Foreign currency control at Jam Modern Logistic

Jam Modern Logistic has a great experience in the sphere of foreign economic activity. Since 2016, we have been working with non-resident companies: these are both clients and service providers. Working with them has a number of peculiarities and must meet the requirements set by the state.

First, this is Federal Law No. 173-FZ “On Currency Regulation and Currency Control”. Among the requirements are that the contract be drawn up appropriately and that a package of documents be submitted in accordance with the law and within the time limits established by law. I should note that even if settlements with a foreign counterparty are made in rubles, this contract is still subject to Federal Law No. 173-FZ and must be executed in accordance with the same requirements. To deal with such clients, our company employs experienced currency control specialists. The ability to work with foreign counterparties clearly and in accordance with the law is one of our most important competitive advantages.

What is the peculiarity of this work?

Firstly, it presupposes a thorough knowledge of the mechanics of registering foreign trade transactions. When dealing with non-residents, the law prescribes a certain procedure for the execution and submission of documents. When we sign a contract with a foreign counterparty, we have to register the contract and register it, and then send the closing documents for the deal to the bank. All these document packages are prepared in accordance with a whole list of strict requirements. We need to know the composition of the package, the transaction codes, the deadlines for submitting documents and the deadlines for receiving foreign currency proceeds.

In addition to the regulated requirements, there are a number of nuances that are learned only in practice. And secondly, it is a very responsible job. After all, serious penalties are expected for non-compliance with these rules and violation of the procedure for submitting documents.

In our company, the procedure for executing and submitting all the necessary documents is fine-tuned to the last detail. In addition, part of the work is taken care of by the 1C automation system. This allows us to carry out all operations quickly and without errors and to exclude errors related to the human factor. We also have control methods that allow us to notice inaccuracies in time and make adjustments. And then we send the finished documents to the bank. The events of 2022 are a perfect illustration of the importance and complexity of the work of currency control specialists. This is the year when we had to solve a huge number of non-standard tasks in the field of foreign economic activity. The requirement to sell 80% of the currency entering the accounts was worth it! Only the vast experience and competence of our finance team helped us to overcome these challenges and add them to our company's achievements.