In what cases were transaction passports used?
An important point when concluding foreign trade transactions with foreign counterparties was the preparation and subsequent registration of a special passport for transactions of the following type:
- sale or purchase of goods (services, fruits of intellectual labor);
- transfer of ownership rights to property, including under a leasing agreement;
- receiving (providing) a loan or credit in rubles or any other currency.
At the same time, the law provided for the need to draw up a PS not only for already signed contracts, but also for preliminary agreements with non-residents, as well as for proposals to conclude an agreement (if the project includes specific conditions for future relations).
An important condition for drawing up a PS is making payments through a Russian bank in which a resident account is opened, or a foreign bank through the accounts of a foreign partner. In this case, the amount specified in the document must be at least $50,000.
There was no need to conclude an agreement if the foreign counterparty was an organization without official registration as an individual entrepreneur or legal entity. In this case, the transaction cannot be recognized as a trade transaction by law, which means it does not fall under currency control.
In addition, there is no need to conclude a PS if the resident is a state or commercial bank (registered in the Russian Federation) - for example, when receiving borrowed funds from foreign financial institutions.
How was the contract price calculated?
The correct calculation of the amount under a foreign economic contract made it possible to compare the resulting value with the limit specified by law. Based on this, a conclusion was made as to whether it was necessary to contact the bank to draw up a PS or whether this document could be dispensed with.
For accurate calculations, the following principles were used:
- If the amount in the contract was specified in foreign currency, then the ruble equivalent was calculated based on the Central Bank exchange rate on the day the document was signed. If additional changes were made to the contract, the amount is recalculated on the day the new amendments come into force.
- If the document provides for settlement in a currency for which the Central Bank does not have an exchange rate, then special calculation methods recommended by the Central Bank are used.
- The calculation does not include the amount of fines for penalties or delays under the contract, as well as taxes, commissions and other payments that will need to be paid during the implementation of the terms of the contract.
- The estimated amount includes fees paid to agents and intermediaries, as well as debt under credit or loan agreements.
The procedure for issuing a transaction passport when carrying out currency transactions
The passport of a foreign trade transaction is a document that is necessary for the purposes of carrying out exchange control on foreign exchange transactions between residents and non-residents when carrying out foreign economic activity.
Currently, the procedure for issuing transaction passports is regulated by the following regulations:
- Federal Law of December 10, 2003 No. 173-FZ “On Currency Regulation and Currency Control”.
- Instruction of the Bank of Russia dated June 15, 2004. No. 117-I “On the procedure for residents and non-residents to submit documents and information to authorized banks when carrying out currency transactions, the procedure for authorized banks to record currency transactions and issue transaction passports.”
Transaction passport forms:
- under a foreign trade contract,
- under a loan agreement,
approved by Appendix No. 4 to Bank of Russia Instruction No. 117-I.
