Banking law. Foreign exchange transactions between residents and non-residents (most important)

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Banking law. Foreign exchange transactions between residents and non-residents (most important)

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53. Currency transactions between residents and non-residents

Operations of residents with foreign currency and securities in foreign currency are divided into current foreign exchange operations and foreign exchange operations related to the movement of capital. Current currency transactions are carried out without any restrictions. Operations on the movement of capital are carried out in the manner determined by the Government of the Russian Federation and the Central Bank of the Russian Federation.

Currency transactions between residents are prohibited, with the exception of: transactions related to settlements in duty-free shops, in the sale of goods and the provision of services to passengers en route in international transportation; transactions between commission agents (agents, attorneys) and principals (principals, principals) when providing) services related to the conclusion and execution of contracts with non-residents on the transfer of goods, performance of work, provision of services, transfer of information and results of intellectual activity, including exceptional rights to them; operations under contracts of transport expedition, transportation and chartering (charter) when the freight forwarder, carrier and charterer provide services related to the transportation of cargo exported from the Russian Federation or imported into the Russian Federation, transit transportation of cargo through the territory of the Russian Federation, as well as under insurance contracts for these cargoes; transactions with external securities issued on behalf of the Russian Federation, carried out through trade organizers on the securities market of the Russian Federation, subject to the registration of rights to such securities in depositories; operations of legal entities with external securities, provided that the rights to such securities are recorded in depositories established in accordance with the legislation of the Russian Federation, and settlements are made in the currency of the Russian Federation; operations related to the implementation of mandatory payments to the federal budget, the budget of a constituent entity of the Russian Federation, the local budget in foreign currency.

There are no restrictions on currency transactions between residents and authorized banks related to: obtaining and repaying loans and borrowings, paying interest and sanctions under relevant agreements; depositing residents' funds to bank accounts (deposits) and receiving residents' funds from bank accounts (deposits); acquisition by residents from authorized banks of promissory notes issued by these or other authorized banks, presentation of them for payment, receipt of payment on them, collection of sanctions on them, as well as alienation by residents of the said promissory notes to authorized banks; with the purchase and sale by individuals of cash and non-cash foreign currency and checks, the nominal value of which is indicated in foreign currency, for the currency of the Russian Federation and foreign currency, as well as with the exchange, replacement of banknotes of foreign states, acceptance for collection in banks outside the territory RF cash foreign currency and checks, the nominal value of which is indicated in foreign currency, not for the purposes of entrepreneurial activities by individuals.

Non-residents have the right:

1) without restrictions to carry out transfers of foreign currency among themselves from accounts in banks outside the territory of the Russian Federation to bank accounts in authorized banks or bank accounts in authorized banks to accounts in banks outside the territory of the Russian Federation or in authorized banks;

2) to carry out foreign exchange transactions with domestic securities on the territory of the Russian Federation, taking into account the requirements of antimonopoly legislation and legislation on the securities market in the manner established by the Central Bank of the Russian Federation, which may require the use of a special account when making such transactions.

Author: Belousov D.S.

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