Exchange control in the Russian Federation is carried out by the government in order to achieve sustainable growth of the economy, control inflation.In global terms, it aims to achieve a leading position in the international arena.
Current legislation supports the currency control in Russia.Back in 1992, the government passed a law "On Currency Regulation and Currency Control", which sets out the rights and responsibilities of regulatory bodies, and provides penalties for violation of legislation of businesses and individuals.This bill was introduced in order to stabilize and strengthen the national currency, to prevent the outflow of capital abroad.In addition, the simplified system for collecting information necessary for analytical work that allows us to investigate the movement of capital in the country.Currency control authorities focus on increasing the volume of exports of domestic products.
Accepted provide functional and subjective component of the control mechanism.Under the first understood as a set of forms and methods through which the regulatory action.A subjective side presupposes the existence of special institutions and organizations.Exchange control in the Russian Federation is based on the functioning of the party member, which in turn can be divided directly on the control authorities and experts involved in the study of foreign economic activity.
Control organizations are adjusting regulations and the development of innovations that will then be required to comply.Speaking of the economic entities, then to conduct foreign exchange transactions, they must use a form of statutory reporting and accounting.In our country the main bodies authorized to exercise control are considered:
- Ministry of Finance (its special department);
- Bank of Russia;
- Customs Committee of the Russian Federation.
We should also note the presence of control agents that have special rights and are accountable to the above instances.These agencies include the Internal Revenue Service, all commercial banks, regulated by the central bank, an organization subordinate to the Customs Committee.
Currency control - is the special unit aimed at improving the economic situation in the country by regulating the foreign exchange operations.For example, the Bank of Russia has created a separate department, which is involved in the development and adoption of new legislation, in addition, it is actively cooperating with foreign missions of international contracts.This division is responsible for conducting research and compiling statistical reports.
authorized credit organizations have the right to conduct foreign exchange operations only on the basis of licenses issued by the National Bank.These institutions carry out currency control in Russia at the level of residents and nonresidents of the country.They can give guidance and instructions to their offices in other cities, to notify the Bank of Russia on the application of innovation in practice, and their effectiveness, to conduct analytical work.In case of controversy or inconvenience agents put forward their suggestions for improving compliance.
Under current law, foreign exchange controls in the bank can be done only with a license, which can be of three types:
- simple.
- Extended.
- General.
simple license allows only commercial banks to raise funds in foreign currency on deposit accounts.Extended allows you to also conduct foreign economic activity, working with correspondent accounts in foreign banks.Most powers of the credit institutions that have received a general license, because if it is available, you can carry out any operations on international markets.
