Banking law. Competence of the Bank of Russia in the field of cash and non-cash money circulation (the most important)

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Banking law. Competence of the Bank of Russia in the field of cash and non-cash money circulation (the most important)

Lecture notes, cheat sheets

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18. Competence of the Bank of Russia in the field of cash and non-cash money circulation

The official monetary unit (currency) of the Russian Federation is ruble. One ruble consists of 100 kopecks. The introduction of other monetary units on the territory of the Russian Federation and the issuance of monetary surrogates are prohibited. Currently, the official ratio between the ruble and gold or other precious metals is not established.

Banknotes and coins of the Central Bank of the Russian Federation:

1) are unconditional obligations of the Central Bank of the Russian Federation and are secured by all its assets;

2) act as the only legal means of cash payment on the territory of the Russian Federation. Their forgery and illegal manufacture are punishable by law.

3) are required to be accepted at face value when making all types of payments, for crediting to accounts, deposits and for transfers throughout the territory of the Russian Federation;

4) cannot be declared invalid (invalid legal tender), unless a sufficiently long period of their exchange for banknotes and coins of the Central Bank of the Russian Federation of a new sample is established.

No restrictions are allowed on amounts or subjects of exchange. When exchanging banknotes and coins of the Central Bank of the Russian Federation of the old sample for banknotes and coins of the Central Bank of the Russian Federation of a new sample, the period for withdrawing banknotes and coins from circulation cannot be less than one year, but should not exceed five years. The Central Bank of the Russian Federation exchanges shabby and damaged banknotes without restrictions in accordance with the rules established by it.

The issue of cash (banknotes and coins), the organization of their circulation and withdrawal from circulation on the territory of the Russian Federation are carried out exclusively by the Central Bank of the Russian Federation. This is ensured by the fact that only the Board of Directors of the Central Bank of the Russian Federation makes decisions:

1) on the issue of banknotes and coins of the Central Bank of the Russian Federation of a new sample;

2) on the withdrawal from circulation of old banknotes and coins of the Central Bank of the Russian Federation;

3) approves the denominations and samples of new banknotes. The description of the new banknotes is published in the media.

The circulation of cash is regulated as part of the total money turnover. The main legal acts that contain the rules governing the circulation of cash in the Russian Federation include the Constitution of the Russian Federation, the Civil Code of the Russian Federation, as well as numerous acts of the Central Bank of the Russian Federation, among which the main one is the Regulation "On the rules for organizing cash circulation in the territory of the Russian Federation" dated 05.01.1998 No. 14-P.

In order to organize cash circulation on the territory of the Russian Federation, the Central Bank of the Russian Federation performs the following functions:

1) forecasting and organization of production, transportation and storage of banknotes and coins of the Central Bank of the Russian Federation, creation of their reserve funds;

2) establishment of rules for the storage, transportation and collection of cash for credit institutions;

3) establishing signs of solvency of banknotes and coins of the Central Bank of the Russian Federation, the procedure for their destruction, as well as the replacement of damaged banknotes and coins of the Central Bank of the Russian Federation;

4) determination of the procedure for conducting cash transactions.

Non-cash settlements are settlements between entities without the use of cash (banknotes), by transferring funds from the accounts of banking (other credit) organizations in order to offset mutual claims.

The Central Bank of the Russian Federation in the field of non-cash payments: carries out interbank non-cash payments through its institutions; acts as a body coordinating, regulating and licensing the organization of settlement, including clearing, systems in the Russian Federation; establishes rules, forms, terms and standards for non-cash payments. To this end, almost every year the Bank of Russia approves the Regulations on non-cash payments in the Russian Federation.

The total term for making payments by non-cash settlements should not exceed: two business days if the specified payment is made within the territory of a constituent entity of the Russian Federation and five business days if the specified payment is made within the territory of the Russian Federation.

Author: Belousov D.S.

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