Circular External Collections and Payments - COPEX 1 - 48

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 435 13/01/84
TO FINANCIAL ENTITIES AUTHORIZED TO OPERATE IN FOREIGN EXCHANGE AND FOREIGN EXCHANGE BROKERS:
Ref.: Circular External Collections and Payments - COPEX - 1

• 48
  We address you and, through you, to the importing trade and interested sectors regarding the provisions made known by Decree No. 319 of 29.12.83 (Official Bulletin of 2.1.84) and Resolution M.E. No. 8 of 5.1.84 (Official Bulletin of 9.1.84) - related to the regime for granting Certificates of Sworn Declaration of Import Needs - to bring to your knowledge that, based on the power granted to this Bank by article 13 of said Decree and regarding the bank deposit by importers as a prior condition to the issuance of those documents, the following has been resolved:
  a) Constitution of the deposit:
  To withdraw the Certificate of Sworn Declaration of Import Needs, importers must previously prove to the Application Authority that they have made - in an entity authorized to operate in foreign exchange - a deposit in Argentine pesos equivalent to the import duty established in the N.A.D.I. or that corresponding to tariff franchises granted within the framework of international agreements, as well as those granted by special regimes, calculated on the total FOB value indicated in the S.D.N.I., under the conditions determined in article 2 of the aforementioned Resolution M.E. No. 8/84. b) Exceptions:
  Imports covered by the regimes established by Law 19.640 and Decrees 732/72 and 6,099/72 are exempt from the constitution of the bank deposit mentioned in the preceding section. c) Deadline for constitution:
  The referred deposits will be automatically released by the authorized entities upon expiration of the term of (ninety) 90 days counted from the date of their constitution.
  Under no circumstances may said deposits be released before the referred term, unless by disposition of the Application Authority the Certificate of Sworn Declaration of Import Needs had not been granted, in which case such circumstance must be proven before the intervening bank entity. d) Non-transferability of deposits:
  Such deposits may not be transferred to third-party importers or to merchandise different from that for which it was constituted, being applicable, consequently, for the specific operation and by the holder to whose name the corresponding Certificate of Sworn Declaration of Import Needs will be issued.

e) Extension of deposit records:
The entities that receive these deposits will issue the corresponding records in triplicate, numbered consecutively, according to the model attached. The original and duplicate will be delivered to the interested party for presentation before the Secretariat of Commerce and for their record, respectively, with the triplicate remaining in the possession of the intervening entity. f) Maintenance of the deposit:
The funds in Argentine pesos received in such concept will be registered by the banks, temporarily, in the "Other Deposits" account and sterilized by them through the constitution of a minimum cash reserve of 100% on said funds. Financial entities may not grant credits that have as their object to finance these deposits. g) Certificates of S.D.N.I. that retain their validity:
Regarding what is established in article 13 of Resolution M.E. No. 6/84 of the Ministry of Economy, all Certificates of Sworn Declaration of Import Needs issued before January 2, 1984 and that are in the possession of importers, are not subject to the constitution of the bank deposit referred to in section a) of the present. h) Update and/or interest that will be recognized for such deposits:
At the appropriate time, the regime that will regulate article 5 of Resolution M.E. No. 8/84, related to the referred topic, will be made known.
We salute you very attentively.
BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Jorge E. Magistrelli
Manager of
Foreign Exchange and Changes
Pedro Camilo López
General Manager

ANNEX

B.C.R.A. DEPOSIT RECORDS

• MODEL -
  Annex to
  Comm. “A” 435
  CERTIFICATION OF PRIOR DEPOSIT (Communication B.C.R.A. “A: No. 435) INTERVENING AUTHORIZED ENTITY: CERTIFICATION NO.:
  IMPORTER SIGNATURE: IMPORTER NO.:
  DATE OF CONSTITUTION: DATE OF RELEASE:
  TOTAL AMOUNT OF THE Operation
  IN CURRENCIES (FOB VALUE):
  In $a:
  % OF
  DUTY
  AMOUNT IN $a DEPOSITED:
  APPLIED EXCHANGE RATE:
  TARIFF POSITION:
  QUANTITY AND DESIGNATION OF THE MERCHANDISE:
  COUNTRY OF ORIGIN:
  PLACE AND DATE AUTHORIZED STAMP AND SIGNATURES