Operations related to the movement of capital. Currency restrictions on current transactions and transactions related to the movement of capital. Currency operations of capital movement and their impact on the accounting statements of an authorized bank

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 acquisition valuable papers;c) transfers in payment of the right of ownership to buildings, structures and other property, including land and its subsoil, attributable under the laws 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) granting and receiving financial loans for a period of more than 180 days; f) all other currency transactions that are not current currency transactions. Currency operations related to the movement of capital are carried out by residents in the manner prescribed by central bank Russian Federation(Article 6 of the above law). The procedure for issuing permits by the Bank of Russia to conduct certain types of foreign exchange transactions related to the movement of capital is determined by Regulations of the Bank of Russia No. 82-P dated 20.07.1999 and No. 129-P dated 21.12.2000.

At the same time, the following currency transactions are carried out without restrictions: - settlements for the export of goods specified in sections XVI, XVII, XIX of the Commodity Nomenclature for Foreign Economic Activity of the Russian Federation, provided that the period for the return of foreign exchange earnings from the sale of these goods for export will not exceed three years from the dates of actual crossing of the customs border of the Russian Federation by these goods; - settlements for construction and contracting works carried out by residents outside the territory of the Russian Federation, the payment terms for which, in accordance with the terms of the concluded contracts, exceed 90 days, provided that the period for the return of foreign exchange earnings for the construction and contract work will not exceed five years from the date of conclusion of such an agreement; said agreement will not exceed five years from the date of its conclusion; - transfers by an individual - a resident of foreign currency to the Russian Federation and from the Russian Federation in an amount not exceeding 75 thousand US dollars, carried out during a calendar year for the purpose of acquiring rights to securities by an individual - a resident securities denominated in foreign currency, or for the purpose of realizing by a resident individual of his rights to the said securities. These transfers are made by a resident individual through an account with an authorized bank, the procedure for opening and maintaining which is determined by the legislation of the Russian Federation. When a natural person - a resident of a foreign currency transfers to acquire rights to securities denominated in foreign currency, the specified person and the authorized bank through which the specified transfer was made are obliged to notify the tax authority of the transfer within 10 working days from the date of such transfer. at the place of registration of the resident individual who made this transfer, attaching Bank statements on the specified account. The basis is the Law of the Russian Federation of 09.10.1992 No. 3615-1 "On currency regulation and currency control"(Art. 1 para. 10, Art. 6).

1) Direct investments, that is, investments in the authorized capital of the enterprise in order to generate income and obtain rights to participate in the management of the enterprise.
2) Portfolio investment, that is, the purchase of securities.
3) Transfers in payment of the right of ownership to buildings, structures and other property, including land and its subsoil, attributable under the laws of the country of its location to real estate, as well as other rights to real estate.
4) Provision and receipt of a deferred payment for a period of more than 90 days for the export and import of goods (works, services, results of intellectual activity).
5) Providing and receiving financial loans for a period of more than 180 days.
6) All other foreign exchange transactions that are not current foreign exchange transactions.

With regard to other groups of operations (by object), such a division is not applicable, and the Law establishes special rules for the implementation of such operations.

The classification of currency transactions is of great importance not only for the concept of their essence. As judicial and arbitration practice testifies, “the majority of disputes related to the application of currency legislation arise over the definition of a currency transaction as current or capital and boils down to the application of liability to a person for committing capital transaction without the appropriate permission of the Bank of Russia.

We have already mentioned the classification of foreign exchange transactions depending on the mode of implementation. There are some restrictions on the implementation of foreign exchange transactions by residents and non-residents.

Residents:

- carry out current currency transactions without restrictions;
- carry out currency transactions related to the movement of capital in the manner established by the Central Bank of the Russian Federation (permission of the Bank of Russia is required to conduct certain types of currency transactions related to the movement of capital).

Non-residents:

- have the right to transfer, import and forward currency values to the Russian Federation without restrictions, subject to customs regulations;
- have the right to sell and buy foreign currency for the currency of the Russian Federation in the manner established by the Central Bank of the Russian Federation;
- have the right to freely transfer, export and forward from the Russian Federation currency values subject to customs rules, if these currency values were previously transferred, imported or sent to the Russian Federation or acquired in the Russian Federation on the grounds specified in the previous paragraph, and in other cases in accordance with the legislation of the Russian Federation.

The above classifications are based on Russian legislation and have a legal basis. They serve to a greater extent for the purposes of currency regulation and control. Let's give another classification, which, in the author's opinion, is more justified from an economic point of view. In accordance with it, foreign exchange operations of commercial banks can be divided into the following groups:

1) Opening and maintaining currency accounts of the clientele;
2) Purchase and sale of foreign currency;
3) Non-trading operations of a commercial bank;
4) Establishment of correspondent relations with foreign banks and implementation of operations for international settlements related to the export and import of goods and services;
5) Operations to attract and place foreign currency funds by the bank.

Let us consider in more detail each of these groups of currency operations of the bank.

Foreign exchange operations are divided into current foreign exchange transactions and foreign exchange transactions related to the movement of capital. Current foreign exchange transactions include:

¾ transfers to the Russian Federation and from the Russian Federation of foreign currency for settlements without deferred payment for the export and import of goods, works and services, as well as for settlements related to crediting export-import transactions for a period not exceeding 180 days;

¾ obtaining and providing financial loans for a period not exceeding 180 days;

¾ 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;

¾ non-commercial transfers to and from the Russian Federation, including transfers of amounts wages, pensions, alimony, inheritance and other similar transactions.

Currency transactions related to the movement of capital include:

¾ direct investments, i.e. investments in the authorized capital of the enterprise in order to generate income and obtain rights to participate in the management of the enterprise;

¾ portfolio investment, that is, the purchase of securities;

¾ transfers in payment of the right of ownership to buildings, structures and other property (including land and its subsoil), attributable under the laws of the country of its location to real estate, as well as other rights to real estate;

¾ granting and receiving a deferred payment for a period of more than 180 days for the export and import of goods, works and services;

¾ provision and receipt of financial loans for a period of more than 180 days for the export and import of goods, works and services;

¾ all other foreign exchange transactions that are not current foreign exchange transactions.

To conduct foreign exchange transactions for legal entities on the basis of a bank account agreement concluded with an authorized bank, the following are opened in parallel: transit currency account, special transit currency account and current currency account. A transit currency account is used to credit the full amount of receipts in foreign currency, including those not subject to mandatory sale. A special transit currency account is an account opened by an authorized bank to record transactions made by a resident for the purchase of foreign currency in the foreign exchange market and its resale. Current currency account is an account for accounting for funds remaining at the disposal of a legal entity after the mandatory sale of export earnings, and other transactions on the account in accordance with the currency legislation.

Legal entities carry out the mandatory sale of 75% of foreign exchange earnings from the export of goods through authorized banks, at the market exchange rate of foreign currencies to the ruble at the time of sale. The mandatory sale of a part of the export currency earnings of a legal entity is carried out on its behalf through authorized banks on the interbank currency exchanges or directly to the Central Bank of the Russian Federation.

Settlements by letters of credit

Letter of credit is a conditional monetary obligation bank, issued by it on behalf of the client in favor of its counterparty under an agreement under which the bank that opened the letter of credit (issuing bank) can make a payment to the supplier or authorize another bank to make such payments, subject to the presentation of the documents specified in the letter of credit, and upon fulfillment of other conditions of the letter of credit.

If the bank that issued the letter of credit, on behalf of the payer (buyer), transfers funds to another bank - the supplier's bank, then to make the payment, if all the conditions stipulated in the letter of credit are met, a separate balance account "Letters of credit payable" is opened in the supplier's bank.

The following may open types of letters of credit: covered (deposited) or uncovered (guaranteed); revocable or irrevocable.

Covered (deposited) are considered to be letters of credit, at the opening of which the issuing bank transfers the payer's own funds or the loan granted to him at the disposal of the supplier's bank (executing bank) for the entire period of validity of the obligations of the issuing bank.

When establishing correspondent relations between banks uncovered (guaranteed) letter of credit can be opened in the executing bank by giving it the right to write off the entire amount of the letter of credit from the account of the issuing bank maintained by it. The client's requests for issuing an uncovered (guaranteed) letter of credit are credited by the issuing bank to a separate off-balance account.

Each letter of credit must clearly state whether it is revocable or irrevocable. In the absence of such an indication, the letter of credit is revocable. A revocable letter of credit can be changed or canceled by the issuing bank without prior agreement with the supplier. The payer can give all orders to change the terms of a revocable letter of credit to the supplier only through the issuing bank, which notifies the supplier's bank (executing bank), and the latter notifies the supplier. An irrevocable letter of credit cannot be changed or canceled without the consent of the supplier in whose favor it is opened.

A letter of credit may be intended for settlements with only one supplier. Payment from a letter of credit in cash is not allowed.

Closing of a letter of credit in the supplier's bank is carried out:

a) upon expiration of the term of the letter of credit; the executing bank notifies the issuing bank of the closing of the letter of credit;

b) upon the application of the supplier on the refusal to further use the letter of credit before the expiration of the term on the basis of the application of the supplier on the refusal to further use the letter of credit. The issuing bank is notified by the nominated bank. The unused amount is transferred to the payer's bank at his direction to the account from which the funds were deposited;

c) at the request of the buyer to withdraw the letter of credit in whole or in part, the letter of credit is closed or reduced on the day the message is received from the issuing bank.

Currency operations(lat. operato - action) are actions to organize and manage monetary relations arising from the movement of currency and securities in the currency.

In accordance with the current Law (part 1, article 1, clause 9), foreign exchange transactions include:

· transactions related to the transfer of ownership and other rights to currency values (foreign currency and external securities), including transactions related to the use of foreign currency as a means of payment and payment documents in foreign currency;

import and shipment to the Russian Federation, as well as export and shipment from the Russian Federation currency values;

Implementation of international money transfers.

Foreign exchange operations are carried out by banks that have the status of an authorized bank.

Authorized bank is the bank that received Central Bank Russian Federation license for the right to conduct operations with foreign currency. Legal and individuals, carrying out transactions with foreign currency, and are the subjects of foreign exchange transactions in the foreign exchange market of Russia are divided into residents and non-residents.

Residents include (part 1, article 1, paragraph 6):

a) individuals who are citizens of the Russian Federation, with the exception of citizens of the Russian Federation who are recognized as permanent residents of a foreign state in accordance with the legislation of that state;

b) permanently residing in the Russian Federation on the basis of a residence permit provided for by the legislation of the Russian Federation, Foreign citizens and stateless persons;

c) legal entities established in accordance with the legislation of the Russian Federation;

d) branches, representative offices and other subdivisions of residents specified in subparagraph "c" located outside the territory of the Russian Federation;

e) diplomatic missions, consular offices of the Russian Federation and other official representations of the Russian Federation located outside the territory of the Russian Federation, as well as permanent missions of the Russian Federation at interstate or intergovernmental organizations;

f) Russian Federation, subjects of the Russian Federation, municipalities who act in relations regulated by this Federal Law and other federal laws and other regulatory legal acts adopted in accordance with it.

Non-residents include (part 1, article 1, paragraph 7):

a) individuals who are not residents in accordance with subparagraphs "a" and "b" of paragraph 6;

b) legal entities established in accordance with the legislation of foreign states and located outside the territory of the Russian Federation;

c) organizations that are not legal entities, created in accordance with the legislation of foreign states and located outside the territory of the Russian Federation;

d) diplomatic missions accredited in the Russian Federation, consular offices of foreign states and permanent representations of these states at interstate or intergovernmental organizations;

e) interstate and intergovernmental organizations, their branches and permanent representations in the Russian Federation;

f) branches, permanent representative offices and other separate or independent entities located on the territory of the Russian Federation structural units non-residents specified in subparagraphs "b" and "c" of this paragraph;

g) other persons not specified in paragraph 6; the federal law"On currency regulation and currency control" of December 10, 2003 N 173-FZ, article 1, paragraph 6 and paragraph 7

Currency transactions can be associated with both cash payments(settlements, transfer, etc.), and with the movement of capital (leasing, credit, etc.). Capital is money put into circulation and generating income from this turnover. The movement of foreign exchange capital means an investment by an investor of currency in objects entrepreneurial activity in order to make a profit.

Operations with foreign currency and securities in foreign currency can be divided into two groups, according to Art. 8 IMF Agreements:

1. Current foreign exchange transactions

2. Currency transactions related to the movement of capital

"Current foreign exchange transactions" include:

A) transfers to the Russian Federation and from the Russian Federation of foreign currency for settlements without deferred payment for the export and import of goods, works and services, as well as for settlements related to crediting export-import 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 the Russian Federation and the Russian Federation, including transfers of wages, pensions, alimony, inheritance, and other similar transactions.

Current foreign exchange transactions are carried out by residents, as a rule, without any restrictions.

The Bank of Russia regulates current operations in two ways:

1. By limiting the use of such forms of payment as checks, bills of exchange, as well as by requiring the provision of guarantees in the form of an advance payment or prepayment.

2. Strict control over compliance with the time period for transactions of 180 days. In case of delay on current operations period of 180 days, penalties apply.

"Currency transactions associated with the movement of capital" include:

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 and services;

E) provision and receipt of financial loans for a period of more than 180 days;

E) all other foreign exchange transactions that are not current foreign exchange transactions

In other words, if a foreign exchange transaction cannot be classified as a current foreign exchange transaction, then for the purposes of applying the Law "On Foreign Exchange Regulation and Foreign Exchange Control" it will be considered as a foreign exchange transaction related to the movement of capital. Currency transactions related to the movement of capital are subject to currency control and currency regulation and are carried out in accordance with instructions, letters and other regulations and operational documents of the Bank of Russia. This is required monetary policy of the state- system of measures in the field currency relations carried out by the state in accordance with the developed political and economic guidelines.

Distinguish:

A long-term monetary policy that aims to modify monetary system, foreign exchange market

The current monetary policy, which aims to determine exchange rate, foreign exchange transactions, regulation of the foreign exchange market and the gold market.

Currency restrictions contribute to the temporary equalization of the balance of payments of individual countries, but ultimately complicate the problem of balancing them, since there is a need for regulation international settlements with each country separately. Restriction of currency convertibility actually cancels the principle of the most favored nation, strengthens the discrimination of trading partners through the use of a plurality of exchange rates.

The objective need to remove currency barriers in international economic relations gives rise to a trend towards interstate regulation of currency restrictions. However, this factor is opposed by national protectionism as a means of competition directed against trading partners.

Currency restrictions in the Russian Federation

In accordance with the proposals of the President of the Russian Federation to speed up the process of acquiring the status of a freely convertible national currency, significant changes were made to the Federal Law “On currency regulation and currency control” Federal Law No. 131-FZ dated 26.06. currency control”” decisions State Duma. In accordance with the amendments, articles containing certain currency restrictions relating to the conduct of currency transactions by residents and non-residents in Russia and abroad were canceled. The abolition of currency restrictions means that the currency of the Russian Federation now formally complies with all the requirements of the IMF for freely convertible currencies.

Residents are required to notify tax authorities at the place of its registration on opening (closing) of accounts (deposits) and on changing the details of accounts (deposits) no later than one month from the day, respectively, of opening (closing) or changing the details of such accounts (deposits) in banks located outside the territory of the Russian Federation, in the form approved by the federal executive body authorized for control and supervision in the field of taxes and fees. Federal Law No. 242-FZ dated October 30, 2007 “On Amendments to the Federal Law “On Currency Regulation and Currency Control””, Part 2, Article 12

The changes made mean for residents of the Russian Federation the transition to the notification procedure for opening (closing) bank accounts outside of Russia, which is in line with the practice adopted in developed countries. The current legislation does not contain restrictions on the implementation of foreign exchange transactions by non-residents.

According to the initiators of the liberalization of currency legislation, the removal of restrictions on financial transactions can lead to an increase in the investment attractiveness of the state. Thus, the Bank of Russia removed the last restrictions on the movement of capital across the border of the Russian Federation, abolishing the requirement to reserve when conducting certain types of foreign exchange transactions, as well as the mandatory use of special accounts when carrying out certain types of foreign exchange transactions. In addition, the mandatory sale by exporters of a part of foreign exchange earnings has been cancelled. The removal of restrictions on the movement of capital across the border, the abolition of reserve requirements for certain types of foreign exchange transactions, as well as the mandatory use of special accounts for foreign exchange transactions - all these measures, according to experts, will increase Russia's investment attractiveness.

Of course, today these measures will not be able to ensure the full convertibility of the ruble, since a number of conditions are necessary for full convertibility, for example, such as the implementation of oil payments in rubles. However, experts hope that with the further introduction of such measures Russian currency can take this status.

For investment attractiveness, the opportunity for an investor not only to invest in the country's economy, but also the ability to quickly withdraw these funds is of great importance. Therefore, the removal of restrictions on the movement of capital will certainly increase investment attractiveness Russia. There is also an opinion that in the current macroeconomic conditions, currency liberalization will not have a serious impact on the exchange rate of the national currency. In fact, its implementation only creates the prerequisites for the next 3-5 years National currency began to gain positions in international financial markets.

The foreign exchange market is an important element of the world economy, as well as integral part financial market.

From an institutional point of view currency market is a set of various economic agents (subjects) carrying out foreign exchange transactions. From a functional point of view, the foreign exchange market can be viewed as a mechanism that ensures the timely implementation of international settlements, insurance (hedging) of foreign exchange risks, diversification of assets, profit by its participants in the form of differences from exchange rates currencies (exchange differences).

Bank operations in foreign currency can be performed by the bank on its own behalf, on its own initiative and at its own expense, or on behalf of and on behalf of the bank's clients. Consequently, depending on the entity from which the initial proposal for the implementation of operations comes, currency transactions can be divided into two groups:

1) operations carried out by banks at their own expense (own
operations);

2) transactions carried out on behalf of the bank's clients (client transactions).

Classifications of foreign exchange transactions

Current foreign exchange transactions include:

a) currency transfers to and from the Russian Federation for settlements without payment on exports and imports of goods (works, services), as well as for settlements related to crediting export-import operations for a period not exceeding 180 days;

b) obtaining and granting financial loans for a period not exceeding 180 days;

c) 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;

d) non-commodity transfers to and from the Russian Federation, including transfers of wages, pensions, alimony, inheritance, as well as other similar transactions.

Currency transactions related to the movement of capital include:

a) direct investment, i.e. investments in authorized capital enterprises in order to generate income and obtain rights to participate in the management of the enterprise;

b) portfolio investment, i.e., the acquisition of securities;

c) transfers in payment for the ownership of buildings, structures and
other property, including land and its subsoil, attributable under the laws of the country of its location to real estate, as well as other rights to real estate;

d) granting and receiving a deferred payment for a period of more than 180 days for the export and import of goods (works, services);

e) provision and receipt of financial loans for a period of more than 180 days;

f) all other foreign exchange transactions that are not current foreign exchange transactions.

To non-trading operations include customer service operations that are not related to the settlement of exports and imports of goods and services of the bank's customers or the movement of capital. Authorized banks may following operations non-commercial nature:

Purchase and sale of cash foreign currency and payment documents in foreign currency;

Collection of foreign currency and payment documents in foreign currency;

Perform release and maintenance plastic cards bank customers;

Make purchase (payment) of traveler's checks of foreign banks;

Payment of cash letters of credit and issuance of similar letters of credit.

Conversion operations represent purchase and sale transactions in cash and non-cash foreign currency (including currencies with limited conversion) against cash and non-cash rubles of the Russian Federation:

1. A TRANSACTION WITH IMMEDIATE DELIVERY (cash transaction - cash) is a conversion transaction with a value date that is no more than two business days from the date of the transaction banking days. In this case, a TRANSACTION OF THE "TODAY" TYPE means a conversion operation with a value date on the day of the conclusion of the transaction.

2. A TRANSACTION OF THE "TOMORROW" TYPE is a transaction with a value date on the banking business day following the day of conclusion.

3. A "SPOT" TRANSACTION is understood as a conversion transaction with a value date on the second business banking day after the day of conclusion of the transaction.

4. URGENT (FORWARD) TRANSACTION (forward outriqht) is a conversion transaction, the value date for which exceeds the date of conclusion of the transaction by more than two working banking days. Derivative exchange operations (such as futures, options, swaps, etc.) are not a conversion operation.

5. SWAP TRANSACTION (swap) is a banking transaction consisting of two opposite conversion transactions for the same amount, concluded on the same day. At the same time, one of these transactions is urgent, and the second is a transaction with immediate delivery.

The Central Bank of the Russian Federation sets limits on open currency positions, i.е. quantitative restrictions on the ratio of total open currency positions and own funds (capital) of authorized banks.

CURRENCY POSITION - balances in foreign currencies that form assets and liabilities (taking into account off-balance sheet claims and liabilities for transactions in progress) in the respective currencies and therefore create the risk of additional income or expenses in case of changes in exchange rates.

OPEN CURRENCY POSITION - the difference between the balances in foreign currencies, which form quantitatively non-matching assets and liabilities, reflecting the requirements to receive and obligations to deliver funds in these currencies as completed by settlements in the present (i.e., on reporting date) and expiring in the future (i.e. after the reporting date).

SHORT OPEN CURRENCY POSITION - an open currency position in a separate foreign currency, liabilities and off-balance sheet liabilities in which quantitatively exceed actins and off-balance sheet claims in this foreign currency.

LONG OPEN CURRENCY POSITION - an open currency position in a separate foreign currency, in which assets and off-balance sheet claims quantitatively exceed liabilities and off-balance sheet liabilities in this foreign currency.

CLOSED CURRENCY POSITION - a currency position in a separate foreign currency, assets and liabilities (taking into account off-balance sheet claims and liabilities for transactions in progress) in which they quantitatively coincide.

The sum of all long (short) open currency positions in certain foreign currencies should not exceed daily 20 per cent

Any long (short) open currency position in certain foreign currencies and certain precious metals, as well as the balancing position in rubles daily should not exceed 10 percent from own funds (capital) of the credit institution.