New procedures concerning bank notifications of currency transactions and processing transaction passports come into effect starting October 1, 2012. The Instructions, approved by the Bank of Russia, also prescribe procedures and clarifications for:
- keeping records of transactions between tax residents and non-residents by authorized banks;
- processing transaction passports of in the case that the authorized bank's license is revoked;
- transferring transaction passports due to transfer of contract (credit agreement) to a different authorized bank;
- exchanging documents and information between tax residents (and non-residents) and authorized banks, and also regulates control measures by authorized banks over document and data exchange.
The instruction, approved by the Bank of Russia, does not apply to currency transactions through Bank of Russia accounts, nor on transactions conducted by federal agencies, specially authorized by the Government of the Russian Federation to execute currency transactions.
Order of the Bank of Russia # 2828-У from June 4, 2012 “On Introduction of Changes to Regulation of the Bank of Russia #308-П from July 20, 2007 ‘On Exchange of Information Related to Violations of Acts of Currency Legislation Between Authorized Banks’” registered by the Ministry of Justice #25104 from August 3, 2012.
In the case of a violation by tax residents (legal entities and individual entrepreneurs) of the currency legislation regulating on foreign trade agreement on the basis of which an existing transaction passport was created, the authorized bank must transfer to a branch office of the Bank of Russia in electronic format a bank control record (EBCR) to be passed on to a currency control agency.
EBCR is formed on and as of the date of the discovered violation of the Article 19 of the Federal Law “On Currency Regulation and Currency Control” in accordance with approved format and structure. Information contained in the received EBCR forms is consolidated into archive files and sent to the Bank of Russia office. After an appropriate investigation of the received EBCR forms, Bank of Russia forms compound archive files.
The order updates procedures of exchange of electronic documents between authorized banks and offices of the Bank of Russia.
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