Legal regulation of currency relations in the Russian Federation. Legal regulation of currency relations Financial legal regulation of currency relations

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Ministry of Education and Science Russian Federation

Federal State Budgetary Educational Institution of Higher Professional Education "Ural State Economic University"

Center for Distance Education

Test

discipline: Financial law

on topic: option 4

Performer: student

Specialty of State Medical University

YURG Group -13 Arm

Kazantseva Irina Aleksandrovna

Ekaterinburg 2014

Zluck1

Chief accountant of Ogma CJSC Ivanov P.S. untimely reported to the tax authority information about the opening of a current account by Ogma CJSC in one of the commercial banks.

In accordance with the Charter of JSC "Ogma", the representative of the Company in relations regulated by the legislation on taxes and fees is the chief accountant of the company.

In this regard, General Director of Ogma CJSC Sidorov S.P. decided that the subject of financial and legal liability under Art. 118 of the Tax Code of the Russian Federation for violating the deadline for submitting information about opening a bank account is the chief accountant Ivanov P.S., as the legal representative of the company.

Did the CEO make the right decision?

Solution:

Based on liability for non-compliance with notification rules, if the chief accountant untimely informed the tax inspectorate about opening a bank account, the organization ZAO Ogma may be fined 5,000 rubles. (Article 118). In addition, the general director of Ogma CJSC may also be held administratively liable. He may be charged a fine of 1,000 to 2,000 rubles. (Article 15.3).

In this case, the general director made the right decision, because in accordance with the Charter of JSC "Ogma", the representative of the Company in relations regulated by the legislation on taxes and fees is the chief accountant of the company, and he will be punished under Article 118

Let’s imagine that the inspectorate may consider that the report was not submitted at all and fine the organization, even if the document was submitted to the tax office in a timely manner, but in a random form or on an old form. (Article 23. Responsibilities of taxpayers (payers of fees). But if you sent a message to the inspectorate about opening an account within the prescribed period, but made a mistake, for example, in the account number, the organization cannot be held liable. (Resolutions of the Federal Antimonopoly Service of the North-Western Territory dated 07/10/2008 N A56-48250/2007; FAS North Caucasus Region dated 10/02/2007 N F08-6025/2007-2375A)

Article 118. Violation of the deadline for submitting information on opening and closing a bank account

1. Violation by a taxpayer of the deadline established by this Code for submitting information to the tax authority about opening or closing an account in any bank (as amended by Federal Law No. 154-FZ of July 9, 1999) entails a fine in the amount of five thousand rubles.

2. Excluded. - Federal Law of July 9, 1999 N 154-FZ.

Article 15.3 Violation of the deadline for registration with the tax authority

[RF Code of Administrative Offences] [Chapter 15] [Article 15.3]

1. Violation of the established deadline for filing an application for registration with the tax authority - entails a warning or imposition administrative fine for officials in the amount of five hundred to one thousand rubles.

2. Violation of the established deadline for filing an application for registration with a tax authority, associated with conducting activities without registration with a tax authority, shall entail the imposition of an administrative fine on officials in the amount of two thousand to three thousand rubles.

Note. Administrative liability established in relation to officials in this article, articles 15.4 - 15.9, 15.11 of this Code applies to the persons specified in article 2.4 of this Code, with the exception of citizens carrying out entrepreneurial activities without forming a legal entity.

Task2

The Accounts Chamber of the Russian Federation, on its own initiative, decided to conduct a financial audit of the Center for Russian-French Partnership. As a result of the audit, the Accounts Chamber of the Russian Federation discovered that the Center had illegally received more than $6 million from the budget. In connection with this, the Accounts Chamber of the Russian Federation gave an order to suspend all types of financial payment and settlement transactions on the Center’s accounts.

Is the decision of the Accounting Chamber legal?

Solution:

In this case, the decision of the Accounts Chamber is unlawful, since Art. 24 of the Federal Law “On the Accounts Chamber of the Russian Federation” states that: “When violations are detected at the inspected objects in economic, financial, commercial and other activities that cause direct immediate damage to the state and therefore require immediate suppression, as well as in cases of deliberate or systematic non-compliance with the procedure and deadlines for considering submissions from the Accounts Chamber, creating obstacles to carrying out control activities, the Accounts Chamber has the right to give the administration of inspected enterprises, institutions and organizations mandatory instructions.” That is, in this case (detection of illegal receipt of more than 6 million dollars from the budget), the Accounts Chamber could only give a mandatory order.

The decision of the Accounts Chamber to suspend all types of financial payment and settlement transactions on the accounts of the Center for Russian-French Partnership could be issued (in agreement with the State Duma) only in the event of repeated non-fulfillment or improper execution of the instructions of the Accounts Chamber, which follows from Article 24 of the Federal Law "On Accounts Chamber of the Russian Federation": "In case of repeated non-fulfillment or improper execution of the instructions of the Accounts Chamber, the Board of the Accounts Chamber may, in agreement with the State Duma, decide to suspend all types of financial payment and settlement transactions on the accounts of audited enterprises, institutions and organizations."

Task3

In the reporting quarter, federal budget revenues actually received exceeded the approved level by 12%. In this regard, in October of the current financial year, the Government of the Russian Federation prepared a bill on introducing amendments and additions to the Law of the Russian Federation “On the Federal Budget”, in accordance with which it was planned to finance certain budget expenditure items in excess of the established allocations. However, this bill was rejected by the State Duma of the Russian Federation and sent for revision. Reconsideration of the said bill was scheduled for December of the current fiscal year.

Solution:

1. In the event of an increase in expected revenues federal budget, which may lead to a change in funding compared to the approved federal budget by more than 10 percent of annual assignments, the Government of the Russian Federation submits to the State Duma a draft federal law on amendments and additions to the federal law on the federal budget, along with the following documents and materials:

· a report on the execution of the federal budget for the period of the current financial year, including the last month preceding the month during which the specified bill is introduced;

· reports from federal authorities executive branch those collecting federal budget revenues for the period of the current financial year, including the last month preceding the month during which the specified bill is introduced;

· a report on the use of funds from the reserve fund of the Government of the Russian Federation and the reserve fund of the President of the Russian Federation;

· reports of the Ministry of Finance of the Russian Federation and other authorized bodies on the provision and repayment of budget loans;

· analysis of the reasons and factors that determined the need to introduce amendments and additions to the federal law on the federal budget.

2. The State Duma considers the said bill on an extraordinary basis within 15 days in three readings.

3. The first reading of the draft federal law on amendments and additions to the federal law on the federal budget on the grounds set out in paragraph 1 of this article in the State Duma must take place no later than two days from the date of introduction of the said bill. When considering this bill in the first reading, the report of the Government of the Russian Federation and the report of the Accounts Chamber of the Russian Federation on the state of revenues and funds from borrowings into the federal budget are heard. When considering the said bill in the first reading, the State Duma takes it as a basis and approves the new main characteristics of the federal budget.

4. The second reading of the draft federal law on amendments and additions to the federal law on the federal budget must take place no later than five days from the date of adoption of the said bill in the first reading. When considering this bill in the second reading, the volumes of allocations are approved for sections and subsections of the functional and departmental classifications of budget expenditures of the Russian Federation.

5. The third reading of the draft federal law on amendments and additions to the federal law on the federal budget must take place no later than three days from the date of adoption of the said bill in the second reading. In the third reading, the bill is put to a vote as a whole.

6. If the draft federal law on introducing amendments and additions to the federal law on the federal budget is not adopted within the specified period, the Government of the Russian Federation has the right to a proportional reduction in federal budget expenditures pending the adoption of a legislative decision on this issue, provided that the federal law on the federal the budget does not provide otherwise.

Task4

The draft law “On the Federal Budget” for the next financial year provides that part of the federal budget’s own tax revenues will be transferred by the budgets of the constituent entities of the Russian Federation.

Solution:

Own budget revenues are types of income assigned on a permanent basis, in whole or in part, to the relevant budgets by the legislation of the Russian Federation.

Own budget revenues include:

· tax revenues assigned to the relevant budgets, budgets of state extra-budgetary funds by the legislation of the Russian Federation;

· non-tax revenues;

· other non-tax income, as well as gratuitous transfers.

Financial assistance is not the own income of the corresponding budget, the budget of the state extra-budgetary fund.

Task5

JSC Vizavi purchased a batch of household appliances. The entire batch, with the exception of the Minsk refrigerator, was sold to employees of the same joint stock company. Two years later, the council of the joint-stock company decided to donate an unrealized refrigerator that had not been in use to employee Smirnova “for excellent performance at work.” But the price of the Minsk refrigerator has increased tenfold since its acquisition. The tax office included in Smirnova’s taxable income an amount equal to the difference between the last and original cost of the refrigerator. Smirnova turned to a law office for advice, considering the actions of the tax inspectorate to be illegal.

How to resolve the issue?

Solution:

In accordance with paragraph 1 of Art. 1 of the Tax Code of the Russian Federation, the legislation of the Russian Federation on taxes and fees consists of the Tax Code of the Russian Federation and federal laws on taxes and fees adopted in accordance with it.

In paragraph 2 of Art. 1 of the Tax Code of the Russian Federation stipulates that the Tax Code of the Russian Federation establishes a system of taxes and fees, as well as general principles of taxation and fees in the Russian Federation, including:

Types of taxes and fees levied in the Russian Federation;

Grounds for occurrence (change, termination) and procedure for fulfilling obligations to pay taxes and fees;

Forms and methods of tax control;

Responsibility for committing tax offenses, etc.

In Art. 9 of the Tax Code of the Russian Federation indicates the participants in relations regulated by the legislation on taxes and fees:

Taxpayers or fee payers;

Tax agents;

Tax authorities (federal executive body authorized for control and supervision in the field of taxes and fees, and its territorial bodies);

Customs authorities (federal executive body authorized in the field of customs affairs, subordinate customs authorities of the Russian Federation).

The main normative acts regulating liability for violations of tax legislation are the Tax Code of the Russian Federation, the Criminal Code of the Russian Federation and the Code of Administrative Offenses of the Russian Federation.

The system of taxes and fees of the Russian Federation includes federal, regional and local taxes and fees.

Exercise1

How is the financial legal personality of individuals, organizations, government bodies, the Russian Federation, and constituent entities of the Russian Federation expressed?

Solution:

The subject of financial law has financial legal personality and can, thanks to this, participate in a specific financial legal relationship.

The concept of “subject of financial law” is closely related to the concept of “subject of financial legal relations”, but these are different concepts. The subject of a financial legal relationship is the one who participates in a specific financial legal relationship and thus realizes his subjective duties and rights. A subject of financial law is not a participant in a specific financial legal relationship; he does not have specific subjective financial rights and obligations. A subject of financial law has the quality of financial legal personality, which gives him the opportunity to be a subject of financial legal relations. The concept of “financial legal personality” includes such concepts as “financial legal capacity” and “financial capacity”.

Financial capacity is the ability to have financial rights and responsibilities as provided by law. Financial capacity (and tortious capacity) is the ability of a person, independently or through legal representatives, to acquire, implement, change and terminate financial rights and obligations, as well as to be responsible for their non-fulfillment and unlawful implementation. In most cases, a person who is financially capable is also financially capable, i.e. capable of being held accountable for failure to fulfill financial obligations and unlawful exercise of financial rights. Therefore, in essence, financial tort is one of the aspects of financial capacity. However, there are situations where the structural elements of legal personality are distributed between two persons. An example is Art. 50 of the Tax Code of the Russian Federation, establishing the regime for fulfilling obligations to pay taxes and fees during the reorganization of a legal entity. From the analysis of this article it follows; that when a legal entity is reorganized, its tortious capacity passes to the successor. An example is an individual. For example, a minor has financial legal capacity from the moment of birth. However, in situations where a financial legal relationship arises, the financial capacity lacking in a minor (before reaching the age of 16) is realized through his legal representative.

The distinction between legal capacity and legal capacity is important for characterizing the financial legal personality of individuals as subjects of financial law, since the ability to acquire financial rights and fulfill financial obligations arises in individuals only upon reaching a certain age. In this regard, although they are financially capable, they are not financially capable until they reach a certain age.

Such subjects of financial law as government bodies, organizations (enterprises, budgetary institutions) legal personality is legal capacity and legal capacity at the same time, i.e. "legal capacity". Its limits for organizations are determined by their financial rights and obligations, and for government bodies - by their competence in the field financial activities established by law.

The subjects of financial law are very diverse. They are divided into three groups:

1) social and territorial entities;

2) collective subjects;

3) individual subjects.

Social-territorial entities include the Russian Federation as a whole and its constituent entities (state), as well as municipal entities.

Collective subjects include government bodies and organizations.

Individual subjects of financial law are individuals and sometimes officials.

The Russian Federation and its subjects predominate among the subjects of financial law. The Russian Federation as a whole and its constituent entities constitute a state. Therefore, the general characteristics of these subjects as subjects of financial law are largely derived from the characteristics of the state, which can be considered as a generalized subject of financial law.

The state (the Russian Federation as a whole and the constituent entities of the Russian Federation) is a subject of financial law, having competence in the field of financial activities, which is enshrined in the Constitution of the Russian Federation, the Tax Code of the Russian Federation, the Budget Code of the Russian Federation, in the constitutions and charters of the constituent entities of the Russian Federation and other regulatory legal acts.

The competence of the state in the field of financial activity is most often expressed in its sovereign rights in this area, which, in particular, include: the right to establish taxes, approve budgets (federal and constituent entities of the Federation), etc. Consequently, the state, being a subject of financial law, most often acts as a ruling subject, i.e. sovereign. However, at the same time, the state often acts as an owner state, i.e. treasury. This is due to the fact that the sovereign rights of the state in the field of financial activities affect, first of all, the budget, state extra-budgetary funds, which are an integral part of the treasury. The treasury, in accordance with Art. 214 of the Civil Code of the Russian Federation is state property.

The sovereign rights of the Russian Federation include, first of all, its material budgetary rights. This follows from Art. 71 of the Constitution of the Russian Federation, which places the federal budget under the jurisdiction of the Russian Federation, as well as from a number of articles of the Budget Code of the Russian Federation, revealing the rights of the Russian Federation to the federal budget.

The material budgetary rights of the Russian Federation include:

a) the right to your own budget;

b) the right to receive budget revenues and include them in this budget;

c) the right to use budget funds;

d) the right to distribute budget revenues between the budgets of a given territory;

e) the right to education and use of trust or reserve funds within the budget.

These rights are enshrined in Art. 49, 54, 84, 133, 134, 135 and other articles. BC RF. The sovereign rights of the Russian Federation to its own budget are at the same time the right of state ownership, because according to paragraph. 2 clause 4 art. 214 of the Civil Code of the Russian Federation, funds from the corresponding budget constitute the state treasury.

Based on this, the Russian Federation, being a subject of material budgetary rights, acts simultaneously as a sovereign state and a treasury state.

The Russian Federation as a whole is a subject of financial law in relation to the right to issue money. Monetary issue, according to paragraph “g” of Art. 71 of the Constitution of the Russian Federation is the sovereign right of the Russian Federation. In addition, money emission is an integral part of the financial activity of the state, since the latter is based on the monetary system.

The subject of financial law is not only the Russian Federation, i.e. the state as a whole, but also the state in its parts, i.e. subjects of the Russian Federation, which are also vested with competence in the field of financial activities of the state, also exercise the sovereign rights of the state in this area and for which, according to Art. 214 of the Civil Code of the Russian Federation, the right of state ownership of budget funds is secured. Similar to the federal level, the subjects of the Russian Federation are subjects of financial law in relation to material budgetary rights, as well as the rights to consider and approve the budget. In addition, the constituent entities of the Russian Federation are subjects of financial law in relation to the rights to receive financial assistance from the federal budget (Article 135 of the Budget Code of the Russian Federation). It can be expressed in the form of grants, subventions, subsidies, and budget loans. Finally, the constituent entities of the Russian Federation are subjects of financial law in relation to the rights to establish regional taxes and fees, as well as a number of rights in the field state loan, similar to the rights of the Russian Federation. This conclusion clearly follows from the constitutions and charters of the constituent entities of the Russian Federation, as well as other financial legislation. Thus, the constitutions and charters of the constituent entities of the Russian Federation establish the right of the constituent entities of the Russian Federation to their own budget; in the constitutions and charters of the constituent entities of the Russian Federation, as well as in Art. 12 of the Tax Code of the Russian Federation secures the right of subjects of the Russian Federation to establish regional taxes and fees. In addition, in accordance with Art. 99 of the Budget Code of the Russian Federation, subjects of the Russian Federation have the right to issue debt obligations that are secured by the treasury of the subject of the Russian Federation.

The Russian Federation and the constituent entities of the Russian Federation, being subjects of financial law, enter into specific financial legal relations. In this case, they become the subjects of these financial legal relations and act as authorized state bodies.

In addition to the Russian Federation and the constituent entities of the Russian Federation, municipalities are included in the classification series “social-territorial entities” as subjects of financial law.

The Federal Law “On the financial foundations of local self-government in the Russian Federation” determines that a municipal entity is a subject of financial law in relation to: the rights to form and execute the local budget; establishment of local taxes and fees; issuance of municipal loans, as well as the obligations and rights associated with these rights (Articles 5, 8 and 15).

In addition, according to Art. 139 of the Budget Code of the Russian Federation, as well as the above-mentioned Federal Law from the budget of a constituent entity of the Russian Federation local budget stand out:

a) funds from the fund for financial support of municipalities;

b) subventions and other forms of assistance provided for by the budget legislation of the constituent entity of the Russian Federation.

In all of the above cases, municipalities (i.e. the population), being the subject of financial law, act in financial legal relations in the person of representative and relevant executive bodies of local government.

Individuals as subjects of tax law include citizens of the Russian Federation, foreign citizens and stateless persons, as well as individual entrepreneurs(Article 11 of the Tax Code of the Russian Federation).

The financial legal personality of an individual is determined by his legal capacity and legal capacity. The essence of the financial legal capacity of an individual lies in the will of the state, i.e. the state recognizes a person as having legal capacity, which means it introduces him into the sphere of relations regulated by law as an active unit, i.e. one that is capable of having legal rights and obligations in relation to certain objects. The financial legal capacity of individuals, like their legal capacity in other branches of law, arises from the moment of birth and is a general, abstract prerequisite for legal ownership.

If the essence of the legal capacity of an individual is the state will, then its content is revealed in the range of those rights and obligations that the person is capable of having. The state recognizes a person not just as legally capable, but as legally capable within certain boundaries that are determined by the state. The financial capacity of an individual is characterized primarily through his legal obligations. This is explained by the peculiarities of financial and legal regulation. The state, when establishing financial and legal norms, is interested in their strict implementation by all entities to whom they are addressed. Moreover, the degree of state interest in the implementation of these norms is so great that in the course of financial and legal regulation the state uses the method of government regulations. It manifests itself, in particular, in the fact that the state calls on subjects to comply with financial legal norms mainly through the establishment of positive connections.

The obligations and rights of an individual, through which his financial legal capacity is revealed, are recorded, in particular, in Art. 21, 23 and 24 of the Tax Code of the Russian Federation.

The financial legal capacity of an individual is achieved through legal capacity, which is the ability of a person to exercise legal rights and obligations through his actions.

The financial capacity of an individual performs two main functions: legal and social. The first is that the financial capacity of an individual is a means of realizing his financial capacity. The social function of financial capacity is manifested in providing the individual with the opportunity to fulfill his tax obligations to the state and bear responsibility for unlawful behavior.

The legal capacity of an individual in all branches of law occurs upon reaching a certain age.

In financial law, the age at which an individual becomes financially capable is not defined. However, in paragraph 2 of Art. 107 of the Tax Code of the Russian Federation determines the age of onset of tax delinquency of an individual - 16 years. Considering that delictual capacity is a component of legal capacity, it can be argued that tax capacity in general for an individual arises from the age of 16.

Individuals, as subjects of tax law, act primarily as taxpayers. This conclusion follows from Art. 19 of the Tax Code of the Russian Federation, which established that taxpayers and payers of fees are organizations and individuals who, in accordance with the Tax Code of the Russian Federation, are obliged to pay taxes and (or) fees, respectively.

Individuals, in accordance with current legislation, are payers of personal income tax, personal property tax, excise taxes, value added tax, etc.

Individuals are subjects of tax law, also acting as tax agents (Article 24 of the Tax Code of the Russian Federation). This conclusion follows from an analysis of the legislation, which in a number of cases has assigned the duties of tax agents to individuals. Thus, in particular, entrepreneurs paying income to citizens are required to calculate, withhold and transfer to the budget the amount of personal income tax, and to the Pension and other extra-budgetary funds - the amount of the unified social tax.

The legal personality of an individual acting as a tax agent is revealed through the same rights that a taxpayer has (Article 21 of the Tax Code of the Russian Federation), as well as the obligations set forth in Art. 24 Tax Code of the Russian Federation.

We list the main ones:

1) correctly and timely calculate, withhold from funds paid to taxpayers, and transfer taxes to the budget system of the Russian Federation to the appropriate accounts of the Federal Treasury;

2) notify in writing the tax authority at the place of registration of the impossibility of withholding tax and the amount of the taxpayer’s debt within one month from the day the tax agent became aware of such circumstances;

3) keep records of accrued and paid income to taxpayers, calculated, withheld and transferred taxes to the budget system of the Russian Federation, including for each taxpayer;

4) submit to the tax authority at the place of registration the documents necessary to monitor the correctness of calculation, withholding and transfer of taxes;

5) for four years, ensure the safety of documents necessary for the calculation, withholding and transfer of taxes.

In addition, in a number of cases, individuals are subjects of financial law in relation to the rights to receive funds from state budget funds.

In most cases, the financial legal personality of an individual is characterized by the presence (coincidence) of legal capacity and legal capacity in one person, but in some cases their discrepancy is possible. This occurs in cases where minors are the owners of property and income that are the subject of taxes and fees. In this case, until these persons achieve tax capacity, i.e. 16 years old, their legal representatives acquire tax rights on their behalf and bear tax obligations. According to paragraph 2 of Art. 27 of the Tax Code of the Russian Federation, legal representatives of a taxpayer - an individual - are recognized as persons acting as his representatives in accordance with the civil legislation of the Russian Federation, i.e. parents, adoptive parents, guardians and trustees (Articles 26, 28 of the Civil Code of the Russian Federation).

Exercise2

The composition of expenditures of the budget system is determined by the tasks and functions of the state. Based on this, reveal the main areas of expenditure financed from the federal budget.

Solution:

The departmental classification of federal budget expenditures is a grouping of expenditures that reflects the distribution of budget funds among the main managers of federal budget funds.

The list of main managers of federal budget funds is approved by federal law.

Federal budget expenditures by the main managers of federal budget funds by sections, subsections, target items and types of expenditures of the functional classification of budget expenditures of the Russian Federation, groups of expenditures, subject items, sub-items and expenditure elements of the economic classification of budget expenditures of the Russian Federation are approved by the federal law on the federal budget for the next fiscal year.

In accordance with current legislation in the Russian Federation, the following types of expenses are financed exclusively from the federal budget:

· ensuring the activities of the President of the Russian Federation, the Federal Assembly of the Russian Federation, the Accounts Chamber of the Russian Federation, the Central Election Commission of the Russian Federation, federal executive bodies and their territorial bodies, other expenses for national government according to the list determined upon approval of the federal law on the federal budget for the next fiscal year;

·functioning of the federal judicial system;

·carrying out international activities in general federal interests (financial support for the implementation of interstate agreements and agreements with international financial organizations, international cultural, scientific and information cooperation of federal executive authorities, contributions of the Russian Federation to international organizations, other expenses in the field of international cooperation determined upon approval of the federal law on the federal budget for the next financial year);

· national defense and ensuring state security, implementing the conversion of defense industries;

·fundamental research and promotion of scientific and technological progress;

·state support for railway, air and sea transport;

·state support for nuclear energy;

·liquidation of consequences of emergencies and natural disasters on a federal scale;

·exploration and use of outer space;

·formation of federal property;

servicing and repayment government debt Russian Federation;

· compensation to state extra-budgetary funds for expenses on the payment of state pensions and benefits, other social benefits subject to financing in accordance with the legislation of the Russian Federation from the federal budget;

·replenishment of state reserves of precious metals and precious stones, state material reserves;

· holding elections and referendums of the Russian Federation;

Federal investment program;

· ensuring the implementation of decisions of federal government bodies that led to an increase in budget expenditures or a decrease in budget revenues of budgets of other levels;

· ensuring the implementation of certain state powers transferred to other levels of government;

·financial support for constituent entities of the Russian Federation;

·official statistical records;

· other expenses.

Exercise3

right to regulate currency relations

Please tell us to what extent and on the basis of what legal acts the export of currency from the Russian Federation to individuals (residents and non-residents) is permitted.

Solution:

Legal regulation of currency relations has been and continues to be one of the most important areas of financial activity of the state.

The Soviet Union had an absolute state currency monopoly. Its essence was that the ownership of currency values, as well as the right to carry out currency transactions, belonged exclusively to the state. The main sources of foreign exchange assets were income from exports, amounts of attracted loans, as well as accumulated internal reserves (natural precious stones, precious metals).

The use of foreign currency assets (foreign exchange earnings from exports, amounts of attracted foreign currency loans and accumulated gold and foreign exchange reserves) was carried out on a planned basis. The circulation of currency and currency values ​​within the country was prosecuted under criminal law.

During the period of the state's currency monopoly, there was no currency regulation in the country in the sense as it is currently understood. After all, this kind of regulation presupposes the independence of subjects, who are placed within a certain framework and in the process of foreign exchange transactions must comply with certain “rules of the game.” Since in the USSR there was no independence of subjects in the area under consideration, and each currency transaction was strictly regulated, then at that time it was not about state regulation, but about the state “administration” of currency transactions.

As a result, a situation arises when legal entities and individuals are recognized as the owners of currency transactions and acquire the right to carry out transactions with these values. Naturally, subject to certain rules, the totality of which is called currency regulation.

The transition of the Russian economy to market relations, its gradual integration into the world economy and international financial structures, the consistent decentralization of foreign economic relations of Russian enterprises with foreign partners make knowledge of the mechanism for regulating currency relations in Russia and beyond its borders extremely relevant. This mechanism, which has an economic nature (it is based on objectively determined economic processes), appears in any state in legal form.

It should be emphasized that outside the framework of the existing system of regulatory legal acts it is impossible to talk about the mechanism for regulating currency relations in any state. In the scientific literature, the mentioned system is called “currency legislation”. This term in a broad sense covers not only laws, but also any other by-laws of a regulatory nature.

Currency regulation is a measure of the economic policy of the Russian Federation aimed at ensuring the implementation of a unified state currency policy. Another definition can be given. If foreign exchange regulation is part of foreign exchange policy aimed at establishing the procedure for conducting transactions with foreign currency values ​​and consisting of a set of legislative, economic and organizational measures, then foreign exchange control is actually control over compliance with the rules established during the implementation of foreign exchange policy.

Foreign exchange regulation and foreign exchange control are carried out on the basis of certain principles. The main principles of currency regulation and currency control in the Russian Federation are:

1) priority of economic measures in the implementation of state policy in the field of currency regulation;

2) exclusion of unjustified interference by the state and its bodies in foreign exchange transactions of residents and non-residents;

3) unity of the foreign and domestic monetary policy of the Russian Federation;

4) unity of the system of currency regulation and currency control;

5) provision by the state of protection of the rights and economic interests of residents and non-residents when carrying out currency transactions.

The object of currency regulation is the social relations that arise in the process of circulation of currency, currency values ​​and settlements in Russian currency between residents and non-residents. The legal norms that determine the procedure for carrying out foreign exchange transactions perform two main functions - regulatory and control.

The regulatory function of currency legislation comes down, first of all, to determining the scope of rights and obligations of persons involved in currency transactions. Operations that involve the transfer of ownership and other rights to currency values ​​are called foreign exchange.

Each state has its own currency system, i.e., a form of organization of currency relations, enshrined in national legislation. The basis of the national currency system is the country's legally established monetary unit.

The definition of the concepts “currency” and “currency values” is contained in Art. 1 of the Federal Law of the Russian Federation “On Currency Regulation and Currency Control”.

The currency of the Russian Federation, according to the Law, includes banknotes in the form of banknotes and coins of the Bank of Russia that are in circulation as a legal means of cash payment on the territory of the Russian Federation, as well as these banknotes that are withdrawn or withdrawn from circulation but subject to exchange. In addition, funds are in bank accounts and bank deposits.

The currency of the Russian Federation also includes domestic securities, which consist of issue-grade securities, the nominal value of which is indicated in the currency of the Russian Federation and the issue of which is registered in the Russian Federation. These may also include other securities certifying the right to receive the currency of the Russian Federation, issued on the territory of the Russian Federation.

Currency values ​​- foreign currency and foreign securities. Legislation considers foreign currency banknotes in the form of banknotes, treasury notes, coins that are in circulation and are by legal means cash payment on the territory of the relevant foreign state (group foreign countries), as well as the specified banknotes withdrawn or withdrawn from circulation, but subject to exchange.

Foreign currency can also be considered funds in bank accounts and bank deposits in monetary units of foreign countries and international monetary or account units. External securities - securities, including in non-documentary form, which are not classified as domestic securities in accordance with this Federal Law, also refer to foreign currency.

The regulatory framework for the currency regulation mechanism consists of federal laws and numerous by-laws, as well as international treaties Russian Federation. These primarily include the Federal Law of the Russian Federation “On Currency Regulation and Currency Control”, the Customs Code of the Russian Federation, the Federal Law “On State Regulation of Foreign Trade Activities”, the Federal Law “On Banks and Banking Activities”, the Federal Law “On the Central Bank of the Russian Federation”. Federation" and other legislative acts.

In pursuance and development of existing laws, an array of by-laws is being formed containing norms that regulate currency relations in the Russian Federation.

A form of currency control is a way of concretely expressing and organizing control actions. Depending on the time of control, there are three main forms of control - preliminary, current and subsequent. All of them are closely interconnected, reflecting the continuous nature of control.

The methods of currency control mean the techniques and methods of its implementation (observation, verification, examination, analysis, audit).

It should be noted that since the beginning of 1991, the domestic foreign exchange market - interbank and exchange, which was previously in its infancy, has been rapidly developing. Many restrictions were removed from transactions involving the purchase and sale of cash foreign currency by individuals through authorized banks.

Decay USSR and the formation of the sovereign state of the Russian Federation led to the need for Russia to conduct an independent economic policy, including monetary policy and currency as a component of the latter. In this regard, and also taking into account that many provisions of the USSR Law “On Currency Regulation” actually (but not legally) ceased to apply (for example, Articles 6, 7, 8, 11, 12, 19 of the Law), the task of developing and the speedy implementation of a similar law in the Russian Federation. The adoption by the Supreme Council of the Russian Federation on October 9, 1992 of the Law of the Russian Federation “On Currency Regulation and Currency Control” No. 3615-1 opened a new stage of currency regulation and currency control in Russia.

It should be noted that on June 18, 2004, almost all articles of this Law lost force due to the entry into force of the new Law of the Russian Federation No. 173-F3 of December 10, 2003 “On Currency Regulation and Currency Control.”

The new Law has largely lost the character of a framework normative act; most of its norms are filled with specific and very liberal content. The most significant of the restrictions provided for by the Law are temporary and should cease to apply on January 1, 2007.

Currently, this is a heterogeneous regulatory complex, including acts of various legal natures.

According to Art. 71 of the Constitution of the Russian Federation, the adoption of currency legislation falls within the exclusive competence of federal government bodies and is not within the competence of the constituent entities of the Russian Federation.

This Federal Law establishes legal basis and principles of currency regulation and currency control in the Russian Federation, the powers of currency regulation authorities, and also determines the rights and obligations of residents and non-residents in relation to the ownership, use and disposal of currency values, as well as the rights and obligations of non-residents in relation to the possession, use and disposal of Russian currency Federation and domestic securities, rights and obligations of currency control authorities and currency control agents.

The specificity of currency legislation is that general legal categories of subjects are not entirely suitable for this issue. Currency legislation uses categories of subjects not known to civil law in general, namely: residents and non-residents.

Residents:

a) individuals who are citizens of the Russian Federation, with the exception of citizens of the Russian Federation recognized as permanent residents of a foreign state in accordance with the legislation of that state;

b) foreign citizens and stateless persons permanently residing in the Russian Federation on the basis of a residence permit provided for by the legislation of the Russian Federation;

c) legal entities created in accordance with the legislation of the Russian Federation;

d) branches, representative offices and other divisions of residents specified in paragraphs located outside the territory of the Russian Federation. “c” of this paragraph;

e) diplomatic missions, consular offices of the Russian Federation and other official missions of the Russian Federation located outside the territory of the Russian Federation, as well as permanent missions of the Russian Federation at interstate or intergovernmental organizations;

f) the Russian Federation, constituent entities of the Russian Federation, municipalities that act in relations regulated by this Federal Law and others adopted in accordance with it federal laws and other regulatory legal acts.

Non-residents:

a) individuals who are not residents in accordance with subparagraphs “a” and “b” of paragraph 6 of this part;

b) legal entities created in accordance with the laws of foreign states and located outside the territory of the Russian Federation;

c) organizations that are not legal entities, created in accordance with the laws of foreign states and located outside the territory of the Russian Federation;

d) diplomatic missions, consular offices of foreign states accredited in the Russian Federation and permanent missions of these states to interstate or intergovernmental organizations;

e) interstate and intergovernmental organizations, their branches and permanent missions in the Russian Federation;

f) branches, permanent missions and other separate or independent structural divisions of non-residents specified in paragraphs. “b” and “c” of this paragraph. The importance of distinguishing these categories of entities is that, depending on the type, the legal regime for their currency transactions is different.

This Law does not disclose the characteristics of residents and non-residents, so we will consider them in more detail. It is clear that in relation to individuals, the criterion of citizenship has no significance in determining their status as a resident or non-resident, however, the Law does not answer the question of what is considered the permanent place of residence of an individual.

According to paragraph 1 of Art. 20 Civil Code In the Russian Federation, the place of residence is recognized as the place where a citizen permanently or primarily resides. It is unclear from this formulation when an individual is considered permanently residing in a place. We need a completely clear and unambiguous criterion, which can only be found in tax legislation, and not in general civil legislation. In accordance with tax legislation, all tax payers, regardless of whether they are Russian citizens, foreign citizens or stateless persons, are divided into two categories: those who have permanent residence in the Russian Federation or those who do not. The first category includes those who live in the Russian Federation for a total of at least 183 days a year, even with interruptions in time. Such persons are residents within the framework of tax legislation. The second category includes those who live in Russia for less than 183 days a year, therefore, they have non-resident status.

Due to the fact that Russian legislation does not contain a complete and industry-wide concept of domicile, the interpretation followed by the tax authorities of all states in accordance with the recommendations of the Organization for Economic Co-operation and Development can be applied. A person is presumed to be domiciled in a State if he has a permanent home in that State, has the closest personal and economic ties to that State, and habitually resides in that State. In the meantime, the interpretation of the concept of “permanent residence” is contained in interstate tax agreements concluded by Russia with other states. It would be advisable to include a clear criterion in the Law to avoid ambiguous interpretation.

As for legal entities, then their classification into the categories of “residents” and “non-residents” is based on the criterion of “settled residence”, generally recognized in international private law. Residents of the Russian Federation are legal entities created in accordance with the legislation of the Russian Federation and located in the Russian Federation. In private international law, the location of a legal entity refers to the location of its management bodies. Thus, when determining the circle of resident individuals as subjects of currency relations, the citizenship criterion does not have any significance, but the criterion of permanent residence is taken into account. In relation to legal entities, when determining their status, the criterion of “settled residence” is used.

Having examined the specifics of the subjects of currency relations, I will dwell on the characteristics of their object. It is the object that determines the features of those relations between subjects that we call “currency”. In its most general form, the peculiarity is that their object is always currency values.

The Law of the Russian Federation “On Currency Regulation and Currency Control” gives a very narrow definition of currency values, while the Regulations on the procedure for the import into and export from the Russian Federation of foreign currency and securities in foreign currency by authorized banks (approved by the Order of the State Customs Committee of the Russian Federation dated May 19, 1993 g., as amended on January 31, 1997) reveals its contents in detail. Analyzing these two documents, we can draw the following conclusion about the content of the object of currency relations - currency values. Currency values ​​include:

1) foreign currency, i.e. banknotes in the form of banknotes, treasury notes, coins in circulation and being legal tender in the relevant foreign state, as well as banknotes withdrawn or withdrawn from circulation but subject to exchange; funds in accounts in foreign monetary units and international monetary or settlement units;

2) securities in foreign currency. These include three groups:

Payment documents (checks, promissory notes, drafts, letters of credit, credit card impressions, payment orders, other orders for payment);

Stock values ​​(shares, bonds, certificates);

Other debt obligations (certificates of deposit and savings, letters of guarantee, etc.);

3) precious metals - gold, silver, platinum and platinum group metals in any form and condition, with the exception of jewelry and other household items, as well as scrap;

4) natural precious stones - diamonds, rubies, emeralds, sapphires, alexandrites in raw and processed form, as well as pearls, with the exception of jewelry and other household products made from these stones and scrap of such products.

The identification of four categories of objects of currency relations is necessary due to the fact that the legal regulation of the procedure for performing transactions with each type of currency value is different. For example, the procedure for conducting currency transactions with precious metals and stones is determined by the Government of the Russian Federation, within whose structure the Ministry of Finance is solely responsible for the circulation and use of these categories of currency assets in Russia and abroad. Legal regulation of the procedure for circulation and use of cash foreign currency and securities in foreign currency is within the competence of the Central Bank of the Russian Federation. This again reveals the specificity of the legal regulation of these relations.

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As world experience shows, in a market economy, market and state regulation of international monetary relations is carried out.

The foreign exchange market determines the supply and demand of currencies and their exchange rates. Market regulation is subject to the law of value, supply and demand. The effect of these laws in conditions of competition in foreign exchange markets ensures the relative equivalence of currency exchange, compliance with international financial flows the needs of the world economy related to the movement of goods, services, capital, and loans.

However, the state has long intervened in currency relations - first indirectly, and then directly, taking into account their important role in world economic relations. With the abolition of the gold standard in the 30s of the 20th century, the mechanism of gold points ceased to function as a spontaneous regulator of the exchange rate. Significant and sharp fluctuations in exchange rates and currency crises negatively affect the national and global economy, causing severe socio-economic consequences.

Market and state currency regulation complement each other. The first, based on competition, generates development incentives, and the second is aimed at overcoming the negative consequences of market regulation of currency relations. The boundary between these two regulators is determined by the benefits and losses in a particular situation. Therefore, the relationship between them often changes. In conditions of crisis shocks, wars, and post-war devastation, state currency regulation prevails, sometimes very strict. As the monetary and economic situation improves, foreign exchange transactions are liberalized and market competition in this area is encouraged. But the state always maintains foreign exchange control for the purpose of regulation and supervision of foreign exchange relations.

In the system of regulation of a market economy, an important place is occupied by currency policy - a set of activities carried out in the field of international monetary and other economic relations in accordance with the current and strategic goals of the country. It is aimed at achieving the main goals of economic policy: ensuring the sustainability of economic growth, curbing the growth of unemployment and inflation, and maintaining a balanced balance of payments.

The directions and forms of monetary policy are determined by the monetary and economic situation of countries, the evolution of the world economy, and the balance of power on the world stage. At different historical stages, they come to the fore specific tasks monetary policy: overcoming the currency crisis and ensuring currency stabilization; currency restrictions, transition to currency convertibility, liberalization of foreign exchange transactions, etc.

Legally, monetary policy is formalized by currency legislation - a set of legal norms regulating the procedure for carrying out transactions with currency values ​​in the country and abroad, as well as currency agreements - bilateral and multilateral - between states on currency problems.

One of the means of implementing foreign exchange policy is foreign exchange regulation - regulation by the state of international payments and the procedure for conducting foreign exchange transactions; carried out at the national, interstate, regional levels. Direct currency regulation is implemented through legislative acts and actions of the executive branch, indirect - using economic, in particular monetary and credit, methods of influencing the behavior of economic agents of the market.

Interstate currency regulation pursues the following goals: regulation of the structural principles of the world monetary system, coordination of the currency policies of individual countries, joint measures to overcome the currency crisis, coordination of the currency policies of leading powers in relation to other countries.

Interstate regulation is due to the following reasons:

• 1. Strengthening the interdependence of national economies, including currency, credit, and financial relations.
• 2. Changing the relationship between market and government regulation in favor of the market in the context of liberalization of economic relations.
• 3. Changing balance of power on the world stage: the undivided leadership of the United States was replaced by the dominance of three centers of partnership and rivalry - the United States, Western Europe, and Japan. In addition, young competitors appeared - new industrial states.
• 4. The huge scale of global currency, credit, and financial markets, which are characterized by instability due to fluctuations in exchange rates, interest rates, periodic oil shocks, stock exchange, currency, banking crises, etc.

In addition, an absolutely autonomous national economic policy, including monetary policy, is incompatible with the development of interdependence of countries and their integration into the world economy.

The bodies of interstate currency regulation are the World Monetary Fund (IMF) and regular summit meetings with a limited number of participants.

Monetary policy, depending on its goals and forms, is divided into structural and current. Structural monetary policy is a set of long-term measures aimed at implementing structural changes in the global monetary system. It is implemented in the form of currency reforms carried out in order to improve its principles in the interests of all countries, and is accompanied by a struggle for privileges for individual currencies. Structural monetary policy influences current policy. Current monetary policy is a set of short-term measures aimed at everyday, operational regulation of the exchange rate, foreign exchange transactions, activities of the foreign exchange market and the gold market.

The following main forms of foreign exchange policy are used: discount, monetary policy and its variations - foreign exchange intervention, diversification of foreign exchange reserves, devaluation, revaluation, foreign exchange restrictions, regulation of the degree of currency convertibility, exchange rate regime.

Discount policy (accounting) - a change in the central bank's discount rate aimed at regulating the exchange rate and balance of payments by influencing international capital flows and the dynamics of domestic loans, money supply, prices, and aggregate demand.

In modern conditions, the effectiveness of discount policy has decreased. First of all, because of the contradiction of its internal and external goals. If interest rates are reduced in order to revive the market situation, this will negatively affect the balance of payments if it causes an outflow of capital. Raising the discount rate to improve the balance of payments has a negative effect on the economy if it is in a state of stagnation.

Motto policy is a method of influencing the exchange rate of the national currency through the purchase and sale of foreign currency by government agencies (motto). In order to increase the exchange rate of the national currency, the bank sells, and in order to decrease it, it buys foreign currency in exchange for the national one. The monetary policy is carried out mainly in the form of currency intervention, i.e. intervention of the central bank in operations on the foreign exchange market in order to influence the exchange rate of the national currency through the purchase and sale of foreign currency.

The characteristic features of motto policy are large scale and a relatively short period of application. Foreign exchange intervention is carried out at the expense of official gold and foreign exchange reserves or short-term mutual loans from central banks in national currencies under interbank swap agreements.

Foreign exchange policy directly affects the exchange rate, but temporarily and to a limited extent. Huge costs of foreign exchange intervention do not always ensure the stabilization of exchange rates if market factors of exchange rate formation are stronger than government regulation.

Diversification of foreign exchange reserves is a policy of states, banks, and TNCs aimed at regulating the structure of foreign exchange reserves by including different currencies in their composition in order to ensure international settlements, conduct foreign exchange intervention and protect against foreign exchange losses. This policy is usually carried out by selling unstable currencies and buying more stable ones, as well as currencies necessary for international payments.

The regime of currency parities and exchange rates is the subject of national and interstate regulation. In accordance with the Bretton Woods Agreement, countries fixed the exchange rates of their national currencies with the IMF based on the market rate against the dollar and, in accordance with the official price of gold, established the gold content of their currencies. With the end of the exchange of dollars for gold by foreign central banks in August 1971, most countries moved to floating exchange rates, which was consolidated by the Paris meeting of the G10 on March 16, 1973.

EU countries have introduced the “European currency snake” regime - a regime of jointly fluctuating exchange rates with narrow limits of their mutual fluctuations.

The dual currency market is a form of foreign exchange policy that occupies an intermediate position between fixed and floating exchange rate regimes. It was used in the early 70s in Belgium, Italy, France, and is currently used only in some developing countries. Its essence lies in dividing the foreign exchange market into two parts: commercial transactions and services the official currency is applied; financially - market. The undervalued exchange rate for commercial transactions is used to stimulate the export of goods and equalize the balance of payments.

Currency devaluation is a legislative reduction in the exchange rate of a currency or central parity under a fixed exchange rate regime. Devaluation reflects the depreciation of foreign currency as a result of inflation, the unevenness of its manifestation in individual countries, and balance of payments deficits. With the refusal to exchange paper money for gold, devaluation ceased to play the role of a means of regulating internal money circulation. It is used as a method of monetary policy, which involves achieving temporary compliance of the official exchange rate with the market rate in relation to leading currencies. In practice, currency devaluation occurs when official government action causes that currency's foreign currency equivalent to decline or when the country's currency equivalent of a foreign currency increases.

Impairment occurs when changes in the same direction occur with the knowledge of the government, but not as a result of its official action. In a situation of devaluation, currency speculators playing on the foreign exchange market on exchange rate differences strive to get ahead of the state, which will have to reduce the value of its currency due to the growing loss of reserves. They begin to actively sell national currency in exchange for foreign currency, thereby trying to avoid losses. The result is a situation known in international economics as a “speculative attack on currency.” A speculative attack is a sharp increase in the supply of a currency on the market during a period of weakening of its exchange rate, leading to the loss of the country's foreign exchange reserves in the event of attempts to support the weakening exchange rate.

A rarer case is when the supply of foreign currency consistently exceeds the demand for it and the central bank, in order to maintain the exchange rate, is forced to constantly buy foreign currency, thereby increasing the national money supply. This leads to increased inflation and other negative consequences. As a result, a moment comes when the state is forced to either switch to a floating regime or legislatively increase the value of its currency. Currency revaluation is a legislative increase in the exchange rate of a currency or central parity under a fixed exchange rate regime.

Before the abolition of the fixed gold content in currencies, devaluation was accompanied by a corresponding decrease in the metallic content of the currency, and revaluation was accompanied by an increase. However, in the conditions of non-changeability of currencies for gold, devaluation and revaluation are not accompanied by stabilization of exchange rates. They act only as a method of bringing the official exchange rate into temporary compliance with the actual exchange rate, after which, as a result of inflation, the actual exchange rates again deviate from the official ones and the need for a new devaluation or revaluation arises.

Currency restrictions are a system of economic, legal and organizational measures regulating transactions with national and foreign currency, gold, etc. Currency restrictions include measures for the targeted regulation of payments and transfers abroad, including repatriation, profits, partial or complete prohibition of the free purchase and sale of foreign currency. The reasons for foreign exchange restrictions are the shortage of foreign currency, the pressure of external debt, and the disorder of balances of payments.

Foreign exchange restrictions as a type of foreign exchange policy pursue the following goals: equalizing the balance of payments, maintaining the exchange rate, concentrating foreign exchange values ​​in the hands of the state to solve current and strategic problems.

Currency restrictions are discriminatory in nature, as they contribute to the redistribution of currency values ​​in favor of the state and large enterprises at the expense of small and medium-sized entrepreneurs, making it difficult for them to access foreign currency. Therefore, the non-monopolized sector usually opposes their introduction. Foreign exchange restrictions are usually part of policies of protectionism and discrimination against trading partners. Political motives play an important role in their implementation.

The following principles of currency restrictions determine their content are distinguished:

• - centralization of foreign exchange transactions in the central and authorized (exchange) banks;
• - licensing of foreign exchange transactions - the requirement of prior permission from foreign exchange control authorities for the acquisition of foreign currency by importers or debtors;
• - complete or partial blocking of foreign currency accounts;
• - restriction of currency convertibility.

For current balance of payments transactions, the following forms of currency restrictions are practiced:

• - blocking the proceeds of foreign exporters from the sale of goods in a given country, limiting their ability to manage these funds;
• - compulsory sale foreign exchange earnings of exporters in whole or in part to the central and authorized (external) banks;
• - limited sale of foreign currency to importers;
• - restrictions on forward purchases by importers of foreign currency;
• - prohibition of the sale of goods abroad in national currency;
• - prohibition of payment for the import of certain goods in foreign currency;
• - regulation of payment terms for exports and imports in connection with the development of “leads and leggs” operations in conditions of instability of exchange rates;
• - multiple exchange rates - differentiated exchange rates between currencies various types operations, product groups and regions.

Overvaluation of the national currency for certain goods and transactions is intended to reduce the cost of importing essential goods, reduce real payments on external debt in a given currency, and reduce the export of certain goods. Undervaluation pursues the opposite goals. The exchange rate difference acts as a premium or discount in relation to the official exchange rate.

In order to maintain the exchange rate with a passive balance of payments, the following measures are applied to limit the export and “flight” of capital and stimulate its inflow:

• - limiting the export of national and foreign currency, gold, securities, and the provision of loans;
• - control over the activities of the credit and financial markets;
• - limiting the participation of national banks in providing international loans in foreign currency;
• - forced withdrawal of foreign securities owned by residents and their sale for foreign currency;
• - complete or partial cessation of repayment of external debt or permission to pay it in national currency without the right to transfer it abroad.

In order to increase the exchange rate of the national currency and curb the influx of capital into the country with an active balance of payments, the following forms of currency and credit restrictions on financial transactions are applied:

• - depositing new foreign liabilities of banks in an interest-free account with the central bank;
• - ban on investments by non-residents and sales of national securities to foreigners;
• - mandatory conversion of loans in foreign currency at the national central bank;
• - a ban on the payment of interest on time deposits of foreigners in national currency;
• - introduction of a negative interest rate on non-resident deposits in national currency;
• - restrictions on the import of currency into the country;
• - restrictions on forward sales of national currency to foreigners;
• - forced deposit scheme;

Currency restrictions give a short-term positive result, contribute only to a temporary equalization of balances of payments, hinder the development of exports, and discriminate against trading partners.

The objective need to remove trade barriers gives rise to a tendency to restore currency convertibility. The equalization of trade balances, profit margins, saturation of commodity markets and improvement of internal macroeconomic balance as a consequence of the introduction of currency convertibility allow us to consider this process as positive for the progressive development of countries.

There is still no uniform definition of currency convertibility in the economic literature. A. Navoi, having analyzed various definitions of full convertibility, formulated this concept as “the possibility of making a free exchange of national currency for basic international monetary units in any form for any purpose on a liquid international market with minimal costs.” Navoi A. Introduction of full convertibility of the national currency: problems theory and practice / A. Navoi // Questions of Economics, 2005. - No. 3. - P. 61-71.

The implementation of currency regulation is entrusted to the Government of the Russian Federation and the Central Bank of the Russian Federation, which are the bodies of currency regulation.

To carry out the functions assigned to the currency regulation authorities, the Central Bank of the Russian Federation and the Government of the Russian Federation, within their competence, issue acts of currency regulation authorities that are binding on residents and non-residents.

If the procedure for carrying out currency transactions and the procedure for using accounts are not established by the currency regulatory authorities in accordance with the specified Federal Law, currency transactions are carried out, accounts are opened and transactions on the accounts are carried out without restrictions. When establishing a requirement to use a special account, currency regulatory authorities do not have the right to introduce restrictions not provided for by this Federal Law.

It is not permitted for currency regulatory authorities to establish a requirement for residents and non-residents to obtain individual permits.

The Central Bank of the Russian Federation establishes uniform forms of accounting and reporting on foreign exchange transactions, the procedure and deadlines for their submission, and also prepares and publishes statistical information on foreign exchange transactions.

The Central Bank of the Russian Federation, the Government of the Russian Federation, as well as those specially authorized by the Government of the Russian Federation federal authorities executive authorities carry out all types of foreign exchange transactions regulated by the aforementioned Federal Law, without restrictions.

Currency transactions mean:

a) the acquisition by a resident from a resident and the alienation by a resident in favor of a resident of currency assets on a legal basis, as well as the use of currency assets as a means of payment;

b) the acquisition by a resident from a non-resident or by a non-resident from a resident and the alienation by a resident in favor of a non-resident or by a non-resident in favor of a resident of currency valuables, the currency of the Russian Federation and domestic securities on a legal basis, as well as the use of currency valuables, the currency of the Russian Federation and domestic securities as means of payment;

c) the acquisition by a non-resident from a non-resident and the alienation by a non-resident in favor of a non-resident of currency values, the currency of the Russian Federation and domestic securities on a legal basis, as well as the use of currency values, the currency of the Russian Federation and domestic securities as a means of payment;

d) import into the customs territory of the Russian Federation and export from the customs territory of the Russian Federation of currency values, currency of the Russian Federation and domestic securities;

e) transfer of foreign currency, currency of the Russian Federation, domestic and foreign securities from an account opened outside the territory of the Russian Federation to the account of the same person opened on the territory of the Russian Federation, and from an account opened on the territory of the Russian Federation to that account the same person opened outside the territory of the Russian Federation;

f) transfer by a non-resident of the currency of the Russian Federation, domestic and foreign securities from an account (from a section of an account) opened on the territory of the Russian Federation to an account (section of an account) of the same person opened on the territory of the Russian Federation.

Based on the foregoing, we can conclude that currency transactions are legally significant legal actions of subjects of public and private law in relation to currency values, the currency of the Russian Federation and domestic securities, as a result of which real rights to currency values ​​arise, change or terminate , the real rights of non-residents to the currency of the Russian Federation or domestic securities are changed or terminated, or a cross-border physical or legal movement of currency values, the currency of the Russian Federation or domestic securities occurs.

Currency relations regulated by financial law. In cases where currency relations develop in the process of carrying out the financial activities of the state, i.e. arise regarding the formation, distribution and use of centralized and decentralized funds of funds, they are monetary and financial legal relations.

Monetary and financial relations arise in the implementation of almost all types of financial activities, although their meaning within each type varies significantly.

The following types of monetary and financial legal relations can be distinguished.

First of all, these are currency legal relations in the sphere of formation of state and municipal monetary funds. These relationships ensure the fulfillment of obligations to pay taxes and fees using currency values.

The Tax Code of the Russian Federation provides for the possibility of carrying out in foreign currency:

a) fulfillment of the obligation to pay tax by foreign organizations, as well as individuals who are not tax residents of the Russian Federation, as well as in other cases provided for by federal laws (Part 3 of Article 45);

b) collection of tax into the budget from foreign currency accounts of the taxpayer or tax agent, with the exception of loan and budget accounts (paragraph 2, part 5, article 46).

Tax collection from foreign currency accounts of a taxpayer or tax agent is made in an amount equivalent to the amount of payment in rubles at the exchange rate of the Central Bank of the Russian Federation on the date of sale of the currency. When collecting funds held in foreign currency accounts, the head (his deputy) of the tax authority, simultaneously with the collection order, sends an order to the bank to sell, no later than the next day, the currency of the taxpayer or tax agent (paragraph 3, part 5, article 46);

c) collection of tax at the expense of currency assets belonging to the taxpayer or tax agent - organization (part 4 of article 47, part 7 of article 48).

Foreclosure is applied to currency valuables if the taxpayer or tax agent does not have funds in their accounts or cash;

d) refund to non-residents of the overpaid or collected amount of tax, as well as penalties in the currency of the Russian Federation (Part 10, Article 78, Part 6, Article 79).

Please note that tax refunds are never made in foreign currency, even if it was paid in foreign currency. If the tax was paid in a foreign currency, the amounts of overpaid tax are accepted for credit or are subject to refund in the currency of the Russian Federation at the exchange rate of the Central Bank of the Russian Federation on the day when the overpayment of tax occurred.

In turn, according to the Labor Code of the Russian Federation, the following can be carried out in foreign currency in compliance with currency legislation:

a) advance payments made to the account of the customs authority for upcoming customs payments and not identified by the payer as specific types and amounts of customs payments in relation to specific goods (Parts 1 and 2 of Article 330);

b) payment of customs duties and taxes (Part 2 of Article 331).

In this case, payment is allowed only in the foreign currency whose rate is quoted by the Central Bank of the Russian Federation. Conversion of the currency of the Russian Federation into foreign currency for the purposes of paying customs duties and taxes calculated in the currency of the Russian Federation is carried out at the rate valid on the day the customs authority accepts the customs declaration, and in cases where the obligation to pay customs duties and taxes is not related to the filing of a customs declaration declarations showing actual payment (Part 3 of Article 331);

c) collection into the federal budget of funds deposited at the cash desk or into the account of the customs authority as security for the payment of customs duties (cash deposit), in the event of failure to fulfill the obligation secured by the cash deposit (Part 3 of Article 345).

Only foreign currency, the rate of which is quoted by the Central Bank of the Russian Federation (Part I, Article 345), can be used as collateral;

d) collection of customs duties in an indisputable manner from the payer's foreign currency bank accounts, with the exception of loan accounts, in an amount equivalent to the amount of customs duties payable in the currency of the Russian Federation at the rate of the Central Bank of the Russian Federation on the day of actual collection, unless otherwise provided by the legislation of the Russian Federation on taxes and fees (Part 4 of Article 351).

When collecting funds held in foreign currency bank accounts, the head of the customs authority or his deputy, simultaneously with the collection order (instruction), sends an order to the payer's bank to sell the payer's funds stored in foreign currency no later than the next day.

In addition, currency legal relations are a number of relations that ensure the formation of sources of financing budget deficits through foreign exchange transactions (Part 1 of Article 113 of the Budget Code of the Russian Federation): This includes relations according to;

a) attracting state and municipal loans by issuing securities.

Moreover, if the Russian Federation has the right to attract loans both in foreign currency from external sources and in the currency of the Russian Federation from non-residents (Clause 2 of Article 94, Paragraph 3 of Part I of Article 98 of the Budget Code of the Russian Federation), then the subjects of the Russian Federation ( paragraph 2 of article 95, paragraph 3 of part 3 of article 99 of the BC RF) and municipalities (paragraph 2 of article 96, paragraph 3 of part 3 of article 100 of the BC RF) have the opportunity attract only ruble loans from non-residents;

b) attracting loans from foreign governments, banks and firms, international financial organizations in foreign currency.

Finally, monetary and financial legal relations also include some legal relations in the sphere of organizing the monetary system. This is a settlement relationship using foreign currency.

Non-cash payments in foreign currency on the territory of the Russian Federation are made:

a) between residents and non-residents - without restrictions, with the exception of currency transactions provided for in Art. 7, 8, 11 of the Law on Currency Regulation, in respect of which currency restrictions may be established (Article 6);

b) between residents only in cases provided for in Art. 9 of the Law on Currency Regulation;

c) between non-residents without restrictions, except for the cases provided for in Art. 11 of the Law on Currency Regulation (Part 1, Article 10).

15.1. The concept of currency and currency values.

15.2. Features and structure of currency legal relations.

15.3. Legal regime for regulating currency relations.

The concept of currency and currency values

Concept currencies(from Latin Valeo - I stand) is very often associated with the currencies of countries. But at the same time, the term “currency” can be used in several meanings: as a monetary unit, which is the basis of the state’s monetary system; as a type of monetary system of the state (gold currency, silver currency, paper currency) and as banknotes of foreign countries, credit and payment documents expressed in foreign monetary units and used in international payments. It is the latter meaning that represents the concept of foreign currency.

The national currency acts as a kind of mirror of the financial and economic state of the state, which is associated with the use of foreign currency by participants in international economic relations with a large volume of foreign economic transactions. In this mechanism, interests are closely intertwined, leading to the receipt of both national (for example, when financing the costs of an exporter of products) and foreign (in the importer’s payments under import contracts, when foreign currency can be used) currency. The Decree of the Cabinet of Ministers of Ukraine in the legislative act "On the system of currency regulation and currency control" determines currency of Ukraine as banknotes in the form of banknotes, treasury notes, coins and other forms in circulation and being legal tender on the territory of Ukraine. TO currencies also includes banknotes withdrawn or withdrawn from circulation, but subject to exchange for banknotes in circulation, funds in accounts, deposits in banking and other financial institutions on the territory of Ukraine (Article 1). This is the actual currency.

The second component of the category - "currency of Ukraine" (next to the actual currency of Ukraine) - is payment documents and other securities (shares, bonds, coupons for them, bonds, bills (drafts), promissory notes, letters of credit, checks, bank orders, deposits certificates, savings books, other financial and banking documents) denominated in the currency of Ukraine.

Thus, the currency of Ukraine consists of components determined by the legislation of Ukraine, namely:

a) banknotes in circulation and being legal tender on the territory of Ukraine;

b) payment documents expressed in the currency of Ukraine;

c) other securities denominated in the currency of Ukraine. The category "foreign currency" also has the following components:

1) banknotes in the form of banknotes, treasury notes or coins that are in circulation and are legal tender in the territory of the relevant foreign state or group of states;

2) funds in accounts in monetary units of foreign states and international monetary or settlement units.

Thus, in accordance with the legislation of Ukraine, foreign currency is understood as both foreign currency itself and monetary metals, payment documents and other securities denominated in foreign currency or monetary metals. In this case, foreign currency itself is foreign banknotes in the form of banknotes, treasury notes, coins that are in circulation and are legal tender in the territory of the corresponding foreign state. It also includes banknotes withdrawn or withdrawn from circulation, but subject to exchange for banknotes in circulation, funds in monetary units of foreign states and international settlement (clearing) units in accounts or deposits in banking and other financial institutions outside of Ukraine.

National and foreign currencies are in a certain relationship, which reflects the concept of “convertibility”. This is a rather complex concept. Exactly convertibility(or currency convertibility in the narrow sense) is understood as the possibility of exchanging national currency for foreign ones guaranteed by the state. Detailed characteristics Convertibility is given by Stanford University professor R. McKinnon: “A currency is convertible if: citizens of a given country who want to buy foreign goods or services are not subject to special restrictions, can freely sell local currency in exchange for foreign currency on a unified market at a single exchange rate , which may fluctuate and is applied to all current transactions, including normal trade credit, while foreigners (non-residents), having funds in local currency received from current transactions, can sell them at the same exchange rate or freely purchase local goods at superior prices in that currency."

Depending on the degree and features of the convertibility regime The national currencies of individual countries can be divided into:

Non-convertible - currencies that are used within one state;

Partial conversions - currencies that do not apply to all external currency transactions or not to all entities;

Freely convertible - currencies that are freely exchanged for foreign currencies and act as a means of payment in the international market.

The key factor determining the convertibility of the national currency is the state’s compliance with the obligations assumed in accordance with Art. VIII Treaty on the International Monetary Fund, which provides for the non-application of restrictions on payments and transfers for current international transactions, as well as the renunciation of any discriminatory foreign exchange measures or the practice of multiple exchange rates. Currency convertibility reflects the economic situation of the state and cannot be introduced only by law.

According to the Classifier of Foreign Currencies, approved by a resolution of the Board of the National Bank of Ukraine, freely convertible foreign currencies are differentiated into two groups: 1) currencies that are widely used to make payments for international transactions and are sold on the main foreign exchange markets of the world; 2) currencies that are not widely used to make payments for international transactions and are not traded on the main foreign exchange markets of the world.

TO freely convertible currencies refer to monetary units of states in which there are no restrictions on their free exchange for foreign currencies at the rate determined by current legislation. There are about 30 national currencies in the world; according to the IMF classification, they meet the requirements of freely convertible currencies.

Among freely convertible currencies, a special group has been formed - reserve ones. Reserve currencies include several currencies in which the central banks of other countries, as well as international financial and credit organizations, accumulate their own reserves. These are the currencies of countries with economically developed, stable financial potential and system. The main reserve currency is the US dollar. The pound sterling, the Japanese yen, the Swiss franc, the collective European currency - the euro, and special rights borrowings - SDR (special drawing rights).

The specific reserve currencies are the SDR and the euro. The SDR is a currency that exists only in non-cash form as entries in the accounts of IMF member countries. The release of SDR began on January 1, 1970. With the abolition of the gold content of the US dollar, the value of the SDR is determined on the basis of the average value of the rates of the “basket” of five reserve currencies. The composition and share of individual currencies in the SDR “basket” are reviewed by the IMF every five years.

Based on the provisions of the Treaty on the European Union, signed in Maastricht on February 7, 1992, in December 1996 it was decided to introduce the single currency of the EU countries - the euro - into non-cash circulation from January 1, 1999. The euro zone includes 11 of the 15 member states of the European Union: Austria, Belgium, Germany, Ireland, Spain, Italy, Luxembourg, the Netherlands, Portugal, Finland, France. Since January 1, 2002, the euro has been in circulation in cash and is the official monetary unit the specified states. In accordance with the EU Treaty, the European Central Bank (ECB) has the exclusive right to authorize the issue of banknotes within the European Monetary System. The ECB and national central banks have the right to issue banknotes and coins that have the status of the only legal tender within the European Union. The relationship between the national currency and other currencies (with different levels of convertibility) is regulated by the state through the exchange rate. The exchange rate acts as the ratio of the currencies of two countries. It is established based on the supply and demand of currencies in the foreign exchange market. In this case, it is possible for the state to determine the exchange rate on its own, unilateral basis.

To regulate the exchange rate of the hryvnia relative to foreign currencies, the National Bank of Ukraine uses the gold and foreign exchange reserve, buys and sells securities, sets and changes the refinancing rate, and also applies other tools for regulating the money supply. According to paragraph 13 of Art. 7 of the Law of Ukraine "On the National Bank of Ukraine" it ensures the accumulation and storage of gold and foreign exchange reserves and the implementation of transactions with them and banking metals. Article 28 of this Law stipulates that the National Bank of Ukraine ensures the management of the state’s gold and foreign exchange reserves, carrying out foreign exchange interventions through the purchase and sale of currency assets in foreign exchange markets in order to influence the exchange rate of foreign currency in relation to foreign currencies and the general demand and supply of money in Ukraine.

The structure of the gold and foreign exchange reserve of the National Bank of Ukraine includes the following assets:

Bank gold;

Special Drawing Rights;

Reserve position in the IMF;

Foreign currency in the form of banknotes and coins or funds in accounts abroad;

Securities (except for shares that are paid in foreign currency);

Any other internationally recognized assets, subject to ensuring their reliability and liquidity.

The national currency and foreign currency do not fully cover the range of currency values ​​in the state. In addition to national and foreign currencies in the form of banknotes and funds in accounts in banking and other financial institutions, currency values ​​include:

Payment documents and other securities (shares, bonds, coupons for them, bills (drafts), promissory notes, letters of credit, checks, bank orders, certificates of deposit, other financial and banking documents), denominated in the currency of Ukraine, foreign currency or banking metals ;

Banking metals - gold, silver, platinum, platinum group metals refined to the highest standards in accordance with international standards, in bars and powders that have a quality certificate, as well as coins made from precious metals (Article 1 of the Cabinet Decree Ministers of Ukraine "On the system of currency regulation and currency control").

Legislative regulation as part of currency values ​​applies only to monetary metals. The Law of Ukraine “On state regulation of the receipt, production and use of precious metals and precious stones and control over operations with them” defines the legal basis and principles of state regulation of the receipt, production, use, storage of precious metals and precious stones and control over operations with them. Under precious metals in accordance with Art. 1 of this Law means gold, silver, platinum and platinum group metals (palladium, iridium, rhodium, osmium, ruthenium) in any form and condition (raw materials, alloys, semi-finished products, industrial products, chemical compounds, products, waste, scrap, etc. ). Precious stones include natural and artificial (synthetic) minerals in raw, unprocessed and processed forms (products).

The quality of precious metals is determined by the sample, which is a state standard that determines the value of the alloy from which precious metal products are made, and indicates the content of weight units of the main precious metal in a thousand weight units of the alloy. In Ukraine, the following standards are established for jewelry and household products made of precious metals:

Platinum - 950 (nine hundred and fiftieth)

Gold - 333 (one hundred and thirty-third), 375 (one hundred and seventy-fifth), 500 (five hundredth), 585 (five hundred and eighty-fifth), 750 (seven hundred and fiftieth)

Silver - 750 (seven hundred and fiftieth), 800 (eight hundredth), 830 (eight hundred and thirtieth), 875 (eight hundred and seventy-fifth), 925 (nine hundred and twenty-fifth), 960 (nine hundred and sixtieth)

Palladium - 500 (five hundredth), 850 (eight hundred and fiftieth). It is allowed to manufacture products from gold standard 583 (five hundred

eighty-third) public service enterprises and citizen entrepreneurs.

The Ministry of Finance of Ukraine forms the State Fund of Precious Metals and Precious Stones of Ukraine in order to provide for state production, scientific, socio-cultural and other needs, which are financed from the state budget. The State Fund of Precious Metals and Precious Stones of Ukraine includes waste and scrap of precious metals and precious stones in any form and condition, purchased on the territory of Ukraine and abroad at the expense of the State budget, precious metals and precious stones, precious stones of organic origin and semi-precious stones. in products and scrap, purchased from the population and legal entities, confiscated in accordance with the legislation of Ukraine or handed over as treasure, as well as received by right of inheritance or gift, values ​​of the Historical Fund of Precious Metals and Precious Stones of Ukraine.