New plan of Russian economy restart

Economic Development Ministry of RF (EDM) laid out new "Concept of priority measures of socio-economic development" for 2014-2015. According to the minister of economic development Aleksey Ulyukaev, these measures will be aimed at stimulation of economic growth in mid-term and long-term in budgetary resources poor settings.

Earlier, the Minister noted that over the next three years, economic growth in Russia will not exceed 2.5%. At the same time Ulyukayev believes that such a slowdown in economic growth is not a crisis, but a result of transition from one economic model to another. Thus, according to the minister, today in conditions of ceased rising of oil prices, Russia should pay particular attention to the competitiveness of non-oil products - it will become one of the new economic drivers.

The minister also noted that it is necessary to increase investment in the economy, as increasing the GDP growth rates due to consumer demand is impossible.

One of the main problems of the Russian economy remains high share of the informal sector. One of the main problems of the Russian economy remains high share of the informal sector. Constant pressure on small and medium business by state regulators leads business into the shadows. To solve this problem, the Economic Development Ministry proposes to introduce a two-year tax holiday for new companies as well as to ease the pressure from the regulator, imposing ban on inspections. A huge number of regulations adopted annually also greatly complicates the life of Russian entrepreneurs. So, over the last ten years 180 thousand regulations were adopted on the federal level, and, as you know, the quality of regulation depends on its stability. Uljukaev proposes to introduce a strict rule: to adopt a new requirement, entailing costs for business, and cancel the previous two.

The new plan of measures once again speaks of the tariff reductions monopolies. Resolving this issue is directly related to the optimization of costs. As one of the ways to solve infrastructure problems and extra-budgetary investments attracting, EDM proposes to develop public-private partnerships. This mechanism is well established in international practice and helps to generate the resources and capabilities of the state and business, reducing the risks of the project participants.

A special place in the concept of priority measures is given to antimonopoly regulation. To date, the Federal Antimonopoly Service (FAS) is a record holder in the number of cases, but in most cases they are prosecuted rather formally, and the quality of investigation leaves much to be desired.

The Ministry of Economic Development suggests taking a small business from the scope of antitrust laws, except in cases of price collusion and collusive tendering, and allow unannounced routine audit only with judicial authorization. However, representatives of FAS are categorically against such measures, believing that unscrupulous owners will take advantage of them, shattering their companies. At the same time EDM states that small business cannot be a monopoly by definition.

Remember that the previous plan presented by MED in summer offered mainly various forms of fiscal and credit support, which, unfortunately, did not lead to the desired results. Estimating the new plan of restarting the economy, most experts agree that, despite reasonable solutions included in the proposed list, in general it can also be ineffective. The main question that the plan should respond on is why it is profitable to invest in the Russian economy. Until the state does not offer clear advantages for investors and create conditions of overall stability and openness, it will be worthless to wait the response from even the most reasonable measures. To date, stimulation the growth of the Russian economy is possible only by increasing the availability of credit, regulatory reform and public institutions, as well as the formulation of a clear position of the state in respect of investments to private business.

About stealing of money from bank card you will be informed by SMS

Since the 1st of January 2014 the amendments to the Federal law «On the National Payment System» have entered into force, which can seem at first sight revolutionary in the sphere of protection of electronic payment instruments, first of all of bank cards.

Now a bank is obliged to inform its client about each transaction with the use of the card by notifying him/her accordingly (most prevalent practice – mobile SMS). At the same time some problems of practical character are appearing: whom will the burden of tariffs of mobile phone operators for notifications delivery lay on; it is not clear enough yet, how will be messages delivered if a person has changed the phone number, removed to another region, gone abroad to relax and in similar cases.

The other novation is that in case the funds will be used unknown to the owner (for example, in case of the loss) or without her/his consent, the client is obliged to inform the bank, which has issued the card, about it within one day of notification of account transactions and not later.

After it the credit organization is obliged to reimburse to the cardholder all sum, which was withdrawn without his/her knowledge. Besides that, if a bank has not informed the client about illegal transactions, then in this case the sum will be also reimbursed, no matter when a person has found out the cash shortages.

It should seem the idea of provision of information on transactions via electronic payment instruments and recovery of losses from fraudulent transactions must ensure maximal their owners, also the fact should be taken into account that the traditional notes and coins are being replaced step by step now. However, for the stolen funds will be reimbursed by the bank, the client is obliged to prove that these transactions were made illegal and unknown to her/him. How will be the «proving» process go, the lawmaker has not prescribed. We’ll hope that with the course of time the banking community will create all by itself this mechanism, which will be unified enough and understandable for everyone.