Money_turnover

The monetary unit name. Republic Kazakhstan monetary unit is 1 tenge, consisting of 100 tyin.

Kinds of currency notes. If till January, 1st, 1991 in circulation there were treasury notes now Republic Kazakhstan bank notes consist of banknotes and coins which are obligatory to reception at their nominal cost in all kinds of payments. They are unconditional obligations of National bank and are provided with all its actives.

Issue order. Release of cash, the organization of their reference and withdrawal from the reference are carried out exclusively by National bank in the form of sale of banknotes and coins to banks with reception of a non-cash equivalent,

Kinds of the money which is lawful means of payment: paper and credit money.

The rate of exchange is the price of monetary unit of one country, expressed in monetary unit of other country.

The money circulation law expresses the economic interdependence between weight of the addressing goods, a price level and speed of the reference of money. For the first time this interrelation is established by K.Marx and represents set of two kinds of dependence:

• direct dependence between quantity of the money necessary as a currency and the sum of prices of the realized goods and services.

• inverse relationship between quantity of the money necessary as a currency and the speed of a turn of money.

It is possible to express all the following formula:

 

Where K - quantity of the money necessary as a currency;

S - the sum of the prices of the realized goods and services;

C - an average of turns of money as currencies.

 

With occurrence of function of money as instruments of payment the formula (1) becomes complicated also the law defining quantity of active money a little, takes the following form:

 

S1 - The sum of the prices of the goods and services;

S2 - The sum of the prices of the goods sold account;

S3 - The sum of payments under obligations;

Р - balanced out payments.

Thus, we see that on quantity of the money necessary for the reference, a number of factors influences:

• the factors depending on conditions of production and influencing quantity of the addressing goods;

• the factors defining a price level on the goods and services;

• the factors influencing for speed of the reference of money;

• the factors influencing a level of development of the credit;

• the factors influencing development of system of clearing payments.

The problem will arise only when nothing the limited monetary issue will lead to infringement of the law of money circulation, overflow of channels of money circulation by excessive currency notes and, hence, to inflation.

Principles of the organization of clearing payments:

Realization of clearing payments is made under the accounts, which banks open to clients for storage and transfer of means;

Carrying out of payments through bank should be combined with economic independence of clients and their liability for the actions.

At all variety of patterns of ownership and character of activity of the enterprises behind them there is a right of a free choice of forms of payments and their fastening in economic contracts. Freedom in choosing restriction from outside bank is not supposed;

Transfer of means under accounts of the enterprises is made on the instructions of the payer or from its consent (acceptance). It gives the chance to the enterprise-buyer to supervise performance by the supplier of the basic treaty provisions which infringement can cause full or partial refusal of payment (acceptance);

Promptness of payment, that is realization of payments, it is strict proceeding from the terms provided in economic, credit, insurance contracts;

Establishment of sequence of write-off from the account of the client of money resources, in case of their lack for realization of all payments.

Forms of clearing payments:

Clearing payments for the goods and services, and also payments under financial obligations are carried out in various forms, each of which has specific features in character and movement of settlement documents.

Forms of payment are a regulation by the execution legislation through bank of liabilities, the enterprises and the organizations.

According to the current legislation following forms of clearing payments and the document payment commissions, letters of credit, checks in the collection are applied.

Forms of payments between the payer and the addressee are defined by them in economic contracts.

Payments by payment commissions is a form of payments at which the payer gives in establishment of bank serving it the settlement document containing the commission about transfer of the certain sum from the account into the account of the addressee in time, provided by the legislation or established according to it in bank. The commission of the payer is executed by bank at presence on its account of money resources (fig. 1). For payment fulfillment the bank loan (can be used also at presence at an economic organization of the right to its reception).

 

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Figure 1. The document circulation scheme at payments by payment commissions:

1. The payer gives payment commissions in the establishment of bank, and the bank accepts them

2. The bank writes off money from the account of the payer and transfers them together with commissions in bank of the addressee for transfer on its settlement account

3. The bank of the addressee enlists arrived on its correspondent the account money for the account of the buyer

4. The payer receives in the form of an extract from the account acknowledgement about write-off of money resources from its account and transfer to the addressee

5. The bank informs the buyer in the form of an extract from the settlement account acknowledgement on transfer into its account of money resources

In payments for the goods and services payment commissions can be used in following cases: for the received goods in the rendered services under condition of the reference in the commission on number and date of the document confirming reception of the goods or services by the payer; for payments as the advance payment of the goods and services; for realization of the planned payments used or continuous communications of buyers by commodity producers; for repayment of creditor debts on commodity operations. All not commodity operations are made by exclusively payment commissions. Besides, payment commissions are applied at payments in the budget and to body’s state and social insurance, transfer of means to body’s state and social insurance, repayment of bank loans and percent on loans, payment of mulct, penalties etc.

Payments by checks. The check is the security, containing nothing the caused order drawer of a check to bank to make payment of the sum specified in it check holder.

Participants of relations at the check form of payments:

The drawer of a check-person who has drawn the check;

Check holder - any legal and the physical person, being to lawful owners of the written out check;

The payer-bank or other credit organization, obtained the license for fulfillment of bank operations where drawer of a check has means of which he has the right to dispose by exhibiting of checks.

The check form, its requisites, filling order, document circulation (fig. 2) are defined by the legislation and established according to not bank rules.

Now the checks paid at the expense of means which are preliminary deposited by the client- drawer of a check on the separate bank account.

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Figure 2. The document circulation scheme at payments by checks:

1. Drawer of a check submits an application to a bank about delivery to it of the check or check

Books are delivered also by the payment message allowing about to deposit money resources for payment of checks

2. The bank of drawer of a check fills all requisites of the check and transfers it to drawer of a check

3. Drawer of a check for payment for the executed amount of works transfers the check to check holder

4. Check holder makes in four copies the register of checks and transfers them in the bank, which at the expense of drawer of a check bank them pays and enlists money for the account check holder, the fourth the copy of the register returns bank to check holder

5. The bank of check holder directs the check and the third register to the payment-cash centre (PCC) which enlists money on the correspondent account of check holder bank, the third copy

the register and the check remain in PCC, and the first and the second go in PCC, serving bank drawer of a check

6. On the basis of the treated registers the bank drawer of a check writes off money with accounts of check holder also are reflected by use of money on the to the corporate account in PCC

For reception of a check-book the enterprise should put in bank serving its the statement under the established form, and also the payment commission on transfer of means from its payment into the separate account «Settlement checks». The client receives in bank a check-book with instructions of the sum deposited by bank in which limits it can draw checks. The bank-payer gives out the given sum to check holder at the expense of the means which are on the account to drawer of a check, or at the expense of the means deposited by it on the separate account, or time absence of means for the account to drawer of a check the bank in coordination with it can pay the check at the expense of own means. The check is subject to payment after a presentation to its payer within 10 days.

Payments under the collection. At payments under the collection the bank undertakes on the instructions of the client and at his expense to receive from the debtor (payer) money resources due to the client and (or) the payment acceptance. payments under the collection are carried out on the basis of the payment requirements which payment can is made under the order of the payer (with the acceptance) or without its order (in without acceptance order), and the collection orders which payment is made without the order of the payer (in an indisputable order).

Indisputable write-off of means from accounts of the enterprises is carried out by the state tax inspections at collecting of shortages under taxes and other obligatory payments in the budget, the sum of penalties and at other sanctions provided by acts, and also under the documents executive and equal to them.

 

2.3 Electronic instruments of payment.

Electronic devices and the communication systems used for transfer of money resources, realization of credit and payment operations by means of transfer of electronic signals without participation of the paper carriers, extended in second half 70th, have following advantages in comparison with paper money:

• increase in speed of transfer of payment instructions;

• simplification of processing of the bank correspondence;

• depreciation of processing of the payment documentation.

Automatic conducting bank the estimate (transfer and write-off

Means, transfers from the account into the account, charge of percent, the control over a condition of payments etc.) carry out available in banks of the COMPUTER and electro-computer centers. Frequently payments by means of remittances are spent through clearing houses. Electronic communication systems use either national communication systems, or communication networks of separate banks, and also the international automated systems of interbank payments.

Originally were extended the payment cards having a magnetic tape, containing necessary information on their owners. In 90th in a turn the payment cards of new generation containing a microcomputer and possessing higher degree of protection have arrived.

Payment cards classify depending on time of fulfillment of current payment as follows: preliminary paid cards (debit) and the cards used for realization of current payment (a credit, store card, a card for travel and entertainments).

Payment cards are the monetary document certifying presence of the account of their holder in credit institution. Their owner, without resorting to paper carriers, can write off money from the bank account only within its rest (debit cards) or to use means over the sums available on accounts within the established limits (credit cards). Some payment cards (store) can be used both as debit, and as credit.

Payment cards are applied at payment of the goods and services, and also at reception of cash by means of bank automatic machines-cashiers (cash dispenses) and bank terminals in shops, in streets, in banks.

The most widespread credit cards - "Visa", "Master Card", "American Express", cards for travel and entertainments "Dinner club".

 

2.4 Normative-legal relations

With a view of maintenance of a covering of possible losses from bank activity and increase of financial stability of domestic banks of the second level on November, 30th, 2007 the board of Agency of Republic Kazakhstan on regulation and supervision of the financial market and the financial organizations (AFS) accepts new decisions, reports referring to message AFS.

In particular, the decision №256 "About modification of the decision of board of National bank of Republic Kazakhstan from February, 26th, 2000 № 70" About the minimum size of the reserve capital of banks of the second level "is accepted.

"With a view of a covering of the losses connected with realization of bank activity, banks are obliged at the expense of the net profit before payment of dividends under simple actions to form the reserve capital. The given decision since May, 1st, 2008 the requirement on the size of the reserve capital of banks which should make the size equal not less 2 % from a loan portfolio of banks, classification subject according to legislation RK" changes, - have noted in financial agency.

At a rough guess, the cumulative size of the reserve capital after introduction in decision action will increase in 3 times and will have positive influence on the capital of the first level.

Besides, the decision №257 "About the minimum sizes of authorized and own capitals of banks of the second level, and also about modification of the decision of board of Agency from October, 25th, 2004 №304" About modification of some standard legal certificates RK concerning regulation and supervision of the financial market and the financial organizations "(in a new wording) according to which the previous decision of board of Agency from June, 2nd, 2001 №190" About the minimum sizes of authorized and own capitals of banks of the second level "becomes invalid is accepted.

According to AFS, the given decision provides increase in the minimum size of own capital (the operating minimum size - 1 bill. tenge): since January, 1st, 2009 - to 1,5 bill. tenge; since January, 1st, 2010 - to 2 bill. tenge. And also increase in the minimum size of an authorized capital stock (the operating minimum size - 1,5 bill. tenge): since January, 1st, 2010 - to 2 bill. tenge.

 

 

 

 

 

 

 

 

 

 

 

 

 

CONCLUSION

By political economy it is proved that the financial system has arisen owing to formation of the state and development commodity-money the relation with a division of labor, occurrence of commodity volume, a property inequality and antagonistic classes tribal community was replaced by the public power. «Payments of citizens are necessary for the maintenance of this public power taxes. The last were absolutely not known to a patrimonial society, with civilization development even it is not enough taxes: the state gives out bills for the future, does loans.

With development of commodity manufacture public revenues and expenses develop in system of monetary relations and the finance. According K.Marx the enterprise as the subsystem of economic basis is characterized by following features:

1) they express relations which arise primary in the course of secondary, and also partial secondary distribution and consumption of a private cumulative public product. It defines subsystem limits;

2) the state acts as the proprietor of means of production, therefore participates in primary operation. To labor capitals also appropriates a surplus value;

3) process of distribution the part of a cumulative public product occurs in the monetary form;

4) secondary distribution of a part of the cost created for a year leads to redistribution of all whole.

As the subject of relations of production the state expressing in the concentrated form economic requirements of a class, dominating in manufacture acts. It causes development of mainly noneconomic forms of compulsion, and also regulation of public relations by the special legislation. State incomes are formed mainly at the expense of the taxes raised from incomes of labor layers. The state the violence device, and a financial system, thus, represent the executive mechanism.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THE LIST OF USED LITERATURE

1. Kamayev V. D. and collective of authors. The textbook on bases of the economic theory (economy). - М: "VLADOS", 1997

2. Polyakov V.P., Moskovkina L.A. Basis of monetary circulation and the credit: the Manual. - 2 publ.,add. - М: INFRA - M, 1997.

3. Sadvokasova A.B. Basis of transformation of bank system of Republic Kazakhstan - Almaty: Kazakh university, 2004.

4. Trofimova I.N. Data of a wave of economy intensification of the USA// USA:EPI. 1992. №3.

5. Izjumov A.I., Popov V.V. To a question of long waves in the American economy//the USA: EPI. 1988. №4.

6. Ermekbaeva B.Z., Lesbekov G. A. Economy bases - А, 2003

7. Zayac N.E. Theory of taxes: the Textbook-Minsk: BGEY, 2002

8. Ainabek K.S. Money, the credit, banks: the Monography.-Astana: the Volume, 2001.

9. Ainabek K.S. The market economy theory: the Manual. - Almaty: Jeti jargy, 2004

10. Sadvokasova A.B. Bases of bank system of Republic Kazakhstan - Almaty: Kazakh university, 2001.

11. Sadvokasova A.B. Commercial banks of Kazakhstan - Almaty: Kazakh university, 1997.

12. Valraven K.D. Management risks of commercial bank. IER of World bank. - Washington, 1999.

13. Banks on emerging markets: In 2 w.: trans from English Т 2. Interpretation of the financial reporting/K. J. Barltrop, D.MacNoton. - М: the Finance and statistics, 1998.

14. V.E.Leontev, N.P.Radkovskaya. Finance, money, the credit and banks - St.-Petersburg: 2002.