Principles of organizing cash circulation in the Russian Federation. Principles of cash circulation Basic principles of organizing money circulation

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Introduction

2.1 Analysis of the methods used to regulate cash circulation by the Central Bank of the Russian Federation

2.2 Dynamics and structure of cash turnover at the present stage

2.3 The role of cash settlement centers of the territorial departments of the Bank of Russia in carrying out issuance and cash regulation

3. The problem of cash flow and assessment of development prospects

3.1 Cash circulation problem

3.2 Current trends in cash circulation

3.3 Improving the methodology of cash circulation

Conclusion

List of used literature

Introduction

In recent years, there have been global changes in global monetary circulation and the banking community, the monetary and financial systems of individual countries, in particular Russia, where market reforms, especially at first, were carried out at a more intensive pace in the credit and financial sector than in other segments of the economy .

Currently, many problems in the monetary sphere of the Russian economy remain unresolved, and the state of monetary circulation and regulation is far from optimal. In particular, inflation, dollarization, and the share of cash in the money supply remain high; The national currency is strengthening at an excessive rate, and crises, especially banking ones, are recurring. There are disproportions in the territorial distribution of industrial enterprises and credit organizations in Russia with a corresponding redistribution and concentration of the money supply and, as a consequence, controllability of cash flows, which reduces competition and stimulates monopolism. Some financial institutions that successfully operate in Western countries have not been formed in the structure of the national credit system; The money and financial markets as a whole are underdeveloped.

The relevance of the research topic is due to the fact that the stable state and stable development of the sphere of monetary circulation and the organization of national monetary circulation are a necessary condition for economic development. Part of monetary turnover is the circulation of cash, which is involved in many transactions in an unchanged form, in contrast to the movement of a monetary unit in non-cash circulation in the form of entries in bank accounts.

The purpose of the work is to study the organization of money circulation in the Russian Federation.

Objectives of the thesis:

Define the concept of cash circulation;

Reveal the essence of cash circulation;

Reveal the procedure for conducting cash transactions;

Reveal the essence of planning and forecasting cash transactions;

Determine the state of cash circulation in Russia at the present stage;

Identify the main problems in the development of cash circulation at the present stage;

Determine the main tasks for modernizing cash circulation management.

The object of the study is cash circulation. Today it remains the most important component of the country’s economy and the basis of social stability.

The subject of the study is the Bank of Russia; it organizes cash circulation and manages cash flows taking into account the needs of payment turnover, and also monitors the main directions and trends in the development of modern cash circulation in the world.

Timely and complete satisfaction of the needs of payment circulation in cash are large-scale goals facing the Bank of Russia in organizing cash circulation and maintaining its uninterrupted functioning. All this makes the topic of this thesis “Organization of cash circulation in the Russian Federation” relevant for consideration.

Factual material is also provided according to the monthly theoretical, scientific and practical magazine “Money and Credit”, which is published by the Central Bank of the Russian Federation. Data from various Internet resources are used: electronic encyclopedias and dictionaries, the website of the Central Bank of the Russian Federation and other electronic sources.

The work used the works of domestic authors on this topic, legislative acts of the Russian Federation, regulatory documents and methodological developments of the Central Bank of the Russian Federation.

1. Basics of organizing money circulation in the Russian Federation

1.1 General characteristics of money circulation and the history of its origin

The form of organization of monetary circulation in a country, which has developed historically and is enshrined in national legislation, is called the monetary system.

Monetary systems were formed in the 16th-17th centuries. with the emergence and establishment of the capitalist mode of production, although some of their elements appeared in an earlier period. The type of monetary system depends on the form in which money functions; as a commodity - a universal equivalent or as signs of value.

Depending on the nature of the exchange of value symbols for gold, three types of gold monometallism are distinguished: the gold coin standard, the gold bullion standard and the gold exchange (gold exchange) standard.

The gold coin standard most corresponded to the requirements of capitalism during the period of free competition, contributed to the development of production, the credit system, world trade and the export of capital. This standard is characterized by the following features:

In the internal monetary circulation of the country there is a full-fledged gold coin; gold performs all the functions of money;

Free minting of gold coins for private individuals is allowed;

Defective money in circulation can be freely and unlimitedly exchanged for gold;

Free export and import of gold and foreign currency and

The functioning of free gold markets.

The functioning of the gold coin standard required the presence of gold reserves at the central banks of issue, which served as a reserve of coin circulation, ensured the exchange of banknotes for gold, and were a reserve of world money.

During the First World War, the growth of budget deficits, covering them with loans and the growing issue of money led to an increase in the money supply in circulation, significantly exceeding in volume the gold reserves of issuing banks, which jeopardized the free exchange of paper money for gold coins. During this period, the gold coin standard ceased to exist in the warring countries, and then in most other countries (except for the USA, where it lasted until 1933).

During the monetary reforms (1924-1929), a return to the gold standard was made in two reduced forms - gold bullion and gold exchange standards.

The first ancient Russian monetary units took their name from commodity equivalents used in the form of commodity money. In Russia, "fur" money was used. This is evidenced by the name “kuna”, which takes its origin from the fur of the marten. The minting of gold and silver coins in Kievan Rus began in the 10th century. During the Mongol-Tatar yoke, individual Russian principalities minted their own coins. At the same time, “tenga” was in circulation, from which the name of Russian money came. In the 13th century, silver ingots were cut into pieces called rubles.

Following the Russian "hryvnias" and "Novgorodians" at the beginning of the 17th century, a stable single coin "kopek" was established in Russia, so named because a horseman with a spear was minted on it. A kopeck, weighing 0.68 grams and consisting of pure silver, was a rather valuable coin at that time, so in addition to it, half-kopeck “money” and quarter-kopeck “half-penny” were in use.

Then the Russian monetary system was replenished with silver altyn, hryvnia, half, and chervonets. But this was already in Peter’s times.

Despite the advantages of gold and silver, they also have significant disadvantages, such as their rapid wear. This is especially true for small coins. This led to the need and possibility of replacing them with coins made of another metal (for example, copper). But sometimes, the minting of such inferior coins led to disastrous consequences. Thus, in the history of Russia in the 17th century, the “copper riot” is known, caused by the fact that under Tsar Alexei Mikhailovich, instead of silver money, they began to mint copper coins, trying to forcibly give them the exchange rate of silver ones.

Subsequently, large coins in circulation were replaced by banknotes that have no intrinsic value, but replace the value of the coin indicated on them.

In Russia, the issue of monetary banknotes began in 1769; they circulated in the form of state treasury notes, which had a firmly established exchange rate. Then credit notes were introduced into circulation, which could be exchanged for metal coins. The right to issue was received by the Expedition of State Credit Notes, then this right was transferred to the state bank. During this period, Russian banknotes were almost entirely backed by cash gold; it was allowed to issue banknotes in excess of the exchangeable gold fund in the amount of no more than one third of it. Crimean War 1853-1856 required a large additional issue of credit money, and it actually turned into paper money.

After the monetary reform of 1895-1897 until the outbreak of the First World War, ten-ruble and five-ruble gold coins were in circulation.

The formation and development of the first monetary system of the USSR began in the process of implementing the monetary reform of 1922-1924. The chervonets, or 10 rubles, was declared the monetary unit. The gold content of the chervonets corresponded to the gold content of the pre-revolutionary ten-ruble coin. By decree of the Council of People's Commissars of the USSR of October 11, 1922, the monopoly right to issue chervonets as bank notes was granted to the State Bank of the USSR.

However, for the stability of monetary circulation, the USSR People's Commissariat of Finance set a limit on the emission right to issue treasury notes. In 1924, it accounted for no more than half of the total amount of bank notes issued into circulation. In 1928 the Issue Limit was increased to 75%, and in 1930 to 100% of the amount of tickets issued.

The main parameters of the monetary system of the Russian Federation are defined in the Federal Law of February 2, 1990 No. 394-1 “On the Central Bank of the Russian Federation (Bank of Russia)”.

1.2 Principles of organizing cash and non-cash payments in modern conditions

Cash circulation is a process of continuous movement of cash banknotes (banknotes, treasury notes, small change). It serves the receipt and expenditure of most of the population's cash income.

The scope of use of cash payments is mainly related to the sale of household income. Cash payments are made between all economic entities.

In countries with a developed market economy and banking system, the share of cash payments in the total money turnover does not exceed 3-8%. This is achieved by transferring wages of workers and employees to bank accounts. The population's payments for goods and services are mostly carried out non-cash using transfers, checks, and credit cards.

In Russia, during the transition period to the market, the sphere of cash circulation expanded unreasonably. Reasons for the expansion of cash circulation:

Economic crisis;

Non-payment crisis;

Cash crisis;

Poorly organized interbank settlement system;

Slowdown of settlements;

Deliberate reduction in the profits and income of entrepreneurs in order to evade taxes and expand cash payments outside of banks.

Cash circulation in Russia is served by banknotes and metal coins. Cash is credit money that is issued as a means of lending to a household. The exclusive right to issue (issue) money into circulation belongs to the Central Bank of Russia in connection with its main function - to play the role of the country's emission center. Its main task is to manage monetary circulation in order to ensure the stability of the monetary unit (ruble).

It is in cash circulation that the constantly repeating circulation of cash takes place.

Cash circulation begins at cash settlement centers (CCCs) of the Central Bank of the Russian Federation. Cash is transferred from their reserve funds to the circulating cash, and thus they enter circulation. From the working cash desks of the RCC, cash is sent to the operating cash desks of commercial banks. Banks may transfer some of this money to each other for a fee, but most of the cash is issued to clients. Part of the cash received by organizations is used for settlements among themselves, but most of it is transferred to individuals in the form of various types of cash income.

The population also uses cash to make payments among themselves, but most of it goes to pay taxes, fees, insurance payments, utility bills, repay loans, purchase goods, etc.

Cash circulation is organized by the state represented by the Central Bank. For this purpose, the Central Bank systematically publishes a document called “The procedure for conducting cash transactions in the national economy.”

Cash circulation is organized on the basis of the following principles:

All enterprises and organizations must keep cash in a commercial bank (except for the part established by the limit);

Banks set cash balance limits for enterprises of all forms of ownership;

Cash circulation is the object of forecast planning;

Monetary circulation is managed centrally;

Businesses can receive cash only from the bank institutions that serve them.

Non-cash payments in the Russian Federation are regulated by the following regulatory documents: Civil Code of the Russian Federation, Regulations of the Central Bank of October 3, 2002. No. 2-P "On non-cash payments in the Russian Federation" amended. and additional dated June 11, 2004 No. 1442., Regulations of the Central Bank of April 1, 2003. No. 222-P, amendment. and additional dated January 22, 2008 No. 1965-U "On the procedure for making non-cash payments with individuals in the Russian Federation."

Transaction participants have the right to choose one form of non-cash payments, taking into account specific transactions. The entire settlement system is built in such a way as to create favorable conditions for making payments and accelerating the circulation of funds. Delays in settlements deprive suppliers of sales revenue and make it difficult to fulfill production and financial tasks. When payments are delayed, buyers develop accounts payable and the most important principles of financial organization are violated.

In modern conditions, the following forms of calculations are used:

Payment orders;

Letters of credit;

By collection;

And others that do not contradict the law.

Based on the current Regulations, non-cash payments in Russia can be carried out using payment orders, payment requests-orders, checks and letters of credit. The use of one or another form of payment is determined by an agreement between the payer and the recipient of funds. Let's get acquainted with the features of each form of non-cash payments used in modern conditions.

Cashless payments are organized on the basis of certain principles.

The principles of organizing settlements are the fundamental principles of their implementation. Compliance with the principles together allows us to ensure that calculations meet the requirements: timeliness, reliability, efficiency.

The principle of the legal regime for settlements and payments is determined by the role of the payment system as the main element of any modern society. The main legislative sources for regulating payments include: Civil Code of the Russian Federation, Federal Law "On the Central Bank of the Russian Federation" dated April 26, 1995, Federal Law "On Banks and Banking Activities" dated February 3, 1996, Federal Law "On Bills of Exchange and Promissory Note" dated March 11, 1997, etc.

The principle of making payments on bank accounts. The presence of the latter by both the recipient and the payer is a necessary prerequisite for settlements. Enterprises, organizations, institutions, regardless of their organizational and legal form, are required to store funds in bank institutions on settlement, current, and budget accounts. They make payments for material assets, services and financial and banking obligations.

Money is transferred from account to account by the bank according to payment documents received from economic authorities. The bank credits the amounts received to these accounts, carries out orders from enterprises to transfer and withdraw them from the accounts and carries out other banking operations that are provided for by banking rules and agreements on the use of one or another form of non-cash payments.

The principle of security of payment presupposes that the payer has funds, that is, payments are made at the expense of the payers’ own funds or bank loans. To do this, all payers (enterprises, banks, etc.) must plan receipts, write-offs of funds from accounts, and prudently find missing resources.

The principle of periodic order of payments. The order of payments can be:

Chronological - claims are satisfied in the sequence in which payment documents are received by the bank, regardless of the purpose of the payment;

Targeted - the most important tasks are completed first

Payments.

The principle of consent (acceptance) of the payer. This principle is implemented by applying:

Either a corresponding payment instrument (check, promissory note, payment order), indicating the owner’s order to write off funds;

Or special acceptance of documents issued by recipients of funds (payment requests, orders, bills of exchange).

The principle of urgency of payment. Payments are made strictly within the terms stipulated in the contracts, in the instructions of the Ministry of Finance, etc. Payment can be made:

Before the start of a trading operation (advance payment);

Immediately after completing a trading operation;

After a certain period of time after the completion of a trading operation;

On the terms of a commercial loan (without issuing a promissory note or with a written promissory note).

1.3 Issue of cash and its withdrawal from circulation

Money emission (in international terminology - seigniorage) is an independent category, closely related to the M0 aggregate and reflecting the growth of this aggregate. If the forecasted cash turnover is expected to exceed cash payments over their receipts in banks' cash desks, then if it is impossible to reduce cash payments, the issue of money is envisaged.

The issue of cash is carried out by the Central Bank of the Russian Federation, since it has a monopoly on the issue of bank notes. The size of the cash issue was determined based on the draft cash plans of banks, i.e. forecasts of their cash turnover. Employees of the Central Bank analyze and forecast the state of money circulation, find out trends in its development, predict the need for economic turnover in funds at the macro and micro levels, and set target figures for the minimum and maximum limits of growth in the money supply.

Based on these studies, the Central Bank sets an approximate increase in the money supply in circulation.

Cash issuance is carried out in a decentralized manner. This is due to the fact that the need of commercial banks for money, which requires their additional release into circulation, is constantly changing, because depends on the money needs of their clients (legal entities and individuals). Obviously, timely delivery of money from the center in such a situation is hardly possible. This is especially true for Russia: due to the vast distances, delivery of money would take quite a long time, and by the time it reaches its destination, the need for money there would have already changed. Consequently, in this region there will be either a surplus or a shortage of cash, as a result of which various problems will arise in the economy.

Therefore, in Russia, cash issuance is carried out by the Central Bank through a system of cash settlement centers (RCCs). They are located in various regions of the country and serve commercial banks located there. The issue of cash in the RCC is carried out through reserve funds and working cash desks.

The main functions of the RCC for issue and cash operations include:

1) Organization and storage of reserve funds of the working cash register and other valuables;

2) Transfer in the prescribed manner of cash from reserve funds to the working cash register (emission) or vice versa (withdrawal);

3) Reinforcement in the prescribed manner from their reserve funds with banknotes and coins to other reserve funds;

4) Issuance of banknotes and coins to commercial banks;

5) Reception of excess cash from commercial banks into the working cash register;

6) Carrying out operations on behalf of the Central Bank;

7) Maintaining records and reporting on emission transactions.

The reserve fund of the RCC is a storage place for banknotes that can be released into circulation when the need for them arises. These banknotes are not considered money in circulation, because they are a reserve, therefore, they do not make movements. To obtain permission to create these funds, the Main Directorate must submit to the Bank of Russia an application for the opening of reserve funds, as well as a passport for the cash depository, which is subject to registration with the Bank of Russia. The basis for the creation of funds is the message of the Bank of Russia to the Main Directorate about the registration of a passport for a cash depository.

Through the cash desk of the RCC, cash is directly put into circulation. But at the same time, commercial banks also hand over the money they receive to the working cash register. If the amount of money issued is equal to the amount received from commercial banks, no issue occurs. When the receipt of money exceeds the issue from the circulating cash register, money is withdrawn from circulation. In this case, the excess amount of money is transferred from the working cash register of the RCC to the reserve fund. The difference between reserve funds and the working cash register is that banknotes and coins are not money in circulation; they are stored and accounted for separately from the cash working cash register and serve as a reserve in case of need to reinforce the working cash register.

The reserve funds of the RCC are managed by the regional departments of the Central Bank. If, during the operation of the banking multiplier, the free reserves of most commercial banks increase and their need for cash accordingly increases, and the flow of money into their operating cash desks does not increase, the RCC will be forced to increase the release of cash into circulation. To do this, based on the permission of the regional administration of the Central Bank, the RCC transfers cash from the reserve fund to the working cash register of the RCC, i.e. performs an emission operation.

However, when one RCC issues an issue, another can at the same time withdraw a similar amount of cash, and the total amount in circulation will not change. The Board of the Central Bank draws up a daily emission balance, which reflects whether the emission of cash has occurred in the country on a given day.

The emission balance of the Bank of Russia is a characteristic of the state of money circulation in the country. The emission balance takes into account the operations of issuing money into circulation and withdrawing it from circulation. Compiled on the basis of debit and credit memos received from territorial institutions of the Bank of Russia. The balance sheet reflects daily the total amounts of investment of money from the working cash register into reserve funds and reinforcement of the cash register from the funds. The composition of money is taken into account in the balance sheet based on the results of operations for the month on the basis of confirmations from territorial institutions of the Bank of Russia about banknotes and coins invested and withdrawn from reserve funds in the reporting month, broken down by currency, with the division of banknotes into good and old ones.

From the diagram (Appendix 2) it is clear that cash circulation begins in the cash settlement centers of the Central Bank of the Russian Federation. Cash is transferred from their reserve funds to circulating cash, thereby entering circulation. From the working cash desks of the RCC, cash is sent to the operating cash desks of commercial banks. Banks can transfer part of this money to each other on a paid basis, but most of the cash is issued to clients - legal entities and individuals (either to the cash desks of enterprises and organizations, or directly to the population). Part of the cash in the cash registers of enterprises and organizations is used for settlements between them, but most of it is transferred to the population in the form of various types of cash income (salaries, pensions and benefits, scholarships, insurance compensation, payment of dividends, proceeds from the sale of securities and etc.).

Consequently, cash is transformed from non-cash money, which is in accounts in commercial banks. When non-cash money is issued, as a result of the banking multiplier, cash is also issued.

The central bank withdraws money from circulation when it sells its assets to business entities or returns previously issued loans. At the same time, the money he created is returned to him, and thus his debt to his transaction partners is reduced.

In modern monetary systems, along with central bank money, non-cash money of commercial banks plays an important role. The money of commercial banks includes deposits of the non-banking sector in these banks. These deposits represent the monetary claims of clients to their banks and the monetary obligations of banks in relation to their clients.

The actual release (withdrawal) of non-cash money of a commercial bank into circulation can only be discussed in relation to its operations for the purchase and sale of assets from its clients or when issuing and repaying loans. In these cases, the commercial bank pays with its perpetual obligations or repays them.

In relation to commercial banks, we can separately talk about the release and withdrawal of cash into economic circulation, which is associated with credit and cash transactions. When clients receive a cash loan or withdraw cash from their deposit, cash is released into circulation. For this purpose, the bank uses the remaining cash in its operating cash desk or pre-exchanges funds from a deposit with the central bank for its cash - banknotes.

In the latter case, the cash money supply is measured by reducing central bank reserves.

Thus, the modern economy is characterized by the regular entry into and withdrawal of money from economic circulation in the form of small change, banknotes and permanent deposits of central and commercial banks. The basis of this process are credit operations carried out in connection with the satisfaction of the real needs of the economy for means of circulation and payment.

The flow of money into circulation channels and its influx into circulation are called “the release of money into circulation.” It is a sustainable process of transfer by banks to legal entities and individuals of certain amounts of money in cash and non-cash forms as a result of credit transactions.

1.4 The procedure for cash settlements and control of cash discipline

Cash circulation is the movement of cash in the sphere of circulation and its performance as a means of payment and a medium of exchange.

Cash is used:

For the circulation of goods and services;

For calculations of wages, bonuses, benefits, pensions;

For payment of insurance compensation under insurance contracts;

When paying for securities and paying income on them;

For household payments for utilities, etc.

Cash turnover includes the movement of the entire cash supply over a certain period of time between:

The population and legal entities;

Individuals;

Legal entities;

The population and government agencies;

Legal entities and government bodies.

Cash circulation is carried out using various types of money: banknotes, metal coins, other credit instruments - bills of exchange, bank bills, checks, credit cards.

The circulation of cash with the participation of citizens not related to business activities is carried out without limiting the amount; between legal entities, as well as with the participation of individuals conducting business activities - in amounts that do not exceed the amounts established by the Directive of the Central Bank of October 7, 1998 No. 375-U. In all

In other cases, money circulation is carried out only in non-cash form.

The Central Bank of the Russian Federation, in accordance with the legislation, developed the Regulations on the rules for organizing cash circulation on the territory of the Russian Federation dated January 5, 1998 No. 14-P, mandatory for implementation by territorial branches of Russian banks, credit organizations and their branches in the territory of the Russian Federation. In accordance with this Regulation, organizations, enterprises, institutions, regardless of their organizational and legal form, store available funds in bank institutions in appropriate accounts on contractual terms.

Cash received at the cash desks of enterprises must be handed over to banking institutions for subsequent crediting to the accounts of these enterprises. Cash is handed over by enterprises directly to the cash desks of bank institutions or through joint cash desks at enterprises. Cash can be handed over by enterprises on contractual terms through collection services licensed by the Bank of Russia to carry out relevant operations for the collection of cash and other valuables.

Acceptance of cash by bank institutions from serviced enterprises is carried out in the manner established by the Regulations on the procedure for conducting cash transactions in credit institutions on the territory of the Russian Federation dated March 25, 1997. No. 56. The procedure and terms for depositing cash are established by bank service institutions for each enterprise in agreement with their managers, based on the need to accelerate the turnover of money and timely receipt of it at the cash desks during the working days of bank institutions.

At the cash desks of enterprises, cash can be stored within the limits established by the banking institutions that serve them in agreement with the heads of these enterprises. The limit on the balance of cash in the cash register is established by banking institutions annually for all enterprises, regardless of their legal form and field of activity, that have a cash register and carry out cash payments.

In excess of the limit, only funds intended for the payment of salaries, social payments (scholarships) are kept - no more than three working days, including the day the money is received from the bank

If the limit is not approved, all proceeds are considered above the limit and must be submitted to the bank daily.

To establish a limit on the cash balance in the cash register, an enterprise submits to the bank institution that provides its cash settlement services a calculation in accordance with form No. 0408020 “Calculation for establishing a cash balance limit for an enterprise and issuing permission to spend cash from the proceeds received at its cash desk.” For an enterprise that includes divisions that do not have an independent balance sheet and accounts in bank institutions, a single cash balance limit is established taking into account these structural divisions. The cash balance limit for structural divisions is communicated by order of the head of the enterprise.

Limits on the cash balance of administrators and recipients of federal budget funds who have opened personal accounts with the Federal Treasury are established by institutions of the Bank of Russia or authorized credit organizations by the authorities of the Federal Treasury of the Russian Federation, taking into account the specified administrators and recipients of federal budget funds. The calculation for establishing a cash balance limit in this case is submitted by the Federal Treasury authorities, taking into account the managers and recipients of federal budget funds who have opened personal accounts with the Federal Treasury authorities in the prescribed manner.

The cash balance limit is determined based on the volume of cash turnover of an enterprise, taking into account the peculiarities of its mode of operation, the procedure and timing of depositing cash at bank institutions, ensuring safety and reducing counter transportation of valuables. The cash balance limit can be revised during the year in the prescribed manner at the justified request of the enterprise (in case of changes in the volume of cash turnover, conditions for the delivery of proceeds, etc.), as well as in accordance with the bank account agreement.

The acceptance of cash by enterprises when making settlements with the population is carried out with the mandatory use of cash registers. Cash transactions are formalized using standard interdepartmental forms of primary accounting documentation for enterprises and organizations, which are approved by the State Statistics Committee of the Russian Federation in agreement with the Central Bank of the Russian Federation and the Ministry of Finance of the Russian Federation. Cash is accepted by cash registers of enterprises according to cash receipt orders signed by the chief accountant or a person authorized to do so by written order of the head of the enterprise. About the receipt of money, a receipt is issued for the cash receipt order, signed by the chief accountant or a person authorized to do so, and the cashier, certified by the seal (stamp) of the cashier or the imprint of the cash register.

The issuance of cash from the cash registers of enterprises is carried out according to cash expenditure orders or properly executed other documents (pay slips (settlement and payment), applications for the issuance of money, accounts, etc.) with the imposition on these documents of a stamp with the details of the cash expenditure order. Documents for the issuance of money must be signed by the manager, chief accountant of the enterprise or persons authorized to do so. When issuing money under an expenditure cash order or a document replacing it to an individual, the cashier requires the presentation of a document (passport or other document) identifying the recipient, writes down the name and number of the document, by whom and when it was issued, and selects the recipient’s receipt. A receipt for receipt of money can only be made by the recipient personally in ink or with a ballpoint pen indicating the amount received: rubles in words, kopecks in numbers. When receiving money according to a payroll (settlement and payment) statement, the amount in words is not indicated.

All cash receipts and disbursements of the enterprise are recorded in the cash book. Each enterprise maintains only one cash book, which must be numbered, laced and sealed with a wax or mastic seal. The number of sheets in the cash book is certified by the signatures of the manager and chief accountant of the enterprise.

Currently, it is allowed to maintain a cash book using a computer; in this case, the cash book sheets are stored by the cashier separately for each month. At the end of the calendar year (or as needed), they are bookleted in chronological order. The total number of sheets for the year is certified by the signatures of the head and chief accountant of the organization, and the book is sealed. Control over the correct maintenance of the cash book rests with the chief accountant. After receiving or issuing money, the cashier writes the order data into the cash book (download Filling out the cash book).

Records are kept in two copies. At the end of the working day, the cashier calculates the results of transactions for the day, displays the balance of money in the cash register for the next date and transfers to the accounting department the second (tear-off) sheet (a copy of the entries in the cash book for the day) with incoming and outgoing cash documents against a receipt in the cash book. Thus, the first copy of the sheets remains in the cash book, and the second is torn off daily and submitted to the accounting department. This second, detachable part of the cash book is called the cashier's report.

Unlike cash orders, corrections can be made in the cash book, but they are certified by the signatures of the cashier and the chief accountant.

To reflect the movement of funds in the Chart of Accounts, account 50 “Cash” is intended. Since cash is the property of the organization, it follows that account 50 is active. The inflow of funds is reflected in the debit of the account, the expense - accordingly, in the credit.

Banking institutions, in order to maximize the attraction of cash to their cash desks through the timely and complete collection of cash proceeds from enterprises, at least once every two years, check compliance with the procedure established by the Bank of Russia for conducting cash transactions and working with cash. Enterprises that do not comply with the procedure for conducting cash transactions and handling cash are subject to liability measures provided for by legislative and other legal acts of the Russian Federation.

Territorial branches of the Bank of Russia exercise control over the work of bank institutions in organizing cash circulation, compliance by enterprises with the procedure for conducting cash transactions and working with cash.

Before conducting an inspection, bank employees prepare, based on bank records, data on the amounts and purposes of spending cash received by enterprises and organizations in the bank in order to verify the correctness of accounting and spending on the spot. As a general rule, bank audits are carried out at least once every two years (clause 2.14 of the Regulations of the Central Bank of the Russian Federation dated January 5, 1998 No. 14-P, hereinafter referred to as Regulation No. 14-P).

As a rule, an unscheduled inspection occurs when violations or suspicious facts are detected. The verification period in most cases is one to two days. According to the rules established by the Central Bank of the Russian Federation, representatives of the servicing bank must themselves come to the organization with an inspection. But in practice, they more often ask the client to bring documents. True, liability for failure to provide documents to a credit organization is not established by law. Therefore, the verification style is most often determined by agreement between the client and the bank.

Before starting the inspection, the bank requests a cash book, cashier reports, advance reports, a journal for registering incoming and outgoing cash orders, payroll records, an order for the appointment of a cashier and an agreement on liability with him, orders for accountable persons. They may also request a checkbook and calculation of the cash limit.

That is, controllers establish the existence of these documents in the organization and then check the correctness of the data entered in them.

For example, they determine the correspondence of entries in the organization’s cash book about the posting of money received from the bank with the data of the credit institution (in terms of amounts and terms). If there are discrepancies, their reasons are clarified.

In addition, these documents are used to verify compliance with the agreed upon procedure and deadlines for depositing cash proceeds to the bank. The amount of cash received at the cash desk during the audited period is specified and compared with the amount of money deposited at the bank. The timely return to the bank of unpaid wages, etc. is also checked. When conducting inspections, inspectors often make comments about careless execution of documents. Accountants and cashiers often forget to sign documents. As a rule, inspectors allow such an error to be corrected.

A very common violation is storing the employee’s personal money in the organization’s cash register. In principle, civil law does not prohibit this. It is enough for the employer to conclude a storage agreement with the employee, which specifies the transferred amount and period. In addition, such a service must be paid for, since this agreement is for a fee (Article 896 of the Civil Code of the Russian Federation).

However, it should be remembered that clause 30 of the Procedure for Conducting Cash Operations (approved by the decision of the Board of Directors of the Central Bank of the Russian Federation dated September 22, 1993 No. 40) contains a direct prohibition on storing money in the cash register that does not belong to the organization. Therefore, if during an inspection it turns out that the cashier kept personal money in the cash register, it may be confiscated. These funds will be considered "unreceived cash." In this case, you will have to prove in court that the money is personal and does not belong to the organization.

When checking compliance with the cash payment limit, banks study the organization’s primary documents (sales receipts, invoices, expense reports, etc.). According to the rules, the amount of cash settlements for one transaction cannot exceed 100,000 rubles. (directive of the Central Bank of the Russian Federation dated June 20, 2007 No. 1843-U). This restriction applies to cash payments between:

Organizations;

Organization and individual entrepreneur;

Individual entrepreneurs.

The cash payment limit applies to payments under one agreement. However, no time restrictions have been established. It follows that the organization:

Cannot pay in cash for the entire contract if the price specified in it exceeds 100,000 rubles. The frequency of payments and the number of payment documents do not matter.;

Can pay in cash for several contracts concluded with one counterparty within one day, even if the total amount under these contracts exceeds 100,000 rubles. The main thing is that for each contract there is no excess of the limit;

Can pay the contract in cash in part, that is, an amount not exceeding 100,000 rubles. This will be legal even if the total amount under the agreement exceeds the cash payment limit (the remaining portion can be transferred to the counterparty’s account). This follows from paragraph 1 of the instruction of the Central Bank of the Russian Federation dated June 20, 2007 No. 1843-U and the letter of the Central Bank of the Russian Federation dated December 4, 2007 No. 190-T.

As practice shows, organizations often violate the maximum amount of cash payments when purchasing assets through accountable persons. The fact is that the cash payment limit does not apply when issuing accountable amounts to an employee. However, when paying for valuables on behalf of the organization (that is, by proxy), the accountable must comply with it (letter of the Central Bank of the Russian Federation dated December 4, 2007 No. 190-T).

The list of purposes for which cash received at the organization’s cash desk for goods sold can be spent is closed (directive of the Central Bank of the Russian Federation dated June 20, 2007 No. 1843-U). To obtain the appropriate permission, the organization must submit an application to the bank, which indicates the purpose of the expenditure. And the bank draws up an order on what needs the company can use its cash for.

During the audit (studying the “primary” and accounting data), the bank controls the targeted expenditure of funds. For violation of cash discipline, administrative liability is provided for in Article 15.1 of the Code of the Russian Federation on Administrative Offenses.

Despite the fact that banks monitor compliance with the procedure for conducting cash transactions, their employees cannot draw up protocols on violations. The fact is that the consideration of cases of administrative offenses under Article 15.1 of the Code of the Russian Federation is entrusted to tax inspectorates (Article 23.5 of the Code of the Russian Federation on Administrative Offences). They draw up protocols and impose fines based on information provided by banks.

Cash payments with other organizations (entrepreneurs) in excess of established limits;

Non-receipt (incomplete receipt) of cash to the cash desk;

Failure to comply with the procedure for storing available funds;

Accumulation of cash in the cash register in excess of established limits.

The fine is:

For officials - from 4,000 to 5,000 rubles;

For legal entities - from 40,000 to 50,000 rubles.

Administrative legislation does not provide for liability for inappropriate expenses from the cash register.

After two months from the date of commission of the offense, it is impossible to hold accountable for failure to comply with cash discipline (Clause 1 of Article 4.5 of the Code of the Russian Federation on Administrative Offenses).

In addition, the tax inspectorate has no right to fine a selling organization that has accepted cash from a legal entity in an amount exceeding 100,000 rubles.

The subject of the offense in this situation is the party to the contract that pays for the goods (work, services) received.

In sales and purchase agreements (supply, paid services, etc.), this is the buyer (customer). Therefore, only he can be held accountable for exceeding the cash payment limit.

At the end of the audit, a certificate is drawn up on the results of checking the enterprise’s compliance with the procedure for working with cash in form No. 0408026 (Appendix 8 to Regulation No. 14-P), which is signed by the head and chief accountant of the organization, as well as a representative of the bank.

If no violations are identified during the inspection of the organization, the certificate is usually issued in two copies: for the bank and for the client. If violations of cash discipline are detected, the document is drawn up in three copies - one of them is intended for the tax inspectorate at the place of registration of the organization. If the client has no objections, he signs all copies of the certificate.

The Bank reviews the audit results reflected in this document within three days. They are then approved by the chairman of the bank's board. Only then does the organization receive a third copy of the certificate, the second remains in the bank, and the first is sent to the tax authorities.

2. The current state of cash turnover in Russia

2.2 Analysis of the methods used to regulate cash circulation by the Central Bank of the Russian Federation

The central bank influences money circulation through the market using the market mechanism.

The objects of influence are:

volume of money supply in cash and non-cash forms;

volume of demand;

loan price.

The ability to influence the supply of money is provided to the central bank by combining the subject of money emission in its cash and non-cash forms and the direct subject of regulation. Firstly, the monopoly on the issue of banknotes provides a basis for control over the cash component of monetary circulation, and secondly, the special role of the central bank in the formation of credit resources of the banking system as a whole creates the basis for determining the possible volume of bank loans. In modern conditions, the predominance of the deposit part of money circulation increases the importance of regulation by the central bank of the volume of supply of bank loans. The central bank’s regulation of the demand for money is carried out for the same reason, primarily through the regulation of the conditions for the provision of loans by the central bank, which indirectly determine the conditions for the provision of loans by the banking system.

The choice of specific monetary policy instruments is carried out taking into account the characteristics of the national financial system, in particular the position of banks in it, the degree of development of money market instruments, the degree of inclusion of the money market in the integration process. The adequacy of measures to regulate monetary circulation to these parameters is ensured by their constant evolution. The evolution of instruments for regulating monetary circulation following a change, for example, in the object of regulation is by no means automatic, but the same mechanism of efficiency gives it a compulsory character.

Thus, changes in the banking system change the types of institutions, operations subject to regulation, as well as the channels through which the corresponding ones actively use such a monetary policy instrument as required reserves. The operation of this instrument is based on the mechanism of influence of the banking system on the money supply through the bank multiplier. If the Central Bank increases the required reserve rate, this leads to a reduction in banks' excess reserves and a multiplicative decrease in the money supply; when the required reserve rate decreases, a multiplicative expansion of the money supply occurs. Reserve requirements are established in order to limit the lending capabilities of credit institutions and maintain the money supply in circulation at a certain level. cash circulation cash

In accordance with Article 25 of the Federal Law “On Banks and Banking Activities,” a credit institution is obliged to comply with the standards for required reserves deposited with the Bank of Russia. The amount of required reserves, in accordance with Article 38 of the Federal Law "On the Central Bank of the Russian Federation", as a percentage of the credit institution's liabilities, as well as the procedure for their deposit with the Bank of Russia are established by the Board of Directors. Required reserve standards cannot exceed 20 percent of a credit institution's liabilities. The amount of funds to be reserved is determined monthly and compared with the amount already transferred. Deviations must be resolved within 2 working days.

The Bank of Russia and its territorial institutions ensure control over the timeliness and completeness of depositing required reserves by credit institutions. This was greatly facilitated by the introduction of operational five-day (and for a number of indicators daily) as well as monthly reporting on the timeliness and completeness of the formation of required reserves and the use of this reporting for prompt decision-making aimed at strict compliance with the current Regulations on required reserves.

Credit institutions that violate the established procedure for the formation of required reserves, including those that allow underpayment of required reserves, are subject to fines, and other sanctions are applied to them, up to and including the revocation of their license to carry out banking operations.

An important tool of monetary policy is open market operations. By buying or selling Treasury securities on the open market, the Central Bank can either inject reserves into or withdraw reserves from the government's credit system.

When the Central Bank tries to moderate the growth of the money supply, it resorts to selling government bonds at its disposal. The latter are transferred to private owners, and the money received as a result of such an operation is removed from circulation.

As a rule, when selling government securities, the Central Bank sets preferential rates at a price below the market price, trying to attract as many as possible who want to purchase these securities. In turn, the repurchase of these securities can be carried out by the state at a predetermined time frame at a predetermined price or at a market price. Or the state undertakes to buy previously issued securities at an agreed price, but with the condition of indexation.

What are the principles of organizing cash flow?

In Europe, six out of seven transactions are made in cash, and in Russia this figure reaches 97%. Preferences for cash payments are associated with their advantages, expressed in the following:
a) the possibility and unconditionality of making payments as a legal means in any conditions;
b) immediate implementation;
c) no need for special and permanent infrastructure;
d) payment in cash is cheaper than payments using bank cards;
e) ease of use by all users;
f) anonymity of use;
g) cash is preferable in case of natural, economic and political force majeure circumstances.
The basic principles of organizing cash flow include:
1) centralization of the organization and regulation of money circulation. The Central Bank has the exclusive prerogative to organize and regulate the movement of cash through all channels of circulation and between all entities. This makes it possible to achieve the stability of monetary circulation and carry it out in close connection with the problems of ensuring purchasing power and the stability of the national ruble. Achieving sustainability involves regulating the execution of cash transactions of all credit institutions and business entities;
2) elasticity and economy of money circulation. The mutual circulation of cash and non-cash money allows us to shift the boundaries between cash and non-cash money circulation, depending on the needs of business entities for funds of one type or another and the tasks of state regulation related to the replacement of expensive cash circulation with cheaper non-cash circulation.
3) the complexity of the organization of money circulation, ensuring the unity of organization and regulation of the movement of cash and non-cash funds and their issue;
4) regularity and uninterrupted provision of cash to all institutional units of the national economy in accordance with their economic needs;
5) regulation of procedures for performing cash transactions. Cash transactions of the following economic entities are subject to regulation: a) banks and other credit organizations; b) Russian legal entities, incl. communications enterprises; c) Russian legal entities accepting cash payments directly from the population; d) non-residents.
The procedure for conducting cash transactions is a set of rules for the acceptance, issuance, storage and collection of cash by both credit institutions, primarily banks, and business entities, residents and non-residents. It should be noted that cash payments in the Russian Federation are significantly limited. Without any restrictions, only individuals can make payments in cash and only for transactions not related to their business activities.
Cash received at the cash desk of an enterprise must be handed over to the bank servicing the organization, with its subsequent crediting to its account. The amount of money that can be kept in the company's cash register is limited. The rules and deadlines for depositing cash into the bank are established individually for each organization.
When organizing cash operations, banks are guided by the requirements of Bank of Russia regulations.

What are the principles of organizing non-cash payments?

The non-cash form of payment is quite labor-intensive, since it is associated with the preparation of relevant documents of a uniform form. The technique of non-cash payments is established by the “Regulations on non-cash payments in the Russian Federation” of the Bank of Russia dated October 3, 2002 No. 2-p. It formulates the following basic principles for organizing non-cash payments.
1. Documentation. Payments from accounts are made by banking or other settlement institutions only on written orders from clients or on orders from judicial or other bodies that are legally granted this right. An order to write off funds from an account can be given: a) by issuing a document of a uniform form containing an order (instruction) to write off funds; b) in the form of consent to pay the presented demand (acceptance).
2. Urgency. The principle determines the procedure and terms for processing documents by banking organizations, the terms for writing off and crediting funds to accounts. Instructive documents of the Bank of Russia establish unified terms for processing payment documents in commercial banks and cash settlement centers of the Bank of Russia. In accordance with Art. 80 of the Federal Law of July 10, 2002 No. 86-FZ “On the Central Bank of the Russian Federation (Bank of Russia)” The Bank of Russia establishes terms for non-cash payments. Thus, the total period for non-cash payments should not exceed two business days within a constituent entity of the Russian Federation and five business days within the Russian Federation.
3. Security of payment. The principle means that payments from the account are made within the limits of the amounts available on it. All documentary orders for debiting funds from the account are executed by the bank in accordance with the order of debiting funds established by Art. 855 part 2 of the Civil Code of the Russian Federation.
If there are funds in the account, the amount of which is sufficient to satisfy all requirements presented to the account, funds are written off from the account in the order in which the client’s orders and other documents for debit are received, i.e. in the so-called calendar order. If there are insufficient funds in the account to satisfy all demands placed on it, funds are written off in the following order:
. first of all, write-off occurs according to executive documents providing for the transfer or issuance of funds from the account to satisfy claims for compensation for harm caused to life and health, as well as claims for the collection of alimony;
. secondly, write-offs are made according to executive documents providing for the transfer or issuance of funds for settlements for the payment of severance pay and wages with persons working under an employment contract, incl. under a contract, for the payment of remuneration under an author's agreement;
. in the third place, write-offs are carried out according to payment documents providing for the transfer or issuance of funds for settlements of wages with persons working under an employment agreement (contract), as well as for contributions to state social insurance funds;
. in the fourth place, write-offs occur on payment documents providing for payments to the budget and extra-budgetary funds, deductions to which are not provided for in the third place;
. fifthly, write-off occurs according to executive documents providing for the satisfaction of other monetary claims;
. Lastly, debits are made for other payment documents in calendar order.
Debiting funds from the account for claims related to one queue is carried out in the calendar order of receipt of documents.
4. Freedom to choose forms of non-cash payments. The current legislation establishes several forms of settlements and types of payments that counterparty organizations can choose at their discretion. Any restrictions on the part of the bank regarding the choice of payment forms are not allowed.
5. Unification of payment documents. It is legally established that settlement documents are drawn up on uniform forms in paper or electronic form. Payment documents are valid for 10 days, not counting the day of their issue. Corrections, blots and erasures, and the use of correction fluids in settlement documents are not allowed.

Cash circulation is a process of continuous movement of cash. Despite the fact that its importance and share in the structure of money turnover are constantly decreasing, it still plays an important role, since it is it that serves the receipt and expenditure of a significant part of the population’s cash income. In most developed Western countries, the share of cash payments is no more than 3-8% of total cash turnover. In the Russian Federation, the share of cash circulation is slightly higher, but it is constantly declining.

The environment for using cash payments is mainly related to the formation of cash income and expenses of the population. Payments are made in cash:

enterprises, institutions and organizations with the population (on the one hand, when issuing wages, pensions, scholarships and other social currencies to the population, on the other hand, when the population pays in cash for goods and services in the trade and service network);

between individual citizens in commodity and food markets;

partially settlements between the population and the financial and credit system (payment of taxes, fees, repayment of loans, etc.);

limited payments between enterprises and organizations

Despite the fact that, in general, the volume of official cash turnover is significantly less than non-cash turnover, its importance in organizing normal economic relations in the economy is very great. It is in the sulfur of cash circulation that the final sale of produced goods (works, services) occurs. Therefore, the normal circulation of money in the country and the stability of its purchasing power largely depend on the state of organization of cash circulation.

The exclusive right to issue and withdraw cash from circulation and organize its circulation belongs to the Central Bank of the Russian Federation as the country's emission center. In order to organize cash circulation on the territory of the Russian Federation, to the Bank of Russia in accordance with the Federal Law on the Central Bank of the Russian Federation of July 10, 2002. assigned the following functions:

the exclusive right to issue cash, organize its circulation and withdraw from circulation;

forecasting and organizing production, transportation and storage of banknotes and coins, creating their reserve funds;

establishing rules for the storage, transportation and collection of cash for credit institutions;

establishing signs of solvency of banknotes and the procedure for replacing damaged banknotes and coins, as well as their destruction;

determination of the procedure for conducting cash transactions for credit institutions.

Direct cash services for enterprises and organizations are entrusted to commercial banks.

Let's consider the scheme of cash flow in the Russian Federation.

Figure 2.1 Scheme of cash circulation in the Russian Federation

The above diagram shows that cash circulation begins in the Central Bank of the Russian Federation. Cash is transferred from its reserve funds to the circulating cash, thus entering circulation. From the working cash registers of the GRCC, or RCC, cash is sent to the operating cash desks of commercial banks for distribution to clients - legal entities and individuals (either directly or to the cash desks of enterprises and organizations). A smaller part of the cash in the cash registers of enterprises and organizations is used for settlements between them (in cases where the purchase price does not exceed the maximum payment amount established by law), but the majority is paid to the population in the form of various types of cash income (wages , pensions and benefits, scholarships, insurance compensation, dividends, proceeds from the sale of securities, etc.).

The population also uses cash for mutual settlements. But most of them are spent on paying taxes, fees, insurance payments, paying rent and utility bills, repaying loans, purchasing goods and paying for various paid services, purchasing securities, lottery tickets, paying rent, fines, penalties and penalties, etc. d.

Thus, money goes either directly to the operating cash desks of commercial banks, or to the cash desks of enterprises and organizations (primarily trade enterprises and enterprises providing services to the public).

Under money circulation It is generally accepted to understand the process of continuous movement of money in cash and non-cash form as a means of circulation and means of payment.

Monetary circulation has historically determined the emergence monetary system, which is a model, a type of organization of monetary circulation, enshrined in law. Structurally, it consists of the following elements:

- official monetary unit;
- types of banknotes;
- the procedure for issuing banknotes and their security;
- methods of regulating money circulation;
- organization of money circulation.

The monetary system may also contain two more elements: the procedure for setting the official exchange rate and the price scale.

Official currency- is a state-established and legally enshrined currency that is legal tender throughout the country. In accordance with Part 1 of Art. 75 of the Constitution of the Russian Federation, the monetary unit in the Russian Federation is the ruble. One ruble consists of 100 kopecks.

Types of banknotes are distinguished depending on the material medium (banknotes, coins), their security, as well as the entity authorized to issue banknotes into circulation. Currently, there are two types of banknotes in circulation in the Russian Federation:

a) banknotes in denominations of 5, 10, 50, 100, 500, 1000 and 5000 rubles;
b) metal coin in denominations of 1,5,10,50 kopecks, 1, 2, 5, 10 rubles.

The procedure for issuing banknotes is the rules established by law for the issue and withdrawal of money from circulation. The only issuer of banknotes is the state. Direct emission can be entrusted either to the issuing bank or to the treasury.

The procedure for establishing the official exchange rate is a set of rules for determining the ratio of the price of the national currency to the price of other foreign currencies.

The price scale determines how much currency metal is contained in a monetary unit. Currently, the official relationship between the ruble and gold is not established.

To the main methods of regulating money circulation relate:

- monetary reform - a radical, qualitative transformation of the monetary system, carried out in order to stabilize the national monetary currency and monetary circulation as a whole;
- denomination (from Lat. - renaming) - a change in the face value of banknotes, made by exchanging old money for new ones at a certain rate. Denomination does not imply a qualitative transformation of the monetary system;
- issue - release of banknotes into circulation. Unlike monetary reform and denomination, which are carried out at a time, emission is a direction of the financial activity of the state, carried out constantly;
- nullification (from Latin - destruction) - declaring banknotes invalid. Through nullification, old money is removed from circulation with the subsequent issuance of new ones, but in smaller quantities;
- devaluation (from Lat. - decrease and have a value, cost) - a decrease in the value of a monetary unit. The economic significance of devaluation is that the state, by depreciating its own currency, thereby reduces the export price of goods, creating a favorable environment for industrial development;
- revaluation is the reverse process of devaluation, which consists in increasing the value of money;
- deflation - a decrease in the money supply, carried out by removing surplus banknotes from circulation.

Money circulation includes two main elements: cash and non-cash money circulation.

Cash circulation, or cash turnover, is the process of movement of funds in cash. A number of significant characteristics of cash circulation can be identified:

1) it is part of the cash flow. Acting as one of the components of money circulation, cash circulation is closely related to non-cash circulation. This is manifested in the fact that, as already mentioned, funds, being in constant movement, move from cash to non-cash form and vice versa;
2) is closely connected with the banking system. So, in accordance with paragraph 2 of Art. 4 of the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” the organization of money circulation is entrusted to the Central Bank of the Russian Federation. In order to carry out this function, the Central Bank of the Russian Federation is authorized to issue money, exchange old and damaged banknotes, make decisions on the issue of banknotes and coins of a new type, on the withdrawal of old banknotes and coins from circulation, approve denominations and samples of banknotes, and also carry out other powers granted to him by the legislation of the Russian Federation;
3) involves repeated use of banknotes. This property is manifested in the fact that during the circulation of cash, banknotes and coins, acting as a means of circulation and payment, physically move from hand to hand. Consequently, banknotes must be durable and protected from counterfeiting;
4) is carried out primarily in the sphere of private income and expenditure of the population. This property is due to the desire of the state to minimize the costs associated with organizing money circulation, as well as to prevent the concealment of funds from taxation. In this regard, restrictions are being introduced related to the circulation of cash, which apply primarily to organizations and individual entrepreneurs;
5) is subject to legal regulation by the state.

To the main principles of organizing cash circulation relate:

1) the principle of mandatory storage of cash of legal entities in credit institutions. The state obliged all institutions, organizations and enterprises, regardless of their organizational and legal form, to store their funds in credit institutions. This principle is established in order to control the circulation of funds, combat money laundering, and also ensure the safety of money;
2) the principle of preferential non-cash settlements of organizations for their obligations, the introduction of which is determined by the desire of the state to limit settlements using cash;
3) the principle of limiting cash on hand. Legal entities can have cash in their cash register only within established limits, i.e. a certain amount necessary for the normal functioning of organizations;
4) the principle of mandatory delivery to the bank of all cash in excess of established limits on the balance of cash in the cash desk;
5) the principle of urgent delivery of cash to credit institutions. Such deadlines are established by regulation and depend on the specifics of the enterprise’s work, as well as the remoteness of credit institutions. Specific deadlines are agreed upon with banking institutions;
6) the principle of super-limit cash on hand for wages and other social benefits. Thus, organizations have the right to keep cash in their cash registers in excess of established limits only for wages, payment of social insurance benefits, scholarships, pensions, and only for a period of no more than three working days, including the day of receipt of money at the bank;
7) the principle of documentation of monetary transactions. According to this principle, all funds received and paid out from the cash desk are subject to mandatory documentation. Registration of such operations is usually carried out by drawing up cash receipts and expenditure orders; in certain cases, they can be executed by other documents;
8) the principle of ensuring the safety of cash stored in the cash register. Each organization is required to have a fortified premises specially allocated for the cash register, and also provide training to its employees; untrained employees are not allowed to work with cash;
9) the principle of unlimited population payments. In accordance with Art. 861 of the Civil Code of the Russian Federation, payments involving individuals that are not related to their business activities are made in cash without restrictions, which, however, does not mean that such payments are uncontrolled.

Thus, the legal regulation of cash circulation, based on all of the above principles, is aimed at limiting cash payments. The restrictive nature of legal regulation in this area is primarily manifested in the establishment of prohibitive measures regarding cash payments when carrying out business activities. For example, the Procedure for conducting cash transactions in the Russian Federation, approved. Resolution of the Board of Directors of the Bank of Russia dated September 22, 1993 No. 40" provides for predominantly non-cash payment of enterprises for their obligations. According to clause 1 of the Procedure for conducting cash transactions, all enterprises, associations, organizations and institutions, regardless of organizational and legal forms and scope of activity, are obliged keep available funds in banks.

The Bank of Russia has established a maximum amount of cash payments for legal entities and individual entrepreneurs. In accordance with the Directive of the Central Bank of the Russian Federation dated June 20, 2007 No. 1843-U “On the maximum amount of cash payments and the expenditure of cash received at the cash desk of a legal entity or the cash office of an individual entrepreneur,” the maximum amount of cash payments is 100 thousand rubles .

Another restrictive measure in the field of cash circulation is the limits on the balance of cash in the cash register. Cash exceeding the limit must be handed over to the bank servicing the enterprise for crediting to the account. Limits are set by banks annually in agreement with the heads of enterprises. If necessary, cash balance limits can be revised.

To make cash payments, each enterprise must have a cash register and maintain a cash book in the prescribed form. In accordance with A. 29 of the Procedure for Conducting Cash Operations at each enterprise, a special isolated room must be allocated for the cash register, intended for receiving, issuing and temporary storage of cash. All cash and securities at enterprises are stored, as a rule, in fireproof metal cabinets or safes. Ensuring the safety of money in the cash register premises, as well as when delivering it from a bank institution and when depositing it at the bank is the responsibility of the head of the organization.

Non-cash money circulation, just like cash turnover, it is closely connected with the banking system, but does not involve the physical movement of money and is mainly widespread in the sphere of settlements of organizations, individual entrepreneurs, as well as public legal entities;

Legal regulation of non-cash payments occurs by fixing the forms of non-cash payments, determining the timing of payments and accounts used for settlements, fixing the procedure for writing off funds from the account, and also by determining the procedure for making payments on specific forms.

The settlement form inherently represents a certain way of carrying out such calculations. In accordance with paragraph 1 of Art. 862 of the Civil Code of the Russian Federation, when making non-cash payments, payments are allowed by payment orders, letters of credit, checks, collection payments, as well as payments in other forms provided for by law, banking rules established in accordance with it and business customs applied in banking practice. Other forms include settlements using scheduled payments, settlements carried out by offsetting mutual claims, settlements using promissory notes and bills of exchange, as well as settlements using payment cards.

Forms of non-cash payments are chosen by bank clients independently and are provided for in agreements concluded by them with their counterparties. Thus, in relations by choosing the form of payment, the principle of equality of the parties is implemented, and therefore they are civil law.

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 within the territory of the Russian Federation (Article 80 of the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)”) .

In the Russian Federation, settlement transactions for the transfer of 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.

A payment document is a document drawn up on paper or, in certain cases, an electronic payment document:

- order of the payer (client or bank) to write off funds from his account and transfer them to the account of the recipient of funds;
- order of 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)1.

The main forms of payment documents are payment orders, letters of credit, checks, payment requests and collection orders.

Payment order is 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. At their core, payment orders are a bank transfer.

Execution of a payment order must occur within the period provided for by law, or within a shorter period if this is established by the bank account agreement or determined by business customs. Acceptance of payment orders occurs regardless of the availability of funds in the payer's account, but its execution becomes possible only if there are sufficient funds in the corresponding account.

When calculating according to letter of credit the bank acting on behalf of the payer to open a letter of credit (issuing bank) undertakes to make payments in favor of the recipient of funds upon presentation by the latter of documents that comply with all the terms of the letter of credit, or to authorize another bank (the executing bank, which may be the issuing bank, the recipient bank funds or another bank) to make such payments. Thus, payment occurs only upon provision of the necessary documents, as a result of which the payer receives a guarantee that the payment will be made only if its counterparty under a civil contract - the recipient of the funds - fulfills all the terms of such an agreement, and the recipient, in turn, fulfills payment guaranteed.

A letter of credit is opened based on the payer’s application. The issuing bank informs the recipient of funds about the opening of a letter of credit and its conditions through the executing bank or through the recipient's bank with the consent of the latter.

To execute a letter of credit, the recipient of funds submits to the executing bank documents confirming the fulfillment of all conditions of the letter of credit. At the same time, the executing bank checks the received documents based on their external features and, if they do not comply, may refuse to accept the documents. Payment under a letter of credit is made by bank transfer.

Calculations checks are more characteristic of the Anglo-Saxon legal family. Such calculations are particularly popular in the UK and the USA. In Russia, checks are not used so often.

A check is a security document containing an unconditional order from the drawer to pay the amount specified in it to the check holder. It must contain the mandatory details established by Art. 878 of the Civil Code of the Russian Federation.

The check is paid by the payer at the expense of the drawer's funds. It is recognized as a legal entity that has funds in the bank, which it has the right to dispose of by issuing checks. In turn, the check holder is the legal entity in whose favor the check was issued, and the payer is the bank in which the check drawer’s funds are located. The drawer does not have the right to revoke a check before the expiration of the established period for its presentation for payment.

Payments for collection - This is a banking operation through which the issuing bank, on behalf and at the expense of the client, on the basis of settlement documents, carries out actions to receive payment from the payer. The issuing bank that has received the client’s order has the right to attract another bank (executing bank) to carry it out.

The collection order is issued:

a) payment requests, payment of which can be made:
- - by order of the payer (with acceptance);
- - without his order (in an unaccented manner). Such write-off is permitted in cases established by law, as well as in cases provided for by the parties to the main agreement, provided that the bank servicing the payer is given the right to write off funds from the payer’s account without his order;
b) collection orders, payment of which is made without the order of the payer (in an indisputable manner).

Payment request, used in settlements for goods supplied, work performed, services rendered, as well as in other cases provided for by the main agreement, is a settlement document containing the claim of the creditor (recipient of funds) under the main agreement to the debtor (payer) to pay a certain amount of money through the bank.

Under collection order means a settlement document on the basis of which funds are written off from payers’ accounts in an indisputable manner.

Collection orders are applied:

1) in cases where an indisputable procedure for the collection of funds is established by law, including for the collection of funds by bodies performing control functions;
2) for collection under enforcement documents;
3) in cases 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 document submitted to the bank indicates the details of the collection order, the collection of which must be suspended. When the write-off of funds under a collection order is resumed, its execution is carried out while maintaining the priority group specified in it and the calendar order of receipt of the document within the group.

Money is the most mysterious tool that mediates human relationships. Despite the fact that in the scientific world there is no consensus on the nature and essence of money, this substance is developing, and its role in the human community is constantly increasing. And every time, trying to lift the “curtain to the future,” humanity is forced to analyze the achieved state of monetary circulation and predict its development for the foreseeable future. In this regard, there is an urgent need to study money as a relatively independent economic category, identify trends in its development and take them into account in futuristic forecasts.
As soon as, in the process of its evolution, money began to perform the function of a universal equivalent and took on the actual monetary form, the latter began to actively change. At first, the process of exchange of goods was serviced only by metal money. With the development of trade turnover and the strengthening of statehood, they were gradually replaced by paper money (banknotes) with a forced circulation rate. In parallel with their development, credit money arose in the depths of a purely market (not connected with the state) economy. The latter, in turn, have come a long way of development: from bills - in the Middle Ages, through banknotes and checks - at the time of their heyday at the dawn of the 20th century (which actually led to the death of metal and paper money), to electronic money in the form of plastic cards (credit and debit) - currently.
However, the evolution of money did not end there. Over time, electronic credit money began to satisfy the needs of their owners less and less. Firstly, authorizing a card when making any even very minor purchase exposes the client to the risk of interception of information in communication channels. Despite the serious development of software and hardware and organizational methods for protecting information in computer networks, cases of “hacking” security codes and carrying out fraudulent transactions with customer accounts are not uncommon. Secondly, when paying for a product or service with a plastic card, the anonymity of the purchase cannot be guaranteed. And this does not always suit buyers.
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On the other hand, today there are unresolved problems for banks and companies providing electronic money circulation services. First of all, this is the so-called micropayment problem. Often, the transaction price exceeds the share of revenue from servicing the transaction of purchasing a product, and sometimes the price of the product itself. This, in turn, puts developers of an electronic payment system in a difficult position when searching for a compromise between the acceptable price of a transaction and the degree of its security.
The noted circumstances became the root cause of the further modification of money. In the early 90s of the last century, the idea of so-called electronic cash appeared. From the point of view of the evolution of money, its appearance closes the next round of the Hegelian spiral describing the evolution of money. On the one hand, since an electronic wallet can only be filled from a bank account, they (electronic money) are, as it were, a continuation of credit electronic money, and on the other hand, the pattern of their circulation when servicing acts of purchase and sale and even their quantity in money circulation are very reminiscent of classical paper money. Such a harmonious “fit” into the basic philosophical model of dialectics once again confirms that the emergence of electronic cash is a logical stage in the evolution of money and monetary circulation, dictated by the entire course of human development.
By the mid-90s of the last century, the theoretical study of the concept of electronic cash and the fundamental development of all its components were completed. In the articles of David Chaum (D. Chaum), the concept of building electronic cash circulation through the Internet information network was proposed. A pilot electronic cash circulation system, the eCash system, was built on this concept. The latter very quickly became considered a classic and, thanks to its popularity, modified systems and new concepts of electronic cash began to appear.
It seemed that the era of electronic cash was at hand. However, the international crisis of 1998 stopped the widespread march of this technology across the planet. Almost all pilot projects failed.
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The international standard in the expected form never appeared. There is a gap between the theoretical possibility of implementation and the practical implementation of technologies demanded by humanity.
A great contribution to the development of the concept of electronic cash circulation, methods of cryptographic protection and other elements of information technology was made by such prominent scientists as: D. Chaum, B. Schneier, M. Krameri, S.G. Panova, S.G. Petrov, V. Vainshtein, A.A. Petrov, A. Ezdakov, A. Samushkova, V. Lopatin, D. Moud, K. Preobrazhensky, A. Lebedev, A. Demidov, L.J. Kamp, M Searby, J.D. Tigar, D. O'Mahony, M. Piers, H. Tewari, G. Medvinsky, A Furch, G. Wrigston, N. Ferposon, S. Brands, M. Blaze, B. Fitzman, V. Weidner, A. Shipilov. However, none of them raised the problem of building a global payment system for cash circulation due to the complexity of its practical implementation. However, the entire course of the natural evolution of money and money circulation convinces us that. This is a temporary phenomenon. Electronic cash will certainly appear in the near future in all its diversity and will mark the beginning of the next round in the Hegelian spiral of the development of money.
In this regard, it is necessary, from the height of the achieved level of technological development, to theoretically rethink the general concept of electronic cash, carry out an audit and the necessary “fine-tuning” of its components, and on this basis offer a unified electronic money system suitable for all market participants in terms of security, reliability and service. These circumstances determined the choice of topic, purpose and structure of this dissertation research.
Purpose and objectives of the study. The purpose of this study is to synthesize an integrated electronic money payment system that satisfies potential market participants and has prospects for large-scale practical implementation.
To achieve this goal, the following tasks were set and solved in the dissertation:
explore the evolution of payment systems and determine the directions of their future development;
conduct a classification and analysis of existing options for electronic cash circulation;
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to select means of formalized presentation of the technology of electronic payment systems, allowing us to analyze the latter in terms of the characteristics we need;
to establish the reasons for the commercial failure of existing versions of electronic cash payment systems, identify bottlenecks in their technological schemes and develop functional specifications of a global payment system that includes electronic cash circulation as a component subsystem;
formulate key specifications of the electronic cash payment system;
develop a structural and algorithmic scheme of electronic cash circulation and justify its practical feasibility;
formulate technical specifications for the design of an electronic cash circulation subsystem as part of a global electronic payment system.
Object and subject of research. The object of the study is the electronic cash circulation system. The subject of the research is the theoretical concept and information technology of electronic cash circulation.
The theoretical and methodological basis of the research consists of the works of domestic and foreign scientists in the field of money theory, money circulation, cryptography and other methods of information security, information and communication technologies and e-business. When solving the assigned problems, the fundamental provisions of the theory of money and monetary circulation, SADT - the methodology for structuring the subject area and constructing information models, the basic provisions of the theory of information economic systems and the theory of algorithms, elements of set theory, algebra of logic and other branches of mathematics were used.
The reliability of the main conclusions of the dissertation results is ensured by strict adherence to the scientific methodology of studying the problem, including observation, generalization, analysis and synthesis; relying on well-proven information technology elements that can be used in the scheme
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electronic cash circulation; consistency of statements and approaches to solving problems; reliability of the source base.
The scientific novelty of the research lies in the development of the scientific, technical, software and methodological base of electronic money circulation in terms of the formation of a technological scheme for a global electronic cash system that allows integration with traditional payment systems on plastic cards and uses their infrastructure for its own development.
Elements of novelty are contained in the following results of the dissertation research:
- a method of formalized presentation of existing electronic cash systems, allowing to analyze the latter in the context of selected indicators;
- the proposed option for overcoming the problem of micropayments in electronic payment systems, which consists in their implementation without communication with the processing center and subsequent control of the formed pools of micropayments, the amount of proceeds from which is commensurate with the total cost of transactions;
- structural and algorithmic diagram of a hypothetical system of electronic cash circulation, including traditional plastic cards, electronic payments on the Internet and electronic cash.
Theoretical and practical significance of the research. The theoretical significance of the study lies in the further development of the scientific basis for constructing electronic cash circulation systems. A critical analysis of already existing electronic payment systems made it possible to identify the main shortcomings underlying the construction schemes of some of them, as well as errors in their positioning in the financial services market and, on this basis, to formulate requirements for the functional content, technological structure and component composition of a hypothetical electronic cash system monetary turnover and build its structural-algorithmic model. Further targeted search for missing
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The component of the model in related and remote areas of application of information technologies made it possible to verify its technological completeness and practical feasibility.
The practical significance of the work lies in the strict orientation of its main provisions and results towards the implementation of a large-scale project of an electronic cash circulation system and its integration with existing card electronic payment systems. Of independent practical importance is the technological scheme of in-depth control, implemented by additional software on a smart card, which allows improving the security and reliability characteristics of the latter, as well as key specifications for the development of a global electronic cash payment system.
Testing and implementation of results. The main results of the study were repeatedly reported and received an approving assessment at the scientific and methodological seminar of the Department of Mathematical Modeling of Economic Processes of the Financial Academy under the Government of the Russian Federation. The structural and algorithmic model of the electronic cash circulation system was transferred to the Independent Development Bank (Moscow) for the preparation of a large-scale project for its practical implementation. Certain provisions and conclusions of the dissertation work have found application in the educational process of the Financial Academy under the Government of the Russian Federation and are used within the framework of the disciplines “Economic and mathematical modeling” and “Modeling”
macroeconomic processes".
The first chapter consistently traces the evolution of payment systems from primitive commodity-commodity relations, through the emergence of symbolic money and its use in various payment schemes. The evolution of payment systems is traced from the perspective of dialectics and its meaningful interpretation is given. According to the latter, money as an economic category is subject to the laws of dialectics and develops along a Hegelian spiral. Having successfully completed its first round with the emergence of the check payment scheme (in its various modifications), from the second half of the 20th century money outlined the next round of its development with the emergence of electronic payment schemes.
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Next, an analysis of typical electronic payment systems is carried out. Their features, principles of construction, and technological aspects - practical implementations - are considered. A qualitative assessment of the positive and negative aspects of the systems considered is provided. Key technological solutions, as well as the risks accompanying them, are subject to careful analysis.
The first chapter ends with a model for analyzing electronic payment systems. It is based on the idea of the Swiss scientist Mario Crameri of a spatial representation of the key characteristics of payment systems, oriented along the axes (directions) “technological aspects”, “economic aspects” and “socio-legal aspects”. In relation to Russian reality, the work proposes a set of criteria that make up each direction of the model, and defines methods for calculating their values. This, ultimately, prepared the methodological basis for conducting a comparative analysis of known electronic cash circulation systems.
The second chapter analyzes the main technological solutions embedded in well-known electronic payment systems. For this purpose, a method has been chosen to formally describe the technology for making payments in the environment of various systems, allowing for a structural (operational) analysis of entire technological schemes and to evaluate individual design solutions.
The E-Cash system was chosen as a reference system for electronic cash circulation. In this regard, the work provides a detailed description of it and analyzes the reasons for unsuccessful promotion to the market. The technologies of all other electronic payment systems are considered in relation to E-Cash technology. Particular attention in the work is paid to the specifics of domestic electronic payment systems, which are considered as basic in the construction of a global electronic payment system that integrates all the functions of electronic cash circulation. At the same time, in order to select and subsequently include the best design solutions in the designed system, paragraph 2.3 provides their detailed analysis and evaluates the prospects for further improvement.
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The third chapter develops the principles of building a global electronic payment system, which is both a symbiosis and a compromise of the directions of development of electronic money, and provides a technological diagram of its operation. The latter includes both well-known design solutions that have proven themselves in other payment systems, as well as original solutions of the author. In particular, the work proposed the concept of compatibility with other payment systems and developed the architecture of a controller on a smart card, designed to ensure control over the legitimacy of transactions. At the end of the chapter, specific recommendations are given for organizing the development of the system and promoting it to the market.
And
Chapter 1. Comparative analysis of electronic payment systems
1.1.Evolution of payment systems
The division of labor in the human community and the subsequent development, first of commodity exchange operations, and, subsequently, of trade, led to the emergence of money. The latter underwent certain metamorphoses in the process of economic development. In order to analyze the current state of this important economic category, let us dwell on its evolution.
The classic scheme of the act of purchase and sale is shown in Fig. 1.1. According to this scheme, money is transferred from the buyer to the seller, and the seller accordingly provides the goods to the buyer. The transaction involves ordinary paper or metal money as a measure of value.
Figure 1.1. Classic “money-commodity” scheme
This scheme is far from perfect. You have to deal with cash, which is fraught with great inconvenience. In order to overcome them, checks were invented, which are so widely described in the literature. The buyer pays for the goods with a check, which at any (theoretically) time can be cashed at a bank that issues checks, or used for subsequent payments (Fig. 1.2).
In this case, there is an agreement between the buyer, seller and bank to consider checks equal to ordinary money as means of payment. Checks, like cash, are protected from counterfeiting and have the signature of the person issuing them. The signature has legal force and serves as a guarantee of payment.
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Figure 1.2. Check turnover scheme
Payments using so-called plastic (credit and debit) cards are much more convenient, reliable and secure (Fig. 1.3). In this case, payments are made through special terminals that check the authenticity of the card, compliance with the owner, validity, creditworthiness (for a credit card) and the status of the bank account (if the card is a debit card).
Based on their functional purpose, the following types of cards are distinguished:
credit cards used in credit payment systems;
debit cards - used in debit payment systems;
cards with overdraft.
Credit cards are used to pay for various services and goods using a loan provided by a bank or a specialized service company. Having neither cash nor money in a bank account, it is necessary to have an agreement with the bank in which the client undertakes to repay the debt incurred as a result of payment to the bank within a certain period of time. Debit cards are used to pay for goods and services, and to obtain cash from banks by directly debiting money from the payer's account. The client manages only the amount from his bank account. Debit cards can be used for their intended purpose only if the seller has a connection with the processing center. The payment system processing center is the core of the payment system, providing information and technological interaction between its participants. Cards with overdraft make it possible to make payments in excess of the amount that is credited to the cardholder's account. This
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a relatively small amount is interpreted as an automatic provision of a loan without a special loan agreement.
Figure 1.3. Scheme of settlements using plastic cards The issuing bank, issuing cards and guaranteeing the fulfillment of financial obligations associated with the use of the plastic card issued by it as a means of payment, does not itself engage in activities that ensure its acceptance by trade and service enterprises. These tasks are solved by the acquiring bank, which carries out the full range of operations to interact with card service points. Typical acquiring bank operations include the following:
processing authorization requests;
transfer of funds to settlement accounts of points for goods and services provided using cards;
receiving, sorting and forwarding documents (paper and electronic) recording transactions using cards;
distribution of stop lists (lists of cards for which transactions have been suspended for one reason or another).
In addition, the acquiring bank can issue cash using cards both in its branches and through its ATMs. The bank can also combine the functions of acquirer and issuer.
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The functions listed above can be delegated by the acquirer to specialized service organizations - processing centers.
The fulfillment of their functions by acquirers entails settlements with issuers. Each acquiring bank transfers funds to service points for payments from card holders of issuing banks included in this payment system. Therefore, the corresponding funds, as well as funds that reimburse the issued cash, must then be transferred to the acquirer by these issuers. The prompt execution of mutual settlements between acquirers and issuers is ensured by the presence in the payment system of a settlement bank (one or more), in which member banks of the system open correspondent accounts.
Let's consider the concept of a payment system. A payment system is a set of methods and entities implementing them that provide, within the system, conditions for the use of bank plastic cards of a specified standard as a means of payment. One of the main tasks solved when creating a payment system is to develop and comply with general rules for servicing cards of issuers included in the system, conducting mutual settlements and payments. These rules cover both purely technical aspects of card transactions (data standards, authorization procedures, specifications for the equipment used) and financial aspects of card servicing - settlement procedures with trade and service enterprises that are part of the receiving network, rules for mutual settlements between banks, tariffs etc.
Thus, from an organizational point of view, the core of the payment system is the contractual association of banks. The payment system also includes trade and service enterprises, forming a network of service points. For the successful functioning of the payment system, specialized non-financial organizations are also needed to provide technical support for card servicing: processing and communication centers, technical service centers, etc.
A processing center is a specialized service organization that ensures the processing of authorization requests and/or transaction protocols received from acquirers (or directly from service points).
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The latter represent data on payments made through cards and cash withdrawals. The center maintains a database that contains data about banks - members of the payment system and cardholders. The center also stores information about cardholder limits and fulfills requests for authorization if the issuing bank does not maintain its own database (off-line bank). If the issuing bank independently maintains a database of the limits of its card clients (on-line bank), then the processing center forwards the received request to the issuing bank of the authorized card. Obviously, the center also ensures that the response is forwarded to the acquiring bank.
In addition, based on the transaction protocols accumulated during the day, the processing center prepares and sends final data for mutual settlements between banks participating in the payment system, and also generates and sends stop lists to acquiring banks (and, sometimes, directly to service points). The processing center can also meet the needs of issuing banks for new cards, ordering them at factories and subsequent personalization. It should be noted that an extensive payment system may have several processing centers, the role of which at the regional level can also be played by acquiring banks.
Communication centers provide payment system entities with access to data networks. The use of special high-performance communication lines is due to the need to transfer large amounts of data between geographically distributed participants in the payment system when authorizing cards in trading terminals, when servicing cards at ATMs, when conducting mutual settlements between system participants and in other cases.
The fourth payment settlement scheme using smart cards is approaching close to the capabilities of electronic cash payment systems (Fig. 1.4).
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Figure 1.4. Payment settlement scheme using smart cards A smart card is a plastic card with a microchip built into it, issued (issued) by a bank.
Smart cards can be classified into the following types:
memory cards for storing various types of numerical information, such as debit and credit cards.
simpler are ssing cards that perform calculations, complex processing and implement security functions.
contact cards that allow information to be read only when the card is inserted into a reader.
contactless cards that allow you to read information using certain wireless data transmission technologies.
combination cards that support both contact and contactless reading methods.
When making mutual payments, also using terminals, special transaction messages confirmed by a digital signature are used. They contain the payment amount, as well as buyer, seller and issuer identifiers. The terminal transmits this information to the issuer's processing center, and based on the data on this transaction, the bank subsequently transfers the required amount from the card account to the merchant's account. All changes using the same terminal are reflected in the smart card chip. The bank cannot refuse the transaction, since the cards are issued by the bank itself.
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Due to the complete automation of the entire process, the bank, as an intermediate link, is practically excluded from the transaction, and the buyer and seller exchange money instantly. At the same time, there are no costs for cash circulation, transportation and other inconveniences of traditional types of payments.
It is clear that conducting a transaction between clients using an offline terminal (and this is what gives a noticeable drop in the cost of the transaction) can lead to a sharp weakening of protection. Everything that happens is within the client’s reach in one way or another. The card belongs to him, the terminal is not connected to the bank and theoretically (if you forget about the cameras next to the ATM and the building security) can be deceived, and the more “smart” control systems of the bank itself will find out about this only after a package of transactions is transferred to them. These problems are known and should be addressed using schemes where such fraudulent activities would be either impossible or unprofitable.
Smart technologies essentially involve a chip on a card as a storage medium with program execution capabilities; a terminal that performs 3 functions at once (an input/output device, a device for conducting a transaction, a device for keeping records of all operations performed) and a processing network as a means of ensuring the functioning of a settlement system of this type.
The evolution of payment systems is moving towards increasing the number of participants in the transaction. At first it was just a buyer and a seller, then a bank issuing the check was added to them, then its processing network, then a processing network and banks working with it. Each additional stage adds the possibility of information leakage, the possibility of inconsistencies, for example, almost any Russian person abroad has encountered the fact that even if he had money on the card, he was refused to make a purchase, citing the lack of money. And the bank later explained this as “temporary problems.” In a store or restaurant, an unscrupulous seller may come across and take an extra “slip” from your card, and then try to forge a signature and get money from your card account. Because Almost every transition is associated with an increase in risks and is often associated with a decrease in the ease of use of the payment scheme, then you can try to get rid of “extra” transaction participants, while maintaining high technologies and their advantages.

Principles of organizing cash circulation in the Russian Federation. Principles of cash circulation Basic principles of organizing money circulation

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Introduction

The purpose of the work is to study the organization of money circulation in the Russian Federation.

Objectives of the thesis:

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