The head of a prominent Russian lender stated that the country would like to see the introduction of UFA money as soon as possible. In the view of this person, the introduction of UFA into the economy will boost the country’s capital formation process, reduce the burden on the country’s finance system and improve the efficiency of the finance sector. He went on to say that the only way that such a measure can be brought in force is by means of a decision by the government. This means that the central government will have to decide whether or not to re-introduce the previously existing system of foreign currency exchange trading. The head of the Russian lender stated that he believed that the move to introduce the new system would be accompanied by a significant increase in foreign direct investment (FDI).
According to the lender of UFA, the benefits of ufa include: rapid cash flow with no restrictions on spending; no need for any special equipment, infrastructure or experience as of yet; no restrictions on investing abroad; and the adoption of a policy of support for new and emerging economic centers of interest. The head of the Russian lender also stated that ufa was beneficial to Russia as well as to other countries with sizeable Russian minorities. The main benefits of ufa for him came from the fact that he could purchase large amounts of foreign currencies with just one payment, rather than paying for different currencies at different times.
At present, there are three types of persons who can benefit from ufa. First, an individual who is interested in buying large volumes of currency with a view to reselling them. Second, a person who wants to open a new business that involves the purchase and sale of foreign currency. Thirdly, an individual who wants to join the new team of the ufa. The three categories of persons who can benefit from ufa include:
UFA assignments whose salaries are governed by a fixed amount per annum. For instance, the assignment whose total salary cap is twenty thousand dollars per annum. There are two more categories under which the salaries are regulated. First, there are assignments whose salaries are governed by a sliding scale. This means that the amount that the player will be entitled to depends upon his last year’s performance.
In addition to the aggregate salaries, there is also the aggregate limit. The aggregate limit of ten million roubles per annum applies to players who are assigned to the reserve team of the Fenerbache club. It is interesting to note that there is another category of players who may be able to benefit from ufa but who cannot enjoy the benefit of an aggregate limit. Such a player is one who receives a straight transfer from one professional club to another during the period of his employment. However, he does not receive any compensation for being so transferred. His right to enjoy a ufa benefit is therefore limited to cases where one of the other players (the one who received a straight transfer) is injured or is suspended for a match or a period of time.
Another exception to the rule regarding first-year salaries and aggregate limit is the bi-annual exception. This exception applies if the player was registered during the first half of a season or the second half of a season. As the term suggests, a bi-annual exception is applicable only once. Unlike the aggregate exception, a bi-annual exception permits the player to be paid even if he signs a new contract with another club during the same season in which he was registered with his first club.
In addition to the above-mentioned exceptions, there is yet another exception, which deals with the situation when a player has been registered for a season and the club decides to offer him one of its designated free agents in order to facilitate his signing on a contract for the next season. If a player is eligible for free agency before being offered a qualifying offer, then he is not under any obligation to accept the offer. If he rejects it, then he cannot be offered a second contract by the club that made him a free agent in the first place. However, if he accepts the offer, then he is obliged to sign a new one-year contract with the club that promoted him.
There are some other exceptions that UFA allows as well. One of these is the trade exception, which permits a team to sell one of its players to another club if that player’s contract has not expired and the player is still under his rookie contract. The trade exception is not applicable if the player is traded to a different club in the middle of his season.