Home Coated tongue Regulations on non-cash payments in the Russian Federation. Legal regulation of non-cash payments in the Russian Federation

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Regulations on non-cash payments in the Russian Federation. Legal regulation of non-cash payments in the Russian Federation

The emergence and development of the banking system led to the need to create a legal framework for this activity. In Russia, over a fairly long period of time, a very large body of banking legislation has developed: laws, regulations, instructions regulating a wide variety of issues related to banking activities.

The legal framework for regulating non-cash payments in the Russian Federation includes:

1. Civil Code of the Russian Federation;
2. Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” dated July 10, 2002. No. 86-FZ;
3. Federal Law “On Banks and Banking Activities” of December 2, 1990. No. 395-I;
4. Regulations “On non-cash payments in the Russian Federation” dated October 3, 2002. No. 2-P;
5. Regulations “On the procedure for making non-cash payments by individuals in the Russian Federation” dated April 1, 2003. No. 222-P;
6. Regulations “On interregional electronic payments carried out through the settlement network of the Bank of Russia” dated June 23, 1998. No. 36-P;
7. Regulations “On the real-time gross settlement system of the Bank of Russia” dated April 25, 2007. No. 303-P.

The legislative basis for making non-cash payments is the Civil Code of the Russian Federation. In accordance with Art. 861 of the Civil Code of the Russian Federation, settlements with the participation of citizens not related to their business activities can be made in cash or by bank transfer. Non-cash payments are made through banks and other credit organizations in which the corresponding accounts are opened.

When making non-cash payments, payments by payment orders, letters of credit, checks, collection payments, as well as payments in other forms provided for by law are allowed.

In accordance with Art. 863 of the Civil Code of the Russian Federation, when making payments by payment order, the bank undertakes, on the instructions of the payer, at the expense of funds in his account, to transfer a certain amount of money to the account of the person specified by the payer in this or another bank within the period prescribed by law. When making payments under a letter of credit, a bank acting on behalf of the payer to open a letter of credit and in accordance with its instructions undertakes to make payments to the recipient of funds or pay, accept or honor a bill of exchange or authorize another bank to make payments to the recipient of funds or pay, accept or honor a bill of exchange .

In accordance with Art. 874 of the Civil Code of the Russian Federation, when making collection payments, the bank (issuing bank) undertakes, on the client’s instructions, to carry out actions at the client’s expense to receive payment or acceptance of payment from the payer. The issuing bank that has received the client’s order has the right to attract another bank (executing bank) to carry it out.

Based on Art. 877 Civil Code of the Russian Federation by check A security is recognized that contains an unconditional order from the drawer to the bank to pay the amount specified in it to the check holder.

In accordance with the legislation, the Bank of Russia occupies a special place in the Russian payment system. It not only provides general management of the payment system, creates a methodological and organizational basis, but is also a direct participant in this system, carrying out interbank settlements through its divisions.

The Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” defines the main goals of the Bank of Russia, among which ensuring the efficient and uninterrupted functioning of the payment system is not the least important.

Article 80 defines the Bank of Russia as the body coordinating, regulating and licensing the organization of settlement systems in the Russian Federation. The Bank of Russia establishes rules, forms, terms and standards for making non-cash payments. The total period for making payments by non-cash payments should not exceed two business days if the specified payment is made within the territory of a constituent entity of the Russian Federation, and five business days if the specified payment is made within the territory of the Russian Federation. The Bank of Russia carries out interbank non-cash payments through its institutions - cash settlement centers, which are part of a single centralized system with a vertical management structure of the Central Bank of the Russian Federation. In addition to cash settlement centers, the system includes: the central office, territorial institutions, computer centers, field institutions and educational institutions, storage facilities, as well as other enterprises, institutions and organizations, including security units necessary for the successful operation of the bank.

Within the framework of the legal regulation of non-cash payments, the Regulation “On non-cash payments in the Russian Federation” dated October 3, 2002 is of particular importance. No. 2-P, which regulates the implementation of non-cash payments between legal entities in the currency of the Russian Federation and on its territory in the forms provided for by law, determines the formats, procedure for filling out and processing the settlement documents used, and also establishes the rules for conducting settlement transactions on correspondent accounts (sub-accounts ) credit organizations (branches), including those opened with the Bank of Russia, and interbranch settlement accounts. This Regulation does not apply to the procedure for making non-cash payments involving individuals. Non-cash payments are carried out through credit institutions or the Bank of Russia on accounts opened on the basis of a bank account agreement or a correspondent account (subaccount) agreement.

According to the Regulations, a payment made through a division of the Bank of Russia settlement network is considered:

- irrevocable - from the moment funds are written off from the payer’s account in a division of the Bank of Russia settlement network;
- final - from the moment the funds are credited to the recipient's account in a division of the Bank of Russia settlement network.

Regulation “On the procedure for making non-cash payments by individuals in the Russian Federation” No. 222-P regulates the implementation of non-cash payments by individuals in the currency of the Russian Federation on the territory of the Russian Federation on bank accounts opened on the basis of a bank account agreement or without opening a bank account. Non-cash payments are carried out by individuals through credit organizations (branches) licensed by the Bank of Russia.

Regulation “On interregional electronic settlements carried out through the settlement network of the Bank of Russia” No. 36-P determines the procedure for making, accounting and control of interregional electronic settlements in the Bank of Russia system, as well as the basic rules and conditions for the inclusion of credit institutions, branches of credit institutions and other legal entities that are not credit institutions serviced by divisions of the Bank of Russia settlement network are included in the composition of users of the interregional electronic settlement system of the Bank of Russia.

Interregional electronic settlements carried out through the settlement network of the Bank of Russia are understood as a set of relations between divisions of the settlement network of the Bank of Russia located on the territory of various constituent entities of the Russian Federation, as well as between credit institutions, clients of the Bank of Russia and divisions of the settlement network of the Bank of Russia for making payments using payment and service information documents compiled in electronic form.

Regulations “On the real-time gross settlement system of the Bank of Russia” No. 303-P defines the rules for the functioning of the real-time gross settlement system, called the banking electronic express payment system (BESP), including the purpose of the BESP system, the rules for making payments in the system BESP and the inclusion (exclusion) of credit institutions and clients of the Bank of Russia that are not credit institutions, divisions of the Bank of Russia settlement network and other structural divisions of the Bank of Russia into the BESP system participants.

The BESP system operates in the payment system of the Bank of Russia and is designed to carry out urgent payments in the currency of the Russian Federation to the Bank of Russia, credit institutions, clients of the Bank of Russia that are not credit institutions, and ensure continuous settlements on a gross basis in real time as they are received into the BESP system electronic payment messages using funds in the bank accounts of BESP system participants opened with the Bank of Russia. Settlements through the BESP system are non-cash payments. Urgent payments include payments by BESP system participants, including those related to the implementation of monetary policy, interbank payments, payments on behalf of clients of BESP system participants. The real-time mode in the BESP system is understood as a mode of making payments, which ensures that settlements are carried out continuously during the operating day of the BESP system and immediately as electronic payment messages are received in the BESP system.

Payments through the BESP system are carried out on the basis of a settlement document drawn up and executed in the form of an electronic payment message in the form of settlements by payment orders in accordance with the legislation of the Russian Federation and regulations of the Bank of Russia governing the rules for non-cash payments. Participation in the BESP system for a credit institution and another client of the Bank of Russia that is not a credit institution is voluntary.

These documents serve as the legal basis for the functioning and further development of the Russian payment system. The Bank of Russia constantly pays special attention to the improvement and development of the regulatory framework that ensures the functioning of the Russian payment system and informs the banking community and the public about changes and additions to regulations, as well as decisions made in the direction of technical modification of the payment system.

"On amendments to certain legislative acts of the Russian Federation"

A comment

On July 1, 2018, it was planned to switch to online cash registers for many organizations and entrepreneurs - representatives of medium-sized businesses. To date, legislators have adopted an impressive package of amendments to Law No. 54-FZ, which change the procedure for using cash register equipment (CCT). While some innovations have resolved previously existing disputes, others have given rise to new questions, the answers to which users will have to find in practice. The amendments were introduced by Federal Law No. 192-FZ of July 3, 2018 (hereinafter referred to as Law No. 192-FZ) and come into force on July 3, 2018 (with some exceptions). The legislator paid special attention to the use of cash register systems for non-cash payments. Let's take a closer look at these changes.

The online cash register will be used for non-cash payments

As a general rule, all organizations and entrepreneurs are required to use cash register systems when making payments (Clause 1, Article 1.2 of Federal Law No. 54-FZ of May 22, 2003, hereinafter referred to as Law 54-FZ).

The concept of “calculation” is key in this law, since it is with it that the obligation to apply cash register is associated. The legislator has adjusted this concept. Thus, payment in the previous formulation is the acceptance or payment of funds using cash and (or) electronic means of payment (hereinafter referred to as ESP) for goods (work, services) sold. However, in practice it turned out that not all forms of payment fall under this concept. For example, transferring money by payment order through a bank cash desk does not apply to either cash payments or ESP payments. In this regard, disputes arose about the need to use CCT in such cases (see).

Now the controversial wording in Law 54-FZ has been replaced by the acceptance (payment) of money “in cash and (or) by bank transfer.” At the same time, according to banking legislation, non-cash payments include payments by payment orders, letters of credit, collection orders, checks, electronic funds, as well as transfers of funds at the request of the recipient of funds, i.e. direct debit (clause 1.1 of the Regulations, approved by the Bank of Russia on June 19, 2012 No. 383-P). Please note that non-cash payments also include the transfer of money on behalf of an individual without opening a bank account, i.e. through an operator at the bank (letter of the Central Bank of the Russian Federation dated January 4, 2003 No. 17-44/1). Thus, the procedure for using online cash registers has been extended to all forms and methods of payment for goods, work, and services. As for payment for ESP, this is no longer an independent type of payment, but one of the methods of non-cash payment.

In addition, the concept of “calculation” also includes:

acceptance (receipt) and payment of funds in the form of advance payment and (or) advances;
offset and return of prepayment and (or) advances;

Apparently, when speaking about the offset of advance payment (advance payment), the legislator means the shipment of goods (transfer of work, services) against the previously made payment. Therefore, at the time of shipment (transfer), the obligation also arises to issue a cash receipt. Regulatory authorities have broadcast this approach before. The obligation to issue a check upon shipment directly followed from the check formats, which were approved by order of the Federal Tax Service of Russia dated March 21, 2017 No. ММВ-7-20/229@.

provision and repayment of loans to pay for goods, works, services (including lending to citizens by pawnshops secured by things they own);
providing or receiving other consideration for goods, works, services.

The law does not specify what is meant by this. We believe that this paragraph refers to non-monetary payment methods, when instead of money the counterparty provides other property or performs work or services.

As we can see, the legislator has expanded the concept of “calculation”, thereby increasing the list of cases in which CCP should be used. At the same time, a deferral of the use of cash registers for some non-cash payments was introduced (see).

How and when to issue a check for non-cash payments?

Since the legislator extended the use of cash register systems to non-cash payments, he had to clarify the deadline for issuing (sending) a check in such cases.

According to the new rules, for non-cash payments, cash register is used on the spot and at the time of settlement with the buyer or client (subclause “a”, paragraph 11, article 1 of Law No. 192-FZ).

In addition, the procedure and deadline for issuing a check for non-cash payments, when the seller and buyer interact remotely (except for payments on the Internet, purchases in vending machines and payments using machines for transportation services under clause 5.1 of article 1.2 of Law No. 54-FZ) are spelled out in detail ). In this case, the check (BSO) can be transferred in one of the following ways (subparagraph “e”, paragraph 4, article 1 of Law No. 192-FZ):

in electronic form to the subscriber number or email address provided by the buyer (client) - the check is sent no later than the business day following the day of payment, but no later than the moment the goods are transferred;
on paper (without sending an electronic check or BSO) when paying for goods - a check is issued along with the goods;
on paper (without sending an electronic check or BSO) when paying for work or services - a check is issued upon the first direct interaction of the client with the user or his authorized person.

The rules provided for by the amendments regarding the period for issuing (sending) a check have long been expected by users, but they have not eliminated the existing ambiguities. The fact is that detailed explanations about the deadline for issuing a check are not given for all non-cash payments, but only for a small group of them (this includes payment by payment order through a bank). Rules for sending (issuing) a check when paying non-cash via the Internet are still absent from the law.

Moreover, the moment when the period for issuing an electronic check for non-cash payments begins is still associated with the settlement date, but the law does not stipulate what is meant by this date. Apparently, one should be guided by the explanations of the regulatory authorities on this issue. Thus, the Ministry of Finance of Russia, guided by clause 3 of Art. 16.1 of the Federal Law of 02/07/1992 No. 2300-1 “On the Protection of Consumer Rights”, explains that the settlement date is understood as the moment of confirmation of the execution of the order to transfer funds by the credit institution (see).

For information about whom the new Law No. 192-FZ exempted from the use of online cash registers, see.

Chapter 1. General provisions
Chapter 2. Procedures for acceptance for execution, recall, return (cancellation) of orders and the procedure for their execution
Chapter 3. Features of the procedures for accepting for execution orders of payment system participants
Chapter 4. Procedures for executing orders and the order of their execution
Chapter 5. Settlements by payment orders
Chapter 6. Settlements under the letter of credit
Chapter 7. Settlements by collection orders
Chapter 8. Payments by checks
Chapter 9. Payments in the form of funds transfer at the request of the recipient of funds (direct debit)
Chapter 10. Final provisions

Regulation of the Bank of Russia dated June 19, 2012 N 383-P
"On the rules for transferring funds"

With changes and additions from:

July 15, 2013, April 29, 2014, May 19, November 6, 2015, July 5, 2017, October 11, 2018

This Regulation was developed on the basis of the Federal Law of June 27, 2011 N 161-FZ "On the National Payment System" (Collection of Legislation of the Russian Federation, 2011, N 27, Art. 3872), Federal Law of July 10, 2002 N 86-FZ " On the Central Bank of the Russian Federation (Bank of Russia)" (Collected Legislation of the Russian Federation, 2002, N 28, Art. 2790; 2003, N 2, Art. 157; N 52, Art. 5032; 2004, N 27, Art. 2711; N 31, Art. 3233; 2005, N 25, Art. 2426; N 30, Art. 3101; 2006, N 19, Art. 2061; N 25, Art. 2648; 2007, N 1, Art. 9, Art. 10; N 10, Art. 1151; N 18, Art. 2117; 2008, N 42, Art. 4696, Art. 4699; N 44, Art. 4982; N 52, Art. 6229, Art. 6231; 2009, N 1, Art. 25; N 29, Art. 3629; N 48, Art. 5731; 2010, N 45, Art. 5756; 2011, N 7, Art. 907; N 27, Art. 3873; N 43, Art. 5973; N 48, Art. 6728), the Federal Law “On Banks and Banking Activities” (as amended by the Federal Law of February 3, 1996 N 17-FZ) (Vedomosti of the Congress of People's Deputies of the RSFSR and the Supreme Council of the RSFSR, 1990, N 27, Art. 357; Collection of Legislation of the Russian Federation, 1996, No. 6, Art. 492; 1998, N 31, art. 3829; 1999, N 28, art. 3459, art. 3469; 2001, N 26, art. 2586; N 33, Art. 3424; 2002, N 12, art. 1093; 2003, N 27, art. 2700; N 50, art. 4855; N 52, Art. 5033, Art. 5037; 2004, N 27, art. 2711; N 31, art. 3233; 2005, N 1, art. 18, Art. 45; N 30, art. 3117; 2006, N 6, art. 636; N 19, art. 2061; N 31, art. 3439; N 52, Art. 5497; 2007, N 1, art. 9; N 22, art. 2563; N 31, art. 4011; N 41, art. 4845; N 45, art. 5425; N 50, art. 6238; 2008, N 10, art. 895; N 15, art. 1447; 2009, N 1, art. 23; N 9, art. 1043; N 18, Art. 2153; N 23, Art. 2776; N 30, art. 3739; N 48, art. 5731; N 52, Art. 6428; 2010, N 8, art. 775; N 19, art. 2291; N 27, art. 3432; N 30, art. 4012; N 31, art. 4193; N 47, art. 6028; 2011, N 7, art. 905; N 27, art. 3873, Art. 3880; N 29, art. 4291; N 48, art. 6730; N 49, art. 7069; N 50, art. 7351) and in accordance with the decision of the Board of Directors of the Bank of Russia (minutes of the meeting of the Board of Directors of the Bank of Russia dated June 15, 2012 N 11) establishes the rules for the transfer of funds by the Bank of Russia, credit institutions (hereinafter referred to collectively as banks) on the territory of the Russian Federation to currency of the Russian Federation.

Registration N 24667

The regulation establishes new rules for the transfer of funds by the Central Bank and credit institutions in Russia in rubles. This is due to the adoption of the National Payment System Law. The Central Bank's regulations on non-cash payments in Russia are no longer in force (except for Part II and a number of annexes).

The new provision applies to all clients of credit institutions (both individuals and legal entities). It applies to the transfer of funds with the participation of Vnesheconombank.

Banks transfer funds across bank accounts without opening them on the basis of transfer orders.

The following forms of non-cash payments are provided: payment orders; by letter of credit; collection orders; checks; transfer of funds at the request of the recipient - direct debit (previously there were payment requests); transfer of electronic money (previously this was not provided).

When transferring funds, cash transactions are also identified as intermediate stages (for example, issuance to individual recipients and receipt from individual payers).

The previous regulation on non-cash payments, among other things, regulated payments through correspondent accounts (sub-accounts) of credit institutions (branches) opened with the Central Bank. Through correspondent accounts in other credit institutions and inter-branch settlement accounts. The recommended procedure for reflecting the main transactions in the accounting of credit institutions when making settlements through the LORO, NOSTRO accounts and through inter-branch settlement accounts was given. There are no such sections in the new regulation.

It is stipulated that banks approve internal documents containing the procedure for drawing up transfer orders, their acceptance for execution, recall, return (cancellation), and execution.

The regulation comes into force 10 days after its official publication, with some exceptions. Chapter 3, which is devoted to the specifics of the procedures for accepting for execution orders of payment system participants, comes into force on January 1, 2013. The requirements determining the maximum number of characters in the details of payment, collection orders, payment requests, orders drawn up in electronic form - with April 1, 2013

Regulation of the Bank of Russia dated June 19, 2012 N 383-P “On the rules for transferring funds”

Registration N 24667

This Regulation comes into force 10 days after the day of its official publication, with the exception of

The Civil Code allows the use of one form of monetary settlement in the Russian Federation (Article 861). Currently, the most common form is cashless. The peculiarity of this method determines the use in practice of several “subforms”. Federal law provides for the direct use of any of them, but in compliance with the specified rules. Next, we will talk about them through legal analysis.

Cashless payment and cash payment, which is more profitable?

Currently, the activities of almost any enterprise are carried out using a non-cash form. The implementation procedure is established by relevant regulatory legislation. Legal regulation indicates that there are no significant differences in the requirements for organizations and individual entrepreneurs today. It’s just that an individual entrepreneur does not have the obligation to open a bank account. Those. the grounds and principles are the same here.

Available form, i.e. when payment is made in national and any foreign currencies, between individuals (each other) and legal entities can only be made if the total under the agreement does not exceed 100 thousand rubles (this includes various bank orders and direct transfer of funds for payment for goods and services). Here you should use a CCP or an established BSO. Otherwise, we believe that this form is extremely clear.

Legislative framework and principles of non-cash payments

Non-cash payments in the Russian Federation are regulated by the Regulation on non-cash payments in the Russian Federation No. 2-P dated October 3, 2002 (as amended on January 22, 2008 No. 1964-U) and the Civil Code of Part Two, Chapter 46. These documents regulate non-cash payments between legal entities in the currency of the Russian Federation and on its territory in the forms provided for by law, determine the formats, procedure for filling out and processing the settlement documents used, and also establish the rules for conducting settlement transactions on correspondent accounts (sub-accounts) of credit organizations (branches), including those opened with the Bank Russia, and inter-branch settlement accounts.

Non-cash payments are carried out through credit organizations (branches) and/or the Bank of Russia on accounts opened on the basis of a bank account agreement or a correspondent account (sub-account) agreement, unless otherwise established by law and not stipulated by the form of payment used.

Settlement transactions for transferring funds through credit institutions (branches) can be carried out using:

1) correspondent accounts (sub-accounts) opened with the Bank of Russia;

2) correspondent accounts opened with other credit institutions;

3) accounts of settlement participants opened with non-bank credit institutions carrying out settlement operations;

4) inter-branch settlement accounts opened within one credit institution.

Principles of non-cash payments:

Funds are written off from an account by order of its owner or without the order of the account owner in cases provided for by law and/or an agreement between the bank and the client (by agreement, by court decision).

Debiting funds from the account is carried out on the basis of settlement documents drawn up in accordance with the requirements of these Regulations, within the limits of funds available in the account, unless otherwise provided in agreements concluded between the Bank of Russia or credit institutions and their clients.

If there are insufficient funds in the account to satisfy all the requirements presented to it, funds are written off as they are received in order, in accordance with Article 855 of the Civil Code.

Article 855. Sequence of debiting funds from the account:

1. If there are funds on the account, the amount of which is sufficient to satisfy all the requirements presented to the account, these funds are written off from the account in the order in which the client’s orders and other documents for write-off are received (calendar priority), unless otherwise provided by law.

2. If there are insufficient funds in the account to satisfy all demands placed on it, funds are written off in the following order:

Firstly write-offs are carried out according to executive documents providing for the transfer or issuance of funds from the account to satisfy claims for compensation for harm caused to life and health, as well as claims for the collection of alimony;

secondarily write-offs are made according to executive documents providing for the transfer or issuance of funds for settlements for the payment of severance pay and wages with persons working under an employment contract, including a contract for the payment of remuneration to the authors of the results of intellectual activity;

thirdly write-offs are made according to payment documents providing for the transfer or issuance of funds for settlements of wages with persons working under an employment agreement (contract), as well as for contributions to the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation and compulsory medical insurance funds;

fourthly write-offs are made on payment documents providing for payments to the budget and extra-budgetary funds, deductions to which are not provided for in the third stage;

in fifth place write-off is carried out according to executive documents providing for the satisfaction of other monetary claims;

in sixth place write-offs are made for other payment documents in calendar order.

Debiting funds from the account for claims related to one queue is carried out in the calendar order of receipt of documents.

If there are insufficient funds to fulfill all the requirements for the account, partial payment of payment documents is allowed, which is issued by a payment order.

Restriction of the account owner's rights to dispose of the funds on it is not permitted (the exception is seizure and suspension of operations by law).

Forms of non-cash payments are chosen by bank clients independently and are provided for in agreements concluded by them with their counterparties.

Within the framework of non-cash payment forms, payers and recipients of funds (collectors), as well as banks and correspondent banks servicing them, are considered as participants in settlements.

Banks do not interfere in the contractual relations of clients. Mutual claims regarding settlements between the payer and the recipient of funds, except those arising through the fault of banks, are resolved in the manner prescribed by law without the participation of banks.

Types of bank accounts:

1. Current accounts are opened for organizations engaged in commercial activities.

2. Current accounts are opened for organizations not engaged in commercial activities, public organizations, separate divisions of legal entities at the request of a legal entity, and individuals for non-commercial transactions.

3. Foreign currency accounts are opened for settlements in a currency other than the currency of the Russian Federation.

4.Card accounts for payments using plastic cards can be linked to any type of account.

Bank account agreement

The relationship between banks and a business entity is based on a bank account agreement concluded when opening an account and is regulated by law (Articles 845-859 of the Civil Code). The basic principles of a bank account agreement include:

1. Under a bank account agreement, the bank undertakes to accept and credit funds received to the account opened for the client (account owner), carry out the client’s orders to transfer and withdraw the corresponding amounts from the account and carry out other operations on the account.

2. The bank can use the funds available in the account, guaranteeing the client’s right to freely dispose of these funds.

3. The bank does not have the right to determine and control the direction of use of the client’s funds and establish other restrictions on its right to dispose of funds at its own discretion not provided for by law or the bank account agreement.

4. When concluding a bank account agreement, a bank account is opened for the client or the person specified by him on the terms agreed upon by the parties.

5. The bank is obliged to conclude a bank account agreement with a client who has made an offer to open an account on the conditions announced by the bank for opening accounts of this type, meeting the requirements provided for by law and the banking rules established in accordance with it.

The bank does not have the right to refuse to open an account, the performance of the relevant operations on which is provided for by law, the bank’s constituent documents and the permit (license) issued to it, except in cases where such refusal is caused by the bank’s inability to accept banking services or is permitted by law or other legal acts .

If the bank unreasonably refuses to enter into a bank account agreement, the client has the right to present him with the requirements provided for in paragraph 4 of Article 445 of this Code.

6. The rights of persons carrying out orders on behalf of the client for the transfer and withdrawal of funds from the account are certified by the client by submitting to the bank the documents provided for by law, the banking rules established in accordance with it and the bank account agreement.

7. The client may give an order to the bank to write off funds from the account at the request of third parties, including those related to the client’s fulfillment of his obligations to these persons. The Bank accepts these orders provided that they contain in writing the necessary data that allows, upon presentation of the corresponding request, to identify the person entitled to submit it.

8. The agreement may provide for certification of the rights to dispose of monetary amounts located on the account, electronic means of payment and other documents using analogues of a handwritten signature (clause 2 of Article 160), codes, passwords and other means confirming that the order was given by an authorized person it's a face.

9. The bank is obliged to carry out for the client the operations provided for for accounts of this type by law, the banking rules established in accordance with it and the business customs applied in banking practice, unless otherwise provided by the bank account agreement.

10. The bank is obliged to credit funds received to the client’s account no later than the day following the day the bank receives the corresponding payment document, unless a shorter period is provided for in the bank account agreement.

11. The bank is obliged, by order of the client, to issue or transfer the client’s funds from the account no later than the day following the day the bank receives the relevant payment document, unless other deadlines are provided for by law, banking rules issued in accordance with it or a bank account agreement.

12. In cases where, in accordance with the bank account agreement, the bank makes payments from the account, despite the lack of funds (crediting the account), the bank is considered to have provided the client with a loan in the corresponding amount from the date of such payment.

13. The rights and obligations of the parties related to crediting the account are determined by the rules on loans and credit (Chapter 42), unless otherwise provided by the bank account agreement.

14. In cases provided for in the bank account agreement, the client pays for the bank’s services for performing transactions with funds in the account.

15. Fees for bank services may be charged by the bank at the end of each quarter from the client’s funds in the account, unless otherwise provided by the bank account agreement.

16. Unless otherwise provided by the bank account agreement, for the use of funds in the client’s account, the bank pays interest, the amount of which is credited to the account.

17. The amount of interest is credited to the account within the time periods provided for by the agreement, and in the case where such terms are not provided for in the agreement, after each quarter. Interest is paid by the bank in the amount determined by the bank account agreement, and if there is no corresponding provision in the agreement, in the amount usually paid by the bank on demand deposits (Article 838).

18. Funds are debited from the account by the bank based on the client’s order.

19. Without the client’s order, debiting funds on the account is permitted by a court decision, as well as in cases established by law or provided for by an agreement between the bank and the client.

20. In cases of untimely crediting of funds received to the client’s account or their unjustified debiting by the bank from the account, as well as failure to comply with the client’s instructions to transfer funds from the account or to issue them from the account, the bank is obliged to pay interest on this amount in the manner and in the amount provided for in Article 395 of this Code.

21. The bank guarantees the secrecy of the bank account and bank deposit, account transactions and client information.

22. Information constituting bank secrecy can only be provided to the clients themselves or their representatives, and also submitted to the credit history bureau on the grounds and in the manner prescribed by law. Such information may be provided to government bodies and their officials only in cases and in the manner prescribed by law. If the bank discloses information constituting a bank secret, the client whose rights have been violated has the right to demand compensation from the bank for the losses caused.

23. Unless otherwise provided by the agreement, if there are no funds in the client’s account and no transactions on this account within two years, the bank has the right to refuse to fulfill the bank account agreement by warning the client about this in writing. The bank account agreement is considered terminated after two months from the date the bank sent such a warning, if funds have not been received to the client’s account within this period.

24. At the request of the bank, the bank account agreement may be terminated by the court in the following cases:

when the amount of funds stored in the client’s account is below the minimum amount provided for by banking rules or agreement, unless such amount is restored within a month from the date the bank warned about this;

in the absence of transactions on this account during the year, unless otherwise provided by the agreement.

25. Termination of the bank account agreement is the basis for closing the client’s account.

To open a bank account you must submit:

1. Statement.

2. Document on registration of the enterprise.

3.Copy of the charter for enterprises.

4. Document confirming the powers of the director and chief accountant. 5.Two cards with sample signatures.

6. Certificates from the tax office and extra-budgetary funds regarding registration with them.

Forms of non-cash payments and conditions for their use

Non-cash payments are settlements by banks transferring funds to customer accounts on the basis of payment documents of a certain form, made according to certain rules, on the basis of regulatory documents.

In accordance with Russian requirements, the following forms of non-cash payments are accepted:

a) settlements by payment orders;

b) settlements under a letter of credit;

c) payments by checks;

d) settlements for collection. In this case, the following forms of settlement documents are used:

1. payment request with acceptance;

2. payment request without acceptance;

3. collection order.

Banks carry out transactions on accounts based on settlement documents.

A settlement document is a document drawn up on paper or, in certain cases, an electronic payment document:

An order from the payer (client or bank) to write off funds from his account and transfer them to the account of the recipient of the funds;

An order from the recipient of funds (collector) to write off funds from the payer’s account and transfer them to the account specified by the recipient of funds (collector).

Payment documents are valid for presentation to the servicing bank for ten calendar days, not counting the day of their issue.

Within the framework of the applied forms of non-cash payments, the use of analogues of a handwritten signature (electronic digital signature) is allowed in accordance with the requirements of legislation and regulations of the Bank of Russia.

Payment documents are accepted by banks for execution regardless of their amount.

The bank debits funds from the account based on the first copy of the payment document.

Settlements by payment orders

Payments by payment orders are the most common form of non-cash payments in the Russian Federation at present.

A payment order is an order from the account owner (payer) to the bank servicing him, documented as a settlement document, to transfer a certain amount of money to the recipient's account opened in this or another bank. The payment order is executed by the bank within the period provided for by law, or within a shorter period established by the bank account agreement or determined by business customs applied in banking practice.

Payment orders can be made:

a) transfer of funds for goods supplied, work performed, services rendered;

b) transfers of funds to budgets of all levels and to extra-budgetary funds;

c) transfer of funds for the purpose of returning/placing credits (loans)/deposits and paying interest on them;

d) transfer of funds for other purposes provided for by law or agreement.

In accordance with the terms of the main agreement, payment orders can be used for advance payment of goods, work, services or for making periodic payments.

Payment orders are accepted by the bank regardless of the availability of funds in the payer's account.

Partial payment of payment orders from the card index in off-balance sheet account N 90902 “Settlement documents not paid on time” is allowed.

Settlements under letters of credit

The letter of credit form of payment is used for non-resident and/or international payments and is largely due to the mistrust of counterparties to each other, which forces them to use the bank as an intermediary.

When making payments under a letter of credit, the bank acting on behalf of the payer to open a letter of credit (hereinafter referred to as the issuing bank) undertakes to make payments in favor of the recipient of funds upon presentation by the latter of documents that comply with all the conditions of the letter of credit, or to authorize another bank (hereinafter referred to as the executing bank) to make such payments. The executing bank may be the issuing bank, the recipient bank, or another bank. The letter of credit is separate and independent from the main contract.

Banks can open the following types of letters of credit:

covered (escrowed) and uncovered (guaranteed);

revocable and irrevocable (can be confirmed).

When opening a covered (deposited) letter of credit, the issuing bank transfers, at the expense of the payer’s funds or the loan provided to him, the amount of the letter of credit (coverage) at the disposal of the executing bank for the entire validity period of the letter of credit.

When opening an uncovered (guaranteed) letter of credit, the issuing bank grants the executing bank the right to write off funds from the correspondent account of the issuing bank maintained by it within the amount of the letter of credit or indicates in the letter of credit another method of reimbursing the executing bank for the amounts paid under the letter of credit in accordance with its terms. The procedure for writing off funds from the correspondent account of the issuing bank under an uncovered (guaranteed) letter of credit, as well as the procedure for reimbursement of funds under an uncovered (guaranteed) letter of credit by the issuing bank to the executing bank is determined by an agreement between the banks. The procedure for reimbursement of funds under an uncovered (guaranteed) letter of credit by the payer to the issuing bank is determined in the agreement between the payer and the issuing bank.

In the event of a change in the conditions or cancellation of a revocable letter of credit, the issuing bank is obliged to send a corresponding notice to the recipient of funds no later than the business day following the day the conditions were changed or the letter of credit was cancelled.

The terms of an irrevocable letter of credit are considered changed or an irrevocable letter of credit is considered canceled from the moment the executing bank receives the consent of the recipient of the funds.

The issuing bank informs the recipient of funds about the opening of a letter of credit and its conditions through the executing bank or through the recipient's bank with the consent of the latter.

The validity period of the letter of credit is equal to the validity period of the contract.

The amount and procedure for payment for bank services during settlements under letters of credit are regulated by the terms of contracts concluded with clients and agreements between banks participating in settlements under letters of credit. Since the bank takes an active part in this operation and is responsible for the execution of the transaction, this form of payment is the most expensive of non-cash payments.

To receive funds under a letter of credit, the recipient of funds submits to the executing bank four copies of the register of accounts, form 0401065, and the documents provided for by the terms of the letter of credit. The executing bank is obliged to check the external appearance of the documents for compliance with the terms of the letter of credit, as well as the correctness of the register of accounts. The period for checking documents should not exceed seven business days following the day of receipt of documents, unless otherwise provided by an agreement between the issuing bank and the executing bank.

When executing a revocable letter of credit, the executing bank makes payment in full if, by the time the documents are submitted, it has not received an order from the issuing bank to cancel the letter of credit, in part of the amount of the letter of credit - upon receipt of an order from the issuing bank to reduce the amount of the letter of credit.

If it is established that the specified documents do not conform on external grounds to the terms of the letter of credit, the executing bank has the right to refuse to accept them, immediately notifying the recipient of the funds and the issuing bank and pointing out the discrepancies that are the reason for the refusal. The recipient of funds has the right to re-submit the documents required by the letter of credit before its expiration.

When paying under a letter of credit, the amount specified in the register of accounts is credited (transferred) to the account of the recipient of funds by a payment order from the executing bank. The executing bank sends to the issuing bank a second copy of the register of accounts with the documents required by the terms of the letter of credit attached, as well as a third copy of the register of accounts for use by the issuing bank and for delivery to the payer.

If the terms of the letter of credit provide for acceptance by a person authorized by the payer, the latter must provide the executing bank with either a power of attorney issued by the payer (if the authorized person is an individual) or a copy of the agreement (if the authorized person is an organization).

The letter of credit is closed at the executing bank:

upon expiration of the letter of credit (in the amount of the letter of credit or its balance);

if the recipient of funds refuses to use the letter of credit (in full or in part) before its expiration, if this is permitted by the terms of the letter of credit, by sending an application to close the letter of credit to the executing bank.

Figure 4.4. Settlements using covered letters of credit

The Supplier enters into an agreement with the Payer.

The payer asks his bank to open a covered letter of credit in his favor.

The payer's bank writes off the payer's money or the loan provided to him to its correspondent account in the RCC branch A, transfers it to the account of the supplier Bank in the RCC branch B and sends a credit memo.

The supplier's bank debits the funds from its correspondent account and credits the money to a separate balance account ("letters of credit payable").

Notification of the Supplier about the transfer of money.

An authorized representative of the Payer checks the conditions and quality of delivery and gives acceptance.

Delivery of goods.

The supplier presents shipping and other documents to his bank.

The Supplier's bank sends the documents to the payer for review.

The payer agrees to pay for the delivery.

The Supplier's bank pays the Supplier for the delivery by transferring money from a separate balance sheet account "letters of credit payable" to the supplier's bank account.

Fig.4.5. Settlements using guaranteed letters of credit

A supply agreement is concluded

The payer asks his bank to open a guaranteed letter of credit in his favor

Consent of the payer's Bank and the supplier's Bank in the presence of correspondent relations.

Notification of the Supplier about the banking agreement

Acceptance of the authorized Buyer

Delivery of goods

Documents are presented to the Supplier's Bank for transfer to the Payer

Documents for review are transferred to the Payer's Bank

The payer agrees to payment

The supplier's bank makes payment to the supplier of the delivery to the correspondent account

Payment by the Payer of the delivery to his bank

Payments using checks

Checks have a long history of use, which determines their differentiation. There are checks for cash circulation, for non-cash payments, as well as for use in both cash and non-cash circulation (travelers' checks). Checks for non-cash payments are called settlement checks.

A check is a security containing an unconditional order from the drawer to the bank to pay the amount specified in it to the check holder. The drawer is a legal entity that has funds in the bank, which he has the right to dispose of by issuing checks, the check holder is the legal entity in whose favor the check was issued, the payer is the bank in which the drawer's funds are located.

The procedure and conditions for the use of checks in payment transactions are regulated by part two of the Civil Code of the Russian Federation, and in the part not regulated by it, by other laws and banking rules established in accordance with them.

The check is paid by the payer at the expense of the drawer's funds.

Presentation of a check to the bank serving the check holder to receive payment is considered presentation of the check for payment.

The payer of a check is obliged to verify the authenticity of the check by all means available to him. The procedure for assessing damages arising as a result of payment by the payer of a forged, stolen or lost check is regulated by law.

For non-cash payments, checks issued by credit institutions can be used.

Checks issued by credit institutions are not used for settlements through divisions of the Bank of Russia settlement network.

In cases where the scope of circulation of checks is limited to a credit institution and its clients, checks are used on the basis of an agreement on settlements by checks concluded between the credit institution and the client.

Checks issued by credit institutions can be used in interbank settlements on the basis of agreements concluded with clients and interbank agreements on settlements by checks in accordance with the internal bank rules for conducting transactions with checks, developed by credit organizations and defining the procedure and conditions for the use of checks.

An interbank agreement on settlements by checks may provide for:

Conditions for circulation of checks when making payments;

The procedure for opening and maintaining accounts that record transactions with checks;

Composition, methods and timing of transmission of information related to the circulation of checks;

The procedure for supporting the accounts of credit institutions - participants in settlements;

Obligations and responsibilities of credit institutions - participants in settlements;

Procedure for changing and terminating the agreement.

Internal bank rules for conducting transactions with checks, defining the procedure and conditions for their use, must provide for:

The form of the check, a list of its details (mandatory, additional) and the procedure for filling out the check;

List of participants in settlements with these checks;

Deadline for presenting checks for payment;

Terms of payment for checks;

Conducting settlements and composition of check circulation operations;

Accounting for transactions with checks;

Procedure for archiving checks.

Payments for collection

Collection settlements are a banking operation through which the bank (hereinafter referred to as the issuing bank), on behalf and at the expense of the client, on the basis of settlement documents, carries out actions to receive payment from the payer. To carry out collection settlements, the issuing bank has the right to attract another bank (hereinafter referred to as the executing bank).

Payments for collection are carried out on the basis of payment requests, payment of which can be made by order of the payer (with acceptance) or without his order (in an unaccepted manner), and collection orders, payment of which is made without the order of the payer (in an indisputable manner).

Payment requests and collection orders are submitted by the recipient of funds (collector) to the payer's account through the bank serving the recipient of funds (collector).

The recipient of the funds (collector) submits the specified settlement documents to the bank in the register of settlement documents submitted for collection, form 0401014, compiled in two copies.

The register may include, at the discretion of the recipient of funds (collector), payment requests and (or) collection orders.

The first copy of the register is drawn up with two signatures of persons authorized to sign settlement documents and a seal.

When accepting collection orders with attached executive documents, the bank's executive officer is obliged to check the compliance of the details of the payment document with the details of the executive document. The name indicated in the "Recipient" field of the settlement document may not correspond to the name of the creditor in the writ of execution in the case of collection of funds by a bailiff to the deposit account of the bailiff service.

The issuing bank, which has accepted payment documents for collection, undertakes the obligation to deliver them to their destination. This obligation, as well as the procedure and terms for reimbursement of costs for the delivery of settlement documents, are reflected in the bank account agreement with the client.

Institutions and divisions of the Bank of Russia settlement network carry out forwarding of settlement documents of credit institutions themselves and other clients of the Bank of Russia in an orderly manner.

Credit organizations (branches) organize the delivery of payment documents to their clients independently.

Partial payment of payment requests and collection orders located in the file cabinet under off-balance sheet account N 90902 “Settlement documents not paid on time” is allowed.

Calculations by payment requests

A payment request is a settlement document containing a demand from the creditor (recipient of funds) under the main agreement to the debtor (payer) to pay a certain amount of money through the bank.

Payment requirements are applied when making payments for goods supplied, work performed, services rendered, as well as in other cases provided for by the main agreement.

Settlements through payment requests can be carried out with prior acceptance and without the payer’s acceptance.

Without the payer's acceptance, settlements with payment requests are carried out in the following cases:

1) established by law;

2) provided for by the parties to the main agreement, subject to the provision of the bank servicing the payer with the right to write off funds from the payer’s account without his order.

The payment request is drawn up on form 0401061

Settlement of payment requests with acceptance of payers

In a payment request paid with the payer’s acceptance, the recipient of the funds enters “with acceptance” in the “Terms of payment” field.

The period for accepting payment requests is determined by the parties to the main agreement. In this case, the period for acceptance must be at least five working days.

When registering a payment request, the creditor (recipient of funds) under the main agreement in the “Term for acceptance” field indicates the number of days established by the agreement for accepting the payment request. In the absence of such an indication, the period for acceptance is considered to be five working days.

Acceptance of a payment request or refusal of acceptance (full or partial) is formalized by an application for acceptance, refusal of acceptance in form N 0401004

Acceptance can be complete or partial, but must be motivated. The main reasons for refusal to accept are:

Inconsistent price;

Shipment to incorrect address;

Item not ordered.

Fig. 4.6. Calculations using payment requests with acceptance

The Supplier sent the goods to the Payer;

The Supplier sent a payment request with shipping documents to the Payer's Bank through its Bank;

The Payer's bank handed over the documents for acceptance to the Payer;

The Payer's bank has received the Payer's consent to pay;

The Payer's Bank wrote off the funds from the Payer's current account and credited them to its correspondent account at the RCC branch A, then the funds are transferred to the RCC branch B to the correspondent account of the Supplier's Bank, and then the funds are debited from the correspondent account to the Supplier's current account;

Notifying the Supplier of payment;

Settlements with payment requests without acceptance

In the payment request for the direct debiting of funds from the payers' accounts, in the "Terms of payment" field, the recipient of the funds enters "without acceptance", and also makes a reference to the law (indicating its number, date of adoption and the corresponding article), on the basis of which the collection is carried out. In the “Purpose of payment” field, the collector, in established cases, indicates the readings of measuring instruments and current tariffs, or makes a record of calculations based on measuring instruments and current tariffs.

In the payment request for direct debit of funds on the basis of an agreement, in the “Terms of payment” field, the recipient of the funds indicates “without acceptance”, as well as the date, number of the main agreement and its corresponding clause providing for the right to direct debit.

Banks do not consider the merits of payers’ objections to debiting funds from their accounts without acceptance.

Settlements by collection orders

A collection order is a settlement document on the basis of which funds are written off from payers' accounts in an indisputable manner.

Collection orders are applied:

1) in cases where an indisputable procedure for the collection of funds is established by law, including for the collection of funds by bodies performing control functions;

2) for collection under enforcement documents;

3) in cases provided for by the parties to the main agreement, subject to the provision of the bank servicing the payer with the right to write off funds from the payer’s account without his order.

When collecting funds from accounts in an indisputable manner in cases established by law, a reference to the law must be made in the collection order in the “Purpose of payment” field (indicating its number, date of adoption and the corresponding article).

When collecting funds on the basis of enforcement documents, the collection order must contain a reference to the date of issue of the enforcement document, its number, the number of the case on which the decision subject to enforcement was made, as well as the name of the body that made such a decision. If the enforcement fee is collected by a bailiff, the collection order must contain an indication of the collection of the enforcement fee, as well as a reference to the date and number of the enforcement document of the bailiff.

Collection orders for the collection of funds from accounts issued on the basis of writs of execution are accepted by the recovering bank with the attachment of the original of the writ of execution or its duplicate.

Banks do not consider the merits of payers’ objections to the debiting of funds from their accounts in an indisputable manner.

The procedure for making non-cash payments by individuals in the Russian Federation

Non-cash payments for individuals and legal entities have their own characteristics. The procedure for non-cash payments for individuals is regulated by the Regulations on the procedure for making non-cash payments by individuals in the Russian Federation dated April 1, 2003 No. 222-P (as amended by the Directive of the Central Bank of the Russian Federation dated January 22, 2008 N 1965-U) and the Civil Code, Chapter 46, paragraph 2 and Article 862.

Non-cash payments by individuals are carried out using a current account, which provides for settlement transactions not related to business activities.

When making non-cash payments on current accounts by individuals, forms of non-cash payments can be used (settlements by payment orders, settlements under letters of credit, settlements by checks, settlements by collection) taking into account the specifics.

The bank writes off funds from the current account of an individual by order of the account owner or without his order in cases provided for by law, on the basis of settlement documents within the limits of funds available in the account.

A file of unpaid settlement documents for an individual’s current account is not maintained.

Federal Law No. 88-FZ of July 28, 2004 “On Amendments to the Federal Law “On Combating the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism” establishes cases in which credit institutions have the right to refuse to conclude a bank account (deposit) agreement ) with an individual or legal entity.

To open a current account, an individual must submit the following documents:

Passport or other document proving identity in accordance with the legislation of the Russian Federation (hereinafter referred to as the identity document);

- “Card with samples of signatures and seal imprints” of form 0401026 of the All-Russian Classifier of Management Documentation OK 011-93, drawn up in the manner established by the Bank of Russia;

Other documents provided for by law and/or bank account agreement.

After checking the documents submitted by an individual, a bank account agreement is concluded with him, and a copy of the identity document is made in his presence. Documents for opening an account are kept in the client's legal file.

Payment documents can be issued in the form of a document on paper or electronically using analogues of a handwritten signature in the manner established by law, regulations of the Bank of Russia and a bank account agreement between the bank and an individual.

When transferring funds by an individual from his current account to the bank account of a legal entity or to the current account of an individual, as well as to other accounts (deposit account, account for settlements using bank cards), including the accounts of the payer himself, as well as legal person from his bank account to the current account of an individual (deposit account, account for settlements using bank cards) in the payment document in the "Payer" field, if the individual is a payer, in the "Recipient" field, if the individual is a recipient , indicate the full last name, first name, patronymic of the individual from whose account (to the account) the funds are transferred. When transferring funds by an individual, in the payment document the taxpayer identification number (TIN) of the individual (if any) is also indicated in the "TIN" field of the payer, or in the "Payer" field - after the full name. in brackets the address of the place of residence (registration) or place of stay or the date and place of birth.

Transactions involving the transfer of funds on behalf of individuals can be carried out without opening a bank account.

Without opening a bank account, operations are carried out to transfer funds received from individuals that are not related to their business activities in favor of legal entities and individuals.

Money orders for the transfer of funds from the current account of an individual, filled out and executed by the individual, are accepted by the bank or compiled by it at the request of the individual if there are funds in his current account. A bank account agreement may provide for the payment of payment orders presented by an individual if there are insufficient funds in his current account through a loan (overdraft) provided by the bank.

Partial payment of payment orders is not allowed.

Letter of Credit is intended for settlements with one recipient of funds (an individual, including an individual entrepreneur or legal entity).

Checks , issued by banks, must contain all the mandatory details established by the Civil Code of the Russian Federation, and may also contain additional details determined by the purposes of their use. The form of the check is determined by the bank independently.

An individual can act as a drawer or holder of a check. If an individual is the drawer of the check, the check is paid by the payer serving the bank at the expense of the drawer’s funds, which he has the right to dispose of by issuing checks.

Collection orders are used when making non-cash payments by individuals with a current account:

a) for collection under enforcement documents, if they are presented through the servicing bank - the issuing bank;

b) in cases provided for in the main agreement, subject to the provision of the servicing bank with the right to write off funds from the payer’s account without his order.

Self-test questions:

1. What is the structure of the Russian banking system?

2. What are the objectives, functions and operations of Central Banks?

3. What is the organizational and legal structure of credit institutions in the Russian Federation?

4. What are the goals of the creation and the mechanism of operation of the Deposit Insurance Agency?

5.What is the structure of cash circulation in the Russian Federation?

6. What types of interbank payments are accepted in the Russian Federation?

7. What forms of non-cash payments are used in the Russian Federation?

Literature:

Civil Code of the Russian Federation;

Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” dated February 10, 2002;

3. Federal Law “On Banks and Banking Activities”. Adopted by the State Duma on February 3, 1996. (with subsequent changes and additions);

4. Regulations of the Central Bank of the Russian Federation dated April 24, 2008. No. 218-P “Regulations on the procedure for conducting cash transactions and the rules for storage, transportation, collection of banknotes and coins of the Bank of Russia in credit institutions on the territory of the Russian Federation”;

6. Regulations of the Central Bank of the Russian Federation “On the rules for organizing cash circulation on the territory of the Russian Federation” No. 14-P dated January 5, 1998;

7. Directive of the Central Bank of the Russian Federation dated June 20, 2007 No. 1843-U (as amended on April 28, 2008 No. 2003-U) “On the maximum amount of cash payments and the expenditure of cash received at the cash desk of a legal entity or to the cash desk of an individual entrepreneur” ;

8. Money, credit, banks / Ed. Lavrushina O.I. – Moscow: Finance and Statistics, 2007.

9. Banking: Textbook / Ed. Krolivetskaya L.P., Beloglazova G.N. - M.: Finance and Statistics, 2010

1In developed countries, the number of units of cash denominations approximately corresponds to the Russian monetary series. So in the USA and in the UK there are also 12 units each. There are 15 denominations of cash in the European Union: banknotes of 5, 10, 20, 50, 100, 200 and 500 euros, coins of 1, 2, 5, 10, 20, 50 cents and 1 and 2 euros. However, it should be borne in mind that the share of cash in the monetary turnover of Western countries is insignificant.

2Annuity (from Latin annuitas - annual payment) - equal cash payments paid at certain intervals to repay the received loan, loan and interest on it.