Nonbanking order process for importing goods from 4 countries banned

TEHRAN, Feb. 8 (MNA) – In a directive issued by the First Vice President Es’hagh Jahangiri, order registration process for importing goods from four countries of India, South Korea, Turkey and China is possible only through opening Letter of Credit (L/C), draft and remittance, effective as of Jan. 30, 2018.

For his part, Mehdi Kasraeipour the Director General of Central Bank of Iran (CBI) for Foreign Exchange Rules and Policies Affairs expounded on the two methods of goods order registration process and said, “principally, there are two “banking” and “nonbanking” methods for importing goods into the country, so that CBI finances foreign exchange in banking method, fund of which is paid by one of the operating banks.”

Turning to the mechanism of goods import using nonbanking method, he said, “in currency transfer-free method, none of commercial banks, as operating banks, will involve in paying price for importing goods into the country at all.”

According to a directive notified by the 1st Vice President, all goods order registration process should be done using banking method, he said, adding, “accordingly, importers of goods from the aforementioned four countries should necessarily embark on registering and importing goods using banking tools such as remittance, L/C or draft.”

Turning to the registration of orders carried out for importing goods from the said four countries using nonbanking method, he said, “Trade Promotion Organization of Iran (TPOI), Islamic Republic of Iran Customs Administration (IRICA) and other concerned organizations have taken necessary measures in this regard, so that these cases are not related to the Central Bank of Iran and banking network system of the country.”

MA/4222494

News Code 132005

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