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Non-cash cash turnover is a continuous movement of money in a non-cash form. AT quantitatively it is equal to the sum of non-cash payments for a certain period of time.
Non-cash money turnover takes place within the framework of the banking system, since the movement of money in a non-cash form occurs by debiting funds from the bank accounts of payers and crediting them to the bank accounts of recipients - when transferring money, fulfilling obligations under commercial and financial transactions, etc. Thus, the starting and ending point of the movement of non-cash money is a bank account.
Bank account holders can be legal entities and individuals. Legal entities must have current(settlement) bank account intended for non-cash payments. However, along with it, they can open other accounts (deposit accounts, accounts for recording credit debt, etc.), which are also used to organize the movement of non-cash funds.
Commercial banks in non-cash money circulation act both as direct participants in payments and as institutions that perform intermediary functions in settlement transactions. In the Republic of Belarus, each commercial bank has one obligatory account - correspondent, - which is opened at the National Bank at the time of state registration of a commercial bank. This account is used by the bank for interbank money transfers in the process of making payments of its customers and its own payments. If the accounts of the payer and the recipient of funds are in the same bank, then the settlement between them occurs without the participation of interbank transfer systems - by simply transferring money from one account to another. In addition to the obligatory correspondent account with the National Bank, a commercial bank may open correspondent accounts with other commercial banks both within the country and abroad.
Types of non-cash turnover can be distinguished on the basis of various criteria. In particular, there are non-cash money circulation:
a) in connection with the production of gross domestic product:
§ commodity- the movement of non-cash money that serves the process of production and sale of goods, services, works in all sectors of the public economy;
§ non-marketable― the movement of non-cash funds arising in the process of fulfilling financial obligations and making other payments of a non-commodity nature (for example, wages in a non-cash form, payment of taxes, insurance payments, etc.);
b) according to the method of organization:
§ centralized— turnover made through correspondent accounts of commercial banks with the central bank;
§ decentralized― the movement of non-cash money through direct correspondent accounts opened commercial banks each other;
c) for payment counterparties:
§ inter-farm― circulation of non-cash funds between economic entities of all forms of ownership;
§ interbank― movement of non-cash funds between banking organizations;
§ bank― turnover between banking organizations and their clients - individuals and legal entities in the process of issuing and repaying loans, etc.;
§ retail— turnover arising in the process of making household payments;
d) by area of operation:
§ interior— movement of non-cash money in the national economy;
§ international— turnover arising in the process of international settlements and payments.
Non-cash money turnover makes up a large part of the money turnover of the national economy (more than 90 percent in developed countries). Its volume and structure are influenced by many factors: the rate of economic growth, the level of inflation, the coefficient of monetization of the economy, the degree of development of financial markets, the current legislation in the field of regulation of settlement relations, the prevailing payment customs in the country, the range of payment instruments used, the level of development of banking and payment services. systems used to make payments, banking technologies, etc.
The state is interested in increasing the share of non-cash payments in the structure of money turnover. This is due to the fact great value, which has the development of non-cash money circulation for the country's economy:
the speed of settlement transactions is significantly increased, which contributes to the acceleration of capital turnover and has a beneficial effect on the financial condition of business entities;
more free flow of capital from some spheres and sectors of the economy to others is ensured;
the costs of circulation in the monetary sphere and the economy as a whole are reduced;
the concentration of most of the money turnover in the banking system allows the state to control and regulate cash flows, and banks - to use the money kept in accounts as resources for lending to the economy;
in the process of movement of non-cash funds (when active operations are carried out by banks), new money is created that meets the needs of the economy in additional money supply;
settlement participants have the opportunity to control the legitimacy, correctness and timeliness of payments, since the latter are made using payment instructions. This helps to reduce the risks of economic and financial activities.
The impact that non-cash money turnover can have on the country's economy and the activities of business entities largely depends on the effectiveness of the organization of non-cash payments.
Non-cash settlements are settlements between legal entities and individuals, as well as with their participation, performed in a non-cash manner, that is, by transferring funds from the payer's account to the recipient's account funds (of the beneficiary) or offset of mutual claims.
For the organization of non-cash payments within the framework of the national payment system, the principles, conditions, procedure and forms of their implementation are determined.
Non-cash payments should be carried out on the basis of certain principles or fundamental rules, the observance of which makes it possible to ensure the protection of the interests of all participants in the settlements, reduce the risks of making payments, and ensure the continuity of non-cash money circulation.
The following can be attributed to the p r n t i p a m o r ganization and without cash settlements:
1) legal regulation and unification of the procedure for cashless payments. This principle determines the need for legislative regulation of settlement operations in order to ensure the uniformity of their conduct by all participants and, on this basis, increase their reliability. The procedure for making cashless payments, established by the current legislation, is mandatory for banks acting as intermediaries in settlements and their clients;
2) freedom of choice of forms of non-cash settlements by counterparties of settlement transactions. This principle implies that banks do not have the right to interfere in contractual relations between business entities, and the latter can choose any form of non-cash payments provided for by law for their transactions and fix them in business contracts. Banks do not have the right to refuse them the use of the chosen form of payment, if it complies with the law. Individuals are also free to choose the forms of non-cash payments for making their payments;
3) mutual control of the participants over the correctness of the settlements and their liability for compliance with the settlement procedure. The possibility of control is due to the fact that all settlement operations are carried out on the basis of payment instructions issued in accordance with the current banking rules. Both banks and their clients are legally responsible for complying with the procedure for making payments, since the legality and timeliness of debiting payers' accounts and crediting them to recipients' accounts have a direct impact on the financial condition of settlement counterparties. In particular, the bank is obliged to reimburse the client for funds if he unreasonably wrote off or undercredited them to the client's account, or transferred them to the wrong recipient. The client may also claim compensation for damages and lost profits incurred as a result of non-fulfillment of obligations. Banks, for their part, have the right to collect fines in case of violation of the procedure for conducting settlement operations by their other participants;
4) the consent of the account holders to carry out settlements. This principle means that the transfer by banks of payers' funds to recipients' accounts should be carried out only on the direct instructions of the payers or after receiving their consent to pay for settlement documents (acceptance). Settlement documents can be paid by the bank without the consent of the payer only in cases where the direct withdrawal of funds is provided for by law, or on the basis of executive documents issued by courts or other competent authorities;
5) urgency of payments. According to this principle, funds must be transferred within a predetermined period so that the recipient can plan the movement of his funds, the need for a loan, etc. Timeliness of settlements is a necessary condition for the smooth implementation economic activity at enterprises and the functioning of the economy as a whole, contributes to an increase in the speed of turnover of non-cash funds and, on this basis, to an increase in the efficiency of the public economy. The terms of payments are established by an agreement between the payer and the recipient of funds, and the maximum duration of cashless payments within the country is established by the current legislation;
6) security of payments. This principle is related to the previous one and implies that in order to make a payment on time, the payer must have funds in the account in the required amount, either his own or provided for this purpose by the bank on credit. Compliance with this principle creates a guarantee of payments and their timeliness.
In order for these principles to be implemented in practice, certain conditions must be present.
The conditions for making cashless payments include the need to open bank accounts for making cashless payments and the conclusion of relevant agreements between banks and their clients. As already noted, settlement operations can be performed on various bank accounts - deposit, checking accounts, accounts for recording credit debt, card accounts and others. However, the main account used for non-cash payments legal entities, is the current (settlement) account. An enterprise or organization has the right to independently choose a bank for opening an account. The procedure for opening and functioning of all types of bank accounts is regulated by the regulations of the National Bank. Banks make non-cash settlements on customer accounts only in accordance with the terms of the agreements concluded with them - a current (settlement) account, bank deposit (deposit), credit or others.
The organization of cashless payments is based on contractual relations not only between banks and their clients, because the need for payments arises for business entities in connection with the implementation of specific transactions, the fulfillment of financial obligations, etc. Thus, non-cash settlements of bank customers are based on contracts for the supply of goods, performance of work, provision of services (basic contracts). These agreements, among other things, stipulate the form in which non-cash payments will be made. Banks do not have the right to control the fulfillment of obligations by customers under the main agreement and interfere in the relationship between its parties.
The procedure for conducting cashless payments is established by law and determines the types and form of payment documents, the timing of their execution, document flow rules, sequence of payments, responsibility of the parties for compliance with payment discipline, etc. It is the same for all participants and is valid regardless of the specific form of payment.
In the Republic of Belarus, non-cash settlement transactions are carried out by banks on the basis of payment instructions of customers.
Payment instruction are instructions from the initiator of the payment to the sending bank to transfer a certain amount of money in favor of the beneficiary. The initiator of the payment can be both the payer and the beneficiary. The client can issue payment instructions to the sending bank in two ways: by providing him with settlement documents (payment orders, payment requests or payment requests-orders), or by using payment instruments (checks, bank plastic cards, etc.). Payment instructions may be issued on paper or in the form of an electronic document, the requirements for their form and content are established by the National Bank. Having received the payment instruction of the client, the bank is obliged to execute it no later than the banking day following the day of its submission. The circumstances under which the bank has the right to refuse to execute the payment instructions of customers are determined by the current legislation.
Sequential movement of payment instructions in the process of making payments is called document flow. Each type of payment instruction has its own peculiarities of workflow and its duration. Basic rules for document management in various forms non-cash settlements are developed by the National Bank, in accordance with them, each bank establishes its own procedure for transferring payment instructions between its structural divisions.
The bank makes all payments from the client's account in the sequence in which the payment instructions for these payments were received. However, if the funds on the account are not enough to pay for all received payment instructions, for the client great importance acquires the order in which the bank will carry out settlements on its obligations.
Order of payments¾ is the sequence of debiting funds from current (settlement) and other accounts to pay for received payment instructions in case of insufficient funds on the account. It is established by law and is mandatory for banks.
The following types of priority are distinguished: calendar, target and at the discretion of the client. Calendar priority implies the execution of payment instructions in the order in which they were received by the bank (regardless of the purpose and value of payments). Its disadvantage lies in the fact that secondary obligations for the client can be paid to the detriment of the most important payments for him. target the sequence provides for the following order: based on the economic significance of payments, groups of their priority are determined; payment of each subsequent group is carried out only after the completion of all payments of the previous groups.
Currently, in the Republic of Belarus, all three types of order of payments are applied. Target priority groups are defined, within which payments are made, as a rule, in the order of calendar receipt of payment instructions. AT last group it is allowed to establish the priority of payments at the discretion of the payer.
Cash turnover, its economic content
According to its economic content cash turnover- the process of continuous movement of cash, part of the cash flow. Cash circulation is characterized by the use of cash as a means of circulation and payment, mediating payment for goods, services and other payments. By value, cash turnover is the totality of cash payments for a certain period of time. It is this turnover that mostly serves the formation of incomes and expenditures of the population. A characteristic feature of cash circulation is the repeated use of the same banknote for making payments, moving from hand to hand.
Cash begins its movement from the cash desks of banks, primarily from the central bank as an issuing center. From the cash desks of this bank, in the process of completed operations (crediting, sales, etc.), they go to commercial banks. Enterprises, organizations, entrepreneurs at the expense of the funds available on their accounts or the loan provided receive cash at the cash desks of banks. These amounts are intended to be paid wages and equivalent payments and making other payments in cash. Part of the cash from the cash desks of banks can be sold to other banks, as well as directly paid to the population (interest on deposits, payment of pensions, benefits, dividends, etc.). From the cash desks of enterprises and organizations, payments are made to the population in cash received for the intended purpose in banks. Insignificant amounts are used for cash settlements between enterprises and organizations.
Then the process of spending (using) cash by the population for the purchase of goods, payment for services, payments in favor of the state and other legal entities and individuals begins. Spending part of the money can be deferred (savings of the population) in organized and unorganized forms. From the population, cash again goes to the cash desks of enterprises, organizations, but the latter cannot use it for cash payments, bypassing the bank, and must hand it over to the bank for crediting to accounts. Thus, cash, having started its movement from the cash desks of banks, having passed through all channels of circulation, returns back to banks in order to start a new turnover.
An approximate scheme of cash flow is given below.
Fig.4.1. cash flow
Same banknotes can make many circuits, simultaneously being in all stages. The circulation of cash is continuous and in the center of it are the banks. This position in the circulation of cash is extremely important. This allows you to concentrate cash in banks, which leads to an acceleration of their circulation, a reduction in the costs of cash circulation, ensures their smooth transition to the non-cash monetary sphere and vice versa, prevents counter-transportation of money, and also creates the possibility of controlling the spending of cash. Possible delays in cash at the cash desks of enterprises, organizations, institutions, entrepreneurs are limited by the fact that banks set them maximum amounts (limits) of cash at the cash desk at the end of the day, strict deadlines for their delivery to banks (communication enterprises). The possible amount of spending on the spot of incoming cash proceeds by the enterprises and entrepreneurs is determined.
To analyze the processes in money circulation, we use turnover rate cash, i.e. the speed of their return to the cash desks of banks (in days). In this case, cash at the beginning and end of the period is taken into account when calculating; the number of days in the reporting period; income from cash turnover for the reporting period. The rate of cash turnover is influenced by many factors, in particular, the propensity of the population to save; ways to mobilize these savings; the coincidence of the timing of receipt of cash and their spending; buying and selling on organized and unorganized markets; availability of goods, paid services, their quality; sizes of limits of cash desks of enterprises, organizations; processes taking place in the money and financial markets, etc. A slowdown in the speed of cash turnover may require additional issuance of money into circulation, an acceleration in the return of money to the cash desks of banks, on the contrary, will reduce their issue.
In the process of organizing money circulation such important economic tasks as:
determination of the total volume of cash turnover, its structure; emerging trends;
direction and regulation of cash flows;
distribution of money supply throughout the country;
determination of the mass of money in cash in circulation, the value of monetary aggregates;
· the level of collection of proceeds, other methods of mobilization of cash by banks;
Calculation of the emission result for (for) a certain period, etc.
Banks, in order to determine the need for cash, make forecasts of expected receipts in their cash desks of cash, as well as possible cash withdrawals. The forecast of cash turnover is made on the basis of information received from serviced enterprises, organizations, entrepreneurs. The forecast of cash turnover is compiled according to the sources of receipts and directions of cash withdrawals.
The consolidated forecast of cash turnover for the republic as a whole is compiled by the National Bank of the Republic of Belarus. For this, forecast data of the main directions of socio-economic development, as well as data on cash turnover of banks, are used. At the same time, the National Bank attracts additional data: forecast calculations of retail turnover, including public catering, the volume of paid services (in cash), data from communications, insurance, statistics, the Ministry of Finance, tax authorities, etc., related to the formation of cash turnover in the country .
Acceptance, issuance, storage of cash by banks is carried out in the manner established by the regulatory documents on issuing and cash transactions in the National Bank of the Republic of Belarus and cash transactions in commercial banks of the Republic of Belarus, the rules for organizing cash turnover. These rules govern banks:
the procedure for creating cash registers; their design, technical strength cash point; equipment of workplaces of cash workers in the bank; creation of cash desks, etc.
· Rules for making cash transactions in cash national currency; work of incoming, outgoing, evening cash desks; reinforcement of the operating cash desk; the procedure for the operation of cash desks of banks under business entities and cash settlement centers; cash when using ATMs;
Intra-cash turnover and cash handling; rules for issuing cash documents; formation of folders with documents; organization of work with cash (formation, packaging of banknotes, work with counterfeit and dubious banknotes); organization of the work of the counting cash desk, transfer of values between cash workers; determination of the authenticity and paymentability of banknotes;
· Rules for the collection of cash receipts and transportation of valuables by communications enterprises, transportation of valuables by the collection service of commercial banks;
ensuring the safety of valuables; their storage, revision, responsibility of persons working with values; acceptance of valuables for storage;
· rules for making cash transactions with cash foreign currency and payment documents in foreign currency; the procedure for receiving and transferring currency values by the cash desks of the bank; procedure for processing, formation and packaging of currency values; revision of currency values; exchange office workflow.
Cash turnover is organized on the basis of the principles of the entire cash turnover and specific principles:
· enterprises, organizations, institutions, entrepreneurs must keep cash in banks, with the exception of the cash limit, and receive money at the cash desks of banks;
· banks set limits on the balance of cash in the cash desks of entities of all forms of ownership;
cash circulation is an object of predictive planning;
· regulation of cash turnover is carried out in a centralized manner by the central bank.
Cash turnover in terms of its volume is much less than non-cash cash turnover, however, its proper organization is especially important in socio-economic terms, since this turnover serves mainly relations related to the sphere of personal consumption. The processes taking place in the sphere of circulation of cash directly affect the stability of the purchasing power of the population and money.
monetary system
Non-cash cash turnover is a continuous movement of money in a non-cash form. In quantitative terms, it is equal to the amount of non-cash payments for a certain period of time.
Non-cash money turnover takes place within the framework of the banking system, since the movement of money in a non-cash form occurs by debiting funds from the bank accounts of payers and crediting them to the bank accounts of recipients - when transferring money, fulfilling obligations under commercial and financial transactions, etc. Thus, the starting and ending point of the movement of non-cash money is a bank account.
Bank account holders can be legal entities and individuals. Legal entities must have current(settlement) bank account intended for non-cash payments. However, along with it, they can open other accounts (deposit accounts, accounts for recording credit debt, etc.), which are also used to organize the movement of non-cash funds.
Commercial banks in non-cash money circulation act both as direct participants in payments and as institutions that perform intermediary functions in settlement transactions. In the Republic of Belarus, each commercial bank has one obligatory account - correspondent, - which is opened at the National Bank at the time of state registration of a commercial bank. This account is used by the bank for interbank money transfers in the process of making payments of its customers and its own payments. If the accounts of the payer and the recipient of funds are in the same bank, then the settlement between them occurs without the participation of interbank transfer systems - by simply transferring money from one account to another. In addition to the obligatory correspondent account with the National Bank, a commercial bank may open correspondent accounts with other commercial banks both within the country and abroad.
Types of non-cash turnover can be distinguished on the basis of various criteria. In particular, there are non-cash money circulation:
a) in connection with the production of gross domestic product:
§ commodity- the movement of non-cash money that serves the process of production and sale of goods, services, works in all sectors of the public economy;
§ non-marketable― the movement of non-cash funds arising in the process of fulfilling financial obligations and making other payments of a non-commodity nature (for example, wages in a non-cash form, payment of taxes, insurance payments, etc.);
b) according to the method of organization:
§ centralized— turnover made through correspondent accounts of commercial banks with the central bank;
§ decentralized— movement of non-cash money through direct correspondent accounts opened by commercial banks with each other;
c) for payment counterparties:
§ inter-farm― circulation of non-cash funds between economic entities of all forms of ownership;
§ interbank― movement of non-cash funds between banking organizations;
§ bank― turnover between banking organizations and their clients - individuals and legal entities in the process of issuing and repaying loans, etc.;
§ retail— turnover arising in the process of making household payments;
d) by area of operation:
§ interior— movement of non-cash money in the national economy;
§ international— turnover arising in the process of international settlements and payments.
Non-cash money turnover makes up a large part of the money turnover of the national economy (more than 90 percent in developed countries). Its volume and structure are influenced by many factors: the rate of economic growth, the level of inflation, the coefficient of monetization of the economy, the degree of development of financial markets, the current legislation in the field of regulation of settlement relations, the prevailing payment customs in the country, the range of payment instruments used, the level of development of banking and payment services. systems used to make payments, banking technologies, etc.
The state is interested in increasing the share of non-cash payments in the structure of money turnover. This is due to the great importance that the development of non-cash money circulation has for the country's economy:
the speed of settlement transactions is significantly increased, which contributes to the acceleration of capital turnover and has a beneficial effect on the financial condition of business entities;
more free flow of capital from some spheres and sectors of the economy to others is ensured;
the costs of circulation in the monetary sphere and the economy as a whole are reduced;
the concentration of most of the money turnover in the banking system allows the state to control and regulate cash flows, and banks - to use the money kept in accounts as resources for lending to the economy;
in the process of movement of non-cash funds (when active operations are carried out by banks), new money is created that meets the needs of the economy in additional money supply;
settlement participants have the opportunity to control the legitimacy, correctness and timeliness of payments, since the latter are made using payment instructions. This helps to reduce the risks of economic and financial activities.
The impact that non-cash money turnover can have on the country's economy and the activities of business entities largely depends on the effectiveness of the organization of non-cash payments.
Non-cash settlements are settlements between legal entities and individuals, as well as with their participation, performed in a non-cash manner, that is, by transferring funds from the payer's account to the recipient's account funds (of the beneficiary) or offset of mutual claims.
For the organization of non-cash payments within the framework of the national payment system, the principles, conditions, procedure and forms of their implementation are determined.
Non-cash payments should be carried out on the basis of certain principles or fundamental rules, the observance of which makes it possible to ensure the protection of the interests of all participants in the settlements, reduce the risks of making payments, and ensure the continuity of non-cash money circulation.
The following can be attributed to the p r n t i p a m o r ganization and without cash settlements:
1) legal regulation and unification of the procedure for cashless payments. This principle determines the need for legislative regulation of settlement operations in order to ensure the uniformity of their conduct by all participants and, on this basis, increase their reliability. The procedure for making cashless payments, established by the current legislation, is mandatory for banks acting as intermediaries in settlements and their clients;
2) freedom of choice of forms of non-cash settlements by counterparties of settlement transactions. This principle implies that banks do not have the right to interfere in contractual relations between business entities, and the latter can choose any form of non-cash payments provided for by law for their transactions and fix them in business contracts. Banks do not have the right to refuse them the use of the chosen form of payment, if it complies with the law. Individuals are also free to choose the forms of non-cash payments for making their payments;
3) mutual control of the participants over the correctness of the settlements and their liability for compliance with the settlement procedure. The possibility of control is due to the fact that all settlement operations are carried out on the basis of payment instructions issued in accordance with the current banking rules. Both banks and their clients are legally responsible for complying with the procedure for making payments, since the legality and timeliness of debiting payers' accounts and crediting them to recipients' accounts have a direct impact on the financial condition of settlement counterparties. In particular, the bank is obliged to reimburse the client for funds if he unreasonably wrote off or undercredited them to the client's account, or transferred them to the wrong recipient. The client may also claim compensation for damages and lost profits incurred as a result of non-fulfillment of obligations. Banks, for their part, have the right to collect fines in case of violation of the procedure for conducting settlement operations by their other participants;
4) the consent of the account holders to carry out settlements. This principle means that the transfer by banks of payers' funds to recipients' accounts should be carried out only on the direct instructions of the payers or after receiving their consent to pay for settlement documents (acceptance). Settlement documents can be paid by the bank without the consent of the payer only in cases where the direct withdrawal of funds is provided for by law, or on the basis of executive documents issued by courts or other competent authorities;
5) urgency of payments. According to this principle, funds must be transferred within a predetermined period so that the recipient can plan the movement of his funds, the need for a loan, etc. The timeliness of settlements is a necessary condition for the smooth implementation of business activities at enterprises and the functioning of the economy as a whole, it contributes to an increase in the speed of turnover of non-cash funds and, on this basis, to an increase in the efficiency of the public economy. The terms of payments are established by an agreement between the payer and the recipient of funds, and the maximum duration of cashless payments within the country is established by the current legislation;
6) security of payments. This principle is related to the previous one and implies that in order to make a payment on time, the payer must have funds in the account in the required amount, either his own or provided for this purpose by the bank on credit. Compliance with this principle creates a guarantee of payments and their timeliness.
In order for these principles to be implemented in practice, certain conditions must be present.
The conditions for making cashless payments include the need to open bank accounts for making cashless payments and the conclusion of relevant agreements between banks and their clients. As already noted, settlement operations can be performed on various bank accounts - deposit, checking accounts, accounts for recording credit debt, card accounts and others. However, the main account used for non-cash payments of legal entities is a current (settlement) account. An enterprise or organization has the right to independently choose a bank for opening an account. The procedure for opening and functioning of all types of bank accounts is regulated by the regulations of the National Bank. Banks make non-cash settlements on customer accounts only in accordance with the terms of the agreements concluded with them - a current (settlement) account, bank deposit (deposit), credit or others.
The organization of cashless payments is based on contractual relations not only between banks and their clients, because the need for payments arises for business entities in connection with the implementation of specific transactions, the fulfillment of financial obligations, etc. Thus, non-cash settlements of bank customers are based on contracts for the supply of goods, performance of work, provision of services (basic contracts). These agreements, among other things, stipulate the form in which non-cash payments will be made. Banks do not have the right to control the fulfillment of obligations by customers under the main agreement and interfere in the relationship between its parties.
The procedure for conducting cashless payments is established by law and determines the types and form of payment documents, the timing of their execution, document flow rules, sequence of payments, responsibility of the parties for compliance with payment discipline, etc. It is the same for all participants and is valid regardless of the specific form of payment.
In the Republic of Belarus, non-cash settlement transactions are carried out by banks on the basis of payment instructions of customers.
Payment instruction are instructions from the initiator of the payment to the sending bank to transfer a certain amount of money in favor of the beneficiary. The initiator of the payment can be both the payer and the beneficiary. The client can issue payment instructions to the sending bank in two ways: by providing him with settlement documents (payment orders, payment requests or payment requests-orders), or by using payment instruments (checks, bank plastic cards, etc.). Payment instructions may be issued on paper or in the form of an electronic document, the requirements for their form and content are established by the National Bank. Having received the payment instruction of the client, the bank is obliged to execute it no later than the banking day following the day of its submission. The circumstances under which the bank has the right to refuse to execute the payment instructions of customers are determined by the current legislation.
Sequential movement of payment instructions in the process of making payments is called document flow. Each type of payment instruction has its own peculiarities of workflow and its duration. The main rules for document flow in various forms of non-cash payments are developed by the National Bank, in accordance with them, each bank establishes its own procedure for transferring payment instructions between its structural divisions.
The bank makes all payments from the client's account in the sequence in which the payment instructions for these payments were received. However, if the funds on the account are not enough to pay for all received payment instructions, the order in which the bank will settle its obligations becomes of great importance for the client.
Order of payments¾ is the sequence of debiting funds from current (settlement) and other accounts to pay for received payment instructions in case of insufficient funds on the account. It is established by law and is mandatory for banks.
The following types of priority are distinguished: calendar, target and at the discretion of the client. Calendar priority implies the execution of payment instructions in the order in which they were received by the bank (regardless of the purpose and value of payments). Its disadvantage lies in the fact that secondary obligations for the client can be paid to the detriment of the most important payments for him. target the sequence provides for the following order: based on the economic significance of payments, groups of their priority are determined; payment of each subsequent group is carried out only after the completion of all payments of the previous groups.
Currently, in the Republic of Belarus, all three types of order of payments are applied. Target priority groups are defined, within which payments are made, as a rule, in the order of calendar receipt of payment instructions. In the last group, it is allowed to establish the order of payments at the discretion of the payer.
Money of non-cash turnover is distinguished by its specificity, which should be paid attention to, especially since the terminology used does not reveal the features of such money and their turnover.
Features of non-cash cash payments are manifested in the following:
In cash settlements, the payer and the recipient are involved, transferring cash. There are three participants in non-cash cash settlements: the payer, the recipient and the bank in which such settlements are carried out in the form of entries on the accounts of the payer and the recipient;
Participants of non-cash payments are in credit relations with the bank. These relationships are manifested in the amounts of balances on the accounts of participants in such settlements. There are no such credit relations in cash circulation;
Transfers (transfers) of money belonging to one settlement participant in favor of another are made by entries in their accounts, as a result of which the bank's credit relations with the participants in such operations change. In other words, there is a credit operation performed with the help of money. Thus, the turnover of cash is replaced by a credit operation. This emphasizes the importance of the expedient organization of lending processes for the regulation of the money supply, which consists of non-cash money and cash.
Along with the widespread use of non-cash cash settlements, the use of various valuable papers(obligations of enterprises and banks) to make payments without direct turnover of funds. Between these types of settlement operations there are common features and considerable differences.
Unlike non-cash cash payments, which consist in the transfer of funds to the accounts of bank customers and are performed with the participation of the bank in each operation, there is a rather significant non-cash turnover carried out with the help of various securities (obligations of enterprises and banks).
In such operations, the turnover of cash is replaced by the movement of securities expressing various credit relations. Such a replacement of cash turnover is characterized by features in comparison with non-cash cash payments. One of the features - in case of non-cash turnover, the participation of the bank in each settlement operation carried out with the help of securities is optional. So, a bill of exchange or another obligation can be used for payment, subject to an endorsement (endorsement), but without transferring money to the bank accounts of participants in operations.
Another feature is as follows. In case of non-cash cash settlements, the payer's funds stored on his bank account can be used as a universal means of payment for settlements with different recipients: their consent to this is not required.
As for payment by means of securities, it can be carried out subject to the consent of the recipient to such payment. The possibility of consent is further complicated by the fact that when paying, for example. the bill of exchange, the recipient must transfer taxes for the sold products, despite the fact. that the proceeds have not yet been received.
There is one more feature. It consists in the fact that the participants in the settlements with the help of securities assume a certain responsibility for the redemption of the security. So, if the bill was used for settlements between legal entities, about which there is a corresponding endorsement (endorsement), then if the drawer is unable to repay the debt, the participants in the settlement transaction bear responsibility for paying the debt on the bill. made with a bill of exchange.
Participants of cashless payments do not assume such responsibility.
The above indicates that there are grounds for distinguishing between non-cash payments and non-cash turnover.
An important advantage of non-cash turnover, performed with the help of the transfer of securities, is that such operations can be carried out in the absence of funds in the payer's bank account. It was this circumstance that led to the expansion of the use of such operations in the conditions of the payment crisis existing in the Russian Federation. Thanks to non-cash circulation with the help of securities (bills, etc.), to a certain extent, the negative consequences of the payment crisis are eliminated.
However, one should not, on the one hand, lose sight of the fact that settlements with the help of securities are carried out with the participation of a loan (accounting for bills of exchange, loans against securities, etc.); on the other hand, the features of such calculations considered earlier cannot be ignored.
This testifies to the expediency of a balanced approach to expanding the use of non-cash payments with the help of securities, especially since the possibility of the appearance in circulation of securities that are not related to the processes of production and commodity circulation is not ruled out.
The expansion of the practice of non-cash payments using electronic technology contributed to the emergence of the term "electronic money". In essence, in such operations, non-cash cash settlements are made with the difference that instead of an order in cash with the help of documents drawn up on paper (orders, checks, etc.), with electronic technology, the corresponding orders are executed by means of electronic signals. Therefore, there are hardly any grounds for recognizing the existence of such an independent type of money as electronic money.
In addition to non-cash turnover, which occurs on the basis of the replacement of the movement of cash by credit operations, in economic practice, accountable money is also allocated, which do not make a turnover, but are used in mutual settlements. So, when offsetting mutual claims in the amount of the offset amount, we function, but the money of account does not circulate.
A similar use of money also takes place when barter is used, when the cost of mutual deliveries is credited (here the money of account appears) only if it is unequal, the barter transaction is completed by transferring the uncredited amount.
Despite the features inherent in non-cash money, they have many common features with cash. This is manifested primarily in the same monetary unit of cash money of non-cash circulation. It is also essential that there is a close relationship between these types of money, which is expressed in the transition of one to the other. For example, cash, when deposited into a bank account, turns into non-cash circulation money. On the contrary, when receiving cash from the balance of the bank account, non-cash money is transferred into cash.
The manifestation of the unity of these types of money is that the regulation of the volume of non-cash money, like cash, is carried out with the help of a loan. So, the appearance, as well as an increase in the decrease in the mass of money of non-cash circulation occur as a result of credit operations, just as it happens with the mass of cash.
