Nourlaw.com-Tehran-12 November 2016- In a recent circular letter the Central Bank of the Islamic Republic of Iran (CBI) has set out conditions for the export and import of foreign currencies by passengers and drivers transporting transit goods.According to the CBI decree, titled” The Executive Instruction for the Rules Applying to the Foreign Currencies Held by Passengers”, effective as from 1/9/1395 (21 November 2016), import of USD up to a ceiling of 10,000 or its equivalent in other foreign currencies, is allowed without declaration to the customs entry points. Any larger sum requires an inquiry from the Center for Financial Intelligence and Combating Money Laundering of the Ministry of Economic Affairs and Finance (FIU).
Any passenger in possession of more than USD 10,000 must declare the additional amount and deposit the same with the related Branch of Bank Melli stationed at all customs entry points against receipt of a tracking code. Upon confirmation of the FIU, the additional amount will be returned to the passenger or at the discretion of the passenger, will be transferred to the bank account he/she determines or seeks the Rial equivalent of the said amount.
Passengers who have already declared amounts exceeding USD 10,000 before the effective date of the CBI decree (21 November 2016), should refer within six months to the Customs Information Base www.irica.gov.ir to register their respective information and receive their tracking code.
The above rules also apply to duly licensed drivers transporting commercial goods through Iran. The FIU branches are centralized units of the national agencies responsible for detecting and fighting the financing of terrorism and money laundering.