State Duma approves amendments to the project on violation of currency legislation

State Duma approves amendments to the project on violation of currency legislation


The proposed bill should remove the injustice against bona fide participants of foreign economic activity, which are subject to significant administrative penalties.

MOSCOW, 26 Nov. The state Duma Committee on constitutional legislation and state construction recommended the lower house of Parliament to approve in the first reading a government bill on administrative responsibility for violation of currency legislation.

The amendments aim to support bona fide participants of foreign economic activity, which allow for a slight delay in the refund to the accounts in authorized banks cash from non-residents and are subject to significant administrative penalties.

“Delays can occur for purely technical reasons that cannot be attributed to grave violations. In this regard, the proposed bill will eliminate inequities in respect of bona fide participants of foreign economic activity”, — stated in the help document.

The bill, in particular, it is proposed to divide the grounds for bringing to administrative responsibility for violation of duty and legal entities due date of the return to Russia of the funds and for non-payment by such persons of cash.

In the event of breach of term of return of funds is proposed to establish a separate administrative punishment in the form of a fine calculated at the rate of one stamatelatos the refinancing rate of the Bank of Russia of the amount of money collected in violation of the established term, for each day of delay of refund. While administrative responsibility for the failure of the resident within the established period duties on return of the funds remains unchanged.