Prerequisites for Liberalization of Currency Legislation: Problems of Justification
( Pp. 19-32)
More about authors
Zembatova Bela V.
Cand. Sci. (Econ.), Leading Researcher at the Center for International Finance; Associate Professor of the Civil Law Department
Center for International Finance of the Federal State Budgetary Institution «Research Financial Institute of the Ministry of Finance of Russia»; Russian Customs Academy
Moscow, Russian Federation
Center for International Finance of the Federal State Budgetary Institution «Research Financial Institute of the Ministry of Finance of Russia»; Russian Customs Academy
Moscow, Russian Federation
Abstract:
Aim. To identify the problems of establishing the prerequisites for the liberalization of modern domestic currency legislation, to form objective grounds for establishing the actual prerequisites for making changes to the current system of currency legislation in Russia, including the novelties in terms of currency restrictions. Conclusions. The legal aspect of foreign exchange liberalization cannot be reduced to the weakening of the existing foreign exchange restrictions established by law through the abolition of some and the softening of others: it is useless to correct or weaken the existing vaguely worded rules, since the negative impact of foreign exchange restrictions, manifested in various undesirable consequences for the economy and the efficiency of foreign economic relations, is rooted in gaps in foreign exchange regulation. The consequences of the identified gaps in the legislation regulating the restrictions on currency transactions are the lack of formation of the conceptual apparatus and the declarative nature of the methodological foundations of currency legislation, which provided the possibility of replacing the norms for regulating currency restrictions with prescriptions on prohibitions and restrictions on permissions. A new approach to assessing the prerequisites for the liberalization of currency legislation is needed, ensuring changes in the provisions governing restrictions, which will be dictated by objective grounds, and not by the need to strengthen control and supervision over participants in foreign economic activity. One of the approaches justified in the article is the convergence of the norms of national currency legislation with international ones, which regulate foreign economic transactions in foreign currency, represented by documents developed by the IMF, which are widely used in most countries of the world in regulating current transactions and capital flows.
How to Cite:
Zembatova B.V., (2021), PREREQUISITES FOR LIBERALIZATION OF CURRENCY LEGISLATION: PROBLEMS OF JUSTIFICATION. Economic Problems and Legal Practice, 6 => 19-32.
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Federal Law No. 173 -FZ of 10.12. 2003 «On Currency Regulation and Currency Control» https://online3.consultant.ru (accessed 28.07.2021).
Federal Law No. 289-FZ of 03.08.2018 (as amended on 02.07.2021) «On Customs Regulation in the Russian Federation and on Amendments to Certain Legislative Acts of the Russian Federation» (with amendments and additions, intro. effective from 08/22/2021) https://online3.consultant.ru (accessed 28.09.2021).
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Special data dissemination standard. A guide for subscribers and users. IMF 2007. (hereinafter referred to as the IMF 2007 SSRD) https://rosstat.gov.ru (date of issue 28.07.2021).
Guidelines on the Balance of Payments and International Investment. IMF. Sixth Edition (hereinafter referred to as RPB6) https://www.imf.org/external/russian/pubs/ft/bop/2007/bopman6r.pdf. (accessed 28.07.2021); (Hereinafter, the 2008 SNA, the 2007 IMF SSRD and BPM6 as a system - the IMF Guidelines).
Resolution of the Supreme Court of the Russian Federation of 22.05.1992 N 2815-1 (ed. of 03.11.2010) «On the accession of the Russian Federation to the International Monetary Fund, the International Bank for Reconstruction and Development and the International Development Association») https://online3.consultant.ru (Date of notification: 05/15/2021).
Decree of the President of the Russian Federation of 16.05.1996 N 721 «On measures to ensure the transition to the convertibility of the ruble» http://www.consultant.ru/document/cons_doc_LAW_10391 /) (Accessed: 05/15/2021).
Resolution of the Government of the Russian Federation No. 849 of 18. 07. 1994 «On the Procedure for the Development and Presentation of the Balance of Payments of the Russian Federation» https://online3.consultant.ru (Date of formation: 05/15/20210).
Order of the Central Bank of Russia dated April 24, 1996 No. 02-94 «On Approval of the Regulations on the Procedure for Conducting Certain Types of Currency Transactions in the Russian Federation and on Accounting and Reporting on Certain Types of Currency Transactions»; http://www.consultant.ru (Accessed: 05/15/2021).
Federal Law No. 86-FZ of 10. 07. 2002 «On the Central Bank of the Russian Federation (Bank of Russia) http://www.consultant.ru (Date of appeal: 05/15/20210).
Decree of the Government of the Russian Federation No. 329 dated 06/30/2004 «On the Ministry of Finance of the Russian Federation» http://www.consultant.ru/document/cons_doc_LAW_48609 (Accessed 15.05.2021).
Resolution of the Government of the Russian Federation of 07.04.2004 No. 185 «Issues of the Ministry of Finance of the Russian Federation». http://www.consultant.ru/document/cons_doc_LAW_47368 / (Date of appeal: 23.05.20210).
Federal Law No. 164-FZ dated 08.12.2003 «On the basics of state regulation of foreign trade activities». http://www.consultant.ru/document/cons_doc_LAW_45397 / (Date of notification: 05/27/20210).
Federal Law No. 395-1 of 02.12.1990 (as amended on 15.11.2010, as amended on 07.02.2011) «On Banks and banking activities» http://www.consultant.ru/document/cons_doc_LAW_5842 /(Accessed: 05/27/20210).
Federal Law No. 86-FZ of 10.07.2002 (as amended on 07.02.2011) «On the Central Bank of the Russian Federation (Bank of Russia)» (adopted by the State Duma of the Federal Assembly of the Russian Federation on 27.06.2002) http://www.consultant.ru/document/cons_doc_LAW_37570 // (Accessed: 05/27/20210).
Federal Law No. 48-FZ of March 11, 1997 «On Bills of Exchange and Promissory Notes» http://www.consultant.ru/document/cons_doc_LAW_13669 / (Accessed: 05/27/20210).
International Standard Banking Practice (ISBP) for verification of documents on Documentary Letters of Credit, version 2007. https://www.books.ru (accessed: 06/21/2021).
Unified rules for guarantees on demand (edition 1992, publication of the ICC N 458) https://docs.cntd.ru/document/1900238 (date of application:17.06.2021).
Convention establishing a Uniform Law on Checks (Geneva, 03/19/1931) https://online3.consultant.ru (accessed 28.07.2021).
Convention on the Uniform Law on Promissory Notes and Bills of Exchange. (Concluded in Geneva on 06/07/1930) https://online3.consultant.ru (accessed: 06/17/2021).
International Rules on the Interpretation of Trade Terms (INCOTERMS - 2010) http://www.consultant.ru/document/cons_doc_LAW_57195 / (accessed 28.06.2021).
Instruction of the Bank of Russia dated 16.08.2017 N 181-I (ed. dated 05.07.2018) «On the procedure for Residents and non-residents to submit supporting documents and information to Authorized banks when Performing currency transactions, on uniform forms of accounting and reporting on currency transactions, the procedure and timing of their submission» (Registered with the Ministry of Justice of the Russian Federation on 31.10.2017 N 48749). Chapter 14. http://www.consultant.ru/document/cons_doc_LAW_282089 / (accessed 28.07.2021).
Instruction of Vneshtorgbank of the USSR dated 25.12.1985 No. 1 (ed. dated 05.02.1991) «On the procedure for performing banking operations on international settlements» https://online3.consultant.ru (visit date - June 20, 2021).
Keywords:
cross-border currency relations, principles of currency regulation, currency transactions, restrictions on currency transactions, rules and customs of international settlements.
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