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Date: 5 months ago   Category: Finances

Minek wants to loosen currency controls even more


In particular, the ministry suggests to lower a limit penalty for violation of an obligation for transfer of funds for accounts in the Russian banks to 5% of the Photo: Artem Geodakyan / the Ministry of Economic Development supported as TASS radical weakening of currency control. According to RBC, it developed offers together with experts and business. Can grant the companies a 30-day delay from a penalty on receiving currency revenue into accounts in the Russian banks.

the Limit penalty for violation of an obligation for transfer of funds for accounts in the Russian banks is offered to lower to 5% of the sum, it now — to 100%. Also the ministry wants to cancel penalties for a delay of submission of the reporting on currency transactions under export transactions and criminal penalty for evasion from return of revenue in foreign currency.

Why the authorities go for such easing? The senior analyst of BKS Sergey Suverov comments: Sergey Suverov is the senior analyst of BKS "The authorities obviously go too far from the point of view of currency control. Accounts of the enterprises are often unreasonably blocked, it interferes with fruitful foreign economic activity of the Russian companies, especially exporters and importers. It is clear, that the Central Bank which is responsible for this process, first of all, is concerned by rates of capital outflow, but it is obvious that excessive currency control is not capable to resolve this issue while problems at the enterprises really big. Therefore I think that in many respects the initiative of the Ministry of Economic Development is connected with lobbying of business which obviously seeks to weaken this too big press of currency control. The initiative in the right direction, and it, perhaps, will increase volumes of foreign economic activity and will help really business". Moreover, as writes RBC, "transition from through control of all currency transactions to check only those which raise doubts at banks and tax authorities is in the long term discussed". Earlier the Ministry of Finance already suggested to loosen currency controls because of sanctions, however it was talked of the Russian export companies which are under sanctions. To add BFM.ru to your sources of news?

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