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EXCHANGE CONTROL

Banks in accordance with the current currency legislation of the Russian Federation carry out currency control over all types of foreign exchange transactions conducted under foreign trade agreements, credit agreements and loan agreements, as well as foreign exchange transactions conducted under non-commercial transactions.

currency control documents

In accordance with the currency legislation of the Russian Federation, currency control documents may be provided by the Client to the Bank or may be prepared by the Bank's employees.
Transaction passport - The transaction passport must contain the information necessary to ensure accounting and reporting on foreign exchange transactions between residents and non-residents. The specified information is reflected in the transaction passport on the basis of the supporting documents available to the residents (contracts and loan agreements). The transaction passport must be submitted to the Bank no later than the first currency transaction or other performance of obligations under the contract.

Information about the admission of the Russian Federation currency - The certificate is issued in the event of currency transactions under the contract related to the crediting of the currency of the Russian Federation received by the Client from a non-resident. The certificate is compiled on the basis of the documents in accordance with which the accounts were made on the account and contains information on the identification of the funds received during the reporting month using the passports.

Information on foreign currency transactions - The certificate is a document confirming the completion of a currency transaction and is submitted to the Bank together with a settlement document - an order to buy or sell currency, a transfer order - when making settlements in foreign currency.

Help on supporting documents - The certificate must be submitted by the resident to the Bank together with copies of documents confirming the import of goods into the customs territory of the Russian Federation or the export of goods from the customs territory of the Russian Federation, the performance of work, the provision of services or the performance of other obligations under the contract or loan agreement. Such confirming documents can be cargo customs declarations, acts of performed work and other documents stipulated by the currency legislation of the Russian Federation.

Banks must provide the following usluugi under the exchange control prouedur

  • Registration of transaction passports for import and export contracts: no later than the next business day after submission of documents. Urgent clearance - during the current trading day.
  • Re-registration of transaction passports in accordance with changes in the terms of a foreign trade contact or a loan agreement.
  • Keeping files on the passport deal.
  • Advising Clients on how to fill out forms of currency control documents (Transaction passport, Certificate of currency transactions, Certificate of supporting documents, Certificate of receipt of the currency of the Russian Federation)
  • Providing recommendations on the best for the Client schemes and methods of settlements with foreign counterparties.
  • Consultation on the compliance of the currency transactions conducted by the Client and the submitted drafts of foreign economic contracts to the requirements of the current currency legislation of the Russian Federation.
  • Providing Clients with information on the status of settlements under foreign economic contracts.
  • Advance notification of Clients about the onset of the deadline for the submission of currency control documents (DTA, documents confirming the performance of work, services, etc.).
  • Advance notification of Clients about the expiration of the terms of foreign currency established by the currency legislation of the Russian Federation on the transit currency accounts of Clients.
  • Informing the Clients about the latest developments in the field of currency legislation.
  • Organization of trade finance foreign trade transactions of importers.

Legal framework:

  • The Federal Law of 10.12.2003 No. 173-FZ "On Currency Regulation and Currency Control"
  • Bank of Russia instruction from 15.06.2004 No. 117-I “On the procedure for residents and non-residents to submit documents and information to authorized banks when performing foreign exchange operations, the procedure for registering foreign exchange transactions by authorized banks and issuing transaction passports”
  • Instruction of the Bank of Russia from 30.03.2004 No. 111-I "On the compulsory sale of part of foreign exchange earnings in the domestic foreign exchange market of the Russian Federation"
  • Bank of Russia Regulation 01.06.2004-P No. 258-P "On the procedure for submission by residents of authorized banks of supporting documents and information related to conducting foreign exchange transactions with non-residents on foreign trade transactions and the implementation by authorized banks of control over the conduct of foreign exchange transactions"