2.3. The procedure for transferring funds to Russian Federation
Currently, in the Russian Federation, the procedure for transferring funds is regulated by Bank of Russia Regulation No. 383-P “On the Rules for Transferring Funds”.
The transfer of funds is carried out within the framework of the following forms of cashless payments(see fig. 2.3.1.):
Rice. 2.3.1. Forms of non-cash payments.
Forms of non-cash payments are chosen by bank customers independently and may be provided for by agreements concluded by them with their counterparties.
Bank customers draw up funds transfer orders, on the basis of which funds are transferred. The Bank of Russia used the general term “instructions” to designate all documents on the basis of which credit institutions carry out money transfers. Regulation No. 383-P establishes detailed descriptions and characteristics of the following orders:
- payment order;
- collection order;
– payment request;
- payment order.
The listed forms of orders are used in all forms of non-cash payments. In addition to the four specified forms of orders, other types of orders may be used in banking practice for which the Regulations do not establish a list of details and forms. If a credit institution uses “non-standard” orders in its activities, then their forms, details and the procedure for working with them must be approved by the internal documents of the credit institution.
TO settlement (payment) documents, in addition to orders for the transfer of funds, bank warrants also apply.
According to the Bank of Russia, in January-September 2013, 3,242.9 million units were used in Russia. payment documents in the amount of 321,333.4 million rubles, of which 97.2% are payment orders, 0.6% are payment requests and collection orders, 0.0% are checks, and about 2% are bank orders.
Orders can be drawn up both in electronic form (including using electronic means of payment) and on paper. Based on the order of the payer, the bank of the payer may draw up an order and carry out a one-time and periodic transfer of funds.
In the money transfer scheme drafters of orders transfer of funds can be:
- payers;
- recipients of funds;
- collectors of funds (i.e., persons or bodies entitled, on the basis of the law, to present orders to the bank accounts of payers);
Legal entities, individual entrepreneurs, individuals, banks act as payers and recipients of funds.
Credit institutions transfer funds in rubles to the bank accounts of their customers, as well as without opening bank accounts on the basis of transfer orders. Banks transfer funds through bank accounts through:
- writing off funds from the bank accounts of payers and crediting funds to the bank accounts of recipients of funds;
- write-offs of funds from the bank accounts of payers and the issuance of cash to recipients of funds - individuals;
- writing off funds from the bank accounts of payers and increasing the balance of electronic funds of recipients of funds.
– Credit institutions transfer funds without opening bank accounts, including using electronic means of payment, through:
- acceptance of cash, instructions of the payer - an individual and crediting funds to the bank account of the recipient of funds;
- acceptance of cash, instructions of the payer - an individual and the issuance of cash to the recipient of funds - an individual;
- acceptance of cash, instructions of the payer - an individual and increase in the balance of electronic funds of the recipient of funds;
- reducing the balance of the payer's electronic money and crediting funds to the bank account of the recipient of funds;
- reducing the balance of the payer's electronic money and issuing cash to the recipient of funds - an individual;
– decrease in the payer's electronic money balance and increase in the payee's electronic money balance.
Let us consider in more detail the forms of non-cash payments.
1. Settlements by payment orders. When making payments by payment orders, the payer's bank undertakes to transfer funds to the payer's bank account or without opening the payer's bank account (for an individual) to the recipient of funds specified in the payer's order.
Schematically, settlements by payment orders can be depicted as follows (see Fig. 2.3.2. and 2.3.3.).
Rice. 2.3.2. Scheme of settlements by payment orders on the bank account of the payer.
Based on the requirements of the regulator arising from Regulation No. 383-P, it is possible to determine when a credit institution uses a settlement (payment) document in the form of a payment order.
Rice. 2.3.3. Scheme of settlements by payment orders without opening a bank account of the payer.
First, legal entities and individuals can give orders to write off funds from their bank accounts, including the transfer of funds from a deposit account. An order can be drawn up for a total amount with a register that includes orders from one priority group on the transfer of funds to several recipients.
Secondly, legal entities can give instructions to make settlements without opening an account, including using electronic payment tools, to transfer electronic funds from a client's bank account to a bank account. Otherwise, a legal entity may submit an electronic order for the transfer of funds, including by means of an electronic money transfer, on the basis of which the bank will draw up a settlement document - a payment order.
In a similar manner, an individual payer gives an order to transfer funds without opening a bank account, which can be drawn up in the form of an application. The form of an instruction to transfer funds without opening a bank account of the payer-individual on paper is established by the credit institution or the recipients of funds in agreement with the bank. It must contain the details of the payer, recipient of funds, banks, the amount of the transfer, the purpose of the payment, and other information as agreed with the bank. Based on the order of the payer-individual, provided in electronic form or on paper, the credit institution draws up a settlement document - a payment order and makes settlements. Based on the instructions of the payers - individuals a credit institution may draw up a payment order for the total amount and send it to the recipient bank of the register or orders of individual payers.
Thirdly, the bank itself can act as a payer or recipient of funds. He has the right to independently develop a form of order, on the basis of which a payment order will be drawn up, except for the case when the payer is the bank itself, and the recipient is the bank's client. Then the transfer of funds to the bank account of the client-recipient of funds is carried out by the bank on the basis of a settlement document drawn up by it - a bank order. If the payer is a bank, the transfer of funds to the bank account of the client - recipient of funds can be carried out by the bank on the basis of a bank order drawn up by it.
A payment order as a settlement document performs the function of an order or a settlement document drawn up on the basis of an order for non-cash settlements by payment orders, settlements under a letter of credit, settlements in the form of electronic money transfers.
Note that the payment order is valid for submission to the bank within 10 calendar days from the date of its preparation.
2. Settlements under a letter of credit. When settling under a letter of credit, a bank acting on the order of the payer to open a letter of credit and in accordance with its instructions undertakes to transfer funds to the recipient of funds, provided that the recipient of the funds submits the documents stipulated by the letter of credit and confirming the fulfillment of its other conditions, or authorizes another bank to execute letter of credit.
Thus, the following features of the letter of credit form of payment can be distinguished:
- the recipient of funds, before receiving the money, must fulfill the conditions stipulated by the letter of credit, for example, he must first ship the goods and provide documents confirming the shipment to his bank;
- the recipient of funds before the fulfillment of his part of the contract (for example, before the shipment of the goods) knows that the money for him is deposited with the buyer or there is a bank guarantee in case the buyer fails to fulfill its obligations to transfer funds;
– on the part of the payer, an important condition is the fact that the delivered goods will be of proper quality, in the agreed volume and assortment (for this, it is necessary to indicate in the terms of the letter of credit that the seller must submit certain documents to the bank confirming the quality, quantity and assortment of goods).
The bank acting on the order of the payer to open a letter of credit is called the issuing bank. The executing bank may be the payer's bank, the beneficiary's bank or another bank. The issuing bank has the right to open a letter of credit on its own behalf and at its own expense. In this case, the issuing bank is the payer.
Details and form (on paper) of the letter of credit are established by the bank. The letter of credit must contain the following mandatory information:
– number and date of the letter of credit;
- the amount of the letter of credit;
- details of the payer;
- details of the issuing bank;
- details of the recipient of funds;
– details of the executing bank;
- type of letter of credit;
– validity period of the letter of credit;
– method of execution of the letter of credit;
- a list of documents to be submitted by the recipient of funds, and requirements for the submitted documents;
- purpose of payment;
- deadline for submission of documents;
– the need for confirmation (if any);
- the procedure for paying bank commissions.
The letter of credit may contain other information.
In Russia, the following can be used types of letters of credit.
Covered (deposited) letter of credit. This form of letter of credit is the most common, it provides that the buyer opens an account with a bank (issuing bank) and deposits funds into it in the amount necessary to pay for the letter of credit (or takes them from this bank on credit against collateral). The issuing bank transfers these funds to the correspondent account of the executing bank. When the time comes for the execution of the letter of credit, the executing bank transfers the funds in its correspondent account to the seller's account (see Fig. 2.3.4.).
Rice. 2.3.4. Settlement scheme for a deposited letter of credit.
The executing bank communicates the terms of the letter of credit received from the issuing bank to the recipient of funds. The transfer of funds to the executing bank as coverage for a covered (deposited) letter of credit is carried out by a payment order of the issuing bank indicating information that allows the establishment of a letter of credit, including the date and number of the letter of credit. The recipient of funds can submit documents directly to the issuing bank. Under a covered (deposited) letter of credit, the issuing bank is obliged to request confirmation from the nominated bank that the recipient of funds did not submit documents to the nominated bank, and has the right to demand that the nominated bank return the coverage amount based on a request confirming the submission of documents by the recipient of funds to the issuing bank, and in the case of a confirmed letter of credit, also the execution of the letter of credit by the issuing bank. In this case, the executing bank shall return the coverage amount no later than the business day following the day of receipt of the issuing bank's request. The execution of the letter of credit is carried out by transferring funds by payment order of the executing bank to the bank account of the recipient of funds or by crediting the appropriate amount to the bank account of the recipient of funds in the executing bank. After the execution of the letter of credit, the executing bank sends to the issuing bank a notice of the execution of the letter of credit indicating the amount of execution and attaching the submitted documents no later than three working days after the date of execution of the letter of credit. When a discrepancy is found in outward signs documents accepted by the executing bank from the recipient of funds, under the terms of the letter of credit, the issuing bank has the right to demand from the executing bank the return of the amounts paid to the recipient of funds at the expense of the coverage transferred to the executing bank (under the covered (deposited) letter of credit), reimbursement of the amounts debited from the correspondent account opened in the executing bank, or refuse to reimburse the executing bank for the amounts paid to the recipient of funds (under an uncovered (guaranteed) letter of credit). When closing a covered (deposited) letter of credit, the return of unused funds to the issuing bank is carried out by a payment order of the executing bank no later than the business day following the day the letter of credit is closed.
Uncovered (guaranteed) letter of credit. The parties may agree to use an uncovered letter of credit. In this case, the issuing bank does not transfer funds to the executing bank, but when the time comes for the execution of the letter of credit, the executing bank debits the required amount from the issuing bank's account opened with it to the seller's settlement account. In this case, the buyer's bank guarantees payment to the seller's bank. In turn, the buyer must guarantee payment to the bank by providing security. The advantage of this form of letter of credit for the buyer is that in order to open a letter of credit, it is not required to withdraw own funds from circulation (see Fig. 2.3.5.)
Rice. 2.3.5. Guaranteed letter of credit settlement scheme.
When executing an uncovered (guaranteed) letter of credit, the executing bank has the right not to execute the letter of credit until the funds are received from the issuing bank, except for the case of confirmation of the letter of credit by the confirming bank.
irrevocable the letter of credit cannot be canceled at the unilateral application of the buyer without the consent of the seller. Most letters of credit are irrevocable as this ensures the interests of the supplier. The consent of the recipient of funds to change the terms of an irrevocable letter of credit may be expressed by submitting documents corresponding to the amended terms of the letter of credit. The conditions of an irrevocable letter of credit are changed or an irrevocable letter of credit is canceled from the day following the day the executing bank receives the application of the recipient of funds with his consent, of which the executing bank notifies the issuing bank no later than three working days from the day the application of the recipient of funds is received.
However, it must be taken into account that if it is not expressly stated that the letter of credit is irrevocable, then it is considered revocable. When executing a revocable letter of credit, the executing bank executes the letter of credit in full and for operating conditions of a letter of credit if, prior to the submission of documents, the recipient of funds did not receive from the issuing bank a notice of cancellation of the letter of credit or a change in other conditions of the letter of credit, in terms of the amount of the letter of credit - upon receipt of a notice from the issuing bank of a decrease in the amount of the letter of credit.
When establishing the compliance of the submitted documents with the terms of the letter of credit, the executing bank executes the letter of credit. The execution of a letter of credit can be carried out by the bank in the following ways:
- immediately upon submission of documents no later than three business days from the date the bank makes a decision on the compliance of the documents submitted by the recipient of the funds with the terms of the letter of credit, but no later than three business days after the expiration of the five-day period established for verification of the submitted documents;
- with a delay in execution on a date (dates) determined by the terms of the letter of credit or a fixed period, starting from the date of certain actions, including the submission of documents, shipment of goods;
– in any other way provided for by the terms of the letter of credit.
If the submitted documents are found to be inconsistent with the terms of the letter of credit, the executing bank has the right to refuse to execute the letter of credit, notifying the recipient of the funds and the issuing bank, motivating the refusal. The executing bank may first request the issuing bank for consent to accept the submitted documents with discrepancies. In this case, the documents are stored in the executing bank until a response from the issuing bank is received. If the payer gives the issuing bank consent to accept the submitted documents with discrepancies, the issuing bank has the right to give its consent to the executing bank to execute the letter of credit. If the payer refuses to accept documents with discrepancies, the issuing bank is obliged to notify the executing bank of this, indicating in the notification all discrepancies that are the reason for the refusal.
3. Settlements by collection orders. Collection orders apply:
- in case of collection settlements in cases stipulated by the contract;
- when making settlements on orders of creditors of funds.
The recipient of funds may be a bank, including the payer's bank.
The collection order is drawn up, presented, accepted for execution and executed in electronic form, on paper.
The use of collection orders in settlements for collection is carried out, firstly, if there is a condition in the bank account agreement between the payer and his bank on debiting funds from the bank account, and secondly, the payer submits to the payer's bank information about the recipient of funds who has the right to present collection orders to the bank account of the payer.
The right to submit collection orders to the payer's bank account can be confirmed by the recipient of funds by submitting relevant documents to the payer's bank.
If the recipient of funds is the payer's bank, the condition for debiting funds from the payer's bank account may be provided for by the bank account agreement on the basis of a bank order drawn up by the bank.
The payment scheme for collection orders is shown in Figure 2.3.6.
Rice. 2.3.6. Settlement scheme by collection orders.
The collection order of the recoverer of funds may be presented to the payer's bank through the bank of the recipient of funds. The beneficiary's bank, which has accepted the collection order for the purpose of collecting funds, is obliged to present the collection order to the payer's bank.
A collection order presented through the recipient's bank is valid for submission to the recipient's bank within 10 calendar days from the date of its preparation.
4. Settlements by checks. This, practically not used today, form of payment in Regulation No. 383-P is given several paragraphs, indicating that a bank that wants to work with them can develop internal rules. The check may contain details determined by the credit institution; the form of the check is established by the credit institution; the credit institution is obliged to verify the authenticity of the check, as well as that the bearer of the check is a person authorized by it; checks of credit institutions are used when transferring funds, except for the transfer of funds by the Bank of Russia. The calculation scheme is shown in Figure 2.3.7.
Note that the check serves as an order, but not a settlement (payment) document. Based on the check presented for payment, the credit institution must form its settlement (payment order) or cash (cash order) document, thereby substantiating the movement of funds.
Rice. 2.3.7. Payments by checks.
5. Settlements in the form of transfer of funds at the request of the recipient of funds (direct debit). When making non-cash payments in the form of transfer of funds at the request of the recipient of funds, a payment request is mainly applied.
If the recipient of funds is a bank (for example, in the case when direct debiting is used to repay the debt of the borrower on a loan in his bank), the debiting of funds from the bank account of the paying client, if there is a pre-given acceptance of the payer, can be carried out by the bank in accordance with the bank account agreement on the basis of bank order drawn up by the bank (see Fig. 2.3.8.)
The payment request is drawn up, presented, accepted for execution and executed in electronic form, on paper.
A payment request may be submitted to the payer's bank through the beneficiary's bank.
A payment request submitted through the beneficiary's bank is valid for submission to the beneficiary's bank within 10 calendar days from the date of its preparation.
Rice. 2.3.8. Settlements in the form of transfer of funds at the request of the recipient of funds.
6. Electronic money transfers. This form of non-cash payments is regulated by the Federal Law of June 27, 2011 No. 161-FZ “On the National Payment System”.
Banks can make transfers that include various conversions of electronic money into traditional (cash, non-cash) money and vice versa, including:
– money transfers through bank accounts;
– money transfers without opening bank accounts.
In the first case, transfers are made by writing off funds from the bank accounts of payers and increasing the balance of electronic money (EMF) of the recipients of funds.
In the second case - when making transfers without opening bank accounts (with the sender of the payment) - the following options are possible:
a) acceptance of cash, instructions of the payer - an individual and increase in the balance of the recipient's EMF;
b) decrease in the balance of the payer's EMF and crediting of funds to the bank account of the recipient of funds;
c) reducing the balance of the payer's EMF and issuing cash to the recipient of funds - an individual;
d) decrease in the balance of the payer's EMF and increase in the balance of the payee's EMF.
Note that in accordance with Federal Law No. 161-FZ, a bank that makes electronic money transfers is called electronic money operator.
When making non-cash payments in the form of an electronic money transfer, the client provides funds to the electronic money operator on the basis of an agreement concluded with him.
Note that the electronic money operator is not entitled to provide the client with funds to increase the client's electronic money balance. The electronic money operator is not entitled to accrue interest on the client's electronic money balance.
The transfer of electronic money is carried out by simultaneous acceptance by the electronic money operator of the client's order, reducing the balance of the payer's electronic money and increasing the balance of the recipient's electronic money by the amount of the transfer of electronic money.
Consider further procedures for acceptance for execution, revocation, return (cancellation) of orders and the procedure for their execution. The procedure for performing such procedures is established by credit institutions and communicated to clients, claimants, credit institutions in contracts, documents explaining the procedure for performing procedures for accepting orders for execution, as well as by posting information at customer service points.
Procedures for accepting orders for execution include:
1) certification of the right to dispose of funds (certification of the right to use an electronic means of payment);
2) control of the integrity of orders;
3) structural control of orders;
4) control of values of details of orders;
5) control of the sufficiency of funds.
Let's explore each of these steps in more detail.
1) Certification of the right to dispose of funds when accepting for execution an order in electronic form, it is carried out by the bank by checking an electronic signature, an analogue handwritten signature and (or) codes, passwords. Certification of the right to dispose of funds upon acceptance for execution of an instruction on paper is carried out by the bank by checking the presence and compliance of the handwritten signature and seal impression with the samples declared to the bank in the signature and seal specimen card. When accepting for execution an order of an individual to transfer funds without opening a bank account on paper, the credit institution checks for the presence of a handwritten signature. Certification of the right to use an electronic means of payment is carried out by a credit institution by checking the number, code and (or) other identifier of the electronic means of payment.
2) Control of the integrity of the order in electronic form is carried out by the bank by checking the invariance of the details of the order. The control of the integrity of the order on paper is carried out by the bank by checking the absence of changes (corrections) made in the order. Registration of orders in electronic form, on paper, is carried out in the manner established by the bank, indicating the date of receipt of the order, while the orders of the collectors of funds are subject to mandatory registration.
3) Structural control of disposition in electronic form is carried out by the bank by checking the established details and the maximum number of characters in the details of the order. Structural control of the instruction on paper is carried out by the bank by checking the compliance of the instruction with the established form.
4) Controlling the values of order details is carried out by checking the values of the details of the orders, their admissibility and compliance. Upon receipt of the order of the payer requiring the consent of a third party to dispose of the payer's funds, the payer's bank monitors the presence of the consent of the third party in the manner prescribed by law and the agreement. The consent of a third party to the disposal of the payer's funds may be given in electronic form or on paper in the manner prescribed by the agreement.
Upon receipt of the order of the recipient of funds requiring acceptance the payer's bank, the payer's bank monitors the presence of the payer's pre-given acceptance or, in the absence of the payer's pre-given acceptance, receives the payer's acceptance.
The payer's advance acceptance may be given in an agreement between the payer's bank and the payer and (or) in the form of a separate message or document, including a statement of advance acceptance. In advance, this acceptance must be given before the presentation of the order of the recipient of funds. This acceptance may be given in advance in respect of one or more bank accounts of the payer, one or more recipients of funds, one or more instructions of the recipient of funds.
The payer's acceptance is received by the payer's bank by transmitting the order of the recipient of funds or a notification in electronic form or on paper for acceptance to the payer and receiving acceptance (refusal of acceptance) of the payer with drawing up an application for acceptance (refusal of acceptance) of the payer. The orders of the recipients of funds are placed in the queue of orders pending acceptance.
5) Control of the sufficiency of funds in the bank account of the payer is carried out by the payer's bank upon acceptance for execution of each order repeatedly or once in the manner established by the bank. If there are sufficient funds on the bank account of the payer, the instructions are subject to execution in the sequence of receipt of instructions by the bank, receipt of acceptance from the payer. If the funds on the payer's bank account are insufficient, the orders are not accepted by the bank for execution and are returned (cancelled), except for:
- instructions on the transfer of funds to the budgets of the budgetary system of the Russian Federation;
– orders of creditors of funds;
– orders accepted by the bank for execution or presented by the bank in accordance with the agreement.
The specified orders accepted for execution are placed by the bank in the queue of orders not executed on time for execution of orders on time and in the order of priority for debiting funds from a bank account, which are established by the Civil Code of the Russian Federation. If the funds on the account are not enough to satisfy all the claims against it, the funds are debited in the following order (see Fig. 2.3.9.).
The sufficiency of funds under the instructions accepted for execution for the purpose of transferring funds without opening a bank account is determined by the credit institution based on the amount of funds provided by the client.
When carrying out transactions using electronic means of payment, the credit institution of the recipient of funds, in the cases provided for by the agreement, receives the consent of the credit institution of the payer to carry out the transaction using the electronic means of payment. This process is referred to as - authorization. In the event of a positive result of the authorization, the payer's credit institution is obliged to provide funds to the recipient's credit institution in the manner prescribed by the agreement.
In case of a positive result of the procedures for accepting an order for execution in electronic form, the bank accepts the order for execution and sends an electronic notification to the sender of the order about acceptance of the order for execution. If an order is placed in the queue of orders not executed on time in the order and in the notification in electronic form, the bank shall indicate the date of placing the order in the queue. In case of a positive result of the procedures for accepting for execution of an instruction on paper, the bank accepts the instruction for execution, confirms the acceptance of the instruction for execution by setting the date of acceptance for execution, the date the instruction was placed in the queue of instructions not executed on time, the bank's stamp and the signature of the authorized person of the bank, and returns to the sender of the order, a copy of the order in the manner and within the time period stipulated by the agreement, but no later than the business day following the day the order was received by the bank.
Rice. 2.3.9. The sequence of debiting funds in case of insufficiency of funds in the account.
In the event of a positive result of the procedures for accepting for execution of a paper-based instruction submitted for the purpose of transferring funds without opening a bank account, the credit institution shall accept the instruction for execution and, immediately after the completion of the procedures for accepting the instruction for execution, submit to the sender of the instruction a copy of the instruction on paper or a credit organization on paper, confirming the acceptance of the order for execution, with the date of receipt and the marks of the bank, including the signature of an authorized person of the bank.
In case of a negative result of the procedures for accepting an order for execution in electronic form, the bank does not accept the order for execution and sends the sender of the order an electronic notification of the cancellation of the order, indicating information that allows the sender of the order to identify the order being canceled, the date of its cancellation, as well as the reason for the cancellation, which may be indicated in the form of a code established by the bank and brought to the attention of the sender of the order. In case of a negative result of the procedures for accepting for execution an instruction on paper, transferred for the purpose of transferring funds to a bank account, the bank does not accept the instruction for execution and returns it to the sender of the instruction with the date of return, the bank's note on the reason for the return, the bank's stamp and the signature of the authorized bank's person no later than the business day following the day the bank receives the instruction. In the event of a negative result of the procedures for accepting for execution of a paper-based instruction submitted for the purpose of transferring funds without opening a bank account, the credit institution shall not accept the instruction for execution and immediately after completing the procedures for accepting the instruction for execution shall return it to the sender of the instruction.
Cancellation of unexecuted orders is carried out by the bank no later than the business day following the day on which the grounds for the cancellation of the order arose, including the receipt of an application for withdrawal.
Order Execution Procedures include:
- execution of orders in the manner established by banks, by debiting funds from the payer's bank account, crediting funds to the recipient's bank account, dispensing cash to the recipient of funds, or recording information on electronic money transfers;
– partial execution of orders;
- confirmation of the execution of orders.
The order of execution procedures orders, including orders for a total amount with registers, is established by credit institutions and communicated to customers, claimants, credit institutions in contracts, documents explaining the procedure for executing order execution procedures, as well as by posting information at customer service points.
The beneficiary's bank establishes the procedure for crediting funds to the beneficiary's bank account, while it is allowed to credit funds to the beneficiary's bank account using two details: the beneficiary's bank account number and other information about the beneficiary.
Partial execution of orders of payers, recipients of funds, including orders for which a partial acceptance of the payer, collectors of funds is given, is carried out by the bank payment order in electronic form or on paper.
A payment order drawn up by a bank for the purpose of partial execution of the order of the recipient of funds, according to which a partial acceptance of the payer was received, if there are insufficient funds on the payer's bank account, it is placed in the queue of orders not executed on time.
When maintaining a queue of orders not executed on time in electronic form, the bank shall ensure the possibility of providing information on the partial execution of the order.
Partial execution of the order of the payer (recipient of funds) in electronic form or on paper, transferred for the purpose of transferring funds to a bank account, is confirmed in the manner established by the bank, by:
– sending a notice to the payer (recipient of funds) in electronic form indicating the details of the payment order or sending a payment order in electronic form indicating the date of execution;
– submission to the payer (recipient of funds) of a copy of the executed payment order on paper, indicating the date of execution, affixing the stamp of the bank and the signature of the authorized person of the bank.
The execution of an order in electronic form for the purpose of transferring funds through a bank account is confirmed:
- by the payer's bank by sending a notice to the payer in electronic form about the debiting of funds from the payer's bank account indicating the details of the executed order or by sending the executed order in electronic form indicating the date of execution;
– by the beneficiary's bank by sending a notice to the beneficiary of funds on crediting funds to the beneficiary's bank account indicating the details of the executed order or by sending the executed order indicating the date of execution.
Execution of an instruction on paper in order to transfer funds through a bank account is confirmed:
– by the payer's bank by presenting to the payer a copy of the executed order on paper, indicating the date of execution, affixing the bank's stamp and signature of the authorized person of the bank. In this case, the stamp of the payer's bank may simultaneously confirm the acceptance for execution of an instruction on paper and its execution;
- by the beneficiary's bank by presenting to the beneficiary of funds a copy of the executed instruction on paper, indicating the date of execution, affixing the bank's stamp and signature of the authorized person of the bank.
Execution of the client's instruction when performing a transaction using an electronic means of payment is confirmed by the credit institution by sending to the client, in accordance with the procedure established by the agreement, a notice to the credit institution in electronic form or on paper, confirming the execution of the transaction using an electronic means of payment, which must indicate:
– name or other details of the credit institution;
– number, code and (or) other identifier of the electronic means of payment;
- type of operation;
- Date of operation;
- the amount of the transaction;
– the amount of the commission fee, if any;
– identifier of the device when it is used to carry out a transaction using an electronic means of payment.
A notice confirming the execution of a transaction using an electronic means of payment may contain additional information specified by the credit institution.
In conclusion, we note that, according to clause 1.8 of Regulation No. 383-P, credit institutions must approve internal documents containing:
- the procedure for drawing up orders;
– the procedure for performing the procedures for accepting for execution, revocation, return (cancellation) of orders;
- the procedure for the execution of orders;
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From the author's bookThe procedure for making cash settlements in the case of using forms In the case of using forms, cash settlements and (or) settlements using payment cards are carried out in the following order: 1) when paying for services in cash
1. When making non-cash payments in the form of an electronic money transfer, the client provides funds to the electronic money operator on the basis of an agreement concluded with him.
2. An individual client may provide funds to an electronic money operator using a bank account or without using a bank account, as well as using funds provided using bank accounts by other individuals in cases of identification or simplified identification of an individual client in accordance with the Federal Law of August 7, 2001 N 115-FZ "On counteracting the legalization (laundering) of proceeds from crime and the financing of terrorism", by legal entities or individual entrepreneurs to an electronic money operator in favor of such a client - an individual, if the agreement between the electronic money operator and the client - an individual provides for such a possibility.
3. A client - a legal entity or an individual entrepreneur - provides funds to an electronic money operator only using his/her bank account.
4. The electronic money operator records the client's funds by creating an entry reflecting the amount of the obligations of the electronic money operator to the client in the amount of funds provided (hereinafter referred to as the electronic money balance).
(see text in previous edition)
5. The electronic money operator is not entitled to provide the client with funds to increase the balance of the client's electronic money on the basis of a consumer credit (loan) agreement.
(see text in previous edition)
6. The electronic money operator is not entitled to accrue interest on the client's electronic money balance.
(see text in previous edition)
7. The transfer of electronic funds is carried out on the basis of the instructions of the payers in favor of the recipients of funds. In cases stipulated by agreements between the payer and the electronic money operator, between the payer and the recipient of funds, the transfer of electronic funds can be carried out on the basis of the requirements of the recipients of funds in accordance with Article 6 of this Federal Law, taking into account the specifics of the transfer of electronic funds, except for cases where electronic means of payment provided for by Part 4 of Article 10 of this Federal Law.
8. Transfer of electronic money may be carried out between payers and recipients of funds who are clients of one electronic money operator or several electronic money operators.
8.1. When transferring electronic money, a client - an individual may act as a payer in favor of legal entities, individual entrepreneurs, and also provided that the client - an individual uses an electronic means of payment specified in Part 2 of Article 10 of this Federal Law, or subject to a simplified identification of the specified an individual has the right to transfer funds to another individual - the recipient of funds.
9. When transferring electronic money, legal entities or individual entrepreneurs may be recipients of funds, as well as payers if the recipient of funds is an individual using electronic means of payment specified in Part 2 of Article 10 of this Federal Law, or an individual who has passed simplified identification process.
(see text in previous edition)
10. The transfer of electronic money, with the exception of cases provided for in Part 9.1 of Article 9 of this Federal Law, is carried out by simultaneously accepting the client's order by the electronic money operator, reducing the balance of the payer's electronic money and increasing the balance of the recipient's electronic money by the amount of the transfer electronic money or within the period provided for by paragraph 11 of this article.
(see text in previous edition)
11. Transfer of electronic money using a prepaid card is carried out within a period of not more than three business days after the electronic money operator accepts the client's order, unless a shorter period is provided by the agreement concluded by the electronic money operator with the client, or by the rules of the payment system.
(see text in previous edition)
12. An agreement concluded by an electronic money operator with a client may provide for the possibility for the payer - an individual and the recipient of funds - a legal entity or an individual entrepreneur to use electronic means of payment, when the actions specified in part 10 of this article are not carried out simultaneously (hereinafter - autonomous mode of using an electronic means of payment). In this case, the recipient of funds is obliged to transfer information about the transactions performed to the electronic money operator on a daily basis for its accounting no later than the end of the working day of the electronic money operator. This part applies to electronic money transfers using a prepaid card, unless otherwise provided by the agreement concluded by the electronic money operator with the recipient of funds or with the money transfer operator, or by the rules of the payment system.
(see text in previous edition)
13. The electronic money operator, immediately after the execution of the client's order to make an electronic money transfer, sends the client a confirmation of the execution of the specified order.
14. In the case of an offline mode of using an electronic means of payment, the electronic money operator sends to the payer and, in the case provided for by the agreement, to the recipient of the means of confirmation of the transfer of electronic funds immediately after the electronic money operator takes into account the information received in accordance with part 12 of this article. This part applies to electronic money transfers using a prepaid card, unless otherwise provided by the agreement concluded by the electronic money operator with the recipient of funds or with the money transfer operator, or by the rules of the payment system.
(see text in previous edition)
15. An electronic money transfer becomes irrevocable and final after the electronic money operator performs the actions specified in part 10 or this article.
(see text in previous edition)
16. In the case of an offline use of an electronic means of payment, an electronic money transfer becomes irrevocable at the time the client uses the electronic means of payment in accordance with the requirements of part 12 of this article and final after the electronic money operator takes into account the information received in accordance with part 12 of this article.
17. The payer's monetary obligation to the recipient of funds shall terminate upon the finalization of the transfer of electronic funds.
18. In the case of an offline use of an electronic means of payment, the payer's monetary obligation to the recipient of funds shall terminate at the time of the irrevocable transfer of electronic funds.
19. The electronic money operator keeps records of information on electronic money balances and completed electronic money transfers on an ongoing basis.
20. In addition to the transfer of electronic funds, the funds accounted for by the electronic money operator as the balance (its part) of the electronic money of the client - an individual using the electronic means of payment provided for by Part 4 of Article 10 of this Federal Law, may be at his disposal transferred to a bank account in favor of legal entities, individual entrepreneurs or to the bank account of such a client - an individual in the event that the specified client has passed the simplified identification procedure, aimed at fulfilling the obligations of the client - an individual to a credit institution or issued in cash in case of use prepaid card, provided that the total amount of cash issued does not exceed 5 thousand rubles within one calendar day and 40 thousand rubles within one calendar month.
(see text in previous edition)
21. In addition to the transfer of electronic funds, the funds accounted for by the electronic money operator as the balance (its part) of the electronic money of the client - an individual using the electronic means of payment provided for by Part 2 of Article 10 of this Federal Law, may be at his disposal transferred to a bank account, aimed at fulfilling the obligations of a client - an individual to a credit institution, transferred without opening a bank account or issued in cash.
There are five possible features the market for money transfer services, the presence of which may lead to inefficiency in the provision of such services. Such market inefficiencies may result in the cost of money transfer services being higher than they might otherwise be and/or the quality of the services offered being lower.
List of these features:
lack of transparency in the service market and lack of understanding on the part of users;
weaknesses in the infrastructure used to provide money transfer services;
possibility undesirable consequences poor or disproportionate regulation or weak legal rationale;
lack of competitive conditions in the service market;
presence of risks.
Lack of transparency
Transparency can be an important factor in improving the overall efficiency of the remittance market. Regardless of the specific type of service, it is useful for senders and recipients of transfers to be able to receive full information about this service in advance (that is, before they use it). Having such transparency allows an individual to make an informed decision about which service to use.
Transparency is especially needed when determining the total cost and time of service.
The total cost of a transfer usually includes: taxes levied, the price of currency exchange operations between the currencies of the sending and receiving countries, as well as the amount of commissions paid for the transfer to RSPs and (or) agents. Usually, it is important for the user to have information about how much money from the amount sent by the sender will be paid to the recipient. However, since the fees can change depending on the amount sent, and the exchange rate changes quite often, users need to have general idea about these components of the total price.
Currently, the market for money transfer services is not always completely transparent. Some of the factors that may cause this are discussed below: the exchange rate; the amount of fees charged by the issuing RSP; service speed; and other issues affecting transparency.
Information about the total cost of translation depends on changes in exchange rates, so the provider that accepts the funds somewhat overestimates the cost of the transfer. The RSP may not know the exchange rate when it makes the transfer, but overcharging by setting a certain amount of fees or margins gives it some protection if the exchange rate moves to the wrong side.
The ability of RSPs to be transparent about the fees charged by any paying RSP depends on the type of service (ie, whether it is one-way, open, franchised, or arranged). The advantage of franchise or arrangement services is that the receiving RSP can be informed in advance of the fees that the issuing RSP will charge that recipient. This information can then be communicated to the sender of the funds so that they have an idea of the total cost of the transfer. It may be agreed that the recipient of the funds will pay no commission at all; instead, the sender will pay increased fees to the receiving RSP, and the receiving agent will transfer a portion of these fees to the paying agent. The same situation is possible in the case of the provision of unilateral services (where the receiving and distributing RSPs are the same). For open view services, it is generally not possible to be transparent about the amount of fees charged by the issuing RSP, as the RSP usually has no connection to the paying agent and therefore has no way of knowing what fees the issuing RSP is charging. When providing an open service, the paying agent is usually forced to charge a commission to the recipient of the funds, otherwise he will not receive any income from the provision of the service.
Even if the activities of individual RSPs are fully transparent, it may not be easy for end users to compare the costs of different services. This is partly due to the fact that market exchange rates are constantly changing, and for different options for transferring from one currency to another, different margins are applied, which change from time to time. In addition, margin values may be added to different “guide” exchange rates (eg open market exchange rates at different times of the day). Therefore, the cheapest service offered by the RSP on a given day for a given currency pair may not be the cheapest on another day or for another currency pair. Naturally, the cost of services in all consumer markets varies depending on the type of product offered and changes from time to time (although usually not every day). Other important problem complicating the transfer of funds is that the cheapest RSP service in terms of exchange rate may not be the cheapest in terms of fees charged, and it is difficult for most clients to calculate which service will have the lowest overall cost.
It may also be difficult to compare the overall price because RSPs or the intermediaries they use may sometimes use floating rate (“float”) revenues as a partial alternative to well-defined commissions. In this case, a "float" occurs where financial institutions hold customer funds for longer than is necessary in order to generate income by investing these funds. As a result, the amount of the established commission becomes less than it would be in the absence of a delay, but the speed of the service slows down.
Service speed is determined by the time between the moment a payment is made by the sender and the moment when the funds can be made available to the recipient. The speed of the service depends on:
on the speed of message transmission;
on the speed of the calculation;
on whether the paying agent has a liquidity reserve so that the payment of funds can occur before settlement is completed.
It is easier to obtain information on the speed of service delivery for cases of one-way service, and for services based on a franchise or arrangement, than for an open service. The actual time that the calculation process takes depends on how quickly each of the intermediate steps is completed. For cases of one-way service, as well as service on the basis of a franchise or agreement, this time should be standardized and known, or can be negotiated. In an open service, there is no direct contact or negotiation between RSPs participating in the process, so the recipient RSP has little control over the timing of the service.
Ensuring transparency comes at a cost. In addition to the direct costs of providing information, there may be costs associated with the need to obtain reliable information about a particular service, which ensures the transparency of the activities of RSPs. Most likely, all these costs will be charged to the consumer. However, this disadvantage can be offset by the significant advantage that transparency will make competition more effective, which in turn can lead to lower prices for services. Since consumers will be able to compare the real total cost of providing services by various services.
This is exactly the aspect of cashless payments, according to which credit institutions will have to regulatory framework develop almost from scratch.
This work should not even begin with a thorough study of the relevant sections of Regulation No. 383-P, but with the Federal Law of June 27, 2011 No. 161-FZ “On the National Payment System”. It is this document that introduces the definition of the most important terms related to electronic money, as well as the basic rules for working with them. Regulation No. 383-P practically adds nothing new to the requirements of the law.
The transfer of electronic money (hereinafter - EMF) is carried out in accordance with the legislation and contracts, taking into account the requirements of Regulation No. 383-P.
Banks can make transfers that include various conversions of EMF into traditional (cash, non-cash) money and vice versa, including:
Transfers of funds through bank accounts;
Money transfers without opening bank accounts
In the first case, transfers are made by debiting funds from the payers' bank accounts and increasing the balance of the recipients' EMF.
In the second case - when making transfers without opening bank accounts (with the sender of the payment) - the following options are possible:
Acceptance of cash, orders of the payer - an individual and an increase in the balance of the recipient's EMF;
Reducing the balance of the payer's EMF and crediting funds to the bank account of the recipient of funds;
Reducing the balance of the payer's EMF and issuing cash to the recipient of funds - an individual;
Reducing the balance of the payer's EMF and increasing the balance of the payee's EMF.
The transfer of electronic funds is carried out on the basis of the instructions of the payers in favor of the recipients of funds. In cases stipulated by agreements between the payer and the electronic money operator, between the payer and the recipient of funds, the transfer of electronic money can be carried out on the basis of the requirements of the recipients of funds in accordance with Article 6 of this Federal Law, taking into account the specifics of the transfer of electronic money, except for cases of using electronic means of payment provided for by Part 4 of Article 10 of this Federal Law.
8. Transfer of electronic money may be carried out between payers and recipients of funds who are clients of one electronic money operator or several electronic money operators.
15. An electronic money transfer becomes irrevocable and final after the electronic money operator performs the actions specified in parts 10 or 11 of this article.
(as amended by Federal Law No. 403-FZ of December 28, 2013)
(see text in previous edition)
16. In the case of an offline use of an electronic means of payment, an electronic money transfer becomes irrevocable at the time the client uses the electronic means of payment in accordance with the requirements of part 12 of this article and final after the electronic money operator takes into account the information received in accordance with part 12 of this article.
17. The payer's monetary obligation to the recipient of funds shall terminate upon the finalization of the transfer of electronic funds.
18. In the case of an offline use of an electronic means of payment, the payer's monetary obligation to the recipient of funds shall terminate at the time of the irrevocable transfer of electronic funds.
19. The electronic money operator keeps records of information on electronic money balances and completed electronic money transfers on an ongoing basis.
25. Before concluding an agreement with an individual client, an electronic money operator must provide him with the following information:
1) on the name and location of the electronic money operator, as well as on the number of its license for banking operations;
In a series of articles on electronic money, I will try to answer the question of what electronic money is, as well as give a legal assessment on the handling of electronic money.
We have already covered the questions:
- Law "On the National Payment System" (main innovations)
In this article I will try to comment on the features of the Law "On the National Payment System". Features of the law will be considered separately.
Clients of electronic payment systems (electronic money users) under Law No. 161-FZ "On the National Payment System"
Since September 29, 2011 electronic money operator is an credit organization, including non-banking a credit institution licensed to transfer funds without opening bank accounts and other related banking operations (clause 1, article 12 of Law N 161-FZ).
The client can be both an individual and a legal entity. Client - individual may provide funds to an electronic money operator both with and without using your bank account(Clause 2, Article 7 of Law N 161-FZ).
Client - legal entity or individual entrepreneur provides funds to the electronic money operator only using its bank account (clause 3, article 7 of Law N 161-FZ).
Legal entities (individual entrepreneurs) are prohibited from paying electronic money between themselves. It is necessary that one of the participants in the settlements be an individual using electronic means of payment (clause 9, article 7 of Law N 161-FZ).
Features of operations with electronic money
If the established limit is exceeded, the transfer of electronic funds is not carried out.
Transfer of electronic money is carried out with client identification or without identification.
In case of identification of a client - an individual, an account is opened for him, the balance of electronic funds on which at any time cannot exceed 600,000 rubles.
Anonymity, which attracted wallet users, guaranteed provided that the balance of electronic money at any time does not exceed 15,000 rubles, the total amount of transferred electronic money - 40,000 rubles during the calendar month.
The use of an electronic means of payment by a client - a legal entity or an individual entrepreneur is carried out with its identification by an electronic money operator. The specified electronic means of payment is corporate. The use of a corporate electronic means of payment is subject to the condition that the balance of electronic funds does not exceed 200,000 rubles at the end of the working day of the electronic money operator.
If the specified amount is exceeded, the operator is obliged to credit or transfer funds in the amount exceeding the specified limit to the bank account of a legal entity or an individual entrepreneur without his order.
Organizations are required to report to the tax office on the emergence or termination of the right to use corporate electronic money (i.e., as with).
Since October 1, 2011 organizations and individual entrepreneurs must inform tax authority on the emergence or termination of the right to use corporate electronic means of payment for electronic money transfers within 7 days from the date of occurrence (termination) of this right (clause 1.1, clause 2, article 23 of the Tax Code of the Russian Federation).
The Federal Tax Service of Russia (Information dated July 13, 2011) reports that for violation of the deadline for submitting the specified information to the inspection, the taxpayer may be held liable under Article 126 of the Tax Code (200 rubles for each document not submitted) or Article 129.1 of the Tax Code (5,000 rubles).
Providing customers - individuals with information about the features of the provision of services for the transfer of electronic funds
In order to promote the expansion of the scope of electronic means of payment when making cashless payments, to increase the availability of payment services and the financial literacy of clients of credit institutions, in its Letter No. 249-T dated 20.12.2013, the Bank of Russia recommends that credit Federal Law No. 161-FZ of June 27, 2011 "On the National Payment System" (hereinafter - Federal Law No. 161-FZ):
Appendix
to the letter of the Bank of Russia
dated December 20, 2013 No. 249-T
Memo "On electronic money"
This Leaflet has been developed for the purpose of obtaining by individuals - clients of credit institutions (hereinafter referred to as "customers") information on electronic money, on the procedure for forming an electronic money balance, on the features of using electronic means of payment for transferring electronic money, as well as on the services provided for transferring electronic Money.
For the purposes of this Leaflet, electronic money transfer services mean the transfer of electronic money, as well as the performance of other operations with electronic money, provided for by Federal Law No. 161-FZ of June 27, 2011 "On the National Payment System" (hereinafter referred to as the N 161-FZ).
1. General provisions on electronic money
1.1. Electronic money (hereinafter referred to as EMF) is used in non-cash payments.
1.2. EMF is non-cash funds in rubles or foreign currency accounted for by credit institutions without opening a bank account and transferred using electronic means of payment (hereinafter referred to as EMP) in accordance with Federal Law N 161-FZ.
1.3. ESPs intended for EMF transfers are, in particular, the so-called "electronic wallets", which can be accessed using computers, mobile devices, including through a special software, as well as bank prepaid cards.
1.4. In accordance with the legislation of the Russian Federation, only credit institutions are entitled to provide services for the transfer of EMF.
1.5. The list of credit institutions that duly notified the Bank of Russia of the commencement of EMF transfer activities is available on the official website of the Bank of Russia on the Internet information and telecommunications network (http://cbr.ru/today/?Prtid=oper_zip).
1.6. In accordance with Federal Law No. 161-FZ, a credit institution may refuse to conclude an agreement on the use of an ESP for a client, as well as suspend or terminate the use of an ESP by a client in accordance with the agreement if the client violates the procedure for using an ESP.
1.7. EMF are not subject to insurance on the basis of clause 5 of part 2 of article 5 of the Federal Law of December 23, 2003 N 177-FZ "On insurance of deposits of individuals in banks of the Russian Federation".
2. The procedure for the formation of the remainder of the EMF
2.1. The client may provide funds to a credit institution in accordance with the agreement both by transferring them from his bank account (opened with a credit institution providing EMF transfer services to the client, or with another credit institution), and without using a bank account, including by depositing cash by the client into ATMs and payment terminals of credit institutions and bank payment agents.
A credit institution is not entitled to provide funds to increase the client's EMF balance.
2.2. If the client is a subscriber of the operator mobile communications, if the specified operator has an agreement with a credit institution providing EMF transfer services to the client, funds to increase the client’s EMF balance can be provided to the specified credit institution in accordance with the agreement concluded with the client, at the expense of the client’s funds being an advance payment for services mobile communications.
2.3. The balance of the client's EMF arises at the time the credit institution takes into account the funds provided. At the same time, the accounting by the credit institution of funds may be carried out later than their provision.
2.4. No interest is accrued to the client on the EMF balance, and no remuneration is paid to the client.
3. The procedure for using ESP to transfer EMF
3.1. ESP for EMF transfer is used by the client on the basis of an agreement concluded with a credit institution, including by accepting an offer from a credit institution.
3.2. The use of an ESP to transfer an EMF can be carried out both with and without the client identification procedure in accordance with Federal Law No. 115-FZ of 07.08.2001 "On countering the legalization (laundering) of proceeds from crime and the financing of terrorism".
3.3. If a credit institution conducts a procedure for identifying a client, the ESP used by him is personalized. At the same time, the balance of the client's EMF at any time should not exceed 100 thousand rubles or an equivalent amount in foreign currency at the official exchange rate of the Bank of Russia.
3.4. If the specified procedure was not carried out, the ESP used by the client is non-personalized. At the same time, the balance of the client's EMF at any time should not exceed 15 thousand rubles, and the total amount of EMF transferred by the client using such an ESP should not exceed 40 thousand rubles during the calendar month.
4. EMF translation services
4.1. When transferring the client's EMF, there is a simultaneous decrease in the payer's EMF balance and an increase in the recipient's EMF balance.
4.2. EMF can be transferred between clients, as well as between clients and legal entities, individual entrepreneurs. At the same time, customers using personalized ESPs can receive EMF from legal entities and individual entrepreneurs.
4.3. The balance (its part) of the client's EMF can be transferred to the bank account of the client or a third party, and if the client uses a personalized ESP, the balance (its part) of the EMF can also be transferred by order of the client without opening a bank account or issued to him in cash money. At the same time, in relation to the procedure for issuing the balance (its part) of EMF in cash (including the maximum amounts of cash to be issued), the contract concluded by the client with the credit institution may establish appropriate restrictions.
4.4. For the provision of EMF transfer services by a credit institution, a commission may be charged from the client in accordance with the agreement concluded with the client.
4.5. The credit institution is obliged to inform the client about the performance of each transaction using the ESP by sending appropriate notifications in the manner prescribed by the agreement with the client.
Accounting for electronic money
From September 29, 2011, an organization can replenish an open account with electronic money only using its bank account (clause 3, article 7 of Law N 161-FZ).
Replenish your e-wallets also in cash through accountable persons. The money that the organization transfers to its electronic wallet is reflected on account 55 "Special accounts in banks", designed to summarize information on the availability and movement of money on current, special and other special accounts (Order of the Ministry of Finance of Russia dated October 31, 2000 N 94n "On Approval of the Chart of Accounts for Financial and Economic Activities of Organizations and the Instructions for its Application"). To account 55 it is necessary to open a sub-account "Electronic means of payment" or "Electronic money". Analytical accounting on account 55/Electronic money is conducted, as a rule, in the context of payment systems and types of electronic money.
Tax accounting of electronic money
The commission fee for the services of the payment system, in which the electronic money of a legal entity circulates for profit tax purposes, can be accounted for in one of two ways:
1) as part of other expenses associated with production and sale (clause 3 clause 1 article 264 of the Tax Code of the Russian Federation);
2) as part of non-operating expenses (clause 20, clause 1, article 265 of the Tax Code of the Russian Federation).
Companies applying the simplified taxation system also take into account the commission fee for the services of the payment system when calculating the tax (clause 24 clause 1 article 346.16 of the Tax Code of the Russian Federation).
value added tax
The amount of commission fee for payment system services is subject to VAT. The operator of the electronic payment system is not a credit institution, therefore, under the effect of the benefits provided for in paragraphs. 3 p. 3 art. 149 of the Tax Code, such an operation does not fall under. When all the mandatory requirements of Art. Art. 171 and 172 of the Tax Code of the Russian Federation, the purchasing organization has the right to apply tax deduction submitted VAT.
Tags: electronic money, electronic payment systems, law, on national, payment, system, national payment system, commentary, features, law No. 161-FZ
