May
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DROIT IRANIEN LIS 529 du 19/7/06 lettres de change et controle des changes

Circulaire de la Banque Centrale du 6 Mai 2006 sur les ouvertures de lettres de change en particulier

July 19, 2006

Tir 28, 1385

LAWS AND REGULATIONS

- On Escalation of Prices of Steel, Cement and

Explosives for Contracts Implementation during the First

and Second Quarters in 1384 ..... Page 1

- The Amended Text of CBIRI Regulations Pertaining

to Letters of Credit ..... Page 2

BUSINESS AND ECONOMY

- Major Privatization Scheme Underway ..... Page 9

- Development of Azadegan Oilfield by Iranian Companies ..... Page 10

- Economy Council's Agreement to Refer Work to

Iranian-Foreign Consortium of Consultants ..... Page 11

- Use of Asbesto in Industries Banned ..... Page 11

- Suppliers of Durable Goods are Bound to Offer After

Sales Services ..... Page 12

- 12% of Iranian Households Live Below the Poverty Line ..... Page 12

THE AMENDED TEXT OF CBIRI REGULATIONS PERTAINING TO LETTERS OF CREDIT

The Policies and Regulations Department of the Central Bank of Islamic Republic of Iran, through Circular No.60/1035 dated May 6, 2006 amended Clauses 9 and 10 of Section I regarding opening letters of credit and Clause 1 of Chapter 1 of Foreign Exchange Regulations regarding miscellaneous items and Part 2 of the above regulations pertaining to insurance.

The following is a translation of the amended parts:

Amended Regulations Pertaining to Opening Letters of Credit:

9. Fixing the Date of Maturity: The date of maturity of the L/C may be fixed to be within 18 months after the date of L/C opening at the request of the importer and with due regard to the creditability of the customer concerned.

Note- In cases where according to the pro-forma invoice or the contract concluded in respect of the commodities, some time shall be required to manufacture the goods, a period commensurate with the time required to manufacture the goods under the contract shall be allowed at the discretion of the L/C opening bank.

10. Extending the Validity of the Opened L/C

10.1 It shall be permitted to extend the validity of the opened L/C at the request of the applicant and by agreement and acceptance of the L/C opening bank at the prevailing rate of exchange, foreign currency deposit certificate or certificate of payment of foreign currency-Variz'nameh-(forex purchased from Stock Exchange or out of government allocated forex), forex earned by the applicant through exports, forex purchased at agreed upon rate (from banks) or the forex belonging to the applicant.

10.2 It shall be permitted to extend, up to the end of the year 1385, the validity of all letters of credit opened at the request of the organizations listed in Exhibit No.3 hereof at export or floating rates of exchange (Rls.1,750 to a dollar) as well as the companies and entities affiliated to the said organizations out of the quotas allocated to the organizations concerned with the agreement of the forex allocating organization.

10.3 It shall be allowed to extend, up to the end of the year 1385, the maturity dates of the letters of credit pertaining to development projects of the ministries and government organizations and entities, opened at export and floating rates (Rls.1,750 to one US dollar). Provided, however, that the minister or deputy minister concerned shall confirm that the L/C is related to a development project.

10.4 It shall be allowed to extend the maturity dates of finance L/C's, short-term credit lines L/C's (refinance) and the L/C's under the credits of Islamic Development Bank and the World Bank with due regard to the foreign exchange regulations.

Note- It should be noted that the maturity dates of the L/C's being the subjects of Sub-clauses 10.2, 10.3 and 10.4 that were opened prior to March 21, 2001 by using forex at export and floating rates (Rls.1,750 to one US dollar) and no withdrawal whatsoever has been made from them, to this date, as well as the maturity dates of L/C's opened with the use of forex allocated at less than the floating rate, shall not be possible.

The said L/C's may be extended only in case the difference between their rates (export, floating and less than floating rate) with the prevailing rates of exchange, in rials, shall be paid by the applicant.

10.5 It shall be allowed to extend the period of validity (maturity) of the letters of credit pertaining to the Ministry of Petroleum and all the companies and entities affiliated to the said Ministry the foreign currencies for which were supplied out of the credit envisaged in Article 120 of the 3rd Development Plan Act and Sub-clause 1 of Clause D of Note 11 of 1384 National Budget Bill. Provided that the provisions of Directive No.876 dated August 8, 2001 and Directive No.VMK/55 dated October 3, 2005 given by the General Manager of International Affairs and Bank Operations of CBIRI shall be complied with.

10.6 It shall be allowed to extend the validity (maturity) of the letters of credit opened by using forex at parity rates less than that mentioned in Sub-clause 10.1 above in case of request by the applicant and payment of the difference to bring the parity rate to the one prevailing on the date of extension.

10.7 It shall be allowed to extend the validity of the letters of credit pertaining to payment of freight charges in accordance with the criteria governing the extension of validity of the L/C's pertaining to cargo.

10.8 Extension of validity of the L/C's pertaining to the cargo that shall require a period to be manufactured and produced shall be made at the discretion of the L/C opening bank with due regard to the terms of the pro-forma invoice or the relevant contract.

Amended Regulations Pertaining to Rial L/C's

G. Opening L/C in Iranian Rial for Import from Neighbouring Countries

1.1 Importers may apply for opening letters of credit in rials (payable at sight or on maturity by submitting pro-forma invoices issued by foreign suppliers in Iranian rials and order registration documents confirmed by the Ministry of Commerce for the purpose of importing goods in accordance with the foreign exchange regulations of CBIRI.

1.2 Banks shall make sure that regulations pertaining to combat against money-laundering are in force in the country of the supplier.

1.3 Banks may open accounts in the name of a foreign supplier in order that proceeds of sales shall be paid to such accounts in compliance with the applicable regulations.

1.4 If the bank becomes sure of arrival of the imported goods at the destination, the Iranian rials being the currency of the L/C may be converted into other currencies at the request of the Seller through the agent bank on the basis of the rate of exchange prevailing on the date of conversion.

1.5 It shall be allowed to convert a foreign currency L/C to Iranian rials L/C at the rate of exchange prevailing on the date of conversion by collecting the order registration certificate amended by the Ministry of Commerce.

1.6 It shall be necessary to report the information concerning the L/C's mentioned in Sub-clause 1.5 above to the Department of Statistics and Foreign Currency Undertakings of CBIRI according to the pertinent directives.

H. The Manner of Payment and Clearance of Foreign Currency Pertaining to Commodity Imports from the Countries Being Members of Asiatic Barter Union:

Imports from the above countries shall be governed by the regulations set forth in Exhibit No.8 of CBIRI Foreign Exchange Regulations

Part II- Insurance Regulations

1. According to Article 70 of the Law on Establishment of Central Insurance approved 1971, for the purpose of carriage of goods imported into Iran, it shall be necessary to insure the goods for transportation with Iranian insurance companies. Therefore, for the purpose of opening letters of credit or imports through bills of exchange, submission of insurance policy issued by an Iranian authorized insurance company shall be required. Opening a letter of credit shall be contingent on submission of a copy of the insurance policy issued by an Iranian authorized insurance company and indicating insurance in the terms of the L/C.

Note- In cases where imports will be made by L/C or bills of exchange from Iranian free trade-industrial zones or from special economic zones to the mainland Iran, submission of insurance policy for transport to the bank opening the L/C shall not be required, provided that the importer shall assume all liabilities regarding carriage of goods. However, the banks should seek coverage for that portion of the value of goods paid under the L/C that has been provided by the bank and that has not been paid by the importer.

2. According to a notice made by Iran Central Insurance, the following insurance companies are authorized to operate in the field of insurance for carriage of goods:

Bimeh Iran Co., Asia Insurance Co., Alborz Insurance Co., Dana, Parsian, Towsee, Karafarin, Razi, Mellat, Sina, Dey, Saman, Novin, and Exports and Investment Insurance Co. (PJS).

In addition to the above companies, transport insurance policy may be obtained from Hafez Insurance Co., Omid Co. and Iran Moin Co. for goods transported from destinations outside Iran to the free trade zones of Kish, Qeshm and Chahbahar.

3. Carriage insurance policy must be issued under any one of the insurance policy types A, B, or C.

4. In case of L/C's or bills providing for payment of the insurance premium by the Supplier, the insurance policy must be made payable in the same currency of the L/C.

5. Should the importer so request, the insurance policy may be issued by authorized Iranian insurance company in the same currency of the L/C.

6. In calculation of the value of the letters of credit for which insurance policies have been submitted in Iranian rials, the currency of the L/C shall be taken into consideration.

7. The minimum amount of coverage allowed for the goods under the letters of credit/bills of exchange shall be the value of the goods except in cases where the sale has been made as C.I.P. and C.I.F.

B. The inspection certificates issued by the following foreign inspection companies shall be acceptable:

Mots-clés: 

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