Transaction passport

A transaction passport is a document, the processing of which is an obligatory procedure for the performance of 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.

The transaction passport, which contains all the necessary data for the preparation of reporting and accounting for transactions involving foreign exchange, 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.

Trade on barter terms between residents of different countries can be carried out only after the corresponding passport of the transaction has been drawn up. 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 passport of the transaction 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 have legal force on the date 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 preparation of transaction passports is the date that precedes any execution under the foreign trade contract.

The bank reissues the documents if new information is entered into the contract or information has changed. Closing of transaction passports is carried out by the financial organization after the parties to the contract have fulfilled all their obligations, as well as in some other cases that are stipulated by law.