On The Monetary System Of The Russian Federation

Original Language Title: О денежной системе Российской Федерации

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
Overtaken by Federal Law 26.04.95 g. N 65-FZ A A C O. N \CHAPTER I of the Russian Federation Chapter I GENERAL PROVISIONS Article 1. This Act establishes the legal basis for the monetary system of the Russian Federation and its functioning. Article 2. The monetary system of the Russian Federation includes the official currency, the order of issuance of cash, the organization and regulation of monetary circulation. Article 3. The official currency (currency) of the Russian Federation is the ruble. One ruble is made up of 100 kopeks. The introduction of other currency units on the territory of the Russian Federation and the issuance of monetary surrogates are prohibited. Article 4. The official balance between the ruble and gold or other precious metals is not established. The official exchange rate of the ruble against the currency units of other states is determined and published weekly by the Central Bank of the Russian Federation (Bank of Russia). Article 5. Persons found guilty of violating the requirements of this Act shall be liable to criminal, administrative or property liability in accordance with the law of the Russian Federation. Chapter II AEDS MONEY Article 6. The mission of cash money, organization of their circulation and withdrawal from circulation in the territory of the Russian Federation is carried out exclusively by the Bank of Russia. Article 7. Cash is issued in the form of banknotes (banknotes) and metal coins. Banknotes and coins are unconditional obligations of the Bank of Russia and are provided by all its assets. Article 8. The Bank of Russia approves the samples of banknotes and coins in accordance with the Presidium of the Supreme Soviet of the Russian Federation. Reports about issuance of notes and coins of new samples, as well as their description are published by the Bank of Russia in the media. Article 9. The banknotes and coins issued by the Bank of Russia are obligatory for acceptance at their face value throughout the territory of the Russian Federation in all types of payments, as well as for deposit into accounts, deposits, letters of credit and translation. Article 10. The counterfeits and the illicit manufacture of banknotes and coins are punishable by law. Article 11. The Bank of Russia is responsible for the purchase of cash in circulation, which is necessary for uninterrupted payment of cash in the territory of the Russian Federation. CHAPTER III CALCULTS Article 12. In the Russian Federation, the calculation is made in the currency of the Russian Federation, except in the cases provided for by legislative acts of the Russian Federation. The Bank of Russia is determined by the Bank of Russia in accordance with the legislation of the Russian Federation. The payments in the territory of the Russian Federation are made in the form of cash or non-cash payments. Article 13. The forms of non-cash payments are determined by the rules established by the Bank of Russia in accordance with the legislative acts of the Russian Federation. Models of payment documents used for non-cash payments on the territory of the Russian Federation-payment orders, notes, checks and others-are approved by the Bank of Russia. Article 14. Calculations between legal entities, as well as between natural and legal persons on payments exceeding the amount established by the Government of Russia, are carried out only in a non-cash manner. CHAPTER IV Article 15. The Bank of Russia is responsible for: planning the volume of production, transportation and storage of banknotes and coins, establishing their reserve funds; establishing rules for storage, transportation and collection of cash; signs of payment of money signs and the procedure for replacing the damaged banknotes and coins, as well as their destruction; cash-flow definition in the Russian Federation. Article 16. The regulation of monetary circulation in the Russian Federation is carried out in accordance with the current banking legislation and the main directions of the monetary policy of the Russian Federation. President of the Russian Federation ELTSIN Moscow House, House of Russia 25 September 1992 N 3537-I