The Brazilian foreign exchange rules have been changing dramatically over the past few years. All this, of course, in order to suit the economic context of the time.
Rates have passed by totally free without any restrictions. That was until 1933, when then Vargas did publish the still surviving Decree No. 23,258, which, at the time, established the figure of evasion hedging, setting a fine of up to 200% of revenues from Brazilian exports in the country not ingressadas Note that this figure ceases to exist with the issue of MP No. 315/06, which results in Law No. 11,371, the same year.
Therefore, over the years, due to the shortage of foreign exchange that has affected Brazil, our rules for remittances of the country to the outside always guided by its feature narrowly.
Only with the turn of the millennium is that the world begins to experience a seizure-free period and there is an adjustment of the world economy. Observe that Brazil still in the 90s, also did his homework. Thus, the combination of these two factors allowed the country to promote a radical and continuous deregulation legislation on foreign exchange and international capital.
At first, it was promoted by the Central Bank of Brazil - executor of exchange rate policy of the country - deregulation infralegal. The former Consolidation of Exchange Norms (CNC) gave way to the current Regulation of Foreign Exchange Market and International Capital (RMCCI). A light regulation and goal, which deals with operations much less by their bureaucratic procedures and much more with its principles.
Today, almost everything is allowed in terms of international receipts and payments. Certainly, we must respect the "almost"! Accordingly, it is recommended to read the cover story of the brilliant Without Borders last month - Order in real - that are found in the declarations executive manager for Standardization Rates and Foreign Capital Central Bank of Brazil, Geraldo Magela Siqueira.
The basic principles that guide the operations are contained at the beginning of the aforementioned RMCCI: "Individuals and legal entities can buy and sell foreign currency or conduct international transfers in reais, of any nature, without limitation in amount, the counterparty operating agent authorized to operate in the foreign exchange market, observed the legality of the transaction, based on the economic rationale and responsibilities defined in the relevant documentation. "Complementing the RMCCI predicts that these principles also apply," and purchases and sales foreign currency by individuals or legal entities resident, domiciled or headquartered in Brazil, for the purpose of building assets abroad and their return, as well as the operations 'back to back'. "
As all operations must have a counterparty an agent authorized to operate in the foreign exchange market - a bank or a brokerage rates, for example - this, as also required by Regulation, it is "make sure the qualification of its customers, by undertaking, among other measures deemed relevant, the identification, performance evaluations, trade procedures and financial capacity. "
Crowning these modifications infra, is published the aforementioned Law No. 11.371/06, which, among other changes, allows exporters to keep revenues overseas exports. And these cash can be used, especially for payment of its obligations abroad.
Considering all those advances, especially those occurring in the past decade, we found a near absence of restrictions.
Let's see some progress only under the trade:
1. Exports and imports Brazilian can be made for payment in any currency, including dollars.
2. Transactions may be settled in any currency, including currency different from that stated in the respective documents.
3. Individuals and corporations may be cash abroad - not only exporters - such availability and can be used also for the payment of its obligations abroad.
4. Under the agreement signed with Argentina, you can perform operations with the currency of the exporting country in accordance with the Payment System on Local Currency (SML). The central banks of Brazil and Uruguay have concluded negotiations for the adoption of this system. It is thought that this may also occur with China, India and Russia.
In summary it can be stated that there is no restriction of national legislation regarding the choice of the currency and the realization of transfers to or from the outside, provided they comply with the general principles listed here, and if the laws and regulations specific to certain operations.
Rates have passed by totally free without any restrictions. That was until 1933, when then Vargas did publish the still surviving Decree No. 23,258, which, at the time, established the figure of evasion hedging, setting a fine of up to 200% of revenues from Brazilian exports in the country not ingressadas Note that this figure ceases to exist with the issue of MP No. 315/06, which results in Law No. 11,371, the same year.
Therefore, over the years, due to the shortage of foreign exchange that has affected Brazil, our rules for remittances of the country to the outside always guided by its feature narrowly.
Only with the turn of the millennium is that the world begins to experience a seizure-free period and there is an adjustment of the world economy. Observe that Brazil still in the 90s, also did his homework. Thus, the combination of these two factors allowed the country to promote a radical and continuous deregulation legislation on foreign exchange and international capital.
At first, it was promoted by the Central Bank of Brazil - executor of exchange rate policy of the country - deregulation infralegal. The former Consolidation of Exchange Norms (CNC) gave way to the current Regulation of Foreign Exchange Market and International Capital (RMCCI). A light regulation and goal, which deals with operations much less by their bureaucratic procedures and much more with its principles.
Today, almost everything is allowed in terms of international receipts and payments. Certainly, we must respect the "almost"! Accordingly, it is recommended to read the cover story of the brilliant Without Borders last month - Order in real - that are found in the declarations executive manager for Standardization Rates and Foreign Capital Central Bank of Brazil, Geraldo Magela Siqueira.
The basic principles that guide the operations are contained at the beginning of the aforementioned RMCCI: "Individuals and legal entities can buy and sell foreign currency or conduct international transfers in reais, of any nature, without limitation in amount, the counterparty operating agent authorized to operate in the foreign exchange market, observed the legality of the transaction, based on the economic rationale and responsibilities defined in the relevant documentation. "Complementing the RMCCI predicts that these principles also apply," and purchases and sales foreign currency by individuals or legal entities resident, domiciled or headquartered in Brazil, for the purpose of building assets abroad and their return, as well as the operations 'back to back'. "
As all operations must have a counterparty an agent authorized to operate in the foreign exchange market - a bank or a brokerage rates, for example - this, as also required by Regulation, it is "make sure the qualification of its customers, by undertaking, among other measures deemed relevant, the identification, performance evaluations, trade procedures and financial capacity. "
Crowning these modifications infra, is published the aforementioned Law No. 11.371/06, which, among other changes, allows exporters to keep revenues overseas exports. And these cash can be used, especially for payment of its obligations abroad.
Considering all those advances, especially those occurring in the past decade, we found a near absence of restrictions.
Let's see some progress only under the trade:
1. Exports and imports Brazilian can be made for payment in any currency, including dollars.
2. Transactions may be settled in any currency, including currency different from that stated in the respective documents.
3. Individuals and corporations may be cash abroad - not only exporters - such availability and can be used also for the payment of its obligations abroad.
4. Under the agreement signed with Argentina, you can perform operations with the currency of the exporting country in accordance with the Payment System on Local Currency (SML). The central banks of Brazil and Uruguay have concluded negotiations for the adoption of this system. It is thought that this may also occur with China, India and Russia.
In summary it can be stated that there is no restriction of national legislation regarding the choice of the currency and the realization of transfers to or from the outside, provided they comply with the general principles listed here, and if the laws and regulations specific to certain operations.
