Currency regulation in Russia appeared in 1843, when during the reign of Nicholas the First a firm ruble exchange rate was established. In those days, the gold standard operated on the territory of almost all significant powers, which lasted until the beginning of the 20th century. For example, by the summer of 1914 (the beginning of World War I), one ruble comprised 0.77742 grams of gold and was exchanged at the rate of 1.9 rubles per American dollar, 46 kopecks per German mark, 9.4 rubles per pound and other
Today, currency regulation and currency control are called upon to implement measures to stabilize the currency market of the Russian Federation, support the stability of the national currency and ensure a unified state policy. The main regulatory issues in this area are currently set out in Law No. 173-FZ (adopted in 2003, December 10). It defines the basic concepts related to the sphere of foreign exchange regulation - Russian currency, internal (external) securities, special bank accounts, foreign exchange transactions, foreign currency. A list of persons recognized as residents / non-residents for the implementation of the above law is also indicated.
Currency regulation and currency control in our country are carried out by authorized bodies - the Central Bank and the Government of Russia (the function of currency regulation). They streamline transactions between residents, between non-residents, as well as settlements of residents and non-residents. Note that operations with foreign currency units between residents are not permitted, with a number of exceptions. those. paying, for example, with dollars in an ordinary store in our country today is officially impossible.
In accordance with Article 4 of the Federal Law No. 173-FZ, the authorities of the currency control, in addition to the Central Bank and the Government of our country, include authorized structures at the federal level. And to the agents exercising control over foreign exchange operations, authorized banks are assigned by law. They also include tax and customs authorities, Vnesheconombank, etc.
Currency regulation and currency control, implemented in the legislation, determine the procedure for opening accounts by residents in foreign banks, as well as the procedure for registering deposits and accounts by non-residents in Russian banks. Article 15 of the Federal Law No. 173-FZ regulates how in Russia you can import and export foreign coins and banknotes, valued currency, securities.
Foreign exchange regulation of foreign trade operations is mainly due to the fact that, in accordance with Chapter 3 of the Federal Law No. 173-FZ, residents must receive payment in foreign currency under certain agreements with non-residents, draw up a transaction passport and sell a certain portion of foreign exchange earnings. Today this part is 30 percent and is sold no later than seven working days from the time it was received in the resident's account. For this case, legal entities and individual entrepreneurs are recognized as residents.
Currency regulation and currency control provide for certain duties and rights for participants in this process. In particular, residents and non-residents can compensate for the damage that was caused to them by the actions of the currency control authorities, and are also obliged to provide the relevant authorities with information and documents, keep records and comply with instructions in case of any violations.