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|home Banking Books Money and credit - Ivanov V.M.|
Money and credit - Ivanov V.M.
Money circulation is the movement of money capital in the process of expanded social reproduction, which directly includes the movement of money at the stages of distribution and exchange. It indirectly serves the processes of production and consumption, therefore, it affects all stages of social reproduction. According to the nature of cash flows, it is divided into finances, credit and money circulation, and according to the form of money carrying out circulation, it is divided into cash and non-cash.
Cash payments are made between enterprises and the population, between individuals, and also for insignificant amounts - between enterprises, organizations, institutions. Cash payments include payments by enterprises of cash incomes to the population in the form of wages, scholarships, pensions, cash assistance and subsidies, receipts from the financial system, etc. Cash payments between individuals arise, as a rule, in the process of buying and selling goods, providing and paying services. Cash is issued for the payment of wages, scholarships and cash security for military personnel by the banks within the time periods stipulated by agreements, government decisions, and also instructions of the NBU. Cash is issued from the settlement account of enterprises using checks, on the reverse side of which the purpose of the money withdrawn from the account is indicated.
Cashless cash flow is a part of cash flow in which the movement of money is carried out in the form of a transfer of amounts on bank accounts or offset of mutual claims, i.e., without cash. Most of the total cash flow is in non-cash form. This is due to the fact that non-cash circulation has significant advantages over cash and therefore is more effective both for society as a whole and for each individual economic entity. Firstly, the social costs of circulation are significantly reduced. Secondly, the necessary conditions are created for state regulation of money circulation. Thirdly, the economic condition of the subjects of money circulation is improving, since the circulation of their money is accelerated, and their close relationship with banks and the money market as a whole is ensured. Therefore, all participants in the sphere of circulation should be economically viable to pay for their obligations in non-cash form through banks (with the exception of payments for small amounts).
Cashless payments - a system of cash settlements that are carried out without cash, that is, by transferring to banks a certain amount from the payer's account to the payee's account or by offsetting mutual claims of enterprises and public organizations. The system of cashless payments includes:
• principles of their organization;
• requirements for the organization;
• forms and methods of payment;
• sequence of payments;
• settlement documents.
Cashless payments are carried out in accordance with the following principles:
• after the release of goods and the provision of services;
• only through the bank and under its control;
• only with the consent of the payer;
• if there are free funds in the payer's account or the right to receive a loan.
The organization of cashless payments must meet the following requirements:
• ensure timely payments for goods sold and services rendered;
• create conditions for mutual control of payers and recipients of funds for compliance with settlement and contractual discipline, as well as for bank control of settlement participants;
• not to allow unplanned redistribution of funds in the settlement process, to facilitate the convergence of the moment of receipt and payment of inventory (goods and materials).
Cashless payment methods include:
• in transferring funds from the payer's current (current) account to the beneficiary's bank account;
• in offsetting mutual claims.
Cashless payments are nonresident and local, republican and interstate. Nonresident understand payments between suppliers and buyers, which are served by banking institutions located in different settlements. Local non-cash payments are settlements between suppliers and customers, which are served by one or different banks, but within the same city.
Depending on the scope of non-cash payments are divided into two groups:
• settlements in commodity operations for goods and materials, services provided and work performed;
• settlements in non-commodity transactions (transfer of taxes and other payments to the budget, receipt and repayment of loans).
Depending on the nature of the settlement documents, such non-cash payments are distinguished:
• payment requirements;
• payment orders;
• payment requirements-orders;
• by check;
• letter of credit and bill of exchange.
Cashless payments require compulsory opening by enterprises of accounts in banks. To open an account, an enterprise and an individual comply with the requirements of the Law of Ukraine "On Amending Certain Laws of Ukraine to Open Bank Accounts" and Instruction No. 3 of the NBU "On Opening Banks in National and Foreign Currency by Banks" (Appendix 1-5).