A transaction passport is a document, the processing of which is a mandatory procedure when carrying out payment transactions between a resident and a non-resident, when non- cash funds pass through current accounts:
- as payment for goods (work or services) that are imported into or exported from the customs territory of the country, sold under a foreign trade contract signed by legal entities;
- in the implementation of interstate lending and borrowing operations.
The transaction passport, which contains all the necessary data for reporting and providing accounting for transactions involving foreign currency funds, is used by organizations whose functions include the task of monitoring the implementation of contractual activities between residents and non-residents. In addition to this document, invoices confirming the import or export of goods, as well as acts signed by the parties on the provision of services, works or information activities, are provided to authorized banks. These financial institutions control foreign economic contracts.
Barter trading between residents of different countries can be carried out only after the relevant transaction passport is issued. This document for this type of contract must necessarily contain data on settlements in cash and other means. Currency transfers should be made only by the bank in which the transaction passport was issued. There are exceptions to foreign economic contracts when the preparation of this document is not a prerequisite. Controlling authorities will not require a transaction passport if foreign exchange relationships arise between:
- individuals and non-residents;
- non-resident and the organization that provides its lending;
- The Bank of Russia, the Government of the Russian Federation, an authorized federal executive body and a non-resident;
- non-resident and resident, in cases of conclusion of foreign economic credit transactions for an amount not exceeding five thousand US dollars;
- by a resident and non-resident, upon reaching agreements on foreign trade operations, if the amount of the contract is less than fifty thousand US dollars.
A transaction passport for each foreign economic contract is issued by a resident only once in one bank serving it. The following is provided to the financial institution:
- an agreement, which is the basis for conducting currency transactions ;
- transaction passport in duplicate;
- a permit issued by a body that exercises control over foreign exchange transactions for transferring funds, as well as, in some cases, for opening accounts with non-resident banks.
All documents must have legal force on the date of their submission. Official papers of foreign states must be confirmed by the apostille of the competent state bodies of these countries. All documents necessary for issuing transaction certificates must be provided in the original or in the form of certified copies. The procedure is performed in accordance with the procedure agreed with the bank. The deadline for issuing transaction passports should be the date that precedes any execution under a foreign trade contract.
The bank shall reissue the documents if new information has been entered into the contract or information has changed. Closing of transaction passports is carried out by a financial organization after the parties to the contract fulfill all their obligations, as well as in some other cases stipulated by law.