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- to provide the currency income to the bank .
Banks achieve these objectives by application of various methods and tools. Banks assist enterprises in their foreign economic activity. Banks help to enter the foreign markets and to fulfill the obligations to foreign partners.
Commercial banks are one of the elements of the country economic system. There are also other participants - the physical persons and legal entities that work on the internal and foreign market. Therefore, it is possible to define the main functions of commercial banks in service industry of the enterprises – the participants of the foreign economic activity.
One of functions is providing the organizations with the money for the current settlements and payments (money as means of an advance payment, an instrument of payment, means for implementation of tax, and other obligations). This first function of banks allows us to consider them as the organizations for financial mediation. In this sphere, the commercial banks:
1) concentrate on the financial resources of most participants of economy. Banks unite the separate sums (including small amounts that belong to the enterprises, organizations, institutions, and natural persons) into the total monetary funds. These biggest funds represent very serious economic resource for developing the foreign economic activity of the enterprises.
2) Banks mediate payments for the majority of economic bargains of clients. Normal commodity turnover would be almost impossible without banks, thereby banks help their clients to save on transactional expenses, to minimize enterprise and other financial risks.
3) Banks register fiscal and other obligatory charges of clients at their expense, trying to optimize such payments.
4) Banks ensure safety and increment (charge of percent, converting in more profitable currencies) ща money entrusted them by clients.
5) Banks provide a transfer of cash in non-cash and vice versa, in due time supply clients with necessary cash.
6) Banks perform foreign exchange operations and do currency control. According to the legislation bank as the agent of currency control fulfill the following functions:
1. makes an inspection of observance of the foreign exchange legislation of the Russian Federation by clients;
2. makes control over completeness and reliability of the account and reporting under currency transactions.
The bank is also obliged:
1. to request and receive documents which are connected with carrying out currency transactions, opening and maintaining accounts;
2. to send the reports connected with the revealed violations of the law of the Russian Federation.
The bank also has to request and receive the following documents connected with carrying out currency transactions, opening and maintaining accounts from clients:
1. the identification papers of the natural person;
2. the document on the state registration of the natural person as the individual entrepreneur;
3. the documents certifying the status of the legal entity - for nonresidents, the document on the state registration of legal entity - for residents;
4. the certificate on registration in taxing authority;
5. the documents certifying the rights of persons for fast estate;
6. the documents certifying the rights of nonresidents for implementation of currency transactions, the opening of accounts (deposits) which are made out and given out by bodies of the country of a residence (place of registration) of the nonresident if obtaining such documents by the nonresident is provided by the legislation of a foreign state;
7. the notification of taxing authority in a place of the accounting of the resident about opening of the account (contribution) in bank outside the territory of the Russian Federation;
8. the customs declarations, documents confirming import in the Russian Federation of currency of the Russian Federation, foreign currency and external and internal securities in a documentary form.
Thus, it should be noted that the bank has the right to demand submission only of those documents which directly belong to the performed currency transaction.
Commercial banks make currency transactions on the basis of the license for banking operations granted by the Central Bank of the Russian Federation. The license contains a list of bank operations which the credit organization can carry out, date of issue and number of the license.
The central bank of the Russian Federation also establishes uniform forms of the account and reporting under currency transactions, an order and terms of their representation.
Commercial banks also have to report to the Federal Service for Financial Monitoring about the following "suspicious" foreign trade operations performed by clients:
1. about return by the client - resident of earlier paid advance payment to the nonresident under the contract of delivery of goods. If operation of the resident with the nonresident has been once (does not repeat at least 6 months) and (or) it is not connected with primary activity of the client;
2. about payment by the resident to the nonresident of penalties for non-execution of contractual obligations if the size of a penalty exceeds 10% of the contract sum;
3. about the transaction where nonresident becomes the recipient of money, goods or services, not being the party under the external economic contract;
4. about the contract providing export by the resident of goods or payments on import of goods in favor of nonresidents registered in the territories providing preferential tax regime;
5. about the transaction when the documents which came to the bank do not contain the accurate description of goods.
Thus, we can conclude that function of commercial bank as agent of currency control is one of the most important. And the main task of commercial bank in this aspect is the inquiry and verification of all documents of clients at implementation of operations by them in currency of foreign states.
The considered functions of the banking sector on service of the foreign economic activity of the enterprises are necessary. But there are also other functions:
• the imputed to banks by public authorities, control functions objectively not peculiar to them (control of cash discipline of clients, counteraction of legalization of income gained in the criminal way, ensuring performance by taxpayers - clients of banks of a duty to pay taxes and fees, etc.);
• the so-called role functions which banks voluntary or forcedly are assumed and which reflect intentions of owners or other persons ("pocket bank", "bank of ethnos", "bank of crime", "bank of the oligarch", etc.).
The important characteristic of the bank service at the present stage is a rise of reliability and timeliness of money transfer from one economic subject to another. The fundamental part in these mechanisms is assigned to the system of non-cash payments on direct correspondent connections between banks.
The leading international organization in the sphere of the financial telecommunication translations is the SWIFT system (Community of the world interbank financial telecommunications). The system unites about 8000 banks and the financial organizations, broker companies, financial and industrial groups located practically worldwide now. Within this system the delivered messages are considered in the form of the translation on the corresponding accounts of "loro" and "nostro". Any bank having rights for carrying out transnational bank operations can become the member of SWIFT.
The international clearing settlements are performed in various forms. The most known is payment by the orders, payments for the letter of credit, payments by checks, payments for the collection, payments by bills. Each form has a certain method of payment, document flow, and also a specific set of actions which banks have to execute. Therefore remuneration of bank directly depends on the chosen calculation form.
The feature of the external economic operations consists in the fact that banks do these operations in foreign currency. Thus banks become one of the main participants of the currency market. These operations are currency account management, establishment of the correspondent relations with foreign banks, the international payments connected with export and import of goods and services, purchase/sale of foreign currency in domestic market, etc. Conditions of making currency transactions differ from conditions of carrying out operations in currency of the Russian Federation because all operations have to correspond to the foreign exchange legislation of the Russian Federation. Banks have to consider a bans and restrictions which are aimed at providing economic security of the Russian Federation and stability of national monetary system.
Thus, banks are not only the financial intermediaries operating with client's money. During the specific activity, they do certain services. These Services are used by their clients for the foreign economic activity implementation.
1.2 Standards and legal basis of regulation of activities of commercial banks for servicing the foreign economic activity of the enterprises
Federal Law No. 395-1 "About banks and bank activity" of December 2, 1990 (the current version of 20.04.2015) is the main statutory act regulating bank activity. The law describes the general structure of the bank sphere and a circle of the operations entering competence of banks; opens concept of "bank secrecy", speaks about the rights of investors and creditors. Process of seizure of property of clients of banks is covered in this document; questions of obligatory and voluntary deposit insurance are considered in this law.
Considering specifics of commission of bank operations in foreign currency, nowadays there is a serious standards and legal base which regulates activity of banks in this sphere.
In compliance with the legislation laws, the Central Bank of the Russian Federation grants licenses to the commercial banks on commission of a full or limited Number of bank operations in foreign currency in the territory of Russia (internal licenses). Licenses of performing the bank operations for foreign banks and banks with participation of the foreign capital are issued on the complicated procedure.
The Central Bank gives licenses according to the Federal law of 10.07.2002 No. 86 "About Central bank of the Russian Federation (Bank of Russia)", the Federal law of 02.12.1990 No. 395-1 "About banks and bank activity", and also the Instruction of Bank of Russia of 02.04.2010 No. 135-I (in edition of 25.11.2014) "About an order of adoption by Bank of Russia of the decision on the state registration of the credit organizations and issue of licenses for banking operations" on the basis of the petition of bank, depending on readiness of bank for their carrying out.
Licenses are divided into the following: general, internal, and single.
The general license grants the commercial banks the right for implementation of a full or limited Number of bank operations in foreign currency as in the territory of Russia, and abroad.
The internal license grants the right for implementation of a full or limited Number of bank operations by commercial banks in foreign currency in the territory of Russia.
The one-time license grants the right for carrying out concrete bank operation in foreign currency.
The bank which obtained the general or internal license for implementation of operations in foreign currency carries out functions of the agent of currency control of operations of the clients.
The licenses granted by the Central Bank are not the basis for implementation by commercial banks of the foreign trade operations of any kind which are not relating directly to bank activity.
The central bank establishes the requirements on the basis of which readiness of commercial bank for carrying out operations in foreign currency is defined. The specified requirements are divided on qualification and technical. For obtaining the license the commercial bank has to submit the following documents:
- the copy of the approved Charter of bank;
- justification of economic feasibility and readiness of bank for implementation of operations in foreign currencies;
- organizational structure of bank with the description of the divisions which are engaged in operations with foreign currency (qualification of shots, specialization of departments, and their hardware);
- references on the heads of bank responsible for implementation of operations with foreign currency;
- the copy of the letter of the authorized bank having the general license for commission of operations with foreign currency about consent to sign the correspondent relation;
- certificate of the organization of internal bank control;
- balance of bank (for the last date) and the certificate of observance of the standards of the operations in rubles;
- the report about profits and losses (for the last date);
- act of the last audit inspection;
- annual report;
- the reference on possible foreign partners in the conclusion of correspondent agreements (only for the banks addressing to Central Bank for the general license).
Applications of commercial banks are accepted to consideration if the bank works not less than a year. Licenses can be granted earlier to banks-assignees of the state specialized banks which were carrying out operations in foreign currency, and also to joint and foreign banks.
Necessary condition for obtaining licenses for carrying out any kind of operations in foreign currency is existence in banks of adequate monitoring systems for carrying out its usual bank operations in rubles.
The central bank establishes for commercial banks economic standards of carrying out the operations in foreign currency. These requirements can be changed depending on the volume and nature of the operations permitted by the license.
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