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Transaction passport

Currency control of customs clearance when importing goods is associated with the issuance of a Transaction Passport (TP). This document is required for customs clearance purposes if the customs value exceeds USD 50,000.00.

According to the teleprinter dated June 24, 2004 TF-2096: “When goods are placed under the declared customs regime under a reimbursable agreement between a resident and a non-resident, the amount of which does not exceed the equivalent of 50,000 thousand US dollars at the exchange rate of foreign currencies to the ruble established by the Bank of Russia on the date of its of the conclusion, taking into account the amendments and additions made, it is not required to submit a transaction passport in accordance with clause 3.2 of Instruction No. 117-i of the Bank of Russia dated 15.06. Appendix 6 to the Order of the State Customs Committee of Russia No. 900 dated August 23, 2002, except for gratuitous deliveries, for which the transaction nature code "80" is declared. In other cases, the code of the nature of the transaction "90" does not apply.

But as of February 27, 2011, the size of the contract amount has increased, requiring the obligatory execution of a transaction passport when carrying out foreign trade activities. According to Directive of the Central Bank of the Russian Federation No. 2557-U dated December 29, 2010 on Amendments to Instruction No. 117-I of the Bank of Russia dated June 15, 2004 “On the Procedure for Residents and Non-Residents to Submit Documents and Information to Authorized Banks When Performing Foreign Exchange Operations, and the Procedure for Accounting by Authorized Banks of Foreign Exchange Operations and Issuance of Transaction Passports, a transaction passport is issued when carrying out foreign exchange transactions under foreign economic transactions, if the contract amount in the equivalent exceeds 50,000 (fifty thousand) US dollars at the official exchange rate of foreign currencies against the ruble established by the Bank of Russia on the date of conclusion of the contract. Until February 27, 2011, a transaction passport was issued if the contract amount exceeded the equivalent of 5,000 US dollars.

The PS is filled out in accordance with the Instruction of the Bank of the Russian Federation dated June 17, 2004 No. 117-I “On the procedure for residents and non-residents to submit documents and information by an authorized bank when carrying out foreign exchange transactions, the procedure for accounting by authorized banks of foreign exchange transactions and issuing transaction passports”.

The main goal pursued by the state is to check the validity of foreign currency payments going abroad. To do this, information from authorized banks on the amount in currency transferred abroad to pay for the goods and the date of debiting this amount from the importer's account is compared with customs information on the cost of the imported goods and the date of its movement across the customs border of Russia.

The first stage of currency control is associated with the correct execution of the PS for each foreign trade contract.

To get PS, you need to submit a copy of the foreign trade contract to the currency control department of the bank. A copy of the contract must be certified by an official of the importing organization, which has the right of first signature in the bank and the seal of the company. If the contract is drawn up in a foreign language, you must submit a translation signed by the head of the Russian company.
In addition, if it is necessary to obtain permission from the Bank of Russia to conduct a foreign exchange transaction, the original and a copy of this document must also be submitted to an authorized bank. For example, such a permit must be obtained if the importer plans to transfer an advance payment to a foreign supplier more than 90 days before the day the goods are imported into Russia in accordance with the customs regimes "Release for free circulation" and "Reimport". As a rule, banks require that a copy of the permission to conduct foreign exchange transactions related to the movement of capital be certified by the very body (the Bank of Russia or its territorial office) that issued the permission itself.
The text of the contract must contain the data necessary to control the correctness of filling out the PS, namely:

• details of the Russian importing company
• name, code according to the All-Russian Classifier of Enterprises and Organizations (OKPO)
• legal address
• date of state registration
• TIN
• account number in an authorized bank through which settlements under the contract will be made
• details of the authorized bank of the importer, which must issue the PS;
• foreign supplier details:
• name and code of the country of residence;

Please note that you need to specify the details of the seller company, and not the recipient of the payment, even if the goods are supplied by one organization, and the Russian importer transfers the money to another;

• number and date of conclusion of the foreign trade contract;
• the total amount of the contract in foreign currency;
• form of payment;
• the date of the last transaction under the contract (last date).

This is the later of two dates: the last day of customs clearance when importing the last consignment of goods under the contract, or the last day of payment for the goods.
The last date is determined depending on the terms of payment for the goods under the contract. So, if the contract provides for an advance payment, the column "Last date" of the PS indicates the day the customs clearance of the imported goods is completed, which is determined based on the terms of the contract. After this period expires, the importer will no longer be able to carry out customs clearance of goods under this PS. However, in accordance with the terms of the contract, goods can be paid for after they are imported into Russia. In this case, in the column "Last date" of the PS, you must indicate the last day of their payment. After this date, the importer will not be able to transfer money to the supplier.

If the transaction passport fully complies with the terms of the contract, then the bank employee signs it and certifies it with the seal of the bank. From this moment on, the bank accepts the settlement service contract and all settlements under it must be made only through this bank.
However, the authorized bank has the right to refuse to sign the PS. Conventionally, they can be divided into two groups:

• incorrectly executed PS;
• wrong contract.

For example, in the contract itself, firms often do not indicate the cost of imported goods, as well as the volume of deliveries, because these conditions are given in the price appendices to the contract. This gives the authorized bank a reason to refuse to sign the PS. After all, the document must indicate exactly the amount of the contract. A refusal can also be expected if it is not possible to determine the date of the last delivery (payment) from the terms of the contract, for example, if the contract does not specify the delivery (payment) dates for the goods. In addition, the contract must contain a provision that the goods purchased by the Russian company will be imported into Russia, that is, the import will actually take place.

If, as a result of an incorrectly drawn up foreign trade contract, the bank refuses to sign the PS, the firm will not be able to pay for the imported goods. This will lead to a violation of contractual obligations to a foreign counterparty and, as a result, to the payment of a penalty specified in the contract.