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СОПРОВОЖДЕНИЕ ВЭД (импорт и экспорт) / LEGAL CONSULTING (UKRAINE) / Articles

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Legal provision of foreign currency transactions

Legal provision of foreign currency transactions of today's economy no country is closed, so the exchange relations rozvy¬tku never stops. This is due to global processes of globalization and growing interdependence of economies kra¬yin apart. In such circumstances rapidly zros¬taye value of currency regulation as one of the key mechanisms of influence on the formation and development of foreign economic relations.
So spend a little review of regulations and new standards current legislation of Ukraine concerning the issues of currency regulation in foreign relations. The main legal acts of Ukraine that carry out foreign exchange regulation in the field of foreign relations, are:
• Decree of the Cabinet of Ministers "On Currency Regulation and Currency Control" of 19 February 1993 r. № 15-93;
• Law of Ukraine "On the order of payments in foreign currency" of 23 September 1994 r. № 185/94-BP;
• Law of Ukraine "On foreign investment" of 19 March 1996 r. № 93/96-BP and others.
Decree of the Cabinet of Ministers "On Currency Regulation and Currency Control" determines the procedure and principles of currency regulation in Ukraine. It establishes a regime of currency transactions in the territory of Ukraine, determines the general principles of currency regulation, powers and functions of government banks and other financial institutions of Ukraine in the regulation of foreign exchange transactions, the rights and responsibilities of monetary relations, procedure of exchange control, the responsibility for violation of currency laws.
National Bank of Ukraine, based on the authority and on the implementation of the Decree of the Cabinet of Ministers, the Law of Ukraine "On the order of payments in foreign currency" of 23 September 1994 r. № 185/94-VR, defined procedures of authorized banks monitor compliance by residents of the legislation the timing of payments for export and import transactions, outlining them in the decree NBU "On Approval of Instruction on monitoring the export, import transactions" from 03.24.1999 g. №136.
As a result of violation of foreign trade activity, including violation of terms of payments to foreign economic operations, inflicted enormous damage Ukraine. Therefore, for violation of the Law "On Foreign Economic Activity" dated 04.16.1991 p. № 959-XII and related laws of Ukraine, the possibility of applying special sanctions in the form of individual licensing regime or temporary suspension of foreign economic activity. According to article 37 of the Law "On Foreign Economic Activity" the following sanctions applied by the Ministry of Economic Development and Trade of Ukraine on the submission of tax, audit, customs, law enforcement, the Antimonopoly Committee of Ukraine, National Commission for State Regulation of Financial Services Markets and the National Bank of Ukraine or by the court.
Economic operators responsibility in the types and forms provided Articles 33 and 37 of the Law "On Foreign Economic Activity", other laws of Ukraine and / or foreign economic agreements (contracts).

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