estate) are among such operations. Due to the lack of a clear definition of the scope of the Law and the concept of other rights to real estate, disputes often arise not only about the qualification of a particular currency transaction, but also about the legality of applying the Law. Here are two situations that clearly demonstrate the imperfection of the current legislation.
Situation one. An individual - a resident travels outside the Russian Federation and transports a certain amount of funds in foreign currency, in compliance with Russian legislation. During the period of stay abroad, this person concludes an agreement on the acquisition of a house outside the Russian Federation and pays for real estate in cash in foreign currency. In this case, there is no transfer that serves as a criterion for classifying the operation as a capital one.
Situation two. A resident individual, subject to the current Russian legislation, travels outside the Russian Federation to a resort. This person books a hotel room and makes a corresponding transfer to pay for the room. It is obvious that a hotel room, being a room, refers to real estate, and this person enters into an agreement on the lease of real estate. This operation, according to the letter of the Law, should be considered as capital, therefore, for its implementation it is necessary to obtain a permit (license) from the Bank of Russia, which in this situation looks absurd.
It should be noted that the concept of "real estate" is regulated by the legislation of each independent state. Therefore, conflicts arise in the legal qualification of transfers in payment for such objects as current or capital foreign exchange transactions.
The procedure for the implementation of foreign exchange transactions by residents
The peculiarity of foreign exchange transactions is that they must be carried out not only in compliance with civil law, but also within the strictly defined framework of foreign exchange legislation, i.e. taking into account the prohibitions and restrictions established by law, the purpose of which is to ensure the economic security of the state, the stability of its monetary system as one of the foundations of social relations.
The law in Article 6 established the following general rules:
At present, the Bank of Russia has established three procedures (orders) for the implementation of capital operations:
- Operations listed in the legislation (for example, in the Federal Law "On Leasing", Bank of Russia regulations, for example, in Regulation No 39, are carried out without obtaining permission from the Bank of Russia). Let's call this order "unlicensed";
The difference between current operations and unlicensed capital operations lies in the fact that the Bank of Russia, within its competence, has the right to change the procedure for their conduct, including the introduction of a licensing procedure, while the procedure for carrying out current operations is determined by the Law. At the same time, it should be noted that the Bank of Russia has broad powers and is able to establish strict rules for conducting current operations. An example is the instruction dated 04.10.2000 No 01-11/28644, 91-I, jointly with the State Customs Committee of the Russian Federation, "On the procedure for exercising currency control over the validity of payment by residents for imported goods" (hereinafter Instruction No 91-I).
It should be noted that for some groups of organizations, special rules have been established for conducting capital transactions (authorized banks, insurance companies, individuals).
It should also be borne in mind that the ruble is the legal tender in the Russian Federation, and the use of foreign currency is possible only in cases specified by law or in the manner prescribed by it. Therefore, some current transactions carried out on the territory of the Russian Federation must be carried out on the basis of a permit (license) from the Bank of Russia, unless otherwise established by it.
Currency legislation establishes the procedure for the implementation of currency transactions by residents. At the same time, all transactions performed by residents must be carried out through authorized banks, which, in turn, are obliged to perform the functions of currency control agents for these transactions.
Legal entities carry out all currency transactions on the basis of concluded agreements (contracts, agreements). In accordance with the current legislation, transactions concluded by legal entities must be made in writing. The written form of the transaction is considered to be observed both when drawing up a single document (for example, a contract), and in some other cases, for example, when exchanging letters, from which it follows that the parties have reached an agreement on all the essential terms of the contract.
By Letter No. 300 dated July 15, 1996, the Bank of Russia brought to the attention of authorized banks “Recommendations on Minimum Requirements for Mandatory Details and the Form of Foreign Trade Contracts”. Authorized banks were instructed to familiarize their clients with this document - participants in foreign trade activities and recommend that they be guided by it when concluding export-import transactions.
A similar position was expressed in Letter No. 12-1-0-3/6369 of the Bank of Russia dated February 1, 1996.
Accounting No. 4, 2001
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, transfer of currency valuables abroad and import from abroad.
In what cases there are foreign exchange transactions
Currency transactions appear:
1) when legal entities or individuals convert funds 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 good reason;
establishing priority over economic methods in the implementation of 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:
currency residents,
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 peculiarities of 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:
operations with foreign currency on the bank foreign currency account of the bank's 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 single out conversion operations with currencies carried out in order to exchange 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 transactions:
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.
At the moment, there remains a requirement to carry out transactions for the purchase of foreign currency (currency checks) through authorized banks - banks licensed 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
Foreign exchange transactions in Russia are controlled by agents and state authorities of foreign exchange 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 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
The procedure for organizing foreign exchange transactions in the Russian Federation is determined by the provisions of the Federal Law “On Foreign Exchange Regulation and Foreign Exchange 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 are 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 a loan, 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 by the regulatory documents of the 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.
Documents for payments
| ▼ Obligation to submit documents |
| ▼ List of documents |
| ▼ Requirements for documents for foreign exchange transactions |
| ▼ Deadlines for submission of documents |
| ▼ Duration of keeping documents by residents |
| ▼ Penalty for violation up to 55,000 rubles, repeated up to 165,000 rubles. |
Obligation to present documents for making payments
Clause 2.1 of Instructions of the Central Bank No. 138-I:
2.1. When carrying out operations related to crediting foreign currency to a transit currency account or debiting foreign currency from a current account in foreign currency, a resident submits to an authorized bank (branch of an authorized bank) (hereinafter referred to as an authorized bank, except for a direct indication of a branch of an authorized bank) the following documents at the same time:
certificate of foreign exchange transactions;
documents related to the conduct of foreign exchange transactions specified in the certificate of foreign exchange transactions.
However, in accordance with paragraph 1.6 of Instructions of the Central Bank No. 138-I, these provisions do not apply to foreign exchange transactions performed by resident individuals who are not individual entrepreneurs and are not engaged in private practice.
List of documents for conducting foreign exchange transactions
Part 4 of Article 23 of the Federal Law of December 10, 2003 No. 173 "On Currency Regulation and Currency Control":
4. 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 the following documents (copies of documents) related to the performance of currency transactions, opening and maintenance of accounts:
1) documents proving the identity of an individual;
2) a document on state registration of an individual as an individual entrepreneur;
3) documents certifying the status of a legal entity - for non-residents, a document on state registration of a legal entity - for residents;
4) certificate of registration with the tax authority;
5) documents certifying the rights of persons to real estate;
6) documents certifying the rights of non-residents to carry out foreign exchange transactions, open accounts (deposits), drawn up and issued by the authorities of the country of residence (place of registration) of the non-resident, if the receipt by the non-resident of such a document is provided for by the legislation of a foreign state;
These requirements are provided for by Part 5 of Article 23 of Federal Law No. 173-FZ of December 10, 2003 "On Currency Regulation and Currency Control":
5. Currency control agents shall have the right to require the submission of only those documents that are directly related to the ongoing currency transaction.
All documents must be valid on the day of submission to currency control agents. At the request of a currency control agent, duly certified translations into Russian of documents executed in full or in any part in a foreign language are submitted. Documents issued by state bodies of foreign states, confirming the status of legal entities - non-residents, must be legalized in the prescribed manner. Foreign official documents may be submitted without their legalization in cases stipulated by an international treaty of the Russian Federation.
Documents are submitted to currency control agents in the original or in the form of a duly certified copy. If only a part of the document is relevant to conducting a foreign exchange transaction or opening an account, a certified extract from it may be submitted.
Authorized banks shall refuse to carry out a foreign exchange transaction if a person fails to submit the documents required on the basis of part 4 of this article and this part, or if he submits unreliable documents.
(As amended by Federal Law No. 90-FZ dated July 18, 2005)
The original documents are accepted by currency control agents for familiarization and are returned to the persons who submitted them. In this case, copies certified by the currency control agent are placed in the currency control materials.
Clause 1.3 of Instructions of the Central Bank No. 138-I:
The procedure for execution (certification) of copies of documents related to the conduct of foreign exchange transactions may be agreed upon by the authorized bank with the resident.
Deadlines for submission of documents
Clause 2.3 of Instructions of the Central Bank No. 138-I:
2.3. A certificate of currency transactions and documents related to the performance of the currency transactions specified in it are submitted by a resident to an authorized bank within the following terms (except for the cases established by paragraphs 2.5 - 2.9 of this Instruction):
when crediting foreign currency to a transit currency account - no later than 15 working days after the date of its crediting, specified in the notification of the authorized bank on its crediting to a transit currency account;
when debiting foreign currency from a current account in foreign currency - simultaneously with an order to transfer foreign currency.
The period of storage of documents by residents
Clause 2 of Part 2 of Article 24 of Federal Law No. 173-FZ of December 10, 2003 "On Currency Regulation and Currency Control":
2. Residents and non-residents carrying out currency transactions in the Russian Federation are obliged to:
2) 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 than the date of execution of the contract;
“6. Non-compliance with the established procedure for submitting forms of accounting and reporting on foreign exchange transactions, the procedure for submitting reports on the movement of funds on accounts (deposits) in banks outside the territory of the Russian Federation and (or) supporting bank documents, violation of the established procedure for submitting supporting documents and information when performing foreign exchange transactions , violation of the established rules for issuing transaction passports or violation of the established deadlines for storing accounting and reporting documents on foreign exchange transactions, supporting documents and information in the course of foreign exchange transactions or transaction passports, failure to notify the resident financial agent (factor) to whom the monetary claim was assigned (in including as a result of a subsequent assignment), a resident who, in accordance with the terms of a foreign trade agreement (contract) with a non-resident, is a person transferring goods to this non-resident, performing work for him, providing services to him or transferring him information or results of intellectual activity, including exceptional rights to them, on the fulfillment (non-fulfillment) by a non-resident of the obligations provided for by the specified foreign trade agreement (contract), or on the subsequent assignment of a monetary claim under the specified foreign trade agreement (contract) with the application of relevant documents -
(as amended by Federal Laws No. 311-FZ of November 16, 2011, No. 134-FZ of June 28, 2013, No. 181-FZ of June 29, 2015, No. 350-FZ of November 28, 2015)
shall entail the imposition of an administrative fine on citizens in the amount of two thousand to three thousand roubles; on officials in the amount of four thousand to five thousand rubles; for legal entities - from forty thousand to fifty thousand rubles.
(as amended by Federal Laws No. 116-FZ dated June 22, 2007, No. 350-FZ dated November 28, 2015)
6.1. Violation of the established deadlines for the submission of forms of accounting and reporting on foreign exchange transactions, supporting documents and information in the course of foreign exchange transactions or the deadlines for submission of reports on the movement of funds on accounts (deposits) in banks outside the territory of the Russian Federation and (or) supporting bank documents for no more than ten days -
shall entail a warning or the imposition of an administrative fine on citizens in the amount of three hundred to five hundred roubles; on officials in the amount of five hundred to one thousand rubles; for legal entities - from five thousand to fifteen thousand roubles.
(Part 6.1 was introduced by Federal Law No. 311-FZ of November 16, 2011)
6.2. Violation of the established deadlines for submission of forms of accounting and reporting on foreign exchange transactions, supporting documents and information in the course of foreign exchange transactions or the deadlines for submission of reports on the movement of funds on accounts (deposits) in banks outside the territory of the Russian Federation and (or) supporting bank documents for more than ten but not more than thirty days
(as amended by Federal Laws No. 134-FZ dated June 28, 2013, No. 350-FZ dated November 28, 2015)
shall entail the imposition of an administrative fine on citizens in the amount of one thousand to one thousand five hundred roubles; on officials in the amount of two thousand to three thousand rubles; for legal entities - from twenty thousand to thirty thousand roubles.
(as amended by Federal Law No. 350-FZ of November 28, 2015)
(Part 6.2 was introduced by Federal Law No. 311-FZ of November 16, 2011)
6.3. Violation of the established deadlines for submitting forms of accounting and reporting on foreign exchange transactions, supporting documents and information in the course of foreign exchange transactions or the deadlines for submitting reports on the movement of funds on accounts (deposits) in banks outside the territory of the Russian Federation and (or) supporting bank documents for more than thirty days -
(as amended by Federal Laws No. 134-FZ dated June 28, 2013, No. 350-FZ dated November 28, 2015)
shall entail the imposition of an administrative fine on citizens in the amount of two thousand five hundred rubles to three thousand roubles; on officials in the amount of four thousand to five thousand rubles; for legal entities - from forty thousand to fifty thousand rubles.
(as amended by Federal Law No. 350-FZ of November 28, 2015)
(Part 6.3 was introduced by Federal Law No. 311-FZ of November 16, 2011).”
6.4. Repeated commission of an administrative offense provided for by Part 6 of this Article, with the exception of cases of repeated commission of an administrative offense expressed in non-compliance with the established procedure for submitting reports on the movement of funds on accounts (deposits) in banks outside the territory of the Russian Federation and (or) confirming banking documents -
(as amended by Federal Law No. 350-FZ of November 28, 2015)
shall entail the imposition of an administrative fine on citizens in the amount of ten thousand roubles; on officials in the amount of twelve thousand to fifteen thousand rubles; for legal entities - from one hundred and twenty thousand to one hundred and fifty thousand rubles.
To carry out foreign exchange transactions, a resident must provide the bank with certain documents and information to confirm the legality of these transactions. A list of documents and information for each operation can be found in the table.
Operation and type of currency
List of documents and information
Transfer to a transit currency account
Option 1:
Option 2:
1. order to write off funds from a transit currency account ()
- about the unique number of the contract (if the operation is carried out under a contract accepted for accounting)
- about the operation type code
note: when choosing Option 2, documents related to transactions 1 must be submitted by a resident to the Bank no later than 15 working days after the date of transfer of funds to a transit currency account
Withdrawal from the current account in foreign currency
1. application for the transfer of foreign currency ()
2. documents related to operations 1
3. information about foreign exchange transactions 2:
- about the unique number of the contract (if the operation is carried out under a contract accepted for accounting)
- about the expected time of repatriation 3:
- (if implemented advance payment under an import contract accepted for accounting),
- about the code of the type of operation (at the request of the client)
Crediting to the current account in the currency of the Russian Federation
1. documents related to the conduct of transactions 1 (if the transaction is carried out under a contract accepted for accounting)
2. information about currency transactions 2 :
- about the unique number of the contract (if the operation is carried out under a contract accepted for accounting)
- on the transaction type code (in case of disagreement with the transaction type code specified by the non-resident in the settlement document for the crediting transaction, or if there is no transaction type code in the settlement document for the crediting transaction)
Withdrawal from the current account in the currency of the Russian Federation
1. payment document for the operation
2. documents related to operations 1
3. information about foreign exchange transactions 2:
- about the unique number of the contract (if the operation is carried out under a contract accepted for accounting)
- about the expected timing of repatriation 3
- (if implemented advance payment under an import contract accepted for registration).
Notes on the list of documents and information
Form of submission to the bank of the settlement document for the operation
The settlement document for the operation is an instruction to transfer funds provided for. It contains before the text part in the "Purpose of payment" variable the code of the type of operation, which corresponds to the name of the type of operation specified in Appendix 1 to Instruction No. 181-I, as well as information in documents related to the conduct of operations.
Information about the transaction type code is indicated in the following format:
(VO<код вида валютных операций>}.
Indentation (spaces) inside curly braces is not allowed. The symbol "VO" is indicated in capital Latin letters (for example, (VO11100)).
Settlement document for the operation not compiled or presented resident in the following cases:
- when collecting funds in favor of a non-resident in accordance with the legislation of the Russian Federation;
- in case of direct debiting of the settlement account with the consent of the resident (acceptance, including acceptance given in advance);
- when writing off the currency of the Russian Federation in favor of an individual - a non-resident of pensions, compensations, allowances and other payments in cases established by the legislation on pension provision and insurance;
- when carrying out transactions using bank cards;
- when carrying out operations related to settlements under a letter of credit.
Grounds on which a bank may refuse to accept a settlement document for a transaction
- Lack of information about the transaction type code in the settlement document for a resident transaction (clause 16.1.1 of Bank of Russia Instruction No. 181-I dated August 16, 2017).
- Inconsistency between the code for the type of transaction indicated in the settlement document and the information in the documents submitted by the resident related to the conduct of this transaction (clause 16.1.2 of the Bank of Russia Instruction No. 181-I dated August 16, 2017).
- If the expected terms of repatriation of foreign currency and (or) the currency of the Russian Federation exceed the date of completion of the fulfillment of obligations under the contract, specified in the bank control record; (Clause 16.1.1 of Bank of Russia Instruction No. 181-I dated August 16, 2017).
- Non-compliance with the procedure established by the Bank of Russia Instruction No. 181-I dated August 16, 2017 for filling out and submitting the relevant documents and information by a resident (clause 16.1.5 of the Bank of Russia Instruction No. 181-I dated August 16, 2017).
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