Circular External Collections and Payments - COPEX 1 - 49

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMUNICACIÓN "A" 457 24/02/84
TO FINANCIAL ENTITIES AUTHORIZED TO OPERATE IN EXCHANGE AND EXCHANGE BROKERS:
Ref.: Circular External Collections and Payments - COPEX - 1

• 49

We address you to inform you that, in accordance with what is established by Resolution No. 95 issued by the Minister of Economy - a copy of which is attached - for all imports made destined for the Special Customs Area and covered by Law 19.640, the following payment conditions must be observed:

1) The F.O.B. or C. and F. value can only be paid in installments not less than 150 days, counting from the date of shipment, including, if applicable, the value of the respective financial interests.

2) In the case of products originating from and originating in the countries members of the Latin American Integration Association (ALADI) and negotiated within its scope, the term must be not less than 75 days.

3) When it concerns non-negotiated products originating from and originating in the countries members of the Latin American Integration Association (ALADI) and from the countries that make up the Central American Common Market and of Cuba, Haiti, Panama, and the Dominican Republic, they can only be paid in installments not less than 105 days.

4) By virtue of the provisions, the norms made known in point 2 for section 2.3 of Communication “A” 128 of 24.5.82 (COPEX - 1 - 20) and the third paragraph of point 2 of Communication “A” 397 of 21.10.83 (COPEX - 1 - 45) are modified.

Consequently, for goods whose shipments are made from the date, the payment conditions referred to in points 1, 2, and 3 above will apply - according to the case.

We salute you very attentively.

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Cayetano I. Peroni
Submanager of
External and Exchange
Evaristo H. Evangelista
General Submanager

B.C.R.A. TEXT OF RESOLUTION No. 95/84 Annex to the Com. “A” 457 Buenos Aires, February 17, 1984

HAVING SEEN Law 19.640 and Regulatory Decree 1.057 of May 6, 1983, and CONSIDERING:
That it is the faculty of the Ministry of Economy to make the necessary modifications in the regime of Law 19.640 when the needs of the Balance of Payments so advise; That the modifications made must maintain a substantial difference in favor of the Special Customs Area and with respect to the exchange requirements that apply to the continent; That the Central Bank of the Argentine Republic has issued Communication “A” 397 which regulates the system of external payments, fixing the payment terms for each case. That the General Directorate of Legal Affairs of the Secretariat of Industry has taken the intervention that corresponds to it in accordance with what is provided by article 7º clause d), of Law 19.549; That the present resolution is issued in accordance with the powers granted by Law 19.640 and article 5º of Decree No. 1.057/83; Therefore, THE MINISTER OF ECONOMY RESOLVES:

ARTICLE 1º - For all imports made destined for the Special Customs Area and covered by Law 19.640, the FOB or C and F value can only be paid in installments not less than 150 (ONE HUNDRED FIFTY) days, counting from the date of shipment, including in
its case the value of the respective financial interests. In the case of products originating from and originating in the countries members of the Latin American Integration Association (ALADI) and negotiated within its scope, the term must be not less than 75 (SEVENTY FIVE) days. When it concerns non-negotiated products originating from and originating in the countries members of the Latin American Integration Association (ALADI) and those originating from and originating in the countries that make up the Central American Common Market and of Cuba, Haiti, Panama and the Dominican Republic, they can only be paid in installments not less than 105 (ONE HUNDRED FIVE) days counting from the date of shipment, including in its case, the respective financing interests.

• 2 -

ARTICLE 2º - The Central Bank of the Argentine Republic is authorized to issue the necessary complementary norms for the application of this resolution.

ARTICLE 3º - Register, communicate, publish, give to the National Directorate of the Official Register and archive.

RESOLUTION No. 95.
Signed: Bernardo Grinspun
Minister of Economy

IT IS A COPY