Rus News Journal

The State Duma will resolve an exchange of currency

In the State Duma two bills directed on the further liberalisation of the Russian currency legislation are brought. The author of bills the chairman of committee of the State Duma on the credit organisations Vladislav Reznik suggests to remove a number of restrictions on currency transactions between residents, including to allow to accept to banks in trust management foreign currency from residents.
the State Duma continues to remove the movements which have remained after May liberalisation of capitals of restriction of the law On currency regulation and currency control on currency transactions. Two amendments are made to the parliament lower chamber to the law, cancelling restrictions on currency transactions between physical persons - residents.

we will remind, law article 9 On currency regulation and currency control forbids currency transactions between residents, doing 15 exceptions. However in these exceptions there are no norms that banks can accept in trust management from residents of the sum in foreign currency (for example, for work on a securities market). Though it was authorised till 2004 point 8 of instructions of the Central Bank 193 - At, this point has become invalid in connection with coming into force of the federal law On currency regulation and currency control .

Also is not present in article 9 and norms that spouses and near relations without restrictions can give each other currency values in the non-cash form in the country. In the cash form of the spouse and near relations can give each other the sums of currency, it is authorised law article 14. And in the non-cash form, according to law article 9, the resident can translate to the resident only to $5 thousand from the account in the country into the account in foreign bank or any sum from the account in foreign bank into the account in the Russian authorised bank. It turns out that transfers in currency between residents from one account on another in the country are not resolved absolutely not.

the author of the bills removing these restrictions, deputy Vladislav Reznik has explained: We carry out the commission of the president about liberalisation of currency regulation. Our citizens should have the same possibilities, as well as citizens of the developed countries .

Banks support necessity of liberalisation for the currency legislation of norms about trust management and currency donation in the non-cash form. The vice-president of bank Alba the Alliance Vladislav Janykin has explained: Before coming into force of the new law on currency regulation banks could accept the sums of currency in trust management. However at acceptance of the new law these norms have not been considered. Now it turns out that the citizen can give to management currency to foreign bank, and Russian cannot .

Some participants of the market, truth, consider, as now it is authorised to transfer in trust management to sum banks in currency, and consider the amendment to the law as formality. As the head of department of trust management by bank actives " has explained; Zenith Sergey Matyushin, in July, 2005 at fund registration OFBU - currency the bank has sent inquiry in the Central Bank about possibility to accept currency from the population and has obtained on this permit. The Central Bank in the letter has thus specified that in itself operation of assignation in trust management is not object of currency control as at assignation in trust management there is no acquisition or alienations of currency values .

the Head of department of trust management considers as Juniastrumbanka Evgenie Lazareva`s securities that transfer to banks of the sums to currency in trust management is legitimate since 1997 according to the Central Bank instruction #63. Despite adoption of law on currency regulation, the instruction has held good. As she said, this operation is not calculations in currency as the client operates the money resources, instead of carries out calculations . Nevertheless bankers notice that it is necessary to fix norm about possibility to receive currency in trust management in the legislation.