Who conducts currency control. What is foreign exchange control in simple words - regulatory bodies, legal norms and agents of foreign exchange control
1. Foreign exchange control v Russian Federation carried out by the Government of the Russian Federation, bodies and agents of currency control in accordance with this federal law and other federal laws.
2. Currency control authorities in the Russian Federation are the Russian Federation, the federal body ( federal bodies), authorized (authorized) by the Government of the Russian Federation.
3. Agents of currency control are authorized banks accountable To the central bank Of the Russian Federation, as well as non-authorized banks professional participants market valuable papers, including register holders (registrars) accountable to the federal executive body for the securities market, customs authorities and territorial bodies federal executive bodies, which are currency control bodies.
4. Monitoring implementation currency transactions credit institutions, as well as currency exchanges carries out central bank Russian Federation.
5. Control over the implementation of currency transactions by residents and non-residents who are not credit institutions or currency exchanges shall be exercised within the limits of their competence by the federal executive authorities, which are currency control bodies, and currency control agents.
6. The Government of the Russian Federation shall ensure the coordination of activities in the field of currency control of federal executive bodies that are currency control bodies, as well as their interaction with the Central Bank of the Russian Federation.
The Government of the Russian Federation ensures the interaction of non-authorized banks professional participants in the securities market and customs authorities as agents of foreign exchange control with the Central Bank of the Russian Federation.
The Central Bank of the Russian Federation interacts with other currency control authorities and ensures interaction with them, as well as with the customs authorities of authorized banks as currency control agents in accordance with the legislation of the Russian Federation.
Authorized banks as currency control agents transfer information to the customs authorities to perform the functions of currency control agents in the amount and in the manner established by the Central Bank of the Russian Federation.
Rights and obligations of bodies and agents of foreign exchange control and their officials
1. Bodies and agents of currency control and their officials, within their competence and in accordance with the legislation of the Russian Federation, have the right:
- to carry out inspections of compliance by residents and non-residents with acts of currency legislation of the Russian Federation and acts of currency regulation bodies;
- to check the completeness and reliability of accounting and reporting on foreign exchange transactions of residents and non-residents;
- request and receive documents and information related to the conduct of foreign exchange transactions, the opening and maintenance of accounts. The mandatory period for the submission of documents at the request of foreign exchange control authorities and agents cannot be less than seven working days from the date of submission of the request.
2. Bodies of currency control and their officials, within their competence, have the right:
- issue orders to eliminate the identified violations of acts of currency legislation of the Russian Federation and acts of currency regulation bodies;
- apply the measures of responsibility established by the legislation of the Russian Federation for violation of acts of currency legislation of the Russian Federation and acts of currency regulation bodies.
- 3. The procedure for the provision by residents and non-residents of supporting documents and information when carrying out currency transactions to currency control agents is established:
- to provide foreign exchange control agents, with the exception of authorized banks, - by the Government of the Russian Federation;
- for provision to authorized banks - by the Central Bank of the Russian Federation.
4. In order to carry out 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 currency transactions, opening and maintaining accounts:
- identity documents natural person;
- document on state registration an individual as an individual entrepreneur;
- status documents legal entity, - for non-residents, a document on state registration of a legal entity - for residents;
- certificate of registration with the tax authority;
- documents certifying the rights of persons to real estate;
- 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 a non-resident, if the receipt by a non-resident of such a document is provided for by the legislation of a foreign state;
- notification of the tax authority at the place of registration of the resident about opening an account (deposit) with a bank outside the territory of the Russian Federation;
- registration documents in cases where preliminary registration is provided for in accordance with this federal law;
- documents (draft documents) that are the basis for foreign exchange transactions, including agreements (agreements, contracts), powers of attorney, extracts from the minutes general meeting or another governing body of a legal entity; documents containing information about the results of the auction (if held); documents confirming the fact of transfer of goods (performance of work, provision of services), information and results of intellectual activity, including exclusive rights to them, acts government agencies;
- documents drawn up and issued by credit institutions, including Bank statements; documents confirming the performance of foreign exchange transactions;
- customs declarations, documents confirming the import of the currency of the Russian Federation into the Russian Federation, foreign currency and external, internal securities in documentary form;
- transaction passport.
5. Agents of currency control have the right to demand the provision of only those documents that are directly related to the ongoing currency operation.
All documents must be valid on the date of submission to the currency control agents. At the request of a foreign exchange control agent, duly certified Russian translations of documents executed in full or in any part of them in a foreign language are provided. Documents issued by state bodies of foreign states, confirming the status of non-resident legal entities, must be legalized in accordance with the established procedure. Foreign official documents can be provided without their legalization in cases stipulated by an international treaty of the Russian Federation.
Documents are provided to currency control agents in the original or in the form of a duly certified copy. If only a part of the document is related to the conduct of a foreign exchange operation or the opening of an account, a certified extract from it may be provided.
Authorized banks refuse to carry out a foreign exchange operation, as well as to open an account if the person does not provide documents. The originals of the documents are accepted by currency control agents for review and returned to the persons who provided them. In this case, copies certified by the currency control agent are placed in the materials of currency control.
6. Currency control authorities, tax authorities carrying out preliminary registration in accordance with this federal law, within the limits of their competence, are obliged to consider applications of residents for preliminary registration required in accordance with this federal law, and make a decision on preliminary registration or refusal of preliminary registration. registration.
7. Agents of foreign exchange control and their officials are obliged to:
- monitor compliance by residents and non-residents with acts of currency legislation of the Russian Federation and acts of currency regulation bodies;
- provide currency control authorities with information on currency transactions carried out with their participation in the manner prescribed by acts of currency legislation of the Russian Federation and acts of currency regulation authorities.
8. Bodies and agents of currency control and their officials are obliged to keep, in accordance with the legislation of the Russian Federation, commercial, banking and official secrets that have become known to them in the exercise of their powers.
9. Bodies and agents of currency control in the presence of information about a violation of acts of currency legislation of the Russian Federation and acts of currency regulation by a person carrying out currency transactions, or about opening an account (deposit) in a bank outside the territory of the Russian Federation, sanctions to which are applied in accordance with by the legislation of the Russian Federation by another currency control body, are transferred to the currency control body, which has the right to apply sanctions to this person, the following information:
- in relation to a legal entity: name, taxpayer identification number, place of state registration, its legal and postal addresses, the content of the violation, indicating the violated regulatory legal act, the date and amount of the illegal foreign exchange transaction or violation;
- in relation to an individual: last name, first name, patronymic, information about the identity document, address of residence, the content of the violation with an indication of the violated normative legal act, the date and amount of the illegal currency transaction or the specified violation.
10. Authorized banks transmit information in the manner prescribed by the Central Bank of the Russian Federation.
11. Bodies and agents of foreign exchange control shall provide the foreign exchange control body authorized by the Government of the Russian Federation with documents and information necessary for the performance of its functions in the volume and procedure established by the Government of the Russian Federation in agreement with the Central Bank of the Russian Federation.
12. Bodies and agents of currency control and their officials are liable under the legislation of the Russian Federation for failure to perform the functions established by this federal law, as well as for their violation of the rights of residents and non-residents.
Rights and obligations of residents and non-residents
1. Residents and non-residents carrying out foreign exchange operations in the Russian Federation shall have the right:
- get acquainted with the acts of inspections carried out by the bodies and agents of foreign exchange control;
- to appeal against decisions and actions (inaction) of bodies and agents of currency control and their officials in the manner prescribed by the legislation of the Russian Federation;
- to reimburse, in accordance with the procedure established by the legislation of the Russian Federation, for real damage caused by unlawful actions (inaction) of bodies and agents of currency control and their officials.
2. Residents and non-residents carrying out foreign exchange operations in the Russian Federation are obliged:
- provide the authorities and agents of foreign exchange control with documents and information that are provided for by Art. 23 of this federal law;
- keep records in the prescribed manner and draw up reports on the currency transactions carried out by them, ensuring the safety of the relevant documents and materials for at least 3 years from the date of the relevant currency transaction, but not earlier than the deadline for the execution of the contract;
- comply with the instructions of the currency control authorities to eliminate the identified violations of the acts of the currency legislation of the Russian Federation and the acts of the currency regulation authorities.
The concept of currency control and its functions
Currency control in the Russian Federation is a measure of state inspection foreign exchange market... That is, it is supervision over the movement of currency both outside the state and within the country. This also applies to ordinary citizens, and enterprises and organizations.
Here are some of the main functions performed by foreign exchange control (hereinafter - VC):
- Issuing all possible permits and checking the work of exchange offices that can buy and sell currency. This means that all official "exchangers" must be licensed and their work is under the close scrutiny of foreign exchange regulation and control authorities.
- Purchase and sale of foreign currency within Russia. Buying banknotes "imported" before vacation, a person automatically becomes the object of attention of currency control and legislation in this area.
- Carriage of currency across the border. When exporting or importing amounts exceeding $ 10,000 in any currency, the owner of the money is obliged to declare them. If the cash is less than $ 10,000, then this is done on a personal request.
- Settlements for export-import transactions, contracts and purchases. To a greater extent, this applies to legal entities, as this usually includes transactions between Russian and foreign organizations for all types of contracts. Although this point also applies to individuals who receive money for their work from abroad or pay for large overseas purchases. Small foreign currency purchases in online stores or auctions usually do not attract the attention of VK bodies.
The letter of the law, or the Federal law on foreign exchange control
Like most activities in Russia, controlled by currency relations governed by federal law
(hereinafter - the Federal Law) on foreign exchange control from 10.12.2003 .
This document has not changed its main content since 2003 and has only a number of innovations, mainly related to the wording.
So, due to changes in Tax Code, currency control in the Russian Federation in 2014 changed a number of names of "actors". For example, "banks" were replaced by "credit organizations". The main emphasis and scope of the law remained unchanged.
Bodies of currency regulation and control
173 of the Federal Law on foreign exchange control clearly distributes: who, what and for whom should control. The bodies of currency control are the Central Bank and the Government of the Russian Federation. These bodies check their agents. To summarize, the main points that agents check are:
- the amount of transactions involving foreign currency (that is, who transferred how much and to whom);
- the grounds for using precisely "imported" banknotes, and not rubles;
- terms for the provision of documents that prove that the foreign currency was transferred or received specifically for the service or product.
The currency control agents themselves are:
- banks that are subordinate to the Central Bank;
- professional participants in the securities market;
- customs and tax authorities.
The chain of controllers and controlled organizations only seems complicated. If a company has transferred money to its foreign partner and receives a product or a range of services from him, then when declaring it will be inspected by customs and Russian bank through which this payment went. This is provided for by the law on foreign exchange control.
In this case, the organization must prove that it did not just transfer this money abroad. The customs will be provided payment order for payment, and to the bank - a declaration for goods. And already these two agents will be controlled by the Central Bank and the Government. And failure to comply with the terms or conditions of transactions leads to rather severe fines, but already in rubles. For example, late submission of the declaration threatens the organization with a fine of 50,000 rubles.
Penalties are also applied to individuals. If a Russian citizen has opened a bank account on the territory of a foreign state, then he is obliged to inform about it tax authorities RF within one month. Or the bank may reject a payment directed to or from an individual if it considers that this operation is doubtful and the person does not have supporting documents for such a transfer. Fines for violation of currency control are established by Art. 15.25. Administrative Code.
- If an individual works for foreign company and receives its "hard-earned" money in foreign currency or by transfer from abroad, then the best option is to switch to the format of a legal entity, for example, an individual entrepreneur. If a person does not confirm such a payment, the bank has the right to reject the operation. In addition, with this option, tax deductions are not made, and this may no longer be ignored by the tax authorities.
- If the amount of the contract for goods or services concluded with a foreign partner is more than $ 50,000, then you need to open a transaction passport at a bank. If within the framework of this contract several deliveries are made or several services are provided, then as soon as the amount approaches this milestone, in order to avoid penalties, it is better to draw up a transaction passport in the bank in advance.
- If an individual transports more than $ 10,000 in any currency, then it is better to declare them at the airport when passing through customs. You can save yourself from problems with declaring amounts and wasting time for this by simply opening a foreign currency account in a Russian bank and linking to it bank card... This, of course, will lead to commissions in the calculations, but it is safer and does not require filling out documents and formalities when passing the border control.
Foreign exchange supervision and management are among the main building indicators market economy... This is done by the country's authorities, as well as special authorized bodies and agents. All data on the settlement of issues regarding currency are determined by the relevant normative act - Federal Law No. 173-FZ of December 10, 2003.
Currency regulation authorities
The bodies of currency regulation in the Russian Federation are two instances:
- Government of the Russian Federation;
- Central Bank of the Russian Federation (the main bank of the country).
Additional bodies of currency regulation in the Russian Federation are the following services:
- financial control;
- customs;
- tax.
The main body of currency regulation in Russia is the Central Bank.
Currency control agents
Currency control agents are:
- banks reporting to the main financial institution;
- professional participants in the securities market;
- Vnesheconombank.
These organizations directly supervise the movement of currency within their activities.
Bodies and agents of foreign exchange control: powers and obligations
An individual feature of the supervisory authority currency movements their ability to approve special regulations... The information in them applies to all citizens in the country.
Bodies and agents of foreign exchange control can:
- Check two indicators:
- compliance with the law regarding the movement of currency;
- the veracity of the reporting provided.
- Make inquiries with individuals and legal entities. persons.
- Require documentary data on foreign exchange transactions, including bank accounts.
The legislation sets the deadline for submitting data - seven days from the date of receipt of the request.
Currency regulation bodies in the Russian Federation, represented by officials, have the right to:
- Provide recommendations for correcting shortcomings and violations.
- Use punishments.
Currency control agents may require documentation:
- the passport;
- registration certificate of individual entrepreneur;
- documentary confirmation of the status of a legal entity faces;
- tax registration certificate;
- registration documentation for real estate;
- papers that give the right to make the movement of currency;
- marriage documents;
- customs documentation;
- papers confirming the place of residence;
- other accompanying documentation.
Currency control agents have the right to request only a package of documentation directly related to the movement of currency. It must be valid on the day it is submitted.
Important! An authorized bank may refuse to conduct a currency transaction if the required documentation package is not provided or if there is inaccurate data.
The obligations of foreign exchange control agents and their officials include:
- supervision over the correct execution of the norms regarding the currency;
- providing the currency control authorities with a full report on the currency movements being made.
Currency regulation authorities in the Russian Federation and agents must keep all types of secrets established by law.
The authority coordinates activities in the field of supervision of the movement of the currency of organizations of the executive branch, and also regulates their relationship with the main bank of the country.
The definitions of organizations that control the movement of currency, and their powers are determined by Art. 22 - 23 of the law on foreign exchange control.
In this article, we will look at how the currency control is carried out in the bank. Let us examine what currency regulation is and what transactions are subject to currency control. You will find out what functions are performed by currency control agents and what documents the bank will require to conduct a transaction.
Currency control: concept, goals and directions
For settlements on transactions made in our country, rubles are used. But in some cases, to conduct financial transaction need a different currency. It is these situations that are subject to regulation by foreign exchange legislation. Next, we will analyze currency control at the enterprise and in the bank, and also find out what it is.
So what does the term "foreign exchange control" mean? Explain in simple words... Currency control (VC) refers to actions that ensure compliance with the law and rules related to settlements in foreign currency.
Globally, the implementation of these standards is monitored by:
- Central Bank (hereinafter referred to as the Central Bank of the Russian Federation).
- Customs Committee.
- Government.
- Ministry of Finance.
- Executive power.
Direct control is exercised by the so-called - commercial banking organizations - empowered by the Central Bank of the Russian Federation. They are responsible for ensuring that all payments are processed correctly and information is provided in full.
If we talk about why and why, in general, a VC is needed, then its main goal is to ensure full compliance with currency legislation.
In addition, control takes place in the following areas:
- monitoring the compliance of transactions with the law;
- verification of the fact of fulfillment of the obligation between residents and non-residents;
- verification of the reliability of reporting on foreign exchange transactions.
Now let's discuss which countries have foreign exchange controls. A large number of states used the VK methodology when they were going through difficult times in their economic life. If we give examples from history, then the implementation of such control was actively used in the post-war period.
At a later time, VC was implemented in such large states as France, Japan, Germany. Now the majority of stable countries do not use control over transactions in foreign currency and are quite successful without it. But some powers still use this regime. This number includes about 50 countries, such as the Czech Republic, Turkey, Poland, Israel.
All the subtleties of VC in our state are reflected in the legislation, the subjects of this regime are also defined there.
Forms and principles of foreign exchange control
VK is based on the following principles:
- unjustified state interference in operations is excluded;
- the system of VC and foreign exchange regulation are the same;
- the rights of all participants in transactions are protected at the state level.
It is also worth noting a few specific principles. In particular:
- Legality.
- Obligation.
- Provision of commercial and official secrets.
The types, forms and methods of foreign exchange control are in development, as changes are made to the legislation. Now let's look at each item in more detail.
Control methods can be conditionally divided into specialized, basic and additional. Specialized methods include inspection and revision.
The main methods include observation and verification. The additional ones usually include various requests for obtaining information and analyzing the obtained data using analytic techniques.
If you single out certain types exchange control, they are divided into:
- preliminary (occurs until the operation is completed);
- current (carried out directly in the process of performing an operation);
- subsequent (performed after the operation with the currency is completed).
And also there is a division into direct and indirect control. In the first case, it is carried out by the bodies and agents of currency control, in the second - by the Government of the Russian Federation.
Currency control authorities
The bodies of currency regulation and currency control exercise control on the territory of the Russian Federation. These bodies include, first of all, the Central Bank of the Russian Federation and the Government of the Russian Federation.
Their functionality includes:
- the issuance of regulations to be complied with by all parties;
- supervision over the conduct of foreign exchange transactions;
- conducting verification activities on transactions in foreign currency.
And also these bodies regulate the process of accounting and reporting. Officials of the competent authorities have the right to check documentation, suspend licenses to carry out operations, and so on. Moreover, all information received by these persons should be kept as a commercial secret.
Operations subject to mandatory currency control
Only 3 types of transactions are subject to mandatory currency control:
Transactions involving external and internal securities. If the securities have a par value in US dollars or another currency, then transactions are subject to VC.
Settlements between residents and non-residents. All parties must comply with the law, but at the same time, they have the right to defend their rights.
Transactions with settlements in the currency of other countries. If the currency is legal tender under a contract with a company located abroad, this transaction is subject to VC.
Note that not all transactions are supervised. What transactions are not subject to foreign exchange control? VK covers only those situations when the goods cross the border of our country. Currency transactions are not controlled when the goods are not actually imported into Russia.
Currency control agents
Foreign exchange control agents include:
- banking organizations that are directly subordinate to the Central Bank of the Russian Federation;
- non-banking structures, in particular, the Federal Tax Service;
- state corporation - Vnesheconombank.
These agents, exercising control, perform a number of functions:
- draw up one or several settlement accounts for participants in transactions;
- checks all papers for compliance with reality;
- register all information on the transaction in the relevant databases;
- open the passport of the operation;
- close the operation;
- create a report on the conducted transaction.
Stages of currency control
The foreign exchange control procedure consists of several stages. Let's look at them in more detail.
In practice, the whole process goes like this:
- A complete package of documentation is collected, which confirms that the transaction is legal. Depending on the type of transaction, the package of securities may differ.
- The currency control agent conducts the operation. To do this, you may need to open an additional. check.
- The passport of the transaction is opened (if necessary).
- Information is entered into all databases.
- Funds are reserved for the execution of the transaction.
- After the deal is executed, the reserve is returned.
- The transaction is closed and the reporting on it is generated.
After analyzing the algorithm, we see that currency control is part of in a regular transaction. It will be made if the transaction is one of those, the implementation of which should take place under the control of the state.
Documents for currency control
Let us clarify that banking organization may request from you only that documentation that is directly related to the transaction being carried out.
Most often these are:
- passports of the participants in the transaction;
- documents that confirm the state. registration;
- various customs documentation (declarations, etc.);
- contracts, powers of attorney, invoices;
- if necessary - real estate documentation.
And also the documentation is provided confirming the right of the parties to carry out such transactions. Do not forget to take in financial institution papers confirming that the currency transaction was successfully completed.
Currency regulation - This is the activity of state bodies aimed at regulating the procedure for performing foreign exchange transactions.
Principles of foreign exchange regulation and foreign exchange control
Art. 3 Federal law of December 10, 2003 N 173-FZ "On Currency Regulation and Currency Control" establishes the following principles of currency regulation and currency control:
- priority of economic measures in implementation public policy in the field of currency regulation;
- exclusion of unjustified interference of the state and its bodies in foreign exchange transactions of residents and non-residents;
- the unity of the foreign and domestic monetary policy of the Russian Federation;
- unity of the system of currency regulation and currency exchange rate ntrol;
- ensuring the protection of the state and the economic interests of residents and non-residents in the implementation of foreign exchange transactions.
Bodies of currency regulation and currency control
Article 5 of the Federal Law of December 10, 2003 N 173-FZ "On Currency Regulation and Currency Control" determines that currency regulation authorities in the Russian Federation are
- Central Bank of the Russian Federation and
- Government of the Russian Federation.
Art. 22 of the Federal Law of December 10, 2003 N 173-FZ "On Currency Regulation and Currency Control" determines that currency control in the Russian Federation is carried out
- The Government of the Russian Federation,
- bodies and agents of foreign exchange control.
Currency control authorities in the Russian Federation are:
- Central Bank of the Russian Federation,
- federal bodies authorized by the Government of the Russian Federation ( federal Service financial and budgetary supervision - Rosfinnadzor).
Currency control agents are:
- authorized banks accountable to the Central Bank of the Russian Federation,
- state corporation "Development Bank and foreign economic activity(Vnesheconombank) "and
- professional participants in the securities market who are not authorized banks, including register holders (registrars) accountable to the federal executive body for the securities market,
- Customs;
- tax authorities.
Control over the implementation of foreign exchange transactions by credit institutions is exercised by the Central Bank of the Russian Federation.
Control over the implementation of currency transactions by residents and non-residents who are not credit institutions shall be exercised, within their competence, by the federal executive authorities, which are currency control bodies, and by currency control agents.