Electronic Bank Guarantees Can Be Used In Foreign Transactions
Russia's Federal Customs Service (FCS) has issued a statement that electronic bank guarantees may be used in foreign transactions. The bank guarantee does not need to be sent to customs by the business. The bank itself will send the notice. In addition, there is no need to submit to customs confirmation of the issuance of a guarantee. The electronic bank guarantee must be signed by a qualified electronic signature of the authorized person.
The FCS information indicates that a paper guarantee will be completely valid without an electronic interaction. The FCS can accept such a document only if the guarantor received an e-mail and documents confirming the powers of the signatories. If the bank does not confirm the issuance of the guarantee, it will not be accepted.
The transaction participants should inform the credit organization about the type of the security obligation to avoid mistakes in the preparation of the guarantee. A reference for obligation types of obligations can be found on the website of the Bank of Russia.
The changes to the Law on Customs Regulation concerning electronic bank guarantees came into force in June of last year. In connection with these amendments, the CBR adopted a provision on how to cooperate with credit institutions, the Bank of Russia and the FCS. After that, the new technology was tested, and put in place on April 3, allowing the changes to be fully operable.
Document: Information of FCS of Russia
Translated by Alinga Consulting Group.
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