New Central Bank directive on how to return non-transferred currencies of importers

According to INPIA, quoting Exportna, the Central Bank in a circular issued to the management and deputies of international affairs of the banks yesterday, March 29, set the criteria for currencies provided by the Central Bank at the official rate of 4200 Tomans and regarding the deadline for transferring currency and how The return of non-transferable currencies has raised some points. This circular states: A) Currencies provided by the Central Bank at the official rate of 42,000 Rials per dollar 1) Deadline for currency transfer and how to return non-transferred currencies 1-1) In case of foreign exchange supply by the Central Bank at the official rate (equivalent to 42,000 Rials per dollar), the deadline for currency transfer for foreign exchange remittances is one month from the date of foreign exchange supply and for credits / visual documents until maturity (submission of documents). Credit / for you and for credits / for you will be long-term documents until the due date. 1-2) In case of non-submission of shipping documents within the period of one month mentioned in the mentioned paragraph, for the transfer of foreign currency remittances or the expiration of the credit / maturity maturity, return of the non-transferred currency in accordance with the arrangements mentioned in paragraph 2 of General Letter No. 275036/99 dated 1399/8/28 and the following paragraph and with the coordination of the Central Bank is mandatory. In this regard, obtaining the relevant commitments from the importer at the time of requesting service from that bank is mandatory. 1-3) In case of non-transfer of currency for any reason other than sanctions within the deadlines specified in paragraph 1-1, the bank is obliged to transfer the currency not immediately to the bank’s operating accounts and receive its equivalent in Rials at the same initial selling rate or The official currency purchase rate will be the day the currency is returned to the bank (whichever is lower). 2) Deadline for submitting documents for foreign exchange remittances 2-1) Deadline for submitting foreign currency remittance documents issued from 8/28/1399 onwards (security at the official rate of 42,000 Rials per dollar from the date of issuance of remittances for basic and essential goods 2 months and for medicine and medical equipment 34 months for business units and 6 months for production units. 2-2) Deadline for submitting documents for the transfer of foreign exchange remittances at the official exchange rate of 42,000 Rials per dollar issued before 8/28/1399 for the import of basic, essential goods, medicine and medical equipment, if from 1399/8/28 For the import of basic goods, it is necessary more than two months and for the import of medicine and medical equipment more than 4 months for commercial units and more than 6 months for production units, the deadline for submitting their documents is left, at the latest. The above mentioned items are limited to paragraph 1-2 and that bank is obliged to inform the importer of the mentioned criteria by taking an obligation. 3) Deadline for submission of customs license for entry and final clearance of goods 3-1) For the above-mentioned security currencies, the deadline for submitting a customs license for entry and final clearance of goods for foreign exchange remittances shall be from the date of issuance of the foreign exchange supply declaration and for credits / documents from the date of deposit / endorsement of shipping documents. It will be the moon. For all cases where more than one month remains until the end of the deadline for submission of customs clearance and final clearance of goods, the bank is obliged to notify the importer and obtain a commitment from him for final clearance of goods within the said deadline. 3-2-) That bank is obliged to follow up on the fulfillment of the foreign exchange obligations of the importers in accordance with the set deadlines and within the framework of the provisions of the seventh section of the set of foreign exchange regulations and other relevant rules. B) Currencies supplied through the secondary market (in the system of integrated foreign exchange trading system (NIMA), the currency obtained from its own export, the currency obtained from the export of others / purity, the foreign exchange resources of others and the foreign exchange resources of the importer) 4) Deadline for currency transfer and return of non-transferred currencies 4-1) In case of providing foreign exchange through the system of integrated foreign exchange trading system (NIMA), the currency obtained from its own export, the currency obtained from the export of others / purity is subject to non-submission of shipping documents within one month mentioned in paragraph 4-1 for currency transfer. Currency remittances or credit maturity expiration / for you, the operating bank or the importer (each of whom is responsible for transferring the currency) Return of the non-transferred currency in compliance with other provisions of paragraph 2 of General Letter No. 275036/99 dated 28/8/1399 in case Provision by this bank and paragraph 3-4 below and in coordination with the International Office of this bank is mandatory. In this regard, obtaining the relevant commitments from the importer at the time of requesting service from that bank is mandatory. 3-4) In case of non-transfer of currency for any reason other than sanctions, within the deadlines specified in paragraph 1-4, the bank is obliged to return the non-transferred currency immediately to the operational accounts of this bank and receive its Rial equivalent at the same initial selling rate. In case of supply by this bank or the purchase rate of foreign exchange, the secondary market announced in the ETS integrated foreign exchange trading system will be the day of return of the currency to this bank (whichever is less). 5) Deadline for submitting documents for foreign exchange remittances 1-5) Deadline for submission of foreign currency remittance documents issued from 8/28/1399 onwards (secured through the secondary market) from the date of issuance of remittance for machinery and equipment of production lines subject to approval of the construction period of 16 months and for others Goods including production raw materials, intermediate goods and parts of production lines, medicine and medical equipment are determined for 4 months for commercial units and 6 months for production units. 6) Deadline for submission of customs license for entry and final clearance of goods