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CBR has prepared new rules for transferring funds

The CBR has prepared new rules for the transfer of funds. A draft of the relevant regulation is published on the official website of the financial regulator.

Recall that the current rules for the transfer of funds were approved by Bank of Russia Regulation No. 383-P dated June 19, 2012.

As explained by the Central Bank of the Russian Federation, so many amendments have already been made to the current regulation No. 383-P that there is a need to issue fully updated rules. The draft retains most of the provisions of the current rules and makes a number of changes.

In particular, the new rules allow the use of a new type of money transfer order – a payment order. Such orders are allowed to be applied within the framework of certain forms of cashless payments, as well as for partial execution of payment orders. The project establishes the form of the payment order, and also determines for it a list of details and their description. The Central Bank of the Russian Federation notes that a new type of order is being introduced in connection with the introduction of the international financial communications standard ISO 20022 in the national payment system.

Also, the new rules changed the procedure for filling out certain details of orders for the transfer of funds in connection with the transition of the Federal Treasury from 2021 to operations through a single treasury account.

In addition, the project includes the rules for specifying the type of income code in the orders for the transfer of funds, which are currently issued in a separate instruction of the Bank of Russia dated 10.10.2019 No. 5286-U.