Currency Transactions

Currency Transactions

 

transactions regulated by national legislation or international agreements and involving currency valuables (seeCURRENCY).

Foreign-exchange and financial relations originating in the course of economic, scientific and technological, or political and cultural cooperation among states assume the form of currency transactions. Currency transactions are often a means by which obligations are met by parties engaging in trade, payment, credit, and other international relations. For example, currency transactions are involved in making payments for the import and export of goods and foreign tourism. Depending on the purpose and character of the currency transaction, the principals may be states, national and international banks, and foreign trade and certain other organizations, as well as private citizens. In international payments, the forms of currency transactions include letters of credit, collection operations, and exchange authorization. Transactions between banks include conversion operations (the purchase of one currency and the sale of another) and deposit operations (transactions related to the placement of temporarily free funds). Relations between individuals and banks involve transfer or conversion authorizations and the buying and selling of foreign currency. The procedure and methods for carrying out currency transactions are determined by the foreign-exchange legislation of each country, in conformity with the principles of the state foreign-exchange monopoly.

References in periodicals archive ?
The volume of trading in US dollar amounted to over $59.280 million, and 183 currency transactions were made.
The firms said that they would collaborate to develop products based on blockchain that enable B2B and cross-border payments and alternative currency transactions. They said that they would collaborate on many areas such as everyday consumer payments to fintech services.
Sberbank plans to automate 99% of foreign currency transactions in 2019.
Furthermore, the expression currency transactions report suspicious transactions report, details of any information or data through online access to central data base of banking company shall be omitted.
It further stated that for the expression, 'written off loans statement, currency transactions report and suspicious transactions report, the words and profit on debt statement would be substituted.
RAMALLAH, Thursday, October 25, 2018 (WAFA) - The Palestinian Monetary Authority (PMA) and the Central Bank of Israel have reached an agreement on a new mechanism to facilitate currency transactions between Palestinian and Israeli banks which includes setting up an Israeli government agency that would serve as an alternative to dealing with the banks operating in Palestine to the Israeli Discount Bank and Bank Hapoalim, PMA Governor Azzam al-Shawwa said on Thursday.
The committee warned citizens and residents not to engage in virtual currency transactions following claims on websites that promote investments in such currencies that they are authorised by official authorities in the Kingdom.
Given that many are attracted to virtual currency because of its anonymous nature, tax preparers should expect that individual clients might not volunteer information about virtual currency transactions at tax time.
ISLAMABAD -- Supreme Court directed State Bank of Pakistan to submit sealed report on all foreign currency transactions above $50,000 from Pakistan during 2017-18, within seven days.
According to the police sources, the gang used the fake credit cards mostly for foreign currency transactions.
Emirates NBD, Dubai largest bank, has introduced fee on foreign currency transactions on credit cards which are paid in UAE currency.
As per current foreign exchange regulations, CNY is an approved foreign currency for denominating foreign currency transactions in Pakistan.