According to the existing provisions of the currency regulation law, a number of currency values include foreign banknotes, securities, stock shares, payment documents, bonds and other obligations in them, precious metals (gold, silver, platinum), as well as precious stones. The main types of foreign exchange transactions are related to the transfer of ownership of currency values, including those operations in which foreign currency or foreign payment documents are used as a means of payment. All types of foreign exchange transactions are governed by the current provisions of the law on foreign exchange regulation, namely: this is the acquisition of foreign currency values and foreign currency by a resident or non-resident of the Russian Federation, their import, transfer and export. In essence of their content, types of foreign exchange operations are divided into several subspecies. The procedure for conducting such operations is approved only by the provisions of the Central Bank of the Russian Federation. Moreover, according to the Civil Code of Russia, foreign currency is somewhat limited and impossible in wide circulation, since the main means of payment in Russia is the ruble. At the same time, separate settlements in foreign currency can be made only with the permission of the Central Bank of Russia.
The concept and types of foreign exchange transactions are legally enshrined in many departmental instructions and are based on the provisions of the law on currency control and regulation. It provides the main points of conducting such operations with various types of currencies and currency values used in the territory of the Russian Federation. The procedure for accounting for currency values, as well as the powers of state bodies and their functional rights and obligations in the field of regulation and control of currency transactions are provided for in this law.
Types of foreign exchange transactions also vary in form. Foreign exchange operations are divided into current and operations directly related to the movement of foreign capital. Operations with the movement of capital include foreign investments with the aim of acquiring a share and rights to manage an enterprise, buying securities, buying real estate, deferring payments and obtaining (providing) credit funds for a period of more than six months and others. Current operations with foreign currency funds can be carried out by residents of the Russian Federation without any restrictions, and foreign currency transactions related to the movement of capital can be carried out only with the permission of the Central Bank.
To date, the following types of foreign exchange transactions are particularly relevant, namely, the import of currency values, their transfer and export. Foreign currency values can be exported without any norms and restrictions by commercial banking structures that have received a general license. Commercial authorized banking structures do not have such legal grounds and are required to conduct foreign exchange transactions only with the permission of the Central Bank. Moreover, they are required to fill out customs documents (declarations) and pay customs duties. Residents and non-residents (individuals) have the ability to carry out separate types of foreign exchange transactions. This includes international transfers to and from the Russian Federation, for mutual settlements with deferred payments for up to six months. This is the sale or purchase of currency at the Central Bank rate. This is the purchase of currency by bank transfer through authorized banking institutions. The receipt and repayment of loan funds by both individuals and legal entities, as well as the return (receipt) of penalties, is regulated by this provision. All other operations carried out with the movement of foreign capital are subject to conduct only after obtaining a separate permit from the Central Bank of the Russian Federation.
Of particular note is the fact that currency regulation and control of the movement of foreign currency throughout Russia is carried out in accordance with the existing priorities in the implementation of state policy, according to which, incentive measures are used to conduct foreign exchange transactions. At the same time, the state ensures an equal degree of protection of rights and respect for the interests of both residents and non-residents. A liability measure has been established for unlawful interference or inaction of state bodies during currency control. And this is a very important factor for ensuring high standards of economic development, including currency regulation.