An increasing number of people in Russia use bank cards in stores to purchase necessary goods. However, cash is still relevant. The older generation often does not trust banks and is skeptical of cards. You can’t pay with electronic banknotes in the market where you can buy fresh vegetables, fruits, meat and other farm products, and in small kiosks. Today we consider the features of the use of cash and its turnover.
Cash and its use
In countries with developed economies, the share of payments by bank cards exceeds 90%. Cash is not common here. Only 1% of the US population does not receive salaries on a bank card, 5% - in Canada, 10% - in the UK. In Russia, the sphere of cash turnover is quite extensive. After market reforms, it reached 25%, but today it exceeds 40%. Cash currency is used in the following areas:
- Calculations of the population of the Russian Federation in retail stores, cafes and restaurants.
- Remuneration in many commercial firms.
- Depositing money by the population on deposits and receiving funds from the bank.
- Payment of pensions, scholarships and other transfers.
- Issuing loans to individuals.
- Payment of dividends on securities to the population.
- Repayment of utility bills by individuals.
Cash flow between organizations and enterprises is negligible. There are several types of money that are involved in the circuit:
- Banknotes
- Metal coins.
Their emission is usually carried out by central banks, sometimes also by the treasury.
Definition of a concept
Cash turnover is a set of payments for a certain time, which reflect the movement of banknotes and coins as a means of circulation and payment. Today, its share in Russia is more than 40%. Cash may begin to be used more for the following reasons:
- In the conditions of various kinds of crises.
- When slowing down the calculations.
- In conditions of poor organization of the interbank market.
- With a conscious understatement of profits by enterprises for tax evasion.
The expansion of cash turnover leads to a decrease in the budget and an increase in the share of the black market. The result is global instability and scarcity. Turnover in bank accounts is much easier to regulate and account.
Basic principles
The Civil Code of the Russian Federation clearly regulates cash flow rules. It establishes a different settlement procedure for individuals and legal entities. Cash on hand is limited. Its turnover is organized on the basis of the following principles:
- All enterprises are required to store cash in the accounts of commercial banks.
- For organizations of all forms of ownership, there are cash limits.
- Turnover management is carried out centrally.
- It is also the subject of forecasting and planning.
- The organization of cash turnover is carried out in order to ensure its stability, efficiency and elasticity.
- Cash in cash is delivered directly from the bank serving it.
Economic challenges
Cash circulation is continuous. At its center are banks. Cash limits are set in order to expedite the circulation of cash. During the organization of the turnover, the following tasks are solved:
- Determination of its volume, structure and trends.
- Regulation and direction of cash flows.
- Distribution of cash throughout the country.
- Determining the mass of money in the form of banknotes and coins in the country for calculation monetary aggregates.
- Establishment of the level and order of collection and other methods of raising funds by banks.
- Calculation of the issue result for a certain period.
Banks make a forecast of cash receipts and disbursements. It is done on the basis of historical information.
Cash flow
The central link in the turnover are banks. It is they who organize and regulate it. Money comes into circulation when it is transferred from reserves to working cash registers. After that, they find themselves in commercial banks. Most of the cash received is issued to customers. Some of its share remains at the box office of enterprises. The population pays cash for goods and services. So they return to the box office of enterprises, then to commercial banks and above the list.
Cash handling procedure
The procedure for conducting operations at the cash desk is regulated by the Bank of Russia. It establishes the rules and the order in which they are held. After the payment is made in cash, the money is at the cash desk of the company. This means that they are returning to circulation. The legislation provides for the following types of liability for violation cash discipline:
- For settlements with other enterprises in excess of the established amounts. Double fine is assumed.
- For non-receipt of cash. A fine of three times is assumed.
- For non-compliance with the order of storage of funds. A fine of three times is assumed.
- For the accumulation of cash in excess of the established cash limit. A fine of three times is assumed.
Responsible for the violation and the head of the organization. An additional fine of fifty times the minimum wage is imposed on him. Therefore, cash at the checkout is subject to strict control. The amount of fines shall be credited to the federal budget.
Control bodies
Inspectors of the tax inspectorate check cash discipline. In addition to cash documents, they can request the device itself. The inspection procedure is set out in the special administrative regulations of the Federal Tax Service. Employees of the latter have the right:
- Gain access to the cash register of the company where the check is being carried out.
- Recalculate available cash.
- Check for strict reporting forms.
- Request detailed written explanations for each violation that has been identified.
- To bring to administrative responsibility the company, which is the object of control.
Cash collection
Money delivery from banks to enterprises and vice versa is carried out by special teams. The composition of the group of collectors depends on the volume and complexity of the operation. One of them is appointed as the main one. He receives a special power of attorney to receive values. If the team consists of two people, a driver is assigned to the elders. Before the arrival of collectors, cash at the cash desk is recounted, the declared amount, banknotes and / or coins are prepared.
Forecasting and assessing the status of turnover
The stability of the economy depends on good planning. Central and commercial banks forecast cash flow. They try to calculate the needs of economic turnover in future periods. This is the main task of banks. The forecast of turnovers drawn up for the quarter is transmitted to the cash settlement center 14 days before its start. The latter transmits information to the Bank of Russia. It forms on its basis its monetary policy. So the Central Bank can take into account all structural changes that occur in the economy.
The share of turnover of banknotes and coins is much less than non-cash, especially in developed countries. It grows during economic shocks.From a clear organization of cash turnover depends on the stability of the national economy. It is associated mainly with the sphere of personal consumption. Commercial banks set limits on money that may be at the cash desk of an enterprise. Cash in circulation has a direct impact on the sustainable purchasing power of the population.
