Foreign economic activity. Powers and functions of state institutions for currency regulation and control in the field of foreign economic activity (the most important)

Lecture notes, cheat sheets
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Foreign economic activity. Powers and functions of state institutions for currency regulation and control in the field of foreign economic activity (the most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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87. Powers and functions of state institutions for currency regulation and control in the field of foreign economic activity

In accordance with Federal Law No. 10-FZ of December 2003, 173 "On Currency Regulation and Currency Control", currency control in the Russian Federation is carried out by the Government of the Russian Federation, currency control bodies and agents.

The bodies of currency control in the Russian Federation are the Central Bank of the Russian Federation, the federal body (federal bodies) of executive power, authorized (authorized) by the Government of the Russian Federation.

Currency control agents are authorized banks reporting to the Central Bank of the Russian Federation, as well as professional participants in the securities market that are not authorized banks, including register holders (registrars) reporting to the federal executive body for the securities market, customs authorities and tax authorities.

Control over the implementation of foreign exchange operations by credit institutions, as well as currency exchanges, is carried out by the Central Bank of the Russian Federation.

Control over the implementation of currency transactions by residents and non-residents who are not credit institutions or currency exchanges is carried out within their competence by the federal executive authorities that are currency control bodies and currency control agents.

According to Decree of the Government of the Russian Federation of June 15, 2004 No. 278, the federal executive body exercising the functions of a currency control body is the Federal Service for Financial and Budgetary Supervision

The Government of the Russian Federation ensures the coordination of activities in the field of currency control of federal executive bodies that are currency control bodies, as well as their interaction with the Bank of Russia, and also ensures the interaction of professional participants in the securities market, customs and tax authorities, who are not authorized banks, as agents of currency control with Bank of Russia.

The Bank of Russia interacts with other currency control authorities and ensures interaction with them, as well as with the customs and tax authorities of authorized banks as agents of currency control.

Authorized banks, as currency control agents, transfer information to the customs and tax authorities in order to perform the functions of currency control agents in the amount and in the manner established by the Central Bank of the Russian Federation.

Bodies and agents of currency control have the right to:

▪ conduct inspections of compliance by residents and non-residents with acts of currency legislation of the Russian Federation and acts of currency regulatory authorities;

▪ conduct checks of the completeness and reliability of accounting and reporting on foreign exchange transactions of residents and non-residents;

▪ request and receive documents and information related to conducting currency transactions, opening and maintaining accounts.

Currency control bodies have the right to:

▪ issue orders to eliminate identified violations of acts of currency legislation of the Russian Federation and acts of currency regulatory authorities;

▪ apply established penalties for violation of acts of currency legislation of the Russian Federation and acts of currency regulatory authorities.

For the purpose of exercising currency control, currency control agents, within their competence, have the right to request and receive from residents and non-residents documents (copies of documents) related to the conduct of foreign exchange transactions, the opening and maintenance of accounts.

Currency control agents are required to:

▪ monitor compliance by residents and non-residents with the legislation of the Russian Federation;

▪ to provide currency control authorities with information on currency transactions carried out with their participation in the manner established by the legislation of the Russian Federation.

Bodies and agents of currency control and their officials are obliged to keep commercial, banking and official secrets that became known to them in the exercise of their powers.

Author: Bobkova O.V.

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