Course work: Theoretical analysis of settlement legal relations. Concept, types and general characteristics of obligations to carry out non-cash payments Settlement legal relations non-cash payments forms of payment
71. Concept, subject and grounds for the occurrence of settlement
legal relations. Methods and forms of calculations. Procedure and terms
carrying out calculations.
Settlement legal relations
Legal regulation of non-cash payments: Ch. 45-46 of the Civil Code of the Russian Federation and the Regulations of the Central Bank of the Russian Federation “On non-cash payments in the Russian Federation”.
Calculations- This is one of the main types of banking operations and obligations. The basis for the emergence of settlement relations is the performance by the payer of actions aimed at making a payment to the recipient. In accordance with Art. 140 of the Civil Code of the Russian Federation, payments on the territory of the Russian Federation are made by cash and non-cash payments. Article 861 of the Civil Code of the Russian Federation determines that settlements between legal entities, as well as settlements with the participation of citizens related to their business activities, are made in cashless transactions. Settlements between these persons can also be made in cash, unless restrictions are established by law.
Settlement legal relations are a type of banking legal relationship that arises regarding settlements. The Civil Code of the Russian Federation determines the subjects of settlement legal relations, the conditions for concluding an account agreement, the rights, obligations and responsibilities of the parties, as well as forms of non-cash payments.
The participants in settlement legal relations are: payer – payer’s bank – recipient’s bank – recipient.
Item
The basis for the emergence of settlement relations is the payer performing actions aimed at making a payment to another person (recipient).
The reasons for making a payment may be different:
– payment for transferred property;
– payment for work performed, services provided;
– free transfer of funds, etc.
Banks carry out transactions on accounts based on settlement documents. The latter are presented in the form of a document on paper or, in certain cases, an electronic payment document:
– the payer’s order to write off funds from his account and transfer them to the recipient’s account;
– an order from the recipient of funds (collector) to write off funds from the payer’s account and transfer them to the account specified by the recipient of funds.
Methods and forms of calculations:
Calculations can be:
1) cash:
– settlements with the participation of citizens not related to their business activities;
– settlements between legal entities, as well as settlements with the participation of citizens related to their business activities, unless otherwise provided by law;
2) non-cash – settlements for civil transactions and other reasons using cash balances in bank accounts.
The form of non-cash payments is understood as a set of rules establishing the content of a specific payment document, document flow, as well as the method of payment. Such forms of non-cash payments include: letter of credit, check, through payment orders, collection payments.
letter of credit payment form
Letter of credit form of payment. When making payments under a letter of credit, the bank acting on behalf of the payer to open the letter of credit and in accordance with its instructions (issuing bank) undertakes to make payments to the recipient of funds or to pay, accept or honor a bill of exchange or to authorize another bank (executing bank) to make payments to the recipient funds or to pay, accept or honor a bill of exchange.
Banks can open the following types of letters of credit: covered (deposited); uncovered (guaranteed); revocable; irrevocable.
Covered (deposited) letters of credit are considered to be those, upon opening of which the issuing bank transfers the payer’s own funds or the loan provided to him at the disposal of the supplying bank (executing bank) to a separate bank account (“letters of credit”) for the entire duration of the issuing bank’s obligations.
Uncovered (guaranteed) letters of credit can be opened with the nominated bank by granting it the right to write off the entire amount of the letter of credit from the account of the issuing bank maintained by it. The condition for the use of uncovered letters of credit is the establishment of correspondent relations between banks and the enterprise’s request to issue such a letter of credit.
Each letter of credit must clearly indicate whether it is revocable or irrevocable. In the absence of such an indication, the letter of credit should be considered revocable. A revocable letter of credit can be changed or canceled by the issuing bank without prior agreement with the supplier (for example, in case of non-compliance with the conditions stipulated by the contract, early refusal of the issuing bank to guarantee payments under the letter of credit). An irrevocable letter of credit cannot be amended or canceled without the consent of the supplier in whose favor it is opened.
If this is provided for by the terms of the letter of credit, the supplier may refuse to use it early. Any letter of credit can be used for settlements with only one supplier.
The validity period and payment procedure for a letter of credit are established in the agreement between the payer and the supplier. This agreement must provide for a number of conditions, for example, an indication of the issuing bank, the type of letter of credit and the method of its execution, a complete list and precise characteristics of the documents submitted by the supplier to receive funds under the letter of credit.
To open a letter of credit, the payer must submit an application to the servicing bank (issuing bank) on an approved form.
Funds under a letter of credit can be received in the following order. The supplier, having shipped the goods, must submit a register of accounts, shipping and other documents provided for by the terms of the letter of credit to the servicing bank. When all conditions of the letter of credit are met, payment is made.
Check form of payment
Check form of payment. A check is a security containing an unconditional order from the drawer to the bank to pay the amount specified in it to the check holder. Only a bank where the drawer has funds that he has the right to dispose of by issuing checks can be indicated as the payer of a check. The issuance of a check in itself does not extinguish the monetary obligation in fulfillment of which it was issued.
Payment of the check is made at the expense of the drawer. In this case, the check presented for payment must contain the following details: 1) the name “check” included in the text of the document; 2) an order to the payer to pay a certain amount of money; 3) name of the payer and indication of the account from which the payment should be made; 4) indication of the payment currency; 5) indication of the date and place of drawing up the check; 6) signature of the person who wrote the check and the drawer. The absence of any of the specified details in the document (check) deprives it of the validity of the check.
It is important to keep in mind that the payer of a check is obliged to verify by all means available to him the authenticity of the check, as well as that the bearer of the check is the person authorized by it. There are numerous cases of counterfeit, stolen or lost checks being presented for payment. The law (Article 879 of the Civil Code of the Russian Federation) establishes that losses arising from the payment of such checks are borne by the payer or drawer, depending on whose fault they were caused.
A guarantee of payment on a check (aval i.e. guarantee) can be given by any person other than the payer. The aval is affixed on the front side of the check or on an additional sheet by writing “Count as aval” and indicating by whom and for whom it was given. If it is not indicated for whom it was given, then it is considered that the aval was given for the drawer of the check. The responsibility of the avalist is the same as that of the one for whom the aval was given.
Presentation of a check to the bank serving the drawer for collection to receive payment is considered presentation of the check for payment. The payer has the right to refuse to pay a check on the grounds specified in the law (Article 883 of the Civil Code of the Russian Federation). In the event of such a refusal, the check holder has the right, at his choice, to bring a claim against one, several or all persons obligated on the check (the drawer, avalists, endorsers), who are jointly and severally liable to him. Filing a claim against these persons is permitted within six months from the date of expiration of the deadline for presenting the check for payment.
Money orders
Money orders. A payment order is an order from the payer to the bank institution servicing him to transfer an amount from his account to the creditor's account at the bank institution. One of the important advantages of a payment order is the ability to pay with it both for goods and services, and for non-commodity transactions.
By agreement of the parties, payment orders can be urgent, early or deferred. Urgent payment is made in the following options: advance payment, i.e. before shipment of goods; after shipment of goods, i.e. by direct acceptance of the goods; partial payments for large transactions. Early and deferred payments can take place within the framework of contractual relations without prejudice to the financial position of the parties.
Payment orders are accepted by the bank if there are funds in the payers' accounts and are valid for 10 days from the date of issue.
Payments for collection
Payments for collection. This is a non-cash form of payment in which the client sends his bank (issuing bank) an order to carry out actions at the client’s expense to receive payment from the payer and (or) acceptance of payment. The issuing bank that has received a collection order has the right to attract another bank (executing bank) to carry it out.
Banking rules contain a detailed procedure for making collection payments.
Procedure and timing of settlements.
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Introduction
Chapter 1. Settlement legal relations.
1.1 Concept and principles of settlement legal relations;
1.2 Types of calculations.
Chapter 2. Legal relations based on cash payments.
2.1 Concept, procedure and limitations of cash payments;
2.2 Cash and its types
Chapter 3. Legal relations arising from non-cash payments
3.1 The concept of non-cash payments;
3.2 Types of non-cash payments:
3.2.1 Settlements using payment orders;
3.2.2 Settlements under a letter of credit;
3.2.2.1 Revocable letter of credit;
3.2.2.2 Irrevocable letter of credit;
3.2.3 Settlements for collection orders;
3.2.4 Settlements using settlement checks.
Conclusion
List of used literature
Introduction
settlement legal relationship monetary non-cash
Without “settlements” and payments, the existence of any economy or state is unthinkable. Even the Soviet (socialist) state and law could not refuse payments between organizations, because settlements (synonym - payments) are the basis of any monetary relationship.
Payments (settlements) have been used by citizens and corporations since ancient times, but the very concept of “settlements,” and even more so the development of its legal nature, appeared relatively recently.
In the pre-revolutionary Russian Empire, the definition of “calculations” (calculation) as such was not highlighted in legislation. Meanwhile, “calculation” was used by various researchers to characterize the “current account agreement”. At the same time, a current account agreement was defined as “an agreement between two persons on the mutual opening of a loan for transactions concluded with each other during an agreed time,” and the concept of settlement was used as a component of the agreement: “the settlement is expressed in a result called the balance (vol. XI, part .2, Statute of Trade Art. 680), which represents a debt obligation based on a contractual relationship for a certain period. It finally summarizes not only the amounts of obligations included in the current account, but also the interest accrued separately on each amount from the moment of its inclusion. The calculation itself is not intended to terminate, but only to simplify the current account, and therefore the balance is usually entered as the first item for the new period of the current account. The merging of capital and interest in this item does not prevent the new accrual of interest on the balance.”
The period of the Soviet state and law is characterized by the fact that all enterprises have state ownership; the single settlement center in the USSR since 1930 has been the State Bank of the USSR. Forms of non-cash payments were established by the credit reform of 1930-31 and subsequent legislation. The State Bank of the USSR issues rules and instructions on the procedure for settlements, mandatory for enterprises and organizations.
As modern researchers note, “the theory of settlement legal relations was generated by those that existed after the credit reform of 1930-1932. administrative-command methods of managing the economy and the special legal status of the bank, which was both a management body and an economic entity, which objectively required special legal regulation and the identification of independent settlement legal relations.”
In Soviet law, settlements were understood mainly as “payments between socialist organizations for inventory items, work performed and services rendered, made non-cash by bank debiting funds from the accounts of payers on their instructions and crediting them to the accounts of recipients of funds (except for small amounts, settlements for which they are made in cash), as well as by offsetting mutual claims.”
Article. 391 Civil Code of the RSFSR 1964 established that payments for obligations between state organizations, collective farms and other cooperative and public organizations are made by non-cash payments through credit institutions in which these organizations, in accordance with the law, store their funds. This article and the chapter regulating payments lost legal force with the adoption of the Decree of the Presidium of the Supreme Soviet of the RSFSR of February 24, 1987.
With the change in economic course and the beginning of reforms, the Rules for Non-cash Payments in the National Economy dated September 30, 1987 were introduced. No. 2. The rules regulated relations regarding settlements in the order of offsetting counterclaims and settlements in the order of scheduled payments.
In modern Ukraine, monetary payments carried out by enterprises and organizations, regardless of the organizational and legal form and type of activity, can be made both in cash and by bank transfer. Taken together, these cash payments form the cash turnover of enterprises.
In the monetary turnover of enterprises, the following areas can be distinguished:
1. calculations related to the production process (purchase of raw materials, materials, fixed assets);
2. calculations based on the results of activities (financial obligations of the enterprise to the budget, centralized funds for special purposes, credit institutions);
3. intra-farm settlements (these are settlements with workers and employees when creating and using various monetary funds).
These directions in money circulation are different both in economic content and in the technique of their implementation, types and methods of financial control over their implementation. However, taken together, their implementation contributes to the continuous movement of material assets in the process of production and sales of products.
The goals of this course work are the very disclosure of the concept, content and essence of calculations. Comparison of settlements in cash and non-cash payments among themselves, as two aggregated components of all settlement legal relations, as two interrelated and equally necessary institutions for the entire financial system of Ukraine.
CHAPTER 1. Settlement legal relations
1.1 Concept and principles of settlement legal relations
The activities of commercial banks in making payments and settlements in the national economy determine their decisive role in the organization of money circulation. A relationship in which one party makes payments to the other through financial institutions is called a settlement relationship. However, settlement relationships can also arise in the absence of such an entity as a financial institution. This applies to relationships based on cash payments. But cash payments, as well as non-cash payments, are strictly regulated by civil and financial law.
Settlement legal relations are those legal relations that arise between the subjects of settlement relations in the process of making payments for transferred property (work performed, services rendered) or for other reasons in cash or non-cash form.
1) all enterprises and organizations are obliged to keep their funds - both their own and loans - in accounts at bank institutions, with the exception of cash balances in their cash desks within the limit established by the bank;
2) settlements between enterprises and organizations are carried out, as a rule, non-cash through banks;
3) non-cash payments are carried out using valid payment forms;
4) business entities have the right to freely choose the conditions for the previous payment for goods (work, services), except for cases established by law;
5) payments are made at the expense of the payer or at the expense of a bank loan;
6) funds are written off from clients’ accounts only at their order, or with their consent;
7) when conducting settlement operations, banks control the compliance of enterprises and organizations with settlement and contractual discipline. Banks apply appropriate sanctions to business entities that violate payment rules.
In the relationships that arise between banking institutions and account holders during settlements, as a rule, three entities take part if the transfer of funds is carried out at the intrabank level: the payer, the recipient, the bank. And also four entities, if the transfer of funds is carried out at the interbank level: the payer, the payer's bank, the recipient and the executing bank (the recipient's bank). It is worth noting that there can be two subjects of settlement relations (payer and recipient), in cases of cash payments. For example, when making payments between a seller and a buyer.
The parties to settlement legal relations are obliged to adhere to
Law and contractual terms.
The procedure for making payments is regulated by law. This means that the parties in settlement relationships must strictly comply with the established requirements. However, in accordance with the requirements of the law, a necessary legal fact for the emergence of settlement legal relations is an agreement for settlement and cash services. And again, it is very important to note that this agreement can be concluded between the bank and the payer of the funds orally. For example, if the payer contacted the bank with a request to transfer funds to the recipient, without having an account with this bank. Then the request (instruction) to transfer funds should be considered as an offer. The acceptance of such an order for execution should be considered as acceptance, that is, the bank’s consent to conclude an agreement with the client on a bank transfer, which in turn, as mentioned above, can also be concluded orally. This agreement, concluded orally, can be confirmed by relevant settlement documents.
Payments on the territory of the Russian Federation are made by cash and non-cash payments (Article 140 of the Civil Code of the Russian Federation). The Civil Code of the Russian Federation (Article 862) establishes the following forms of non-cash payments: using payment orders (demands), checks, letters of credit, collection payments, as well as payments in other forms provided for by law, banking rules established in accordance with it and applied in banking practice.
The procedure for making non-cash payments. The Bank of Russia establishes rules, forms, terms and standards for non-cash payments (Article 80 of the Federal Law on the Central Bank). The Central Bank of the Russian Federation, in accordance with the Civil Code of the Russian Federation, has developed:
1) Regulations of the Central Bank of the Russian Federation dated 03.10.02. No. 2-P “On non-cash payments in the Russian Federation”;
2) Regulations of the Central Bank of the Russian Federation dated April 1, 2003. No. 222-P “On the procedure for making non-cash payments by individuals in the Russian Federation”
regulating the implementation of non-cash payments in the currency of the Russian Federation and on its territory in the forms provided for by law.
The Regulations determine the formats, procedure for filling out and processing the settlement documents used, and also establishes the rules for conducting settlement transactions on correspondent accounts (sub-accounts) of credit institutions (branches), including those opened with the Bank of Russia, and inter-branch settlement accounts.
Non-cash payments in accordance with the Regulations and the Civil Code of the Russian Federation are carried out through credit organizations (branches) and/or Bank of Russia on accounts (Article 861 of the Civil Code of the Russian Federation) opened on the basis of a bank account agreement or a correspondent account (sub-account) agreement, unless otherwise established by law and not stipulated by the form of payment used.
Settlement transactions for transferring funds through credit institutions (branches) can be carried out using:
1) correspondent accounts (sub-accounts) opened with the Bank of Russia;
2) correspondent accounts opened with other credit institutions;
3) accounts of settlement participants opened with non-bank credit institutions carrying out settlement operations;
4) inter-branch settlement accounts opened within one credit institution.
Funds are written off from an account by order of its owner or without the order of the account owner in cases provided for by law and/or an agreement between the bank and the client.
Debiting funds from the account is carried out on the basis of settlement documents drawn up in accordance with the requirements of the specified Regulations, within the limits of funds available in the account, unless otherwise provided in agreements concluded between the Bank of Russia or credit institutions and their clients.
The total period for making payments by non-cash payments should not exceed two business days if the specified payment is made within the territory of a constituent entity of the Russian Federation, and five business days if the specified payment is made within the territory of the Russian Federation (Article 60 of the Federal Law “On the Central Bank”).
The procedure for registration, acceptance, processing of electronic payment documents and carrying out settlement transactions using them is regulated by separate regulations of the Bank of Russia (except for cases specified in the Regulations on non-cash payments) and agreements concluded between the Bank of Russia or credit institutions and their clients that determine the exchange procedure electronic documents using information security tools.
If there are insufficient funds in the account to satisfy all requirements presented to it, funds are written off as they are received in the order established by law (Article 855 of the Civil Code of the Russian Federation).
Restriction of the account owner's rights to dispose of the funds on it is not permitted, except in cases provided for by law.
This Regulation applies to the following forms of non-cash payments: settlements by payment orders; settlements under a letter of credit; payments by checks; collection settlements.
Forms of non-cash payments are used by clients of credit institutions (branches), institutions and divisions of the Bank of Russia settlement network, as well as by the banks themselves.
Forms of non-cash payments are chosen by bank clients independently and are provided for in agreements concluded by them with their counterparties.
Within the framework of non-cash payment forms, payers and recipients of funds (collectors), as well as banks and correspondent banks servicing them, are considered as participants in settlements.
Banks do not interfere in the contractual relations of clients. Mutual claims regarding settlements between the payer and the recipient of funds, except those arising through the fault of banks, are resolved in the manner prescribed by law without the participation of banks.
Payment order represents an order of the account owner (payer) to the bank servicing him, documented in a settlement document, to transfer a certain amount of money to the recipient’s account opened in this or another bank. The scheme of settlements by payment orders is as follows: 1 - contract for the supply of goods (performance of work, provision of services); 2 - supply of goods, performance of work, provision of services (sending an invoice); 3 - payment order of the buyer-payer; 4 - debiting funds from the payer’s current account; 5 - credit memo on the transfer of funds; 6 - an extract from the payer’s current account about the debit of the amount; 7 - an extract from the recipient’s current account indicating the receipt of funds.
Payment orders can be made:
1) transfer of funds for goods supplied, work performed, services rendered;
2) transfers of funds to budgets of all levels and to extra-budgetary funds;
3) transfer of funds for the purpose of returning or placing credits (loans)/deposits and paying interest on them;
4) transfer of funds for other purposes provided for by law or agreement.
In accordance with the terms of the main agreement, payment orders can be used for advance payment of goods, work, services or for making periodic payments.
Flaws settlements by payment orders are the absence of guarantees of timely payment, and dignity- in the simplicity of document flow, the possibility of preliminary checking the quality of goods, simple calculation techniques, which speeds up the turnover of working capital.
Payment request is a settlement document containing the claim of the creditor (recipient of funds) under the main agreement to the debtor (payer) for the payment of a certain amount of money through the bank.
Payment requirements are applied when making payments for goods supplied, work performed, services rendered, as well as in other cases provided for by the main agreement.
Settlements through payment requests can be carried out with prior acceptance and without the payer’s acceptance.
Without the payer's acceptance, settlements with payment requests are carried out in the following cases:
1) established by law;
2) provided for by the parties to the main agreement, subject to the provision of the bank servicing the payer with the right to write off funds from the payer’s account without his order.
The payment request is drawn up on a special form.
Check form of payment. As stated in Art. 877 Civil Code of the Russian Federation, check- this is a security containing an unconditional order from the drawer to the bank to pay the amount specified in it to the bearer of the check (check holder). In this case, the drawer of the check is considered to be a legal or natural person who has money in the bank, which he has the right to dispose of in this way, and the holder of the check is a legal or natural person claiming to receive money from the check (the person in whose favor the drawer issued the check). The bank in which the drawer's money is deposited is the payer. The latter pays the check at the expense of the corresponding funds of the drawer. The check payment scheme is as follows: 1 - application from the drawer to receive a checkbook; 2 - payment order of the drawer for deposit of funds; 3 - deposit of funds; 4 - issuance of a checkbook; 5 - shipment of goods (performance of work, provision of services); 6 - transfer of check V And on payment; 7 - transfer of funds to the check holder.
The procedure and conditions for the use of checks in payment transactions are regulated by the Civil Code of the Russian Federation, and in the part not regulated by it, by other laws and banking rules established in accordance with them.
The check has a row disadvantages:
1) the account of the person who issued the check may not contain the required amount, and the check will be returned unpaid;
2) the person may not have an account at all, or the check may be filled out incorrectly, or the signature may not match, then the bank returns the check with the appropriate marks.
At the same time, checks also have positive sides, they are convenient for paying for purchases, they are readily accepted in stores, especially when the store owner knows the buyer’s address, and also if the paying client and the payment recipient have a long-term relationship. Traveler's checks allow large sums of money to be transported across borders without hindrance, and the amount of traveler's checks must be indicated in the customs declaration.
The procedure and conditions for the use of checks in payment transactions are regulated by the Civil Code of the Russian Federation, and in the part not regulated by it, by other laws and banking rules established in accordance with them.
Settlements under a letter of credit.Letter of Credit- a form of settlement in which the bank, acting on behalf of the payer to open a letter of credit and in accordance with its instructions (issuing bank), undertakes to pay the recipient of the funds or authorize another bank (executing bank) to pay the recipient of the funds, subject to the submission of documents required by them letter of credit, and subject to other conditions of the letter of credit.
The following types of letters of credit can be opened:
1) According to the presence of coverage:
a) covered (deposited) letter of credit - when it is opened, the issuing bank is obliged to transfer the amount of the letter of credit (covering) at the expense of the payer or at the expense of the loan provided to him at the disposal of the executing bank for the entire duration of the issuing bank’s obligation;
b) uncovered (guaranteed) letter of credit - when it is opened, the executing bank is given the right to write off the entire amount of the letter of credit from the account of the issuing bank maintained by it (if there are correspondent relations);
2) If possible cancellation:
a) irrevocable letter of credit - it cannot be canceled without the consent of the recipient of the funds;
b) revocable letter of credit - it can be changed or canceled by the issuing bank without prior notice to the recipient of the funds.
Issuance of letters of credit. Each letter of credit must indicate whether it is revocable or irrevocable. In the absence of such an indication, the letter of credit is considered revocable.
A letter of credit can be intended for settlements with only one recipient of funds. The payment scheme for a letter of credit is as follows: 1 - transaction agreement (between the payer and the recipient of funds); 2 - payer’s application for a letter of credit; 3 - bank order to open an uncovered letter of credit; 4 - opening a letter of credit (depositing funds); 5 - notification to the recipient about the opening of a letter of credit; 6 - fulfillment of the subject of the contract (shipment of goods, performance of work, provision of services); 7 - transfer by the recipient of a package of documents with confirmation (advice); 8 - crediting money to the settlement account of the supplier-receiver; 9 - settlements between banks; 10 - reimbursement of bank expenses.
Payments for collection. Payments for collection represent a banking operation through which the bank (hereinafter referred to as the issuing bank), on behalf and at the expense of the client, on the basis of payment documents, acts to receive payment from the payer. To carry out collection settlements, the issuing bank has the right to involve other banks (hereinafter referred to as the executing bank) (Article 874 of the Civil Code of the Russian Federation).
Payments for collection are carried out on the basis of payment requests, which can be paid by order of the payer (with acceptance) or without his order (without acceptance), and collection orders, paid without the order of the payer (without dispute).
Payment requests and collection orders are submitted by the recipient of funds (collector) to the payer's account through the bank serving the recipient of funds (collector).
Collection order is a settlement document on the basis of which funds are written off from payers’ accounts in an indisputable manner (Article 847 of the Civil Code of the Russian Federation).
Under settlement legal relations refers to social relations regulated by legal norms regarding settlements between organizations and individuals in
in the process of economic and related non-economic activities, as well as between them and the state in the process of fulfilling financial obligations.
Features of settlements between various participants in settlement legal relations are as follows:
settlements involving citizens, NotrelatedWithimplementationthey are entrepreneurialactivities, can be made in cash without limiting the amount or by bank transfer;
calculations betweenlegalpersons as well as settlements involving citizens, relatedWithimplementationthementrepreneurialactivities, are made by bank transfer;
Settlements between the persons specified in the previous paragraph can also be made in cash, unless otherwise provided by law. Cashless settlements are made through banks and other credit organizations in which the corresponding accounts are opened, unless otherwise follows from the law and is not stipulated by the form of payment used.
The basis for the emergence of settlement relations is the payer’s performance of actions aimed at making a payment to another person (recipient). The grounds for making a payment may be different: payment for transferred property, work performed, services rendered; free transfer of funds, etc.
Taking into account that the main distinguishing feature of non-cash settlement legal relations is the participation in them as subjects of third parties - banks and other credit organizations, a number of principles of legal regulation of non-cash payments can be identified:
1) non-cash payments are carried out by the parties to a civil liability through banks from settlement, current and other accounts opened by them, the terms of which allow payments to be made by order of the client;
2) participants in settlements can choose in the agreement any form of settlement provided for by law and established banking rules and business customs applied in banking practice. Banks do not have the right to refuse clients to carry out transactions specified by law for accounts of this type, banking rules established in accordance with it, or business customs, unless otherwise provided by the bank account agreement;
3) in settlement civil law relations, funds are written off from accounts by order of the account owner, except for cases provided for by current legislation or an agreement between the bank and the client. The will of the account owner can be expressed either in the form of a direct instruction to the bank to transfer funds, or in the form of written consent to payment upon request made by a third party;
4) the bank does not have the right to determine and control the direction of use of funds in the client’s account and to establish restrictions on its right to dispose of funds at its own discretion not provided for by legislative acts or agreement;
5) a bank participating in settlements under a civil obligation of counterparties does not itself become a party to this obligation. He is a party to the bank account agreement and is only responsible to his client for its execution;
6) it is not permitted to restrict the client’s rights to dispose of funds on the account, with the exception of seizing funds on the account or suspending operations on the account in cases provided for by law;
7) payments from accounts are made if there are funds in the payer’s accounts or through a bank loan provided to the payer;
8) non-cash payments are made on the basis of documents in the established form.
Banks carry out transactions on accounts based on settlement documents. The latter are presented in the form of a document on paper or, in established cases, an electronic payment document (clause 2.2 of the Central Bank Regulations No. 2-P):
An order from the payer (client or bank) to write off funds from his account and transfer them to the account of the recipient of the funds;
An order from the recipient of funds (collector) to write off funds from the payer’s account and transfer them to the account specified by the recipient of funds (collector).
At the same time, the legislator identifies the following forms of settlement documents:
a) payment orders;
b) letters of credit;
d) payment requirements;
e) collection orders.
In accordance with the requirements of the Central Bank Regulation No. 2-P, settlement documents on paper are drawn up on document forms included in the All-Russian Classifier of Management Documentation OK 011-93 (class “Unified System of Banking Documentation”).
Payment documents on paper are filled out using typewriters or electronic computers in black font, with the exception of checks, which are filled out with pens with paste, black, blue or purple ink (checks can be filled out on a typewriter in black font). Signatures on payment documents are affixed with a pen with paste or black, blue or purple ink. The seal impression and the bank stamp imprinted on payment documents must be clear (clause 2.8 of the Central Bank Regulations No. 2-P).
Payment documents must contain the following details (taking into account the specifics of the forms and the procedure for making non-cash payments):
a) name of the settlement document and form code according to OKUD OK 011-93;
b) the number of the payment document, the day, month and year of its issue;
c) type of payment;
d) name of the payer, his account number, taxpayer identification number (TIN);
e) name and location of the payer's bank, its bank identification code (BIC), correspondent account or sub-account number;
f) name of the recipient of funds, his account number, taxpayer identification number (TIN);
g) name and location of the recipient's bank, its bank identification code (BIC), correspondent account or sub-account number;
h) purpose of payment. The tax to be paid is highlighted in the payment document as a separate line (otherwise there must be an indication that the tax is not paid);
i) the amount of payment indicated in words and figures;
j) order of payment;
k) type of transaction in accordance with the rules of accounting in the Bank of Russia and credit institutions located on the territory of the Russian Federation;
l) signatures (signature) of authorized persons (persons) and seal impression (in established cases).
Payment documents executed in violation of established requirements will not be accepted.
The form of payment refers to the terms of non-cash payments provided for by legal forms, which differ in the method of crediting funds to the creditor’s account, the type of payment document and the procedure for document flow.
When making non-cash payments, the following payments are allowed.
1. Payment orders - the bank undertakes, on behalf of the payer, at the expense of the funds in his account, to transfer a certain amount of money to the account of the person specified by the payer in this or another bank within the period provided for by law or established in accordance with it, if a shorter period is not provided for in the bank account agreement or is not determined by business customs used in banking practice.
The payer's order is executed by the bank if there are funds in the payer's account, unless otherwise provided by the agreement between the payer and the bank. The bank that has accepted the payer's payment order is obliged to transfer the corresponding amount of money to the recipient's bank for crediting it to the account of the person specified in the order within the prescribed period.
2. Under a letter of credit - a bank, acting on behalf of the payer to open a letter of credit and in accordance with its instructions, undertakes to make payments to the guarantor of funds or pay, accept or honor a bill of exchange or authorize another bank to make payments to the recipient of funds or pay, accept or honor a bill of exchange bill of exchange
The following types of letters of credit can be used for settlements:
a) covered (deposited) - the issuing bank, when opening it, is obliged to transfer the amount of the letter of credit (covering) at the expense of the payer or the loan provided to him at the disposal of the executing bank for the entire duration of the issuing bank’s obligation;
b) uncovered (guaranteed) – the executing bank is given the right to write off the entire amount of the letter of credit from the account of the issuing bank maintained by it;
c) revocable - a letter of credit that can be changed or canceled by the issuing bank without prior notice to the recipient of the funds. Revocation of a letter of credit does not create any obligations of the issuing bank to the recipient of funds;
d) irrevocable - a letter of credit that cannot be canceled without the consent of the recipient of the funds.
The issuing bank is responsible for violation of the terms of the letter of credit to the payer, and the executing bank is responsible to the issuing bank.
3. Checks - a check is a security containing an unconditional order from the drawer to the bank to pay the amount specified in it to the check holder. Only a bank where the drawer has funds that he has the right to dispose of by issuing checks can be indicated as the payer of a check. The check must contain the necessary details. The check is paid at the expense of the drawer, subject to its presentation for payment within the period established by law.
4. Settlements for collection - the bank (issuing bank) undertakes, on behalf of clients, to carry out actions at the client’s expense to receive payment from the payer and (or) acceptance of payment.
5. Payments in other forms provided for by law, banking rules established in accordance with it and business customs applied in banking practice.
Introduction
Chapter 1. Settlement legal relations.
1.1 Concept and principles of settlement legal relations;
1.2 Types of calculations.
Chapter 2. Legal relations based on cash payments.
2.1 Concept, procedure and limitations of cash payments;
2.2 Cash and its types
Chapter 3. Legal relations arising from non-cash payments
3.1 The concept of non-cash payments;
3.2 Types of non-cash payments:
3.2.1 Settlements using payment orders;
3.2.2 Settlements under a letter of credit;
3.2.2.1 Revocable letter of credit;
3.2.2.2 Irrevocable letter of credit;
3.2.3 Settlements for collection orders;
3.2.4 Settlements using settlement checks.
Conclusion
List of used literature
Introduction
settlement legal relationship monetary non-cash
Without “settlements” and payments, the existence of any economy or state is unthinkable. Even the Soviet (socialist) state and law could not refuse payments between organizations, because settlements (synonym - payments) are the basis of any monetary relationship.
Payments (settlements) have been used by citizens and corporations since ancient times, but the very concept of “settlements,” and even more so the development of its legal nature, appeared relatively recently.
In the pre-revolutionary Russian Empire, the definition of “calculations” (calculation) as such was not highlighted in legislation. Meanwhile, “calculation” was used by various researchers to characterize the “current account agreement”. At the same time, a current account agreement was defined as “an agreement between two persons on the mutual opening of a loan for transactions concluded with each other during an agreed time,” and the concept of settlement was used as a component of the agreement: “the settlement is expressed in a result called the balance (vol. XI, part .2, Statute of Trade Art. 680), which represents a debt obligation based on a contractual relationship for a certain period. It finally summarizes not only the amounts of obligations included in the current account, but also the interest accrued separately on each amount from the moment of its inclusion. The calculation itself is not intended to terminate, but only to simplify the current account, and therefore the balance is usually entered as the first item for the new period of the current account. The merging of capital and interest in this item does not prevent the new accrual of interest on the balance.”
The period of the Soviet state and law is characterized by the fact that all enterprises have state ownership; the single settlement center in the USSR since 1930 has been the State Bank of the USSR. Forms of non-cash payments were established by the credit reform of 1930-31 and subsequent legislation. The State Bank of the USSR issues rules and instructions on the procedure for settlements, mandatory for enterprises and organizations.
As modern researchers note, “the theory of settlement legal relations was generated by those that existed after the credit reform of 1930-1932. administrative-command methods of managing the economy and the special legal status of the bank, which was both a management body and an economic entity, which objectively required special legal regulation and the identification of independent settlement legal relations.”
In Soviet law, settlements were understood mainly as “payments between socialist organizations for inventory items, work performed and services rendered, made non-cash by bank debiting funds from the accounts of payers on their instructions and crediting them to the accounts of recipients of funds (except for small amounts, settlements for which they are made in cash), as well as by offsetting mutual claims.”
Article. 391 Civil Code of the RSFSR 1964 established that payments for obligations between state organizations, collective farms and other cooperative and public organizations are made by non-cash payments through credit institutions in which these organizations, in accordance with the law, store their funds. This article and the chapter regulating payments lost legal force with the adoption of the Decree of the Presidium of the Supreme Soviet of the RSFSR of February 24, 1987.
With the change in economic course and the beginning of reforms, the Rules for Non-cash Payments in the National Economy dated September 30, 1987 were introduced. No. 2. The rules regulated relations regarding settlements in the order of offsetting counterclaims and settlements in the order of scheduled payments.
In modern Ukraine, monetary payments carried out by enterprises and organizations, regardless of the organizational and legal form and type of activity, can be made both in cash and by bank transfer. Taken together, these cash payments form the cash turnover of enterprises.
In the monetary turnover of enterprises, the following areas can be distinguished:
1. calculations related to the production process (purchase of raw materials, materials, fixed assets);
2. calculations based on the results of activities (financial obligations of the enterprise to the budget, centralized funds for special purposes, credit institutions);
3. intra-farm settlements (these are settlements with workers and employees when creating and using various monetary funds).
These directions in money circulation are different both in economic content and in the technique of their implementation, types and methods of financial control over their implementation. However, taken together, their implementation contributes to the continuous movement of material assets in the process of production and sales of products.
The goals of this course work are the very disclosure of the concept, content and essence of calculations. Comparison of settlements in cash and non-cash payments among themselves, as two aggregated components of all settlement legal relations, as two interrelated and equally necessary institutions for the entire financial system of Ukraine.
CHAPTER 1. Settlement legal relations
1.1 Concept and principles of settlement legal relations
The activities of commercial banks in making payments and settlements in the national economy determine their decisive role in the organization of money circulation. A relationship in which one party makes payments to the other through financial institutions is called a settlement relationship. However, settlement relationships can also arise in the absence of such an entity as a financial institution. This applies to relationships based on cash payments. But cash payments, as well as non-cash payments, are strictly regulated by civil and financial law.
Settlement legal relations are those legal relations that arise between the subjects of settlement relations in the process of making payments for transferred property (work performed, services rendered) or for other reasons in cash or non-cash form.
1) all enterprises and organizations are obliged to keep their funds - both their own and loans - in accounts at bank institutions, with the exception of cash balances in their cash desks within the limit established by the bank;
2) settlements between enterprises and organizations are carried out, as a rule, non-cash through banks;
3) non-cash payments are carried out using valid payment forms;
4) business entities have the right to freely choose the conditions for the previous payment for goods (work, services), except for cases established by law;
5) payments are made at the expense of the payer or at the expense of a bank loan;
6) funds are written off from clients’ accounts only at their order, or with their consent;
7) when conducting settlement operations, banks control the compliance of enterprises and organizations with settlement and contractual discipline. Banks apply appropriate sanctions to business entities that violate payment rules.
In the relationships that arise between banking institutions and account holders during settlements, as a rule, three entities take part if the transfer of funds is carried out at the intrabank level: the payer, the recipient, the bank. And also four entities, if the transfer of funds is carried out at the interbank level: the payer, the payer's bank, the recipient and the executing bank (the recipient's bank). It is worth noting that there can be two subjects of settlement relations (payer and recipient), in cases of cash payments. For example, when making payments between a seller and a buyer.
The parties to settlement legal relations are obliged to adhere to
Law and contractual terms.
The procedure for making payments is regulated by law. This means that the parties in settlement relationships must strictly comply with the established requirements. However, in accordance with the requirements of the law, a necessary legal fact for the emergence of settlement legal relations is an agreement for settlement and cash services. And again, it is very important to note that this agreement can be concluded between the bank and the payer of the funds orally. For example, if the payer contacted the bank with a request to transfer funds to the recipient, without having an account with this bank. Then the request (instruction) to transfer funds should be considered as an offer. The acceptance of such an order for execution should be considered as acceptance, that is, the bank’s consent to conclude an agreement with the client on a bank transfer, which in turn, as mentioned above, can also be concluded orally. This agreement, concluded orally, can be confirmed by relevant settlement documents.
Please note that a necessary condition for non-cash payments is an open deposit account in a bank in the name of at least the recipient of the funds.
In banking, there is a phenomenon when the same payment contains both a cash and non-cash nature. For example, when the payer makes a payment to the recipient's account in cash. Then, the payment made by the payer is in cash, and the recipient receives this payment in non-cash form, and, thus, for the recipient of the funds the payment is non-cash in nature, and for the payer of the funds it is cash.
Contractual relations and relations between the payer and the recipient of funds who enter into contracts for the sale of products, provision of services or performance of work, when
conducting settlement transactions, as well as relations regarding the opening of accounts in a credit institution, are regulated by civil law. Relations that arise as a result of the activities of financial institutions, the regulation of the rights and obligations of the account owner and the bank are regulated by financial and legal norms.
In order to improve the organization of settlement and cash services for the national economy by commercial banks, the resolution of the NBU Board approved the Rules for the organization of settlement and cash services by commercial banks to clients and the relationship on this issue between the territorial administration of the NBU and commercial banks in national currency. An agreement for settlement and cash services is concluded between a commercial bank and a client, which provides for a set of mutual rights and obligations of the bank and client regarding the use of funds and banking services.
In addition, the procedure for conducting settlement transactions is regulated by the “Instructions on Non-Cash Payments”.
1.2 Types of settlements
Settlement legal relations can be divided into two aggregated groups:
1) cash payments;
2) non-cash payments.
Cash payments– these are cash payments by enterprises, entrepreneurs and individuals for products sold (goods, work performed, services provided) and for transactions that are not directly related to the sale of products (goods, work, services) and other property.
Cashless payments- this is the transfer of certain amounts of funds from the accounts of payers to the accounts of recipients of funds, as well as the transfer by banks, on behalf of enterprises and individuals, of funds deposited in cash at the bank's cash desk to the accounts of recipients of funds. These calculations are carried out by the bank on the basis of settlement documents on paper or electronically.
The Civil Code contains a list of the most common forms of payment. These include payments: by payment orders; letters of credit; by collection; checks.
However, other forms of payment are permitted as provided by law, banking rules and business customs. Based on the principles of the will of the contract and the autonomy of the will, the parties have the right to choose each of the indicated forms of settlement.
Since the competence of the NBU includes the establishment of rules and forms of non-cash payments, along with the norms of the Civil Code, which provide for forms of non-cash payments, to the extent that does not contradict the Civil Code, the Instruction on non-cash payments in Ukraine in national currency is in force. Thus, the instruction establishes the rules for the use of payment instruments in settlement transactions in the form of: memorial order; payment order; payment request-order; payment request; settlement check; letter of credit
We present the types of settlement legal relations in diagram No. 1:
|
The use of bills of exchange and special means of payment, in particular payment cards (including corporate cards), is regulated by the legislation of Ukraine, including regulations of the National Bank of Ukraine.
Bank clients independently select payment instruments (with the exception of a memorial order) for making payments and indicate them when drawing up agreements for settlement and cash services.
The form of settlement depends on the status of the subjects of the settlement relationship and the grounds on which the payment is made.
Non-cash payments are carried out through banks in which legal entities and individuals have accounts.
Settlements between legal entities, as well as payments between individual entrepreneurs, are carried out, as a rule, by bank transfer. Payments by these persons in cash are strictly regulated by banking regulations.
Payments with the participation of citizens not related to business activities can be made in cash without limiting the amount or by bank transfer.
Chapter 2. Legal relations based on cash payments
2.1 Concept of cash payments
One of the types of settlement legal relations are legal relations based on cash settlements.
Cash payments must be understood as cash payments by enterprises (entrepreneurs) and individual entrepreneurs for products sold (goods, work performed, services provided), as well as for transactions that are not directly related to the sale of products (goods, work, services) and other property.
As you can see, cash payments include payments not only for sold products (goods, works, services), but also payments for non-sales transactions.
Non-operating income and expenses include income from operations not directly related to the sale of products (goods, works, services) and other property (including fixed assets, intangible assets, products of auxiliary and service production), including repayment of accounts receivable, debt on loans, gratuitously received funds, compensation for material damage, contributions to the authorized capital, payments for leased (rented) property, royalties, income (interest) from the ownership of corporate rights, return of unused accountable amounts and other income.
Cash settlements of enterprises among themselves, with entrepreneurs and individuals are carried out both at the expense of funds received from bank cash desks and at the expense of cash proceeds and are carried out through the cash desk of enterprises with the maintenance of a cash book of the established form, as well as with the mandatory execution of cash documents (cash orders ).
The procedure for accepting and issuing cash, processing cash documents, maintaining a cash book and storing money is determined by the Regulations on conducting cash transactions in national currency in Ukraine, approved by Resolution of the Board of the National Bank of Ukraine dated December 15, 2004 No. 637.
Enterprises are required to keep their funds in current accounts at bank institutions. At the same time, they are allowed to keep a small amount of cash needed for current expenses in their cash registers. Limits on the cash balance at the cash desk at the end of the day are set for each enterprise independently.
However, as mentioned above, there are also restrictions for enterprises and individual entrepreneurs regarding cash payments. Thus, the National Bank of Ukraine has established restrictions regarding the amount of cash settlement between one enterprise (entrepreneur) and another enterprise (entrepreneur) through their cash desks or through the cash desks of bank institutions. The amount of such settlements should not exceed 10 thousand UAH. Within one day according to one or more payment documents. Payments in excess of the established limit amount are made exclusively by bank transfer. The number of companies with which settlements are carried out throughout the day is not limited.
These restrictions also apply to cash payments between enterprises (entrepreneurs) in payment for goods purchased for production (household) needs using funds received from corporate cards.
Corporate card- a payment card issued in the name of the client’s authorized representative - a legal entity or entrepreneur.
These restrictions do not apply to:
a) settlements of enterprises (entrepreneurs) with individuals, budgets and state trust funds;
b) voluntary donations and charitable assistance;
c) payments by enterprises (entrepreneurs) for the electricity they consumed;
d) use of funds issued for a business trip;
The established restrictions on cash payments also do not apply to payments between enterprises (entrepreneurs) when purchasing agricultural products (the list of which is provided by the Law of Ukraine “On State Support of Agriculture of Ukraine”).
As for individuals (not entrepreneurs), they can pay for products sold (goods, work performed, services provided) and for transactions that are not directly related to the sale of products (goods, work, services) and other property in cash. without any restrictions.
2.2 Cash
Cash- these are national banknotes - banknotes and coins that are valid means of payment.
In accordance with clause 2.13 of Regulation No. 637, enterprises (entrepreneurs) that carry out cash payments with consumers are required to accept banknotes and coins (including circulating, commemorative, anniversary coins) as payment for products (goods, works, services) without restrictions , worn-out banknotes and coins) of all denominations that the NBU issues for circulation and which are valid means of payment and do not raise doubts about their authenticity and payability.
In order to determine the payability of banknotes and coins when accepting and issuing them for all types of cash payments, for transfers, crediting to accounts, deposits, letters of credit, cash transactions, exchange, etc., the NBU approved Rules No. 547 .
In accordance with clause 1.2 of Rules No. 547, banknotes and coins in circulation manufactured by order of the NBU, depending on their appearance as a result of wear, can be payment or non-payment.
Payment notes are genuine banknotes (coins), which, according to the criteria established by the National Bank, can be used for settlement of all types of cash transactions or accepted by the bank for exchange and other banking transactions. Depending on the degree of wear or damage, payment banknotes (coins) are divided into suitable and unsuitable for circulation.
Banknotes (coins) suitable for circulation are payment banknotes (coins) that do not have signs of wear, damage or defects as determined by the National Bank. Such means of payment include banknotes (coins) that, in terms of design and anti-counterfeiting elements, fully correspond to the samples and descriptions given in official reports of the National Bank, and during circulation have not acquired signs of wear or damage. However, coins may show minor signs of corrosion and darkening. Banknotes and coins suitable for circulation can be issued by banks to individuals and legal entities; they are required to be accepted without any restrictions by individuals and legal entities for all types of cash payments, transfers, and by banks, in addition, for crediting to accounts, deposits, letters of credit and etc. (clause 2.2 of Rules No. 547).
According to the degree of wear, damage and presence of defects, banknotes (coins) unsuitable for circulation are divided into:
Worn banknotes and coins;
Significantly worn banknotes;
Banknotes and coins with manufacturer's defects.
Signs of wear, damage and defects on listed banknotes and coins.
Signs of wear, damage and defects of the listed banknotes and coins are defined in paragraphs. 2.4 - 2.6 of Rules No. 547. We present them in table No. 1:
Table No. 1
| Types of unsuitable | Signs of wear, damage and defects | Note |
Worn banknotes |
Banknotes showing one or more signs of wear or damage, namely: Tears or cuts each longer than |
Worn banknotes and coins, if they do not have signs of counterfeiting, must be accepted without restrictions by individuals and legal entities for all types of cash payments, for transfers, etc. Banks are required to accept such banknotes and coins along with the proceeds of enterprises, institutions and organizations without restrictions , as well as from individuals and legal entities for all types of cash payments, for crediting to accounts, deposits, letters of credit and exchange for banknotes and coins suitable for circulation |
Worn Coins |
Coins with signs of chemical exposure, resulting in a change in color, or mechanical damage (distorted design elements), provided that they do not have breaks, cuts or holes, are not deformed and have retained their weight, the image of the small State Emblem of Ukraine, the denomination, the name of the unit of exchange and relief or text on the edge, if it should be according to the official message of the National Bank | |
Significantly worn banknotes |
Banknotes showing one or more of the following significant signs of wear or damage (regardless of the presence of signs of wear associated with worn banknotes): - banknotes with lost parts, if together with holes (holes) an entire part of the banknote has been preserved, the area of which is at least 55% of its original area; - banknotes torn and cut into two or more parts, including glued ones, if at least 55% of the total area of the remaining parts clearly belong to one banknote; - banknotes composed (glued together) from halves of two different banknotes of the same denomination and design, torn (cut) in half, with a total area of at least 92% of the original area of the banknote; - banknotes damaged by fire, water, various liquids or chemicals, etc., causing destruction and charring of the paper in individual areas or over the entire area of the banknote, if at least 55% of its original area has been preserved along with the damaged areas |
significantly worn banknotes, which have retained an entire part with an area of at least 55% of their original area, and banknotes torn into two parts, on which the same numbers and series have been preserved, and the total area of these parts is at least 55% of the original area, if they do not have signs of counterfeiting , banks are obliged, without limitation, to accept from legal entities and individuals for exchange for banknotes suitable for circulation, as well as for crediting to accounts, deposits, letters of credit, for cash payments, etc. With regard to other damaged banknotes composed (glued together) of two or more parts, it should be noted that banks must seize such banknotes as doubtful regarding their validity. Such banknotes are sent for examination to the relevant territorial departments of the National Bank in accordance with the established procedure. It is also necessary to keep in mind that banks and other legal entities do not accept only banknotes damaged by fire, water, various liquids or chemicals, etc., the area of which, upon acceptance and processing, may become less than 55% of the original area. In order to exchange such banknotes, individuals and legal entities must contact directly the territorial departments of the National Bank, which are obliged to make a decision on the exchange of banknotes in the presence of the bearer or accept them for examination at his request |
Banknotes |
Banknotes and coins with any deviations from the sample made during production (on banknotes there are no graphic images, one or more colors, numbers, no or incorrectly placed watermark or protective tape, discrepancy between the watermark or protective tape and the denomination, etc.; on coins - cracks, chips, displacement of the image, inverted image of the reverse in relation to the obverse, illegibility of coinage, etc.), which were erroneously released into circulation, but have not lost their validity due to the degree of wear | Banknotes and coins with manufacturer's defects, if they do not have signs of counterfeiting, banks are obliged to accept without limitation from legal entities and individuals for exchange for banknotes and coins suitable for circulation, as well as for crediting to accounts, deposits, letters of credit and for cash payments, etc. . P. |
Please note that the exchange of banknotes and coins unsuitable for circulation (worn out, significantly worn out and with manufacturer’s defects) is carried out free of charge (clause 2.7 of Rules No. 547). At the same time, banks are prohibited from using banknotes and coins unsuitable for circulation for settlements, exchange, and issuance to clients (legal entities and individuals).
Non-payment banknotes (coins) include:
Genuine banknotes (coins) that cannot be used as a means of payment due to the acquisition during the circulation of signs of wear and damage exceeding the criteria established by the National Bank;
Counterfeit banknotes (coins);
Banknotes and coins withdrawn from circulation by the National Bank;
Legal entities and individuals should not use non-payment banknotes and coins when making payments, and banks should not accept them for crediting to accounts, deposits, letters of credit, for exchange and issuance to customers (except for banknotes and coins withdrawn from circulation if they meet the established requirements , which are exchanged during the period and in the manner determined by the NBU). Moreover, banknotes and coins that show signs of counterfeiting (alteration) are confiscated by banks and are not returned to the bearer.
Chapter 3. Legal relations arising from non-cash payments
3.1 The concept of non-cash payments
When starting to study this issue, it is necessary to refer to the Instructions on non-cash payments in Ukraine in national currency, approved by Resolution of the NBU Board of January 29, 2004 No. 22. According to instructions non-cash payments- this is the transfer of a certain amount of funds from the payer’s account to the account of the recipient of funds, as well as the transfer by banks, on behalf of legal entities and individuals, of funds deposited in cash at the bank’s cash desk to the account of the recipient of funds. These calculations are carried out by the bank on the basis of settlement documents on paper or electronically.
The organization of non-cash payments in Ukraine should have an impact on accelerating the circulation of funds and ensure continuous sales of products.
When organizing non-cash payments, it is important that the moment of payment is as close as possible to the moment of shipment of products, performance of work, provision of services. Timely and full payment for products, performance of work, provision of services, and other debt obligations is one of the main signs of the effective functioning of the economy as a whole and of each of its subjects separately.
The principles of organizing a modern system of non-cash payments are set out in the Instruction on non-cash payments in Ukraine in national currency dated January 29, 2004 No. 22. According to this instruction, the non-cash payment system can be represented in this way, in scheme No. 2:
Scheme No. 2
· funds of business entities (except for the cash balance in cash registers within the limit) must be kept in current accounts in banks of Ukraine;
· business entities independently choose a bank for service at their own request and with the consent of this bank;
· funds from the current accounts of counterparties (clients) are written off on behalf of their owner or on the orders of creditors in the event of a forced write-off of funds;
· settlement documents are accepted by the bank for execution only within the limits of the balance of funds on the current accounts of counterparties (clients) or if the agreement between the bank and the payer provides for their acceptance for execution in the event of absence or insufficient funds in the accounts;
· banks provide settlement and cash services to their clients in accordance with current legislation and regulations, relevant agreements and their internal regulations for non-cash payments;
· Bank clients independently select payment instruments for making payments and indicate them when drawing up contracts.
To make payments, we use letter of credit, collection, bill of exchange forms, as well as payment forms using settlement checks and plastic cards. The forms of non-cash payments and the rules for their implementation are established by the NBU. Enterprises can use the following when carrying out settlement transactions: payment instruments :
· memorial orders;
· payment order;
· payment request – order;
· settlement checks;
· letters of credit;
3.2 Types of non-cash payments
As mentioned above, the most common forms
settlements include settlements: payment orders; letters of credit; by collection; checks.
Let's look at them in more detail below.
3.2.1 Settlements using payment orders
According to the Law of Ukraine “On payment systems and money transfers in Ukraine” dated April 5, 2001. Payment order– a settlement document that contains the payer’s order to the bank or other institution - a member of the payment system that serves him, to transfer the amount of money specified in it from his account to the recipient’s account.
When making payments by payment orders (bank transfer), the bank that accepted the order undertakes, on its own behalf, but at the expense of the client - the payer, to make a payment to a third party - the recipient of the funds. That is, the bank is obliged not only to write off the required amount from the payer’s account, but also to ensure that it is transferred to the recipient’s account opened in the same or another bank.
According to the general rule established by the Law “On Payment Systems and Money Transfers in Ukraine,” interbank transfers are carried out within up to three business days. An intrabank transfer is carried out within the period established by the bank’s internal regulations, but cannot exceed two business days.
The payer can independently set the date from which the money transferred by the payer to the recipient becomes the property of the recipient. To do this, in the payment document or in the document for cash transfer, the payer indicates the value date, which cannot be later than ten calendar days after drawing up the payment order. Before the value date, the transfer amount is taken into account in the recipient's bank or in an institution that is a member of the payment system.
The contract or banking customs may establish shorter terms than those determined by law.
What is very important to note is that not only a client of a given bank can transfer funds, but also a person who does not have an account with it.
Submission of a payment order to the bank is an action performed by the client to fulfill the bank account agreement. The bank has the right not to fulfill this order only if it contradicts the law.
Instructions to write off funds from accounts are drawn up by payers on the appropriate forms of settlement documents, the form and procedure for execution of which are determined by the instructions on non-cash payments in Ukraine in national currency, approved by the NBU resolution of March 29, 2001.
In accordance with clause 22.6 of Art. 22 of the Law of Ukraine “On payment systems and money transfers in Ukraine”, the bank that serves the recipient of funds, in the event of a discrepancy between the recipient’s account number and its code, has the right to delay the transfer amount for up to two working days to clarify the details of the proper recipient of these funds, and this leads to the diversion of funds from circulation and prolongs the timing of payments.
The payer can give instructions to debit funds from his account in the form of an electronic payment document, if this is provided for in the agreement between him and the bank. An electronic document has the same legal force as a paper document. An electronic digital signature on an electronic document has the same legal force as a signature on a paper document. Responsibility for the accuracy of the information contained in the details of the electronic document lies with the person who signed this document with an electronic digital signature.
Instructions from payers to write off funds from their accounts are accepted by banks for execution only within the limits of the funds available in these accounts or if the agreement between the bank and the payer provides for their acceptance and execution in the event of absence or insufficiency of funds in these accounts. In this case, the bank serving the payer due to the absence or insufficiency of funds in the payer’s account can make payment using a bank loan.
The payer bank's obligation to fulfill the client's order to transfer funds is considered fulfilled at the moment the money is credited to the recipient's account. From the same moment, the payer’s monetary obligation to the recipient of funds arising from the supply agreement (purchase and sale, contract, etc.) may also be considered terminated. To perform operations of transferring funds to the account specified in the client’s order, the payer’s bank has the right to involve other banks. From a legal point of view, such actions should be considered as entrusting the fulfillment of an obligation to a third party.
The instruction on non-cash payments in Ukraine in national currency establishes two cases in which the bank has the right not to execute a payment order. Firstly, in the event of suspension of debit transactions on the accounts of legal entities or individuals, carried out by authorized government bodies in accordance with the laws of Ukraine and exclusively in cases provided for by them. Such operations on accounts are resumed only by the body that decided to suspend them, or by a court decision.
Secondly, the bank has the right to suspend the transfer of a payment if there is a reasonable suspicion that the transfer has been initiated without legal grounds. To do this, the payer's bank instructs (in writing or electronically) the bank that services the recipient to suspend crediting the transfer amount to the recipient's account or, if it has already been credited, to block the corresponding amount in the recipient's account for up to five business days until all circumstances are clarified. . After which, the recipient bank must immediately notify the initiator bank about the actions taken. The instruction is drawn up in a derivative form and certified by the signatures of the head (his deputy) and the chief accountant (his deputy) of the bank that serves the initiator.
Simultaneously with blocking the funds in the recipient's account, the recipient's bank also informs the recipient that the initiator's bank has received a corresponding instruction to return the funds and the bank details by which he must return the funds. From this it is clear that the bank cannot return the funds without permission, but attracts the recipient to do this. This follows from the restrictions of banks regarding the disposal of funds in client accounts, which (restrictions) in turn are established by an agreement between the bank and the client, banking rules (norms) and the legislation of Ukraine.
The bank that serves the payer and the bank that serves the recipient bear responsibility to the payer and recipient in connection with the transfer, in accordance with the Civil Code, the Law “On Payment Systems and Money Transfer in Ukraine” and the terms of agreements concluded between research institutes. Moreover, in the event of non-fulfillment or improper execution of a client’s order, the bank is responsible not only for its own actions, but also for the actions of other banks to which it has entrusted the fulfillment of its obligation. Therefore, the payer can make a corresponding demand only to his own bank, and the latter has the right to reimburse what was paid at the expense of the offending bank.
Sometimes the payment order directly indicates those banks through which the transfer should be made, that is, the payer’s bank does not choose who to entrust the execution of such an order with - the client decides this issue independently. In these cases, it would be unfair to hold the payer bank responsible. In this and other similar situations, the court has the right to hold the directly guilty bank accountable.
The bank held liable is obliged to compensate the payer for losses associated with violation of the rules for carrying out settlement transactions.
If, through the fault of the bank, funds are credited to the account of an improper recipient, then the bank is obliged, immediately after identifying its error, to transfer these funds to the account of the recipient to whom they were intended. If the bank fails to comply with this requirement, the recipient to whom the funds were intended has the right, in the manner prescribed by law, to demand from the violating bank payment of a penalty in the amount of 0.1 percent of the amount of the overdue payment for each day of delay starting from the date of completion of the erroneous transfer, but no more 10 percent of the transfer amount.
At the same time, the offending bank is obliged, after identifying the error, to immediately inform the improper recipient about the erroneous transfer and the need to initiate a transfer of an equivalent amount of money to this bank within three business days after the date of receipt of such a message. The form of the bank's notification about an erroneous transfer is established by the NBU.
In the event of an erroneous transfer from the account of an improper payer, which occurred due to the fault of the bank, this bank is obliged to transfer the corresponding amount of money from the payer’s account to the account of the improper payer, as well as pay a penalty in the amount of the interest rate established by this bank for short-term loans for each day from the day of the erroneous transfer until the day the transfer amount is returned to the account
improper payer, unless other liability is provided for in the contract.
The procedure for settlements using payment orders is shown in diagram No. 3:
Scheme No. 3
at the intrabank level:
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at the interbank level:
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3.2.2 Settlements under a letter of credit
Letter of Credit- this is an agreement containing an obligation of the issuing bank, according to which this bank, on behalf of the client (applicant for the letter of credit) or on its own behalf according to documents that meet the terms of the letter of credit, is obliged to make a payment in the interests of the beneficiary or instructs another (executing) bank to make the payment.
The content of a letter of credit as a form of payment is that the seller receives firm guarantees of payment, and the buyer receives full rights to the shipped goods. This is possible when money is transferred by the payer only if its counterparty fulfills certain conditions, which creates advantages that the seller has, having agreed with the buyer on a letter of credit form of payment. Therefore, a letter of credit is often considered not only as a form of payment, but also as a kind of security for payment for goods (work, services).
The relationship under a letter of credit that arises between the bank and the paying client, as well as between the bank and the recipient of funds, is not related to the agreement concluded between the payer and the recipient. The isolated, abstract nature of these relations is expressed in the fact that banks are not obliged to check the compliance of the terms of the letter of credit (instructions to change conditions, early closure, etc.) with the agreement between the payer and the recipient.
There are four parts involved in the settlement procedure under a letter of credit: sides :
1) Applicant of the letter of credit. This is the payer under the letter of credit (buyer of goods); in order to open a letter of credit, he must submit an application to the servicing bank to open a letter of credit;
2) Issuing bank. This is the bank in which the letter of credit is opened, that is, in fact, it is the bank of the applicant for the letter of credit through which the payment will be transferred;
3) Executing bank. This is a bank that, on behalf of the issuing bank, makes payment according to the documents specified in the letter of credit. The executing bank, depending on the operation under the letter of credit, can also be an advising bank, that is, notify the beneficiary of the opening and terms of the letter of credit. This is essentially the beneficiary's bank through which he will receive the payment;
4) Beneficiary - the person to whom the payment is intended or in whose favor a letter of credit is opened, that is, the beneficiary is the recipient of funds, the seller of goods (works, services).
When making payments using a letter of credit, the bank issuing it acts on its own behalf, but at the expense of the client’s funds. Thus, relations under a letter of credit are considered as a type of commission agreement, therefore, in the absence of special rules that govern these relations, it is permissible to apply the corresponding general rules on commission agreements.
The conditions and procedure for settlements by letters of credit are provided for in the agreement between the beneficiary and the applicant of the letter of credit and should not contradict current legislation, including regulations of the NBU.
The contract specifies:
Name of the issuing bank;
Type of letter of credit and payment scheme;
Method of notifying the seller about the opening of a letter of credit;
A complete list and precise description of the documents that must be submitted by the seller to receive funds under the letter of credit.
The issuing bank may open such types of letters of credit :
Covered - a letter of credit for making payments, under which the payer's funds are pre-booked in full in a separate account or issuer with the executing bank;
Uncovered - a letter of credit, payment under which, in the event of a temporary lack of funds in the payer's account, is guaranteed by the issuing bank through a bank loan.
Confirmed;
Unconfirmed;
The types of the most common letters of credit can be displayed in the diagram:
Scheme No. 4
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Schematically, the relationships between participants in letter of credit payments include four stages :
The first stage is the payer’s order to the issuing bank to open a letter of credit with payment instructions. The client submits to the issuing bank an application for a letter of credit in the form of Appendix No. 7 to the Instructions on non-cash payments in Ukraine in national currency, approved by the NBU resolution of March 29, 2001.
No. 135, and in the case of opening a covered letter of credit - the corresponding payment orders. The letter of credit must contain only such conditions that the bank can verify with documentation.
The second stage is the transfer of authority to make payments from the issuing bank to the executing bank (recipient bank)
The third stage is the presentation by the beneficiary of the documents specified in the letter of credit and indicating the shipment of the goods.
The fourth stage is the execution by the executing bank of payment according to the documents accepted by it.
We describe the order of stages in diagram No. 5:
Scheme No. 5
In certain cases, settlements between the seller and the buyer may be localized in one bank (for example, if both parties to the agreement have accounts with it). Then the rules on the executing bank apply to the issuing bank, and there is no second stage of settlement under the letter of credit.
The date of execution of payment orders submitted along with the application for a letter of credit and the date of communication to the beneficiary must match.
Letter of Credit may be closed in cases:
1) expiration of the letter of credit;
2) refusal of the recipient of funds to use the letter of credit before its expiration, if this is provided for by the terms of the letter of credit;
3) full or partial revocation of the letter of credit by the payer, if such revocation is provided for by the terms of the letter of credit.
The above list of grounds for closing a letter of credit is exhaustive.
3.2.2.1 Revocable letter of credit
In international banking practice, various types of letters of credit are used, which differ in the sources of financing and the rights of participants in the corresponding obligations. The most important thing is to dissect letters of credit into revocable and irrevocable.
According to the general rule of a revocable letter of credit, before the end of the term, the letter of credit can be changed or revoked by the issuing bank without the consent of the recipient of the funds, without the risk of being held liable for this. Change or cancellation (full or partial) of a letter of credit is carried out by the issuing bank at the direction of the payer (for example, in case of non-compliance with the conditions stipulated by the agreement, early refusal of the issuing bank to guarantee payments under the letter of credit). Moreover, the revocation does not give rise to any obligations of the issuing bank to the beneficiary.
The applicant can provide all orders to change the terms of a revocable letter of credit or its cancellation to the beneficiary only through the issuing bank, which notifies the executing bank, and the latter notifies the beneficiary.
The nominated bank does not have the right to accept instructions directly from the applicant for the letter of credit (unless the issuing bank is the nominated bank).
If the executing bank is not the issuing bank, then a change in the terms of the revocable letter of credit or its cancellation occurs only after receiving a corresponding message from the executing bank, which confirms that before changing the conditions or canceling the letter of credit, the documents under the letter of credit were not provided.
Documents that meet the terms of the letter of credit, submitted by the beneficiary and accepted by the executing bank before the latter receives a message about changing the conditions or canceling the letter of credit, are subject to payment.
In the event that a payment is made by the executing bank before receiving a message about the amendment or cancellation of the letter of credit using documents that appear to meet the terms of the letter of credit, the issuing bank is obliged to provide compensation to the executing bank authorized to make the payment.
If the recipient of the funds has fulfilled the terms of the letter of credit, but the payment has not been made, then the latter has the right:
a) put forward appropriate requirements to the issuing bank, whose obligation to the recipient of funds arises after it fulfills the terms of the letter of credit;
b) put forward a claim against the payer, whose obligation arises from the supply agreement (contract, etc.)
A revocable letter of credit is disadvantageous to the seller because it does not provide him with sufficient security: it can be revoked without the seller’s consent. Therefore, in practice this form of letter of credit is used extremely rarely. If the parties nevertheless decide to use a revocable letter of credit, then this must be indicated on the letter of credit, since according to clause 8.5 of the Instructions on non-cash payments in Ukraine in national currency, approved by NBU Resolution No. 22 of January 21, 2004, in the absence of such a mark the letter of credit is considered irrevocable.
3.2.2.2 Irrevocable letter of credit
An irrevocable letter of credit cannot be canceled or amended without the consent of the recipient of funds. If this norm is violated, the latter has the right to make a claim to the issuing bank for compensation of damages based on the letter of credit agreement, and to the payer to make payments on the basis of the supply agreement (contract, etc.) from which the monetary obligation arose.
An irrevocable letter of credit is a firm commitment of the issuing bank to pay funds in the manner and within the terms specified by the terms of the letter of credit, if the documents provided for by it are presented to the bank specified in the letter of credit or the issuing bank, and the terms and conditions of the letter of credit are met.
The terms of the letter of credit are valid for the beneficiary until he communicates his consent to amend them to the bank that advised these changes. The beneficiary may indicate in writing his consent or refusal to make changes.
Acceptance of partial changes is not permitted.
The beneficiary may submit a proposal to amend the terms of the letter of credit by contacting the letter of credit applicant directly. If the applicant agrees, he makes changes to the letter of credit through the issuing bank, which sends a message to the executing bank.
An irrevocable letter of credit may acquire the character of a confirmed letter of credit. To do this, the nominated bank, which takes part in the letter of credit transaction, undertakes, in addition to the issuer's obligation, to make payment to the beneficiary, in accordance with the terms of the letter of credit.
Confirmation of a letter of credit provides additional guarantee of payment from another bank that is not the issuing bank. Confirmation of an irrevocable letter of credit by another bank (the confirming bank), under the authority or at the request of the issuing bank, constitutes a firm commitment of the confirming bank in addition to the commitment of the issuing bank, provided that the required documents are presented and the terms and conditions of the letter of credit are met. It is clear that a confirmed letter of credit is beneficial to the beneficiary - the degree of its security increases significantly.
At the same time, a confirmed irrevocable letter of credit becomes dependent not only on the discretion of the recipient of funds, but also on his bank: it cannot be changed or canceled without the consent of the latter.
If the recipient of the funds fulfills the terms of the letter of credit, each of these banks will bear independent responsibility to him, and he has the right to put forward corresponding demands to each of the banks or the payer - at his own choice.
3.2.3 Settlements for collection orders
The term “collection operations” is used to refer to various actions of commercial banks aimed at obtaining payment and (or) acceptance from the debtor (payer). They are made on the basis of a collection order from the payee in his own name and at his expense. For some types of collection operations, the bank may be required to issue commercial documents to the payer upon receipt of acceptance and (or) payment from him.
Settlements for collection orders in international trade are governed by the International Collection Rules of the International Chamber of Commerce as amended in 1995.
A collection transaction is an abstract agreement that is independent of the agreement between the payer and the recipient of funds under which settlements are made.
The issuing bank that has received a collection order has the right to attract another bank (executing bank) to carry it out.
Signs of collection are:
The client’s order to the bank to receive (collect) money or obtain the payer’s consent to pay (acceptance of payment);
Execution of orders at the expense of the client;
Execution of the order by the issuing bank or independently with the help of the executing bank.
A collection order can be issued using different payment documents (payment request, payment request-order, collection order) or in another way (check, bill).
The bank that received the collection order from the client is called the issuing bank. The bank that makes the demand for payment and (or) acceptance directly to the obligated person is called the executing bank.
In cases where the issuing bank provides settlement and cash services to both the payer and the recipient of funds, it is at the same time an executing bank.
Payments by collection can be made both with and without the payer’s acceptance - in cases provided for by law.
If settlements are carried out with the payer’s acceptance (acceptance form) or we are talking only about receiving acceptance from the obligated person, then the issuing bank has the following responsibilities:
a) ensure that the obligated person is presented with a requirement to make payment and (or) accept payment along with the relevant documents;
b) ensure that the appropriate funds are credited to the recipient’s account or hand over accepted documents to him if the payment or acceptance is made by the payer.
If settlements are carried out without the payer’s acceptance, and the documents submitted by the recipient fully meet the requirements of the law, then the issuing bank is obliged to ensure an indisputable (non-acceptance) debiting of funds from the payer’s account if there is money on it and credit the received amount to the payee’s account.
Since the issuing bank that executes the collection order acts on behalf of its client and at his expense, it is his representative.
The uniqueness of the collection operation lies in the dual legal status of the payer bank. On the one hand, by presenting documents to its client requesting payment (or acceptance) and sending the received amounts (acceptance) to the recipient's bank, the payer's bank acts as an executing bank, that is, as a representative of the recipient of the funds. On the other hand, when debiting money from its client’s account on the basis of documents accepted by it, the payer’s bank acts as a representative of the payer. Dual representation is common in banking.
Since the issuing bank and the executing bank are representatives of the payee, each of them can be held liable by the recipient for non-execution or improper execution of the order. In this case, it is worth proceeding from the fact that there are contractual relations between these banks and the payee, so they can be brought to contractual (and not non-contractual) liability.
This conclusion, obvious in relation to the recipient bank (issuing bank), needs explanation in relation to the payer bank (executing bank). A contractual relationship is established between the executing bank and the payee to perform a specific collection operation. Therefore, the executing bank may be held liable to the recipient of funds for improper execution of its instructions.
In banking practice, there are not only cases when the issuing bank and the executing bank are the same entity, but also when the same person represents the payer and recipient of funds. This happens, for example, in the case of an order to the bank, on the part of the client, to collect amounts from the cash registers of legal entities or from the cash registers of individual entrepreneurs and crediting these amounts to their open bank account.
The bank that has received a collection order from the issuing bank along with the necessary documents is obliged to take the following actions to carry it out.
With the acceptance form of payment:
a) carry out a formal check of received documents for their compliance with legislation, banking rules and customs;
b) present the received documents to the payer for acceptance;
c) if the payer accepts the received request and there is money in the account, write off the funds and ensure their transfer to the payee’s bank for crediting it to the account.
In case of indisputable (without acceptance) debiting of funds:
a) carry out a formal check of received documents for their compliance with legislation, banking rules and customs;
b) if there is money in the payer’s account, write off the required amount and ensure its transfer to the payee’s bank for crediting to his account.
In the absence of any document or the external appearance of the document does not correspond to the collection order, the executing bank notifies the issuer or client (seller) about this. If these deficiencies are not eliminated within a reasonable time, the bank has the right to return the documents without execution.
If settlements are carried out with the consent (acceptance) of the payer, then the executing bank is obliged to present to him the corresponding copy of the settlement document along with the documents attached to it, if any. Documents are presented to the payer for acceptance in the form in which they were received, with the exception of marks and inscriptions of the bank necessary for the collection operation.
The payer has the right to refuse to accept payment requests on the grounds provided for in the agreement, with a mandatory reference to its clause and indicating the reason for the refusal. Refusal to accept is drawn up in the prescribed form. If payment requests are not accepted within three days, they are considered accepted and subject to payment.
The executing bank is obliged to immediately transfer the funds written off from the payer's account (collected amounts) to the disposal of the issuing bank. The requirement for the “immediate” implementation by the executing bank of the above actions means that it is obliged to carry them out without delay within the time limits stipulated by banking rules and banking customs for settlement operations.
The executing bank has the right to withhold from the amounts collected by it the remuneration due to it and reimbursement of expenses. If there is a direct correspondent relationship between the issuing bank and the executing bank, they have the right to decide differently on the issue of making the considered payments. For example, they can be written off by the executing bank from the correspondent account of the issuing bank opened with the executing bank without acceptance.
Collection rules regulate several types of orders for payment crediting. These include, first of all, settlements with payment requests-orders and settlements with payment requests.
Payment request-order is an offer from the seller (customer) to the buyer (payer) to pay for goods provided (work performed, services provided) on the basis of commercial and financial documents. Thus, a demand-order is a type of documentary collection. It is universal in nature, since it combines the seller’s demand for payment with the payer’s payment order. The document itself is sent directly to the executing bank. The request-instruction can be delivered to the payer by the recipient's bank through the payer's bank on contractual terms.
If he agrees to pay the request-order, the payer fills out its lower part and submits it to the bank that services it. The payer's bank accepts the request-instruction from the payer within 20 calendar days.
The amount that the payer agrees to pay to the recipient and indicates at the bottom of the request-order cannot exceed the amount that the recipient requires for payment and which is indicated at the top of the demand-order. That is, at the top of the document the recipient’s requirement is indicated directly.
The payment request-order is returned without execution if the amount specified by the payer exceeds the amount in the payer’s account.
The reasons for the payer’s failure to pay the demand-order are clarified directly between the payer and the recipient of funds.
Calculations by payment requests apply in the case of forced write-off (collection) of funds based on a court decision and other state and non-state bodies. Forced write-off (collection) of funds from payers' accounts is allowed only in cases established by the laws of Ukraine.
A payment request is a settlement document that contains a request from the creditor or, in the case of a contractual write-off, the recipient to the bank that services the payer, to transfer a certain amount of funds from the payer’s account to the recipient’s account without the consent of the payer.
Banks fulfill payment requirements for forced write-off (collection) of funds from all accounts of enterprises (including current, deposit accounts opened at the expense of this enterprise for settlements under letters of credit) and payment requests for forced write-off (collection) of funds from deposits (current and deposit ) accounts of individuals.
The collector is responsible for the validity of the forced write-off (collection) of funds and the correctness of the data included in the payment request for the forced write-off (collection) of funds.
3.2.4 Settlements using settlement checks
Check- This is a special form of payment, which is distinguished by its external simplicity and increased mobility.
The unconditional nature of payment by check means that the obligation to pay the amount specified in the check is independent of the terms and validity of the agreement for which the check was issued. The invalidity of this agreement is not a basis for refusing to pay a check.
Participants In the check legal relationship there are three persons: the drawer, the payer (bank) and the check holder.
The drawer of the check can be any individual or legal entity. The payer of a check can only be the bank in which the drawer has an account and which issued him a checkbook.
Payment checks are produced to order by a commercial bank by the NBU Banknote and Mint or another specialized enterprise on special paper in compliance with all mandatory requirements stipulated by the Instructions on non-cash payments in Ukraine in national currency, according to a model approved by the NBU. Payment checks are bound into checkbooks of 10, 20, 50 sheets.
Paybooks and checkbooks are strict accounting forms.
The settlement check must contain all the details required by its form. It must be filled out by hand (ballpoint pen, dark ink) or using technical means (the month of issue and the amount of the settlement check must be indicated in words).
Making corrections to a settlement check and using a facsimile instead of a signature is not allowed.
In modern banking practice, check circulation begins with the conclusion of a check agreement between the bank client (future drawer) and the bank (payer). The source of payment for a check may be the drawer's own funds, bank loans, or other coverage. Funds for payment of checks are deposited in a special checking account in the manner prescribed by banking rules. Instead of depositing funds, the bank may guarantee payment of the check with its own money.
To guarantee payment of settlement checks, the drawer reserves funds in a separate analytical account “Settlements by checks” of the corresponding balance accounts at the issuing bank.
To do this, together with an application for the issuance of a checkbook, the drawer submits a payment order to the issuing bank to transfer funds to the analytical account “Settlements by checks”.
The issuing bank issues a checkbook in the name of the drawer (individual) for an amount not exceeding the balance in the drawer's account.
The validity period of a checkbook is one year, a settlement check, which is issued to an individual for a one-time settlement, is three months from the date of its issue. The day the check book or settlement check is issued is not taken into account. Payment checks issued after the specified period are considered invalid and will not be accepted for payment.
The validity period of an unused checkbook can be continued by agreement with the issuing bank, about which it makes a corresponding mark on the cover of the checkbook, which is certified by the signature of the chief accountant and the stamp of the bank.
The settlement check from the checkbook is presented for payment to the check holder's bank within 10 calendar days (the day the settlement check is issued is not taken into account).
A settlement check is accepted by the check holder for payment directly from the drawer, in whose name the documents confirming receipt of the goods (performance of work, provision of services) have been drawn up.
The check can be presented for payment through the bank with which the check holder has entered into a bank account agreement. The check holder's bank collects the check, that is, presents it to the paying bank for payment, and, if necessary, lodges a protest against the dishonored check.
Payment of the collected check is carried out in the order of execution of the collection order.
The check holder submits settlement checks to the bank along with copies of the register of checks - if the accounts of the drawer and the check holder are opened in the same bank and in four copies - if the accounts of the drawer and the check holder are opened in different banks.
If the drawer and the check holder are serviced by the same bank, then after checking the correctness of filling in the details of settlement checks and the register of checks, the bank, based on the first copy of the register of checks, debits the funds from the corresponding account of the drawer and credits them to the account of the check holder.
If clients of different banks make payments using settlement checks, the check holder's bank accepts checks with a register of checks and, together with the second and third copies of this register, collects them to the issuing bank. In this case, funds are credited to the check holder's account by the bank that services it only after receiving them from the issuing bank.
The drawer's bank is obliged to check the completion of the check register details in accordance with the requirements of Appendix No. 8 to the instructions and the timeliness of their presentation for payment.
The amounts of settlement checks that are issued in violation of the requirements of this Instruction are deleted from the register of checks with the correction of its total, and such checks are returned to the check holder against the signature on the first copy of this register.
The issuing bank, having received the settlement check along with two copies of the register of checks, checks:
The check belongs to this bank;
Compliance of the signatures and stamp of the drawer with those declared at the bank in the card with sample signatures and stamp, or the presence of a seal and the inscription “By power of attorney from”
Does the check amount exceed the limit amount of the check book?
The check number belongs to the check numbers of the issued checkbook and compliance with the validity period of the checkbook;
After checking, the issuing bank, based on the first copy of the check register, debits the drawer’s funds and transfers them to the check holder’s account. The paid settlement check, together with a copy of the register of checks, remains with the issuing bank. The bank stamp “Passed” is placed on the settlement check.
Conclusion
Money turnover is the totality of all monetary payments and settlements that occur in the national economy.
In the process of movement of goods and services, interconnected, and not opposite in directions, commodity and cash flows arise.
In a developed market economy, banks are becoming increasingly necessary intermediaries in mutual payments between enterprises. They purposefully regulate cash flows in the national economic turnover.
Settlement legal relations are divided into 2 interconnected parts:
1) cash payments;
2) non-cash payments.
Cash is usually used to pay wages, pensions, scholarships, as well as to purchase goods and services in retail trade, etc.
In the sphere of non-cash circulation, the movement of funds is carried out in the form of transfers of amounts through bank accounts. On this basis, most transactions are carried out, including payments between enterprises.
Cash circulation is intended to serve the consumer market, while corporate finance operates in the form of non-cash money. Since non-cash and cash forms of payment serve different circles of national economic turnover, they must perform different economic tasks.
Enterprises and individual entrepreneurs with current accounts in banks carry out settlements for monetary obligations that arise in the process of economic relations, preferably in non-cash form, but at the same time they cannot do without cash payments. Sales of goods (works, services) to the population, payment of wages, and travel expenses - all this involves the use of cash.
All of the above comes down to just one thing - cash payments in a market economy are just as important as non-cash payments. It follows from this that cash and non-cash payments are equally important and interconnected, which means that one cannot completely exclude or replace each other. Both forms of calculation can only be improved.
List of used literature
3) Rules for the organization of settlement and cash services by commercial banks to clients and the relationship on this issue between the territorial administration of the NBU and commercial banks in national currency, as amended. from 2010;
4) Instructions on non-cash payments in Ukraine in national currency, approved by Resolution of the NBU Board of January 29, 2004 No. 22;
5) Regulations on conducting cash transactions in national currency in Ukraine, approved by Resolution of the Board of the National Bank of Ukraine dated December 15, 2004 No. 637;
6) Law of Ukraine “On state support of agriculture in Ukraine”;
7) On approval of the Regulations on cash transactions
in national currency in Ukraine dated December 15, 2004 N 637
8) On approval of the Rules for determining payment
and exchange of banknotes and coins of the National Bank of Ukraine from
11/17/2004 N 547
10) International rules for collection of the International Chamber of Commerce as amended in 2010.
11) Kostyuchenko O.A.. Banking law. Scientific manual. Ed. "Atika" 2008;
12) Vasyurenko O.V. Banking operations. Scientific manual. – K.: Knowledge, 2006;
13) Vashchenko Yu.V. Banking law. – K.: Center for Scientific Literature, 2006;
14) Banking legislation of Ukraine. – K.: Yurinkom Inter, 2006;
16) Kachan O.O. Banking law. – K.: Ed. "School", 2004;
17) Novoselova L.A. On the concept and legal nature of non-cash payments, 2007;
18) Shershenevich G.F. Textbook of commercial law. - Moscow,
Moscow scientific publishing house, 1919, ninth edition
19) http://obuhgalterii.info/?cat=33
Shershenevich G.F. Textbook of commercial law. - Moscow, Moscow Scientific Publishing House, 1919, ninth edition, page 8
Http://obuhgalterii.info/?cat=33 Civil Code of Ukraine as amended. dated September 15, 2010 Civil Code of Ukraine as amended. dated September 15, 2010 Vasyurenko O.V. Banking operations. Scientific manual. – K.: Knowledge, 2006 p. 223
