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Chapter
Five: Miscellaneous |
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Article 5
The registration of banks and institutions in a Zone is contingent upon issuance of the
permit subject of Article (3) of these Regulations. The registration office in a Zone is
required to demand the said permit prior to the registration of banks and institutions.
Article 6
The branches of the mainland's banks which are established in a Zone before the
ratification of these Regulations, shall be managed, as before, in accordance with the
regulations and rules of their parent bank.
Article 7
A bank may be established only as a public joint stock company with registered shares and
an institution only as a public or private joint stock company with registered shares, in
accordance with the provisions set forth in the law approved in 1347 (1968) , amending
part of the Commercial Code, in the following manner:
- Banks whose capital belong to the Iranian banks or
government organizations for a ratio exceeding fifty one percent (5 %).
- Institutions whose capital belong to Iranian or foreign
natural or legal persons.
Article 8
The minimum capital, whether contribution or working capital, of Zone banks and
institutions mentioned in Article (7) of these Regulations are determined as follows:
- Iranian banks: At least 15 billion Rials (15,000,000,000),
all of which should be deposited in cash with Bank Markazi.
- Iranian institutions: At least 5 billion Rials
(5,000,000,000), all of which should be deposited in cash with Bank Markazi.
- Foreign bank branches: At least 5 million (5,000,000)
dollars all of which shall be deposited with Bank Markazi.
- Foreign institutions: At least five million (5,000,000)
dollars, all of which should be deposited with Bank Markazi.
Article 9
Establishment of branches, sub-branches and
representative offices by the banks and institutions set up in a Zone is permitted, upon
proposal by the Authority and authorization by Bank Markazi.
Article 10
After obtaining the permit for establishment, subject of Article 3 of the Regulations and
having registered in registration office of the Zone, banks and institutions may commence
their activities in compliance with the provisions of these Regulations and upon
submission of the following detailed documents to the Authority:
- Notice of registration published in the Official Gazette;
- One copy of the registered Articles of Associations.
- Notice of the address of the Head Office.
Article 11
Monetary and credit guidelines and policies of a Zone shall be as stated below:
- All banks and institutions and their branches that have
obtained permits to operate in the Free Trade-Industrial Zones and are engaged in
activities in the Zones are governed by these Regulations and the Law on Non-usury Banking
Operations.
- While adopting the monetary and credit policies, Bank
Markazi shall make special arrangements for the Zone's banks and institutions in order to
facilitate investments in Zone and to safeguard their competitive position vis-a-vis the
Free-Zones of other countries.
Article 12
Banks subject to Note (1) of Article (3) of the Regulations are not authorized to accept
deposits and to grant credit facilities in Rials.
Article 13
Rules governing the foreign exchange operations and transactions by the banks and
institutions in a Zone are as follows;
- inflow of foreign exchange in any manner from a Zone to
the mainland is permitted.
- Outflow of foreign exchange from the mainland to a Zone
shall be subject to the rules and guidelines in the mainland.
- Upon compliance with the provisions of these Regulations
and the rules of banks and institutions are permitted, within the framework of the
internationally accepted banking rules and principles, engage in foreign exchange
operations and services such as the following:
(1) Maintaining correspondence relationship with other banks:
(2) Conducting all kinds of operations relating to documentary letter credit, bills for
collection, foreign exchange letter of guarantee and foreign exchange money order.
(3) Foreign exchange deposits in various forms that the banks and institutions accept must
be in internationally traded currencies as listed by Bank Markazi.
(4) Purchase and sale of foreign exchange.
(5) Upon approval by Bank Markazi, issuance and purchase and sale of bonds, shares and
investments.
(6) Transactions in gold and silver.
(7) Obtaining various kinds of credit facilities.
(8) Granting various kinds of credit facilities.
- Commissions on banking operations, the buying and selling
rates of foreign exchange, interest paid on various deposits as well as interest charged
for facilities granted shall be determined by free market conditions.
- Foreign exchange dealers are allowed solely to buy and
sell foreign currencies whose rates are fixed on the basis of supply and demand.
- Transfer of funds, whether Rial or foreign exchange, by
foreign exchange dealers shall be conducted exclusively through Zone banks and
institutions.
Article 14
Banks and institutions established in a Zone are not entitled to increase their capital by
means of re-evaluation of their assests.
Article 15
Banks and institutions of a Zone are required at all times to deposit with the Bank
Markazi a portion of their deposits as the statutory deposit in ratios determined by Bank
Markazi; the ratios of statutory deposits may vary in terms of the type of deposits and
the scope of the activities of the banks and institutions; however, such ratio shall not
be less than ten per cent (10%)nor exceed thirty per cent (30%).
Article 16
Banks and institutions of a Zone are required to retain a portion of their annual net
profits as legal reserve; the ratios of these reserves shall be a minimum of fifteen
percent (15%) and a maximum of twenty percent (20%) of the net profits; continuation of
such a retention shall be optional when the accumulated amount of such reserves has
reached the amount of the capital.
Article 17
All foreign currency assets and liabilities of the banks and institutions subject of
paragraph (a) of Article 3 of the Regulations must be converted at the rate relevant
foreign exchange as at the end of each financial year. The differential resulting from
such conversion of assets and liabilities whose maturity dates exceed.
Article 18
Banks and institutions of a Zone are not authorized to accept their own shares as security
for granting facilities.
Article 19
For the purpose of mobilization of financial resources, the banks and institutions of a
Zone are authorized to issue bonds, participation and investment instruments. Rules
governing the issuance of such instruments shall be approved by Bank Markazi.
Article 20
banks and institutions of a Zone are not authorized to undertake the following operations:
- Purchase and sale of goods, except gold and silver,
directly through banks and institutions of a Zone for commercial purposes;
- Transactions in immoveables exceeding the ceiling
determined by Bank Markazi, except the banks and institutions whose principal purpose is
transactions in immoveables;
- Purchase of shares and participation in the capital of one
or more companies, and or purchase of securities for their own account in amounts
exceeding the ceiling set by Bank Markazi;
- Granting of credit facilities to the Managing Director,
and members of the Board of Directors and companies in which they hold interest, in
amounts exceeding the ceiling set by Bank Markazi;
- Granting of credit facilities to the member of the Board
of Directors and the directors of the Authority and top-ranking officials, directors of
the departments and inspectors of Bank Markazi, unless in compliance with special
regulations to be approved by Bank Markazi;
Rules for implementing this Article shall be the same as the relevant rules applicable to
the banks and institutions in the mainland.
Article 21
In the event that the capital of a bank or institution of a Zone, as a result of the
losses sustained, falls below the minimum amount stipulated in Article 8 of these
Regulations, the Capital must be replenished within a maximum period of six months.
Article 22
Bank Markazi is empowered to exert supervision on the activities of the banks and
institutions of a Zone through utilizing the devices and mechanisms provided for in the
Monetary and Banking Law.
Article 23
Banks and institutions subject of Note (1) of Article (3) of these Regulations are
exempted from the provisions of Article (22), and the supervision of Bank Markazi shall be
effected through the following mechanisms:
- To pay their legal deposits for each month to the account
of Bank Markazi, in the amounts set by Bank Markazi, not later than 25th day of the next
month.
- To keep the headings of their accounts, books and
financial statements, as are used and to the extend possible, in accordance with the
specific forms.
- To observe the international standards set by Basle
Committee, Switzerland, on capital sufficiency; in case of the branches of the offshore
banks and institutions in a Zone, their contribution or paid-in capital shall be counted
as their capital in computation of their capital sufficiency.
- To send to Bank Markazi all the required information and
statistics in the following manners:
- Detailed position and legal deposits for each month on a monthly basis, not later than
25th day of the next month.
- Balance sheet and profit and loss account, as certified by independent auditors and the
Authority, on annual basis, for each year, not later than the end of next Khordad.
- To provide other information required by Bank Markazi
whenever Bank Markazi determines; such information shall be considered confidential and
shall not be made public, whether specifically or individually.
- To cooperate with and put the necessary information at the
disposal of Bank Markazi inspectors who shall be dispatched to the Zone with the written
order.
Article 24
Appointments of the Managing Director and the members of the Board of Directors of the
Zone's banks and institutions has to be approved from the standpoint of their professional
capability and qualifications.
Article 25
Each bank or institution in a Zone is responsible for, and must compensate, losses and
damages sustained by their customers as a result of their operations.
The Managing Director and the member of the Board of each bank and institution are also
responsible vis-a-vis their shareholders and customers for losses and damages suffered by
such shareholders and customers resulting from the violations of these Regulations or
their charters by any of them.
Article 26
The business hours of banks and institutions shall be determined by the Authority.
Article 27
For the purpose of facilitating the exchange of cheques and banking instruments, a
clearing house shall be established by the banks and institutions operating in the Zone,
whose operating costs shall be financed by the said banks and institutions.
Article 28
The manner of verifying the balance sheet, keeping books, papers and documents,
investigating violations, manner of dissolution and bankruptcy of the banks and
institutions and other cases not stipulated in these Regulations, shall be carried out in
accordance with the Monetary and Banking Law, as approved in 1351 (1972).
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