Banking. The formation of check circulation in the Russian Federation (checks of commercial banks) (lecture notes)

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Banking. The formation of check circulation in the Russian Federation (checks of commercial banks) (lecture notes)

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Formation of check circulation in the Russian Federation (checks of commercial banks)

Payments by checks - a form of non-cash payments, in which the account holder (drawer) gives a written instruction to the payer to make a payment to the holder of the check in the amount specified in it. When paying by checks from checkbooks, the company deposits a certain amount of funds in a separate account. In the checkbook, the bank indicates the total amount limit (limit) for which checks are allowed to be issued. The bank may enter into an agreement with solvent enterprises without depositing funds in a separate account and guarantee payments on checks to the drawer. Settlements by checks are used when paying for goods accepted according to acceptance documents, with constant settlements with transport organizations and communications enterprises. This is one of the guaranteed forms of payment. Payment of checks is secured by a bank loan or from a specially created deposit.

Since March 1, 1992, the Regulations regulating the use of checks in payment transactions have been in force (the Regulations in a number of points deviate from the traditional, generally recognized international theory and practice of check circulation, stipulated by the Uniform Check Law approved by the Geneva Convention of 1931). The payer is a bank or other credit institution that has received a license from the Central Bank of the Russian Federation to carry out banking operations and makes a payment against a presented check. A check is usually drawn to a bank where the drawer has funds.

Bearer and order checks may be transferred into possession of any other person by simple delivery or by means of an endorsement (endorsement). Payment under a check can be guaranteed in whole or in part by means of a guarantee for the payment of a check (aval). A check payment guarantee can be given by any person (availer), except for the payer.

The check is payable upon presentation to the relevant payer within: 10 days if the check is issued on the territory of the Russian Federation, 20 days if on the territory of the CIS and 70 days if on the territory of any other state. For additional protection of the check in case of loss, forgery, the check drawer or check holder can cross the check, i.e. draw two parallel lines on the front side of the check. Crossing can be general, if there is no designation between the lines or there is a "bank" mark, and also special, when the name of the payer is entered between the lines. The issuer or holder of a check may prohibit the payment of a check in cash by inscribing "settlement" on the front side. The settlement check is intended only for non-cash payments.

Checks issued outside the Russian Federation with payment on its territory must comply with the requirements for the details of checks and its preparation, provided for by the Regulations on Checks. A check issued on the territory of the Russian Federation with payment abroad must meet the requirements of the legislation of the state at the place of payment.

Since July 1, 1992, in the territory of the Russian Federation, for settlements through the institutions of the Central Bank of the Russian Federation, checks have been used that have the designation "Russia" on the front side and two parallel lines denoting a common crossing. These checks were used by individuals and legal entities and were a means of payment. Since November 1992, they have been applied by legal entities only within individual administrative units. Individuals use settlement checks to pay for goods and services - a nominal monetary document that can be issued at any Sberbank institution for any amount within the deposit or cash deposit.

Author: Shevchuk D.A.

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