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Documents

Goods receipt

Shipmentofgoods

Documents

Moneytransfer

Documents

Carrier

Shipping point

Destination

The bank of the importer (collecting bank)

Bank of Exporter(Bank-Remittee)

Documents

Money transfer

Figure 1.4 Scheme of the documentary collection payments

In service of the parties of the external economic activity, the documentary collection is more often used which is firstly intended for implementing the payments in case when the exporter does not want to ship goods based on the open account, but at the same time it has no insurance of risk through the Letter of Credit. Compared to the delivery as per the open account, the documentary collection of payments guarantees more safety as it prevents the buyer from receiving the goods in his property, without having paid o accepted the bill.

In the collection of payments, the bank of the exporter, as a rule, gives the instructions concerning the transfer of the money funds received from the importer. Having received the collection of payments and documents, the bank of the country of the importer transfers them to the buyer (importer) for auditing for the purpose of receiving payment from it (the draft acceptance). The documents are issued to the payer only against the payment (the draft acceptance). Upon receiving the payment from the importer, the collecting bank transfers revenue to the bank-remittee. Having received the money funds transferred, the bank-remittee pays revenue into the exporter’s account.

• Implementation of the foreign currency control.

Based on the received documents, the bank carries out the functions of the agent of the foreign currency control: renders the services connected with registration of passports of transactions as well as makes control and record keeping:

• payments for export and import of goods in the foreign currency and in Russian rubles;

• payments and receipts in the foreign currency and Russian rubles for the external economic transactions that aim at performing work, rendering services, transferring the results of intellectual activity;

• transactions in the foreign currency and Russian rubles for credit agreements (loan agreements) concluded with nonresidents;

• operations connected with the movement of the capital as well as noncommercial operations;

• payments of nonresidents of the Russian Federation in favor of residents in the Russian rubles.

The transaction certificate is a document of currency control which testifies the passing of foreign currency transaction between the resident and the nonresident. When importing, the bank which is carrying out the functions of the agent of foreign currency control traces the receipt of goods, the performance of work or the rendering of services for the money transferred abroad. When exporting, the transaction certificate allows to ascertain the receipt of the foreign currency for the goods which have been exported abroad, the performed work, or the provided services. In case the goods are not sold and bought, but are exchanged on barter, i.e. on other goods, the so-called passport of the barter transaction is made out.

In addition, there are the passports in which receiving the credits from foreign contractors and granting loans to the foreign organizations are fixed; these are transaction certificates based on the credit contract.

IS contains the data on participants of the international treaty, their name, addresses, payment requisites. The exporter or the importer make out IS independently and give two copies of the document to the bank which acts as the agent of the foreign currency control. The representative of bank appends on the document the signature and the seal. Thus, the bank assumes a role of the foreign currency controller under this contract. The first copy comes back to the client, the second remains in bank and is put in the file according to the transaction. Thus, the credit organization acts not only as the currency controller, but also carries out settlement service of the contract, i.e. under the contract, all payments pass through it.

The transaction certificate is made out in case of implementation of the foreign currency transactions between the resident and nonresident; when carrying out them through the accounts of the resident: payments in foreign currency or currency of the Russian Federation; transfers of the foreign currency or currency of the Russian Federation. These payments and transfers can be made both through the accounts opened in the authorized banks and through accounts in nonresident bank.

To make out the transaction certificate is necessary in cases if the above foreign currency transactions are considered as payments:

1. For goods:

• imported on the customs territory of the Russian Federation,

• taken out from the customs territory of the Russian Federation.

1. Transmitted data and results of intellectual activity including exclusive rights to them.

2. The performed work;

3. The rendered services in the foreign trade contract which is made between the resident (the legal entity, SP) and the nonresident.

• Purchase/sales of the foreign currency at the request of the client.

The commercial banks having the license of the Central Bank of the Russian Federation for the right of carrying out operations with monetary funds in the foreign currencies, i.e. the authorized banks have the right to buy and sell the foreign currency not only on behalf of their names and at their own expense, but also based on the orders of clients.

For carrying out conversion operation, the client needs to submit the order for the bank to purchase/sell the foreign currency in compliance with the contract. Such an order needs to be made out for commission of each operation on purchase/sales of the foreign currency. The bank accepts the order from the client with the dates of payments. On the currency market, the two types of transactions of purchase/sales of the foreign currency can be made: cash - this transaction is carried out by the parties no later than the second working day after the day of its settlement; the urgent –this transaction is carried out by the parties not earlier than the third working day after the day of its settlement.

When carrying out the conversion operation on the exchange auction or at a market rate as well as at the rate of the Bank of Russia, the Bank raises a payment for execution of the order for purchase/sales of the foreign currency according to the tariffs of the bank. The payment is charged by the bank off the settlement account specified by the client in the order in compliance with the contract of the bank account. The sum of money in the foreign currency sold is charged by bank off the customer account opened in a structural division of the bank. The amount of money in the foreign currency bought is credited into the customer’s account in the relative currency opened in the structural division of the bank, or is transferred into the customer’s account opened in the other authorized bank.

• Crediting the parties of the foreign trade activities.

When implementing the external economic activity, in the majority of cases there arises a need for credit resources. Financing the external economic activity is carried out in various forms.

The international trade was always connected with the credit owing to discrepancy in time and unequal duration of process of production and the address of various goods, and also aspirations of the exporter to increase competitiveness of the goods for the account of granting more acceptable payment conditions to importers.

The scales and forms of financing the foreign trade activities have immeasurably increased under current conditions.

In some cases, foreign banks are ready to support the bargains concluded within contracts with the Russian structures of the foreign companies by providing financing for payments for these contracts. Generally the tool is used for financing the contracts where either the representative office or subsidiary of the legal nonresident person of the Russian Federation acts as the seller.

Some foreign banks are ready to provide financing transactions on delivery of the goods of the import origin; others are ready to support transactions on delivery of the goods including the Russian origin. Possibility of attraction of the international financing requires submitting the contract; the requirements for providing with other documents for making the transactions depend on the requirements of the certain foreign bank.

Factoring is a specific form of crediting, the set of services including financing under a concession of monetary requirements (receivables), management of receivables, acceptance of risks of a non-payment or untimely payment by the debtor of delivery and information and analytical service.

Import factoring is a type of factoring focused on the buyers wishing to buy goods or services abroad, thereby receiving the comfortable conditions (payment delay). The scheme of import factoring is urged to satisfy simultaneously the requirements of two parties: both a foreign supplier, and a Russian buyer. The buyer receives a payment delay while the supplier without delays receives financing fund for the goods delivered or the services made and completely closes risks of a non-payment.

Export factoring with the right to regress is the type of export factoring allowing the exporter to receive financing on account of a concession of the monetary requirement to the foreign buyer. This scheme satisfies the requirements of both parties: the supplier receives to 95% of the sum of the monetary requirement right after transition of the property right to goods, and the buyer receives goods with a payment delay. After shipment of goods and emergence of the monetary requirement, the bank carries out the financing of the exporter. At observance by the buyer of the contractual obligations, the limit of financing the exporter is released, and the exporter uses the received money for purchase/production of goods and increase in commodity turnover with buyers.

In case the debtor has not fulfilled the contractual obligations for the goods delivered by the exporter, the exporter independently closes the debt to bank on regress and further in negotiation process exercises the rights under the contract of delivery.

Export factoring without the right of regress is the type of factoring allowing to remove the risk of non-payment of delivery by the foreign buyer on condition of receiving a covering of credit risk from the foreign bank in the country of the buyer. The bank in the country of the debtor (import factor) gives a covering of credit risk for the importer. The bank makes financing of the exporter under a concession of the monetary requirement at the rate to 90% of the invoice sum. Thereby the supplier receives the complex of services including: financing and reduction of cash gap as well as insurance upon non-payment of the foreign buyer. In case of lack of payment from the debtor, import factor pays 100% of debt on delivery, thereby closing the need of the exporter in compliance with the legislation laws of currency.

1.2 Legal regulation of bank activity on service trades of the foreign economic activity participants

Foreign economic activity of the enterprise is connected with the movement of the foreign currency. The financial and credit organization makes currency transactions on the basis of the license for implementation bank operations, the Russian Federation which is given out by the Central Bank. The license contains the instruction on one of types of licenses, the list of bank operations, the right for which implementation is granted to the credit organization, date of issue and number of the license.

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