Import of Raw Material and Parts for Production Allowed to Free Zones without order registration

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Nourlaw-10 December 2018- Tehran- One of the restrictions for controlling the foreign currency stream which were set by the Government in the current Iranian year, was its decision to impose order registration for imports to Free Zones.
In Iran, order registration requires the pre-approval of different authorities for the import of goods.
Considering the fact that order registration usually slows down the process of importing goods, the Council of Ministers, upon the proposal of the Supreme Council of Iran’s Free Trade, Industrial and Special Economic Zones, has decided to loosen this restriction by issuing a decree which stipulates, “for helping domestic production, the import of raw materials and parts needed for production in the Free Zones and within the frame of the list which will be announced by the Ministry of Industry, Mines and Trade, is allowed without order registration”.
Furthermore, it has been stated in the decree that the Ministry of Industry, Mines and Trade is obliged to prepare the list of the mentioned goods within the period of one week, to be rendered to the Supreme Council of Iran’s Free Trade, Industrial and Special Economic Zones and to be announced in a proper manner to the trade and production business persons.

Foreign Currency Repatriation Obligation Set for Iranian Exporters

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Nourlaw-26 November 2018-Tehran -In light of the various decisions adopted by the Iranian government in reaction to the renewal of US sanctions, in an effort aimed to better control and regulate the Iranian economy and ameliorate any sanctions-related obstacles, the Central Bank of Iran in a circular letter which was published today, notified a mechanism for bringing export-generated foreign currency into the cycle of the national economy. The details are as follows:
1.All Exporters of goods and services are obliged to repatriate foreign currency generated from their exports into the country’s economy.
2.The Central Bank of Iran shall allocate and provide the necessary foreign currency for import of goods and services only to those exporters whose manner of bringing back their foreign currency into the economic cycle of the country is in line with the following requirements.
3.The repatriation of foreign currency generated from annual Iranian export sums totaling up to one million euros, more than one million to three million euros, and more than three million to 10 million euros and in excess of 10 million euros, is as follows:
A.*Up to one million euros, is exempted from selling the currency to the Integrated System of Hard Currency Transactions (NIMA).
*The exporter may utilize it for importing needed goods and services for his own production or business after placing an order registration (import against his own export).
* The exporter may directly transfer the currency to other importers, for import of the goods at the sole discretion of the Ministry of Industry, Mine and Trade (imports against exports of other persons).
* The exporter may supply it as a payment order or banknote to the banks and authorized foreign currency dealers along with registration of the same with the Foreign Currency Monitoring System (Sana).
B. More than one million and up to three million euros:
* The exporters are obliged to supply 50% of the export currency to the NIMA system.
Note: Up to a ceiling of one million euros is exempt from sale of the currency to the NIMA system.
The balance of the foreign currency shall be repatriated to the economic cycle in the following manner:
The exporter may use it for importing needed goods and services for his own production or business after placing an order registration (import against his export).
* The exporter may directly transfer the currency to other importers for import of the goods at the sole discretion of the Ministry of Industry, Mine and Trade (imports against exports of other persons).
* The exporter may supply it as a payment order or banknote to the banks and authorized currency traders along with registration of the same in the Foreign Currency Monitoring System (Sana).
C. More than three millions and up to 10 million euros:
* The exporters are obliged to supply 70% of the export currency the NIMA system.
Note: Up to one million euros is exempted from selling to the NIMA system.
The balance of the foreign currency shall be repatriated to the economic cycle in the following manner:
*The exporter may use it for importing needed goods and services for his own production or business and marketing costs after placing a registration order (import against his own export).
D. More than 10 million euros:
* The exporters are obliged to supply 90% of the export currency to the NIMA system.
Note: Up to one million euros is exempted from sale to the NIMA system.
The balance of the foreign currency shall be repatriated to the economic cycle in the following manner:
The exporter may use it for importing needed goods and services for his own production or business and marketing costs after placing a registration order (import against his own export).
Note. Selling the foreign currency to the NIMA system for more than the specified percentage in the above mentioned categories, is possible.
4.All exports transacted after 22/01/1397 (11 April 2018) are subject to this decree.

The Check Law of Iran Amended

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Nourlaw-26 November 2018- Tehran -The amended law of Issuance of Checks was published today in the Official Gazette and it shall come into force within 15 days as from 12 December 2018.
The check is one the most commonly and broadly used financial instruments in Iranian business and transactions. However, in light of the recent economic problems of the country, the number of bounced checks has significantly increased. For correcting this situation and bringing more order and control into financial relations, the Iranian parliament acted to amend and make the check law of Iran more compatible with the essential facts of the business climate and ameliorate the misuse of checks. Among many precautionary rules set in the amendment, the concept of the Electronic Check is foreseen therein and the Central Bank of Iran is obliged to fix the mechanism for use of this digital device within the period of one year.
According to the amended clauses, those who issue bad cheeks will face heavier punishments and the possibility of closing all of their bank accounts across the country. In addition, the deprivation of their right of receiving bank loans and other facilities are foreseen in this amended law. Obtaining of the checkbook will be more difficult and the credibility (solvency) of the receivers of the checkbook will be verified before allowing them to have checkbooks.
In cases wherein a bad check is unable to be cashed due to shortage of funds in the account of the issuer of the check, there will be no need for starting litigation against the account holder, and the enforcement department of the court is authorized to effect an execution writ for seizing the amount of the bad check out of the assets of the signatory of the bad check.
The amended law has also set punishments for those persons who obtain a checkbook through deceitful means and for those bank employees who do not adhere to the related law and regulations.

New Regulations on Export, Import and Hard Currencies Announced

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Nourlaw.com-29 October 2018-Tehran-The Supreme Council of Economic Coordination in its 14th session on 10/07/1397 (3 October 2018) set out new regulations on export, import and the manner of handling foreign currencies. The decree on 23/07/1397 (15 October 2018) was notified by the President to different governmental organizations for implementation.
The content of the decree is as follows:
1. All non-oil exporters are obliged to offer the foreign currency generated by their exports within three months to the Integrated System of Hard Currency Transactions (NIMA) or in the manner the Central Bank of Iran (CBI) which may regulate and offer the foreign currency to the overall currency mix of the country. Those exporters who adhere to this rule, will enjoy special facilities to be approved by the government.
Note 1: The implementation form and type of exclusions will be set by a committee specified in Article 2 of this decree.
Note 2: In view of the current extraordinary economic conditions of the country, not honoring the above order shall be considered, upon the discretion and declaration of the CBI, as foreign currency smuggling and the violators will face legal punishments.
2. To secure foreign currencies for importing goods and services, a committee working under the authority of the CBI and composed of the Governor of CBI, Head of the Plan and Budget Organization, Minster of Economic Affairs and Finance, Minister of Petroleum and Minister of Industry, Mine and Trade will be formed to assess the monthly foreign currency income, both from export of oil or non-oil goods and services of the country and for the purpose of managing the order registration and will announce “payable foreign currency” to the Ministry of Industry, Mine and Trade.
3. Determination and appropriation of foreign currency allocation within the scope of the tasks of each organization will be performed by a committee, working under the auspices of the Minister of Industry, Mine and Trade, composed of the Plan and Budget Organization, Ministry of Economic Affairs and Finance, Central Bank of Iran, Ministry of Petroleum, Ministry of Agriculture and Ministry of Health and Medical Education. Distribution of the allocated foreign currency within the scope of the authority of each organization, shall be the responsibility of the related minister.
4. Every juridical and natural person, in compliance with the regulations announced by the CBI, is permitted to import any amount of foreign currency in the form of cash. The security and enforcement organs and the Customs Organization are not allowed to prevent such transactions. Any form of prevention will be considered as an administrative breach of duty and the responsible person, in case of conviction, will be dismissed from public service for six months and in case of a recurrence (of the wrongdoing), will be sentenced to stiffer punishment.
5. For the purpose of managing the foreign currency market, the CBI may intervene in the forex market with full authority and necessary control, within the framework of policies, schemes and other required actions which are affirmed by the Governor of the CBI and through the banks and authorized exchange dealers and other appropriate mechanisms, and may also supply out of its own foreign currency resources and that of non-oil exporters as well as buy from any juridical and natural person.
6. Purchase and sale of foreign currency is only allowed through the banks and authorized exchange dealers within the framework of the declared regulations of the CBI which will take the needed steps for announcement of the exchange rate at the foreign currency market in an officially approved manner. Any form of publication of the exchange rate which deviates from the above mentioned method and may create a negative psychological impact and a resulting tumult in the market, shall be considered as economic sabotage upon the discretion and announcement of the CBI and the Headquarters of Economic Propaganda. The security and the judicial authorities are obliged to take legal action against them.
7. The Islamic Republic of Iran Broadcasting Corporation and other official and authorized media of the country which are considered forerunners in combating the propaganda and psychological war of the enemy, are bound in their reporting and analysis of the foreign currency and gold market, to act in a manner in conformity with the information propagation system of the CBI and the Headquarters of Economic Propaganda, although the door should not be closed to fair criticism. The security and judicial organs are obliged that upon discretion and notification of the CBI and the Headquarters of Economic Propaganda, to immediately take action against those who infringe upon such instructions. The Judiciary shall set fair punishments in such cases and follow the matter through legal channels.
8. For the purpose of investment promotion, in the event that nationals of the states recognized by the Government of Islamic Republic of Iran, bring in at least USD 250,000 for investment into Iran, they would enjoy the privilege of having a five year residence permit in line with the regulations to be declared by the Government
9. CBI within the framework of the capital market rules and regulations is allowed to undertake operations in the open market and it can, for the purpose of implementation of monetary policies, proceed with the purchase and sale of Islamic Securities issued by the Government and also Foreign Currency- Rial Securities in coordination with the committee foreseen in Clause K-1 of Note 5 of Budget Law of the year 1397.
Note 1: (in accordance with the above) Any kind of money received from the public shall be in the form of deposits and not loans.
Note 2: These resources, will only be under the control of the CBI and the Government is not permitted to use them.
10-The CBI is obliged to lay down the required grounds for purchase of the foreign currency generated by the export of petrochemical and steel products, as well other export goods that are offered by the exporters. The CBI may purchase foreign currency offerings, directly or indirectly, at the rate which is set by the secondary foreign currency market (NIMA system). Under the supervision of the CBI, the risk of purchase and transfer operations resulting from the perils of fighting the sanctions, shall be accepted and registered in the operating accounts of the CBI
11. The duration of the validity of this regulation, as from the time of approval, shall not exceed one year.

New Mechanism for Importing Capital and Durable Consumer Goods from 22 November 2018

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Nourlaw.com-20 October 2018-Tehran- Mohammad Shariatmadari, the Minister of Industry, Mines and Trade (MIMT), in a letter addressed to his deputies set out the new mechanism for importing capital and durable consumer goods. In the letter No. 60/191668 dated 21/07/1397 (13 October 2018), the new mechanism for importing capital and durable consumer goods, which requires registration of official agency of the foreign company in Iran, is notified as follows:
1. According to the single-clause bill of the Law for Allowing the Registration of a Branch or Representative of Foreign Companies approved on 21/08/1376 (12 November 1997) and its implementation regulations, those foreign companies which are legally established in their country, depending on reciprocal conduct, can apply for registering a branch or agency in the fields of activity prescribed by the State of the Islamic Republic of Iran and within the framework of the law and regulation of the country. Therefore, it is necessary that the applicant first refer to the Office General for Registration of Companies and Non-commercial Establishments and take action for registration of the representation (agency).
2. In case natural or juridical persons who have applied for registration of agency at the Office for Registration of Companies and Non-commercial Establishments, desire to import capital or durable consumer goods which are subjected to agency registration (according to Article 4 of the Law of Protection of the Rights of Consumers) such as heavy or light vehicles, industrial or agricultural and road construction machinery, home appliances, electrical and electronic products, audio and video equipment and communication devices, they should, before registering the orders, provide commitments to the Deputy for Industries Affairs of MIMT for rendering after sale services (in case of vehicles) and required commitments to the Consumers and Producers Protection Organization (in case of other goods).
3. The Consumers and Producers Protection Organization and Deputy for Industries Affairs, after notifying the regulations related to the after-sale services to the applicants and obtaining the commitment of the applicant for rendering optimal service to consumers, shall send the documents to the Office of Export and Import Regulations for order registration.
4. The Office of Export and Import Regulations, after receiving the information on the agency, will take the necessary measures for registering the order for the related goods.
5. The agent is obliged to announce the information on the amount of import of the goods subjected to the agency registration in quarterly periods, so that the procedure of rendering after-sale services can be assessed and controlled by the Consumers and Producers Protection Organization and the Deputy for Industrial Affairs.
6. In each stage of the agent’s activity, if there is a private claimant or the aforesaid regulatory authorities do not evaluate the agent’s function as optimal on the basis of the controlling standards of after-sale services, the case will be referred to the Office of Export and Import Regulations and the said office, after receiving the opinion of the aforesaid authorities, must immediately stop the order registration of the goods for the agent. The resumption of the activity of the agent shall depend on the approval of a committee which is made up of the Consumers and Producers Protection Organization, the Technical Deputy and the Economic and Trade Affairs Deputy of MIMT.
7. All the aforesaid actions will be done electronically in the framework of the designed online systems with the minimum of personal reference and the various deputies involved in such procedure in the ministry are obligated, under the supervision of the Deputy of Economy and Trade Affairs, to make the necessary arrangements for making this procedure operational as from 01. 08.1397 (22 November 2018). It is understood that as from such date the issuance of agency activity permits at the Center for the Affairs of Guilds and Merchants will stop and the new mechanism will henceforth apply.

To Encourage More Investment, Stocks Sale Tax Reduced

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Nourlaw.com -15 September 2018- Tehran-According to the online news platform “Eghtesad Online”, the Tax Affairs Organization in line with the decree of the Supreme Council for Economic Coordination, reduced the tax rate for stock pre-emptive right from 0.5% to 0.1 %. The decree of the session of the Supreme Council for Economic Coordination was notified in a circular by the Iranian National Tax Administration as follows:
A. For directing cash flow to the capital market, financing some of the new investments and encouraging investors to participate more actively in the stock exchange through decreasing the transaction cost of stocks and stock pre-emptive right, it was determined that in the year 1397 (2018-2019) the rate of the tax for stock sale and stock pre-emptive right shall be reduced from 0.5 % to 0.1 % of the value of stock sale and pre-emptive right.
B. For encouraging more investment by the companies and persuading them not to distribute most of the dividends and use that for capital increase and consequently for expansion of the production lines, creating new job opportunities and also reducing the need to obtain loans from the banking system, it was resolved that for the Iranian year 1397 (2018-2019) the income tax related to the undistributed dividends of the companies registered at the Securities and Exchange Organization of Iran which are transferred to the capital account (subject of Article 105 of Direct Taxation Act) will be subject to a zero (0.0) rate (zero rate means exemption from payment of tax).

Iran Heads for Conclusion of Mutual Investment Agreement with Mongolia

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Nourlaw.com- 13 October 2018- Tehran-According to the notice published in the Official Gazette today, the Council of Ministers in their session of 11/07/1397 (03 October 2018), upon the proposal of the Ministry of Economic Affairs and Finance and in line with the implementation of Article 2 of the by-law concerning the drafting and concluding of international agreements of 1371 (1992), approved: The Ministry of Economic Affairs and Finance through coordination with the Legal Affairs Vice-Presidency (International Agreements Affairs) and the Ministry of Foreign Affairs, is permitted to conduct negotiations, initialize and provisionally sign the agreement on mutual promotion and protection of investment between the State of the Islamic Republic of Iran and the State of Mongolia and follow the legal steps up to the final approval.
The Decree adds that the signatory official of the agreement on the side of the State of the Islamic Republic of Iran should not have an official ranking higher than the signatory official of the other party.

Iran joins Treaty of Amity and Cooperation for Southeast Asia (TAC)

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Nourlaw-25 July 2018-According to the notice published in the Official Gazette dated 03/05/1397 (25 July 2018), Iran’s parliament, in line with Article 23 of the Constitution of the Islamic Republic of Iran, notified the law of Iran’s acceding to the Treaty of Amity and Cooperation of Southeast Asia (TAC) to the president for implementation
The Bill of Islamic Republic of Iran’s Acceding to the Treaty of Amity and Cooperation of Southeast Asia, states: “The government of the Islamic Republic of Iran is permitted to accede to the Treaty of Amity and Cooperation of Southeast Asia dated 24/02/1976 (05/12/1354) and as amended by the protocols dated 15/12/1988 (24/09/1366), 25/07/1988 (03/05/1377) and 23/07/2010 (01/05/1389) shown in the appendix, consisting of 20 articles, and submit the documents of joining to the Depository of Documents.
“Note 1- With respect to the implementation of this Treaty, it is obligatory to observe the principles 77 and 139 of the Constitution of Islamic Republic of Iran.
“Note 2- With respect to implementation of this Treaty, the government of the Islamic Republic of Iran is obliged to observe the religious standards and the expediency of Muslims including the observance of cultural, social conditions and the manner of conduct of the contracting countries with the Muslims.”
The full text of the Treaty is as follows:
The Treaty of Amity and Corporation of Southeast Asia dated 24/02/1976 (05/12/1354) which is amended by the protocols dated 15/12/1988 (24/09/1366), 25/07/1988 (03/05/1377) and 23/07/2010 (01/05/1389)
The High Contracting Parties:
CONSCIOUS of the existing ties of history, geography and culture, which have bound their peoples together;
ANXIOUS to promote regional peace and stability through abiding respect for justice and the rule of law and enhancing regional resilience in their relations;
DESIRING to enhance peace, friendship and mutual cooperation on matters affecting Southeast Asia consistent with the spirit and principles of the Charter of the United Nations, the Ten Principles adopted by the Asian-African Conference in Bandung on 25 April 1955, the Declaration of the Association of Southeast Asian Nations signed in Bangkok on 8 August 1967, and the Declaration signed in Kuala Lumpur on 27 November 1971;
CONVINCED that the settlement of differences or disputes between their countries should be regulated by rational, effective and sufficiently flexible procedures, avoiding negative attitudes which might endanger or hinder cooperation;
BELIEVING in the need for cooperation with all peace-loving nations, both within and outside Southeast Asia, in the furtherance of world peace, stability and harmony;
SOLEMNLY AGREE to enter into a Treaty of Amity and Cooperation as follows:
CHAPTER I
Purpose and Principles
Article 1
The purpose of this Treaty is to promote perpetual peace, everlasting amity and cooperation among their peoples which would contribute to their strength, solidarity and closer relationship;
Article 2
In their relations with one another, the High Contracting Parties shall be guided by the following fundamental principles:
a. Mutual respect for the independence, sovereignty, equality, territorial integrity and national identity of all nations;
b. The right of every State to lead its national existence free from external interference, subversion or coercion;
c. Non-interference in the internal affairs of one another;
d. Settlement of differences or disputes by peaceful means;
e. Renunciation of the threat or use of force;
f. Effective cooperation among themselves.
CHAPTER II
Amity
Article 3
In pursuance of the purpose of this Treaty the High Contracting Parties shall endeavor to develop and strengthen the traditional, cultural and historical ties of friendship, good neighborliness and cooperation which bind them together and shall fulfill in good faith the obligations assumed under this Treaty. In order to promote closer understanding among them, the High Contracting Parties shall encourage and facilitate contact and intercourse among their peoples.
CHAPTER III
Cooperation
Article 4
The High Contracting Parties shall promote active cooperation in the economic, social, technical, scientific and administrative fields as well as in matters of common ideals and aspiration of international peace and stability in the region and all other matters of common interest.
Article 5
Pursuant to Article 4 the High Contracting Parties shall exert their maximum efforts multilaterally as well as bilaterally on the basis of equality, non-discrimination and mutual benefit.
Article 6
The High Contracting Parties shall collaborate for the acceleration of the economic growth in the region in order to strengthen the foundation for a prosperous and peaceful community of nations in Southeast Asia. To this end, they shall promote the greater utilization of their agriculture and industries, the expansion of their trade and the improvement of their economic infrastructure for the mutual benefit of their peoples. In this regard, they shall continue to explore all avenues for close and beneficial cooperation with other States as well as international and regional organizations outside the region.
Article 7
The High Contracting Parties, in order to achieve social justice and to raise the standards of living of the peoples of the region, shall intensify economic cooperation. For this purpose, they shall adopt appropriate regional strategies for economic development and mutual assistance.
Article 8
The High Contracting Parties shall strive to achieve the closest cooperation on the widest scale and shall seek to provide assistance to one another in the form of training and research facilities in the social, cultural, technical, scientific and administrative fields.
Article 9
The High Contracting Parties shall endeavor to foster cooperation in the furtherance of the cause of peace, harmony, and stability in the region. To this end, the High Contracting Parties shall maintain regular contacts and consultations with one another on international and regional matters with a view to coordinating their views, actions and policies.
Article 10
Each High Contracting Parties shall not in any manner of form participate in any activity which shall constitute a threat to the political and economic stability, sovereignty, or territorial integrity of another High Contracting Party.
Article 11
The High Contracting Parties shall endeavor to strengthen their respective national resilience in their political, economic, sociocultural as well as security fields in conformity with their respective ideals and aspirations, free from external interference as well as internal subversive activities in order to preserve their respective national identities.
Article 12
The High Contracting Parties in their efforts to achieve regional prosperity and security, shall endeavor to cooperate in all fields for the promotion of regional resilience, based on the principles of self-confidence, self-reliance, mutual respect, cooperation of solidarity which will constitute the foundation for a strong and viable community of nations in Southeast Asia.
CHAPTER IV
Pacific Settlement of Disputes
Article 13
The High Contracting Parties shall have the determination and good faith to prevent disputes from arising. In case disputes on matters directly affecting them should arise, especially disputes likely to disturb regional peace and harmony, they shall refrain from the threat or use of force and shall at all times settle such disputes among themselves through friendly negotiations.
Article 14
To settle disputes through regional processes, the High Contracting Parties shall constitute, as a continuing body, a High Council comprising a Representative at ministerial level from each of the High Contracting Parties to take cognizance of the existence of disputes or situations likely to disturb regional peace and harmony.
However, this article shall apply to any of the States outside Southeast Asia which have acceded to the Treaty only in cases where that State is directly involved in the dispute to be settled through the regional processes.
Article 15
In the event no solution is reached through direct negotiations, the High Council shall take cognizance of the dispute or the situation and shall recommend to the parties in dispute appropriate means of settlement such as good offices, mediation, inquiry or conciliation. The High Council may however offer its good offices, or upon agreement of the parties in dispute, constitute itself into a committee of mediation, inquiry or conciliation. When deemed necessary, the High Council shall recommend appropriate measures for the prevention of a deterioration of the dispute or the situation.
Article 16
The foregoing provision of this Chapter shall not apply to a dispute unless all the parties to the dispute agree to their application to that dispute. However, this shall not preclude the other High Contracting Parties not party to the dispute from offering all possible assistance to settle the said dispute. Parties to the dispute should be well disposed towards such offers of assistance.
Article 17
Nothing in this Treaty shall preclude recourse to the modes of peaceful settlement contained in Article 33(l) of the Charter of the United Nations. The High Contracting Parties which are parties to a dispute should be encouraged to take initiatives to solve it by friendly negotiations before resorting to the other procedures provided for in the Charter of the United Nations.
CHAPTER V
General Provision
Article 18
This Treaty shall be signed by the Republic of Indonesia, Malaysia, the Republic of the Philippines, the Republic of Singapore and the Kingdom of Thailand. It shall be ratified in accordance with the constitutional procedures of each signatory State.
It shall be open for accession by other States in Southeast Asia.
States outside Southeast Asia may also accede to this Treaty with the consent of all the States in Southeast Asia, namely, Brunei Darussalam, the Kingdom of Cambodia, the Republic of Indonesia, the Lao People’s Democratic Republic, Malaysia, the Union of Myanmar, the Republic of the Philippines, the Republic of Singapore, the Kingdom of Thailand and the Socialist Republic of Vietnam.
Article 19
This Treaty shall enter into force on the date of the deposit of t’e fifth instrument of ratification with the Governments of the signatory States which are designated Depositories of this Treaty and the instruments of ratification or accession.
Article 20
This Treaty is drawn up in the official languages of the High Contracting Parties, all of which are equally authoritative. There shall be an agreed common translation of the texts in the English language. Any divergent interpretation of the common text shall be settled by negotiation.
IN FAITH THEREOF the High Contracting Parties have signed the Treaty and have hereto affixed their Seals.
DONE at Denpasar, Bali, this twenty-fourth day of February in the year one thousand nine hundred and seventy-six.

Iran Settles Debt with IMF

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Nourlw-26 September 2018-Tehran-According to the notice published in the Official Gazette dated 05/07/1397 (27 September 2018), the Council of Ministers in their session dated 04/07/1397 (26 September 2018), in line with the proposal of the Ministry of Economic Affairs and Finance and according to Article 138 of the Constitution of the Islamic Republic of Iran, approved:
1.The Central Bank of Iran is permitted to secure and pay the amount of 48,344,453.514.806 Iranian Rials from its own internal resources for debt settlement resulting from the commitments of the Islamic Republic of Iran to the International Monetary Fund for the purpose of adjustment of the exchange rate of the Iranian Rial.
2.For settlement of the debt, the Ministry of Economic Affairs and Finance shall provide the required written guarantee to the Central Bank of Iran.

Waiver of Visa Requirements for Omani Nationals

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Nourlaw-26 September 2018-Tehran-According to the notice published in the Official Gazette dated 04/07/1397 (26 September 2018) the Council of Ministers in their session dated 25/06/1397, in line with the proposal of the Ministry of Foreign Affairs of Iran and in reference to note 43 of Amended Budget Law of the year 1343(1964), approved:
The Ministry of Foreign Affairs is allowed to set the regulations of waving single entry visa for the nationals of the Sultanate of Oman for the period of one year, starting as from the notification date of this decree, which is registered under No. H 55760 T/84421, dated 27/06/1397 (18 September 2018).