Putin signed a law on the simplification of currency control individuals

© RIA Nowosielski, archival photoPutin signed a law on the simplification of currency control individuals© RIA Novosti

The President of Russia Vladimir Putin has signed a law aimed at liberalization of currency control individuals, the corresponding document published on the official portal of legal information.

The law is aimed at removing excess encumbrances for authorized banks and physical persons – residents during the currency operations with the use of accounts opened in banks outside of Russia and expanding the list of cases of depositing funds to accounts of natural persons – residents opened in banks outside Russia, bypassing the authorized banks.

In addition, the law establishes features of implementation of physical persons – residents of the obligations of the tax authorities on accounts opened with banks outside Russia, as well as reporting to the tax authorities on the movement of funds on foreign Bank accounts of such individuals, if their period of stay abroad during a calendar year in the aggregate amounted to more than 183 days, regardless of the number of entries to Russia in this calendar year.