Central Bank of Russia to raise per-transaction limit for legal entities using Faster Payments System from 1 mln to 30 mln rubles

MOSCOW. Oct 29 (Interfax) - The Central Bank of Russia is set to raise the maximum limit from 1 million to 30 million rubles for a single transaction between legal entities via the Faster Payments System (FPS), and a draft directive has been published on the regulator's website.

The change will apply not only to settlements between legal entities, but also to payments remitted by individuals and legal entities to Russia's budgetary system, the Central Bank said.

"The proposed measure will enable businesses to manage their operations more efficiently, accelerate the turnover of funds, and make payments to the budget more convenient and faster for individuals, businesses, and the Federal Treasury alike," the regulator said.

Comments and suggestions regarding the draft directive will be accepted through November 12.

The Faster Payments System is a 24/7 service provided by the Central Bank of Russia that enables users to transfer funds using only a phone number between their own accounts at different banks or to the accounts of other clients. It also allows for the payment of taxes, goods, and services, as well as the receipt of refunds in the event of a purchase cancellation or payouts from companies; and transfers between legal entities and individual entrepreneurs.

Currently, the limit for commission-free transfers by individuals between their own accounts held at different banks (me2me transfers) is 30 million rubles. This limit applies to both the total monthly volume and the amount of an individual transaction. The maximum amount for a single payment made by a customer via an FPS QR code is 1 million rubles.