Transaction passport

Transaction passport is a document, registrationwhich is a compulsory procedure for performing payment transactions between a resident and a non-resident, when non-cash funds pass through settlement accounts:

- as payment for goods (works or services) that are imported into or exported from the customs territory of the country, sold under a foreign trade contract, signed by legal entities;

- in the implementation of interstate lending and borrowing.

A transaction passport that contains all the necessarydata for reporting and recording of transactions involving foreign exchange funds is used by organizations whose functions include the task of monitoring the implementation of contractual activities between residents and non-residents. In addition to this document, invoices confirming the import or export of goods, as well as acts signed by the parties on providing services, performing work or carrying out information activities, are provided to authorized banks. These financial organizations control foreign economic contracts.

The barter trade betweenresidents of different countries, can be carried out only after the corresponding passport of the transaction is issued. This document for this type of contract must necessarily contain data on the calculation of money and other means. Currency transfers must be made only by the bank in which the transaction passport was issued. There are exceptions to foreign economic contracts, when the preparation of this document is not a prerequisite. Supervisory authorities will not require a transaction passport if currency relationships arise between:

- individuals and non-residents;

- by a non-resident and the organization that carries out its lending;

- the Bank of Russia, the Government of the Russian Federation, the authorized federal executive body and a non-resident;

- by a non-resident and a resident, in cases of concluding foreign economic credit transactions for an amount not exceeding five thousand US dollars;

- resident and non-resident, upon reaching agreements on the production of foreign trade operations, if the contract amount is less than fifty thousand US dollars.

The transaction passport for each foreign economic contract is issued by the resident only once in one serving bank. The following is provided to the financial institution:

- an agreement that is the basis for carrying out transactions of a currency character;

- passport of the transaction in duplicate;

- a permit issued by the body that monitors currency transactions for the transfer of funds, and, in some cases, the opening of accounts with non-resident banks.

All documents must be valid indate of their provision. Official papers of foreign countries must be confirmed by an apostille of competent state bodies of these countries. All documents required for issuance of transaction passports must be provided in the original or in the form of certified copies. The procedure is carried out in accordance with the procedure agreed with the bank. The deadline for the registration of transaction passports should be the date that precedes any execution under the foreign trade contract.

The bank reissues the documents if the contractnew information has been added or information has changed. Closing of passports of transactions is carried out by the financial organization after fulfillment by the parties of the contract of all its obligations, as well as in some other cases, which are stipulated by the legislation.