Instructions of the Central Bank of the Russian Federation currency control. Currency control for legal entities: passage and documents
14.11.2017
On November 2, 2017, Bank of Russia Instruction No. 181-I dated August 16, 2017 “On the procedure for residents and non-residents to submit supporting documents and information to authorized banks when carrying out foreign exchange transactions, on uniform forms of accounting and reporting on foreign exchange transactions, the procedure and terms their representations" ( comes into force on March 1, 2018.; at the same time, the Instruction No. 138-I of June 4, 2012, which was in force earlier, ceases to be valid).
The new Instruction somewhat simplifies the procedure for processing documents in Russian authorized banks related to the conduct of foreign exchange transactions for foreign economic transactions. It applies to residents - legal entities, individual entrepreneurs and persons engaged in private practice, as well as non-residents who are not individuals.
According to the specified Instructions:
- The requirement to issue transaction passports has been cancelled. The previous Instruction No. 138-I set the threshold for the amount of obligations under the contract, the excess of which required the issuance of a transaction passport, in the amount of 50,000 US dollars. The new Instruction 181-I does not provide for the requirement to draw up a transaction passport.
- The requirement for residents to submit to authorized banks is abolished certificates of currency transactions and statements of currency control, which were forms of accounting. At the same time, the requirement to submit documents that are the basis for conducting foreign exchange transactions remains.
- Establishes the procedure for the submission by residents and non-residents to the bank supporting documents and information in connection with foreign exchange transactions.
In particular, a resident, when conducting an operation for crediting foreign exchange to the transit currency account must submit to the bank documents related to the conduct of operations, no later than 15 working days after the date of crediting foreign currency to the transit currency account, specified in the bank's notification of its crediting.
When debiting foreign currency from the current account of a resident, the resident must submit to the bank documents related to the conduct of operations, simultaneously with a withdrawal order.
The requirements for the submission of supporting documents apply to agreements (concluded between residents and non-residents, and providing for settlements through residents' accounts (opened in both Russian and foreign banks)), the amount of liabilities for which is equal to or exceeds equivalent:
- for import contracts or loan agreements – 3 million rubles;
- for export contracts - 6 million rubles.
The amount of obligations under the contract (loan agreement) is determined on the date of its conclusion or, in the event of a change in the amount of obligations, on the date of conclusion recent changes(additions) to the contract, providing for such a change in the amount, at the official exchange rate of foreign currencies against the ruble.
If the amount of obligations under an agreement with a non-resident is equal to or does not exceed the equivalent of 200,000 rubles, submission of documents related to foreign exchange transactions under such an agreement is not required.
- Introduced new order accounting of contracts in banks with the assignment of unique numbers to them (as well as their removal from the register and changes in the information in them), which replaces the existing procedure for issuing transaction passports.
A resident who is a party to an export or import contract, or a loan agreement, must register them with an authorized bank and make settlements under such a contract only through their accounts opened with the authorized bank that registered the contract. The bank accepts the contract for accounting and assigns a unique number to it (which informs the resident).
To register a contract, almost the same information is required as now to fill out a transaction passport:
- general information about the contract: type of contract, date, number (if any), currency of the contract, amount of obligations stipulated by the contract, date of completion of the fulfillment of obligations under the contract;
- details of a non-resident who is a party to the contract: name, country.
- Transaction passports issued but not closed before March 1, 2018 will be considered closed from the specified date. At the same time, a note about their closing in the transaction passport will not be affixed, and its unique number will be transferred by the bank to the register as the number of the registered contract.
Note that banks are not entitled to refuse to register the contract. Wherein maximum term for such an operation cannot be more than 1 business day. Instruction 138-I, which was in force earlier, set a deadline for issuing a transaction passport at 3 business days.
In addition to this, it should be mentioned that in addition to changes in the rules for processing transactions for the purposes of currency control towards their simplification (reducing the number of required documents; increasing the threshold values of transaction amounts at which they are required to be registered; reducing the time for registering a transaction), there have appeared and other features of regulation foreign economic transactions provided for Federal Law No. 325-FZ of November 14, 2017 “On Amendments to Articles 19 and 23 federal law"On currency regulation and currency control" and the Code Russian Federation about administrative offenses» . These include the following:
- Installed Mandatory requirement to indicate the deadline for the fulfillment of obligations by the parties under a foreign economic agreement.
Based on the wording new edition paragraph 1.1 of Article 19 of the Federal Law "On currency regulation and currency control", it will be necessary not only to indicate the deadline for fulfilling obligations in the contract concluded between a resident of the Russian Federation and a non-resident, but also to inform banks accurate terms of enrollment Money in foreign currency to the account of a resident, as well as accurate terms of fulfillment of obligations by a non-resident.
The wording of the previous edition made it possible to indicate in bank forms accounting expected terms of fulfillment of obligations and transfer of funds in foreign currency. The new edition will come into force on May 14, 2018.
Thus, in practice, a situation may arise when a foreign economic contract without specifying the deadlines for fulfilling obligations will be declared invalid due to inconsistency legal requirements or the bank will refuse to conduct a currency transaction under such an agreement.
- Expansion of the list of grounds to refuse to currency transaction.
In addition to the previously provided grounds for refusing to conduct a transaction due to the failure by the parties to the transaction to submit the documents required by banks for a currency transaction or the inaccuracy of the information specified in such documents, after the provisions of the new version of FZ-173 come into force, banks will be able to refuse on other grounds. In particular, such grounds may be the implementation of prohibited transactions for crediting funds to the account of a resident of the Russian Federation in foreign bank, the implementation of prohibited foreign exchange transactions between residents of the Russian Federation, as well as the non-compliance of documents submitted in connection with the transaction with legal requirements.
- Introduces administrative liability for the implementation of prohibited foreign exchange transactions for officials in addition to the existing liability for individuals and legal entities, as well as individual entrepreneurs.
Responsibility consists in paying a fine in the amount of 20 to 30 thousand rubles for violating currency legislation official. For the repeated commission of an illegal currency transaction, an official may be subject to disqualification for a period of 6 months to 3 years.
Generalization
The instruction of the Central Bank of the Russian Federation somewhat simplifies the procedure and procedure for foreign exchange control of foreign economic transactions of residents of the Russian Federation. This mainly concerns the cancellation of transaction passports with their replacement with bank registration agreements, as well as the abolition of the requirement to submit documents for transactions of less than 200,000 rubles. At the same time, new amendments to the currency legislation introduced requirements for the obligatory indication of the exact deadline for fulfilling obligations in a foreign economic contract (failure to fulfill which may lead to a refusal to conduct foreign exchange transactions under it, and possibly to the recognition of the transaction as invalid), the list of grounds for a bank's refusal to conducting a currency transaction and expanded the list of persons who can be held liable for violation of currency legislation (responsibility for officials was introduced).
The transaction passport and the certificate of foreign exchange transactions were cancelled. Instead, banks will register contracts (loan agreements)
Since March 2018, a new instruction of the Bank of Russia No. 181-I “On the procedure for residents and non-residents to submit supporting documents and information to authorized banks when carrying out foreign exchange transactions, on uniform forms of accounting and reporting on foreign exchange transactions, the procedure and terms for their submission” came into force. It cancels the obligation to issue a transaction passport, thus, the developers planned to make life easier for exporters and importers. Olga Gumel, Head of the Department of Foreign Exchange Control and Accounting for Foreign Exchange Operations of the Department for Corporate Clients Servicing of AKIBANK PJSC, spoke about what concessions and innovations appeared in the new document.
Head of the Department of Foreign Exchange Control and Accounting for Foreign Exchange Transactions of the Department for Servicing Corporate Clients of AKIBANK PJSC Olga GumelPhoto: Oleg Spiridonov
NEW INSTRUCTION - NEW RULES
- Olga Gennadievna, on March 1, 2018, a new instruction of the Central Bank No. 181-I came into force - what has it changed?
- She changed the rules for the implementation of foreign exchange transactions in Russia. New requirements for confirmation of foreign exchange transactions are now being introduced. Instruction of the Central Bank of the Russian Federation No. 181-I canceled the Instruction of the Central Bank of the Russian Federation No. 138-I, which lasted more than 5 years.
Instruction of the Central Bank of the Russian Federation No. 181-I introduces a number of global exceptions: firstly, the requirement to issue a transaction passport is canceled, secondly, the requirement to submit a certificate of currency transactions is canceled, thirdly, the requirement to provide an agreement concluded with a non-resident and supporting documents is canceled if the amount of liabilities is equal to or does not exceed 200 thousand rubles.
- What are the innovations?
– I would single out four key ones:
First: a new procedure for registering a contract is introduced ( loan agreement), with the assignment of a unique number to it at the time of registration by the bank.
Second: the requirement for the minimum amount contract (loan agreement) for registration.
Third: a simplified procedure for registering a contract (loan agreement) is established for a resident exporter.
Fourth: the terms for consideration by the bank of documents when accepting a contract (loan agreement) for registration by the bank have been reduced from 3 (three) business days to 1 (one) business day.
It should be noted that the control over foreign exchange transactions by banks remains. The authorized bank has the right to refuse to conduct a foreign exchange transaction in case of failure to submit supporting documents.
EVERY CONTRACT HAS A UNIQUE NUMBER
– What about the main requirements for the submitted documents in accordance with the Instruction Central Bank Russia No. 181-I?
– The first requirement is that when conducting a transaction in foreign currency, documents are submitted to the authorized bank no later than 15 working days after the crediting of foreign currency to the client’s transit account, and when debiting foreign currency from the account, on the day of the transaction. Prior to the submission of a foreign economic contract by the client, it is possible to debit from the transit account upon submission of the transaction type code to the authorized bank. Please note: if the amount of the agreement concluded with a non-resident is equal to or less than 200 thousand rubles, then only the code of the type of currency transaction is submitted to the bank. The second requirement is when carrying out an operation in Russian rubles the settlement document and supporting documents are submitted to the authorized bank. And if the amount of the agreement concluded with a non-resident is equal to or less than 200 thousand rubles, then the client submits only a settlement document for a currency transaction.
– What is the minimum amount requirement for a contract (loan agreement) to be registered?
– Since March 1, 2018, the value threshold of obligations has increased, at which residents need to register a contract. Previously, the amount of obligations at which a resident had to issue a transaction passport under a contract (loan agreement) at the bank was 50,000 US dollars or more. But from March 1, 2018, the contract should be registered with an authorized bank if the amount of obligations is equal to or exceeds: under an import contract or loan agreement - 3 million rubles; on export contract- 6 million rubles.
– How long does it take to register a contract (loan agreement)?
- When writing off foreign currency / currency of the Russian Federation in favor of a non-resident - no later than the Order on writing off funds.
- When crediting foreign currency / currency of the Russian Federation from a non-resident - no later than 15 working days after the date of crediting the funds.
– When debiting or crediting foreign currency / currency of the Russian Federation from / to a resident account opened with a non-resident bank - no later than 30 working days after the month in which the operation was carried out.
– When importing/exporting goods, if there is a declaration requirement, no later than the date of filing the declaration for goods.
- When importing / exporting goods in the absence of a declaration requirement, when performing work, rendering services, transferring information and results of intellectual activity, when fulfilling obligations in another way - no later than the deadline for submitting a certificate of supporting documents.
Photo: BUSINESS Online
– Are there any additional requirements for a resident who has registered a contract (loan agreement), in addition to submitting documents related to a foreign exchange transaction?
- There is. For example, you need to provide information about the unique number of the contract (loan agreement):
– When crediting foreign currency to a transit account, at the same time it is necessary to provide information about the type of operation code or documents related to the operation.
– When debiting foreign currency from a current account in foreign currency - simultaneously with an order to debit foreign currency.
- When crediting the currency of the Russian Federation to the current account in the currency of the Russian Federation - no later than fifteen working days after the date of its crediting to the resident's current account.
– When writing off the currency of the Russian Federation from the current account in the currency of the Russian Federation – simultaneously with the settlement document for the operation.
"THE BANK WILL NOT REFUSE IF YOU COMPLY WITH THE REQUIREMENTS OF THE CURRENCY LEGISLATION"
– Do I need to somehow confirm the operations with documents?
- Undoubtedly. Such documents include documents used as a declaration for goods, an application for conditional release (an application for the release of a component of the exported goods), and other supporting documents (transport, commercial, accounting).
- What is the deadline for submitting supporting documents?
– Not later than 15 working days after the month in which the date of issue was marked on the documents used as a declaration for goods by an official of the customs authorities.
– Not later than 15 working days after the end of the month in which other supporting documents were issued.
An important requirement of the new instruction is that you must provide information on the expected period for the repatriation of foreign currency and (or) the currency of the Russian Federation, which is determined on the basis of the terms of the contract accepted for accounting authorized bank, when a resident makes advance payments in favor of a non-resident.
If you comply with all the requirements established by the currency legislation, you will insure yourself against the risk of the bank's refusal to carry out a currency transaction.
License of the Central Bank of the Russian Federation No. 2587. PJSC "AKIBANK"
In 2019, new currency control rules apply. This is very important for firms involved in the import or export of products. After all, there are a lot of innovations, ranging from changes in documenting currency control to penalties for its violation. So let's figure it all out together.
Back in 2018, a new the legislative framework currency control of legal entities. What changed to what:
- Law No. 173-FZ of December 10, 2003 was amended by Law No. 325-FZ of November 14, 2017, which entered into force on May 14, 2018.
- Instruction of the Central Bank dated 04.06.2012 No. 138-I, which regulates the procedure for companies to provide a package of documents for currency control, has been canceled. From March 1, 2018, the instruction of the Central Bank No. 181-I of August 16, 2017 is in effect.
The new instruction of the Central Bank cancels a number of documents, introduces a slightly different procedure for currency control, and changes fines. And now about everything in more detail.
What's new in currency control in 2019
This year, the same changes in currency control for legal entities apply as from March 1, 2018. We compiled a table in which we clearly demonstrated for each item: what happened before the reform, and what has happened now.
|
Object of change |
What was before |
How did it become |
|---|---|---|
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Impact of contract amount on currency control |
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The process of transferring the contract to the bank |
It was required to issue a transaction passport, for which the contract itself had to be submitted to the bank |
The transaction passport was canceled, and the bank puts the contracts on record. It is not necessary to provide the contract itself for this operation. |
|
Certificate of foreign exchange transactions (CBO) |
When making a transaction for more than $1,000, it was necessary to:
|
When making a transaction of 200,000 rubles or more, the company and the individual entrepreneur transfer to the bank:
Important! The certificate of foreign exchange transactions has been cancelled. |
|
Certificate of supporting documents (SPD) |
If the transaction took place, then the bank demanded an SPD. The deadline for submitting a certificate is 15 working days from the end of the month in which:
|
If the transaction has taken place, residents and non-residents provide the bank with information about the type of operation code. SPD takes the form of a single form of accounting for the completed transaction. |
|
The procedure for transferring the contract to another bank |
A currency control sheet (VVK) was required from the organization |
The bank itself is engaged in VVK |
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Reasons why the bank has the right not to conduct a foreign exchange transaction |
|
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Certificate of supporting documents currency control 2019
Information about supporting documents – this is a type of a single form of accounting and a report of currency settlements, which is compiled by a resident of the Russian Federation. Its form is OKUD 0406010. It was approved by Appendix 6 to Instructions of the Bank of Russia dated August 16, 2017 No. 181-I.
A certificate is filled in by analogy with previous years, but not without features. The order is spelled out in the specified position.
Note! From March 1, 2018, the field "transaction passport number" has changed to a unique contract number.
A unique number is assigned by your bank when registering a currency transaction. A sample of filling out the SPD in 2019, see below.
The certificate is not issued by residents who have completed a transaction in the amount of 200,000 rubles or less. The deadline for providing a certificate is 15 days from the date of crediting the currency
Registration of a transaction passport for currency control
In 2019, according to the new currency control rules, a transaction passport is not issued. Now banks will register contracts with foreign firms and their representatives. What to do if the transaction passport has already been issued.
New currency control fines 2019
In 2019, there are tough sanctions for legal entities for violating the rules for conducting foreign exchange transactions.
- Legal entities have received the status of residents, which means they must notify banks about the deadlines for the execution of contracts;
- Increased fines due to changes in the Code of Administrative Offenses of the Russian Federation.
|
Reason for fine |
Size of sanctions |
|---|---|
|
Illegal currency transaction |
from ¾ to a single transaction amount |
|
The company did not ensure the timely receipt of money to the current account |
|
|
The company did not ensure the timely receipt of money to the current account, while the transfer required a passport |
40,000 - 50,000 rubles |
|
Delay in the return of an advance paid for goods that were never delivered |
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How is currency control going now?
Consider step by step process overcoming currency regulation with all the changes in 2019.
- To register a foreign exchange contract, transfer to a financial institution general information about your contract. Include there data on the type of currency and amount, be sure to start and execute the contract, its type, details of the foreign counterparty;
- After receiving the data, the bank employee will register your contract within 1 business day, assigning it a unique number and opening a currency control sheet for it;
- Having scrolled through the transaction, you must report on it by sending supporting documents and a certificate of supporting documents.
- Notify the bank of any changes to the contract by sending the relevant documentation. If the counterparty's details have changed, a simple statement is enough.
- If you want to deregister your contract, write an application, accompanying it with documents explaining this step;
- You can change the service provider if you wish. financial institution by transferring the contract and its unique number to the new bank.
Currency control: 2019 changes for individuals
Changes in 2018 in currency control affected not only legal entities, but also individuals. Let's touch on these changes.
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