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For getting the general license, there are the following requirements:
1) The sum of obligations of bank in foreign currency to foreign legal entities should not exceed the size of own means of bank in foreign currency more than by 20 times.
2) The size of obligations of bank in foreign currency to foreign legal entities and citizens should not exceed the sum of own money of bank in foreign currency and the sums of guarantee certificates of his shareholders on risks concerning its loans abroad.
3) The bank needs to regulate the currency position according to the Instruction of Bank of Russia of 15.07.2005 No. 124-I (edition of 28.04.2012) "About establishment of the sizes (limits) of open currency positions, a technique of their payments and features of implementation of supervision of their observance by the credit organizations".
Commercial banks are obliged to provide the statistical reporting about operations in foreign currency in the forms and in the established terms to the Central Bank.
Federal law of 10.12.2003 No. 173 (in edition of 04.11.2014) "About currency regulation and currency control" defined regulation of currency transactions in the territory of Russia by which all organizations and citizens who are residents by the Russian legislation, and also the legal entities and nonresident citizens who are carrying out the activity in the territory of Russia have to be guided. It should be noted that the Federal law No. 173 does not differentiate currency control and currency regulation when determining the principles. Proceeding from the Law, Art. 3 principles are:
1. a priority of economic measures in realizing the public policy in the field of currency regulation;
2. an exception of unjustified intervention of the state and its bodies in currency transactions of residents and nonresidents;
3. unity of the foreign and domestic monetarist policies of the Russian Federation;
4. unity of the system of currency regulation and currency control;
5. ensuring protection of the rights and economic interests of residents and nonresidents at implementation of currency transactions.
Since October 1, 2012 the Instruction of Bank of Russia of 04.06.2012 No. 138 I (edition of 06.11.2014 today works) "About an order of representation by residents and nonresidents to authorized banks of the documents and information connected with carrying out currency transactions, an order of registration of passports of transactions, and also an account order by authorized banks of currency transactions and control of their carrying out" came into effect. the Instruction No. 138 is synthesis of the Instruction of Bank of Russia of 15.06.2004 No. 117-I "About an order of representation by residents and nonresidents to authorized banks of documents and information at implementation of currency transactions, an account order by authorized banks of currency transactions and registrations of passports of transactions" (further — the Instruction No. 117) and Provisions of Bank of Russia of 01.06.2004 No. 258 "About an order of representation by residents to authorized banks of the supporting documents and information connected with carrying out currency transactions with nonresidents according to the foreign trade transactions, and implementation by authorized banks of control of carrying out currency transactions". In the new instruction the order of filling and a document transfer by residents in authorized bank is significantly simplified.
In the Instruction No. 138 forms and an order of filling of passports of transactions, certificates of currency transactions and certificates of supporting documents are changed, and also codes of currency transactions and the mechanism of interaction of the resident and authorized bank are reconsidered. As well as in the previous Instruction No. 117, the authorized bank defines the responsible person having the right to make on behalf of authorized bank as the agent of currency control of action for currency control including to sign documents and to assure their impress of a seal of authorized bank, used for currency control. And the documents for currency control sent by authorized bank to the resident on paper have to be signed by the responsible person and are certified by an impress of a seal of authorized bank on each page, and the documents sent by authorized bank to the resident in electronic form are signed by a digital signature of the responsible person or other employee of authorized bank who was granted such right.
In other words, the new instruction provides opportunity completely to pass to electronic document flow between the resident and bank of the transaction certificate. It respectively will accelerate and will simplify process of obtaining documents of currency control by clients of bank. Especially it is important for those participants of foreign trade activities who are territorially located in the remote place from authorized bank.
One more important point which also simplifies document flow that the resident on the basis of the power of attorney can allocate now with a right to sign of documents the other person who has no rights of the first or second signature declared in a card with samples of signatures and an impress of a seal is.
The new instruction gave the chance to the residents having the isolated branches to make payment as directly from the accounts, and from accounts of their branches provided that accounts of the resident and his isolated branch are in one authorized bank. Moreover, the resident, according to the Instruction No. 138, can delegate the obligation for registration of the transaction certificate to the branch.
Thus, the specified normative legal acts define sphere of foreign currency in the territory of Russia including in calculations between residents, establish the mutual rights and obligations of banks and clients when carrying out currency transactions, regulate opening and maintaining ruble accounts of nonresidents and other questions.
1.3 The analysis of the operations which are carried out by banks on service of foreign economic activity of the enterprises
Bank currency and credit operations can be classified as by criteria, the general for all bank operations (passive, active operations), and on special classification signs, only peculiar currency transactions (for example: classification of operations on trade and noncommercial).
The instruction of Bank of Russia No. 135-I 02.04.2010 is the normative document regulating the list of currency transactions. It distinguishes the following operations:
1) Maintaining currency accounts of clients.
Maintaining the current currency accounts of clients is one of rather simple types of operations in foreign currency. It essentially does not differ from maintaining settlement accounts in rubles. But it is necessary to consider that the bank is obliged to execute functions of the agent of currency control of operations of the clients.
These operations are presented in the following forms:
• opening of currency accounts to legal entities (to residents and nonresidents);
• charge of percent on the remains on accounts;
• granting overdrafts;
• granting extracts in process of operation commission;
• Performance of operations, according to the order of clients, concerning money on their currency accounts (payment of the provided documents, purchase and sale of foreign currency at the expense of means of clients), etc.
2) Noncommercial operations
Noncommercial operations are calculations for export and import of goods and services of bank clients. Commercial banks can make the following operations of noncommercial character:
• purchase and sales of cash foreign currency and payment documents in foreign currency;
• the collection of foreign currency and payment documents in currency;
• to carry out issue and service of plastic cards for clients of bank;
• to make purchase (payment) of traveler's checks of foreign banks;
• payment of monetary letters of credit and drawing of similar letters of credit.
Noncommercial operations are widespread. Banks provide to clients a wide range of banking services. it has important value in competitive fight of commercial banks for attraction of clients. Without operations, like issue of plastic cards, implementation of the translations abroad, payments and drawing of letters of credit, purchases of traveler's checks, daily work with clients is almost impossible.
3) The transactions of international payments connected with export and import of goods and services.
There are some main forms of the international payments used by banks for satisfaction of clients.
Collection operations. The meaning of collection operation is when bank at the request of the client (the exporter or the creditor) receives payments from the importer (payer) after shipment of goods and rendering services. The received money is enlisted into the account of the organization in the bank.
Participants in the payment for collection are: 1) the principal client charging collection operation to the bank. 2) Bank payee to which the principal charges operation on encashment. 3) The collecting bank receiving currency means. 4) The representing bank doing submission of documents to the import payer. 5) Payer.
The collection can be clean and documentary. The clean collection is the collection of financial records (the promissory notes, checks, payment receipts and other similar documents used for receiving payments) when financial records are not followed by commercial documents. The documentary collection is the collection of the financial records accompanied with commercial documents, and also the collection only of commercial documents (commercial documents accounts, transport and insurance documents, documents of an ownership right etc.).
Figure 1 Scheme of payments for the documentary collection
When making the payments in the form of the collection the following operations (figure 1) are carried out:
1) Conclusion of the contract.
2) Shipment of goods by the exporter.
3) Transfer of shipping documents by the transport organization to the exporter.
4) Submission of the collection order by the exporter with a set of documents, contractual, in bank of the exporter.
5) Transfer of a package of documents from bank of the exporter in bank of the importer.
6) The notice of the payer on obtaining the collection order and a set of documents from bank of the exporter with the subsequent document transfer.
7) The acceptance of documents and an order of the importer for money transfer in payment of goods.
8) The translation of export revenue from the collecting bank in bank the payee.
9) Transfer of revenue into the account of the exporter.
According to this scheme the role of bank in collection functions between contractors according to the transaction. Thus the bank does not bear responsibility for a non-payment or the non-acceptance of documents.
Collection operation is in general more favorable to the importer as payment is made against the documents granting to it the right for goods. Therefore, up to this point the importer can keep the means in a turn. Thus it is not subject to risk to pay for yet not shipped goods. On the contrary, for the exporter after shipment of goods payment is not guaranteed. Because always there is a risk of that the importer for various reasons can refuse to get goods. Exporter receives the revenue not right after shipment of goods, and after a while. Thereby, the exporter actually grants the loan to the buyer. Besides, documents move through banks not fast (from several weeks to one month and in some cases more long), there is a risk of introduction of currency restrictions.
Letter of credit form of payments
According to the Unified rules and customs for documentary letters of credit, the letter of credit is an agreement owing to bank undertakes to make at the request of the client payment of documents to the beneficiary in favor of whom the letter of credit is open or to make payment, the acceptance of the bill of exchange exposed by the beneficiary.
Participants of payments for the documentary letter of credit are:
1) The importer who appeals to bank about opening of the letter of credit.
2) The bank issuer that opens the letter of credit.
3) The advising bank which is entrusted to inform the exporter about opening the letter of credit and to transfer text of the letter of credit, having certified its authenticity.
4) The export beneficiary in favor of whom the letter of credit is open.
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