Lei nº 8.177, de 1º de março de 1991 - Estabelece regras para a desindexação da economia e dá outras providências (Law No. 8,177 of 1 March 1991 - Establishes rules for the de-indexation of the economy and makes other provisions)

English translation of the Portuguese text from planalto.gov.br (the Portuguese text is the official one). Retrieved 2026-10-26.

Presidency of the Republic

Civil House

Subchief for Legal Affairs

LAW No. 8.177, OF 1 MARCH 1991.

Compiled text

Conversion of Provisional Measure No. 294, of 1991

Veto Message

(See Decree No. 578, of 1992)

Establishes rules for the de-indexation of the economy and provides other measures.

THE PRESIDENT OF THE REPUBLIC, I make known that the National Congress decrees and I sanction the following law:

Art. 1 The Central Bank of Brazil shall disclose the Reference Rate (TR), calculated from the average monthly net remuneration of taxes, of fixed-term deposits captured in commercial banks, investment banks, multiple banks with commercial or investment portfolios, savings banks, or federal, state and municipal public securities, in accordance with methodology to be approved by the National Monetary Council, within sixty days, and sent to the knowledge of the Federal Senate.

§ 1 The TR shall be monthly disclosed by the Central Bank of Brazil, at the latest by the eighth business day of the reference month.

(Revoked by Law No. 8.660, of 1993)

§ 2 The institutions that may be used as reference banks, among them, necessarily the ten largest in the Country, classified by the volume of fixed-term deposits, are obliged to provide the information referred to in this article, according to rules established by the National Monetary Council, subjecting the institution and its administrators, in the case of infraction of said rules, to the penalties established in art. 44 of Law No. 4.595, of 31 December 1964.

§ 3 While the calculation methodology referred to in this article is not approved, the Central Bank of Brazil shall set the TR.

Art. 2 The Central Bank of Brazil shall disclose, for each business day, the Daily Reference Rate (TRD), its daily value corresponding to the pro rata day distribution of the TR set for the current month. (See Law No. 8.660, of 1993)

§ 1 While the TR relative to the current month is not disclosed, the value of the TRD shall be set by the Central Bank of Brazil based on an estimate of that rate.

§ 2 Once the TR is disclosed, the setting of the TRD on the remaining business days of the month must be carried out in such a way that the TRD accumulated between the 1st business day of the month and the 1st business day of the subsequent month is equal to the TR of the current month.

Art. 3 Are extinguished as of 1 February 1991:

I - the Fiscal BTN instituted by Law No. 7.799, of 10 July 1989;

II - the National Treasury Bonus (BTN) referred to in art. 5 of Law No. 7.777, of 19 June 1989, assured the settlement of the securities in circulation, at their respective maturities;

III - the Highest Reference Value (MVR) and the other similar units of account that are updated, directly or indirectly, by price index.

Sole paragraph. The value of the BTN and of the Fiscal BTN destined for the conversion into cruzeiros of the contracts extinguished on the date of publication of the provisional measure that gave origin to this law, as well as for fiscal effects, is Cr$ 126.8621.

Art. 4 As of the effectiveness of the provisional measure that gave origin to this law, the Brazilian Institute of Geography and Statistics Foundation shall cease to calculate the Fiscal Values Readjustment Index (IRFV) and the Basic Basket Index (ICB), maintaining the calculation of the National Consumer Price Index (INPC).

Art. 5 As of 1 March 1991, the nominal value of the National Treasury Obligations (OTN), issued prior to 15 January 1989 (art. 6 of Decree-Law No. 2.284, of 10 March 1986), of the National Treasury Bonuses (BTN), issued up to the date of effectiveness of the provisional measure that gave origin to this law, of the National Treasury Letters, Special Series (§ 1 of art. 11 of Decree-Law No. 2.376, of 25 November 1987), and of the Agrarian Debt Securities (TDA), shall be updated, on the first day of each month, by an index calculated based on the TR referring to the previous month.

§ 1 The provisions of this article also apply to BTN issued prior to the effectiveness of the provisional measure that gave origin to this law, with an option clause, being assured, on the occasion of redemption, the alternative of updating based on the variation of the quotation of the United States dollar disclosed by the Central Bank of Brazil.

§ 2 The BTN-Special Series, issued in accordance with § 2 of art. 9 of Law No. 8.024, of 12 April 1990, shall be updated, as of 1 February 1991, by the TRD, plus interest of six percent per year, or fraction pro rata.

§ 3 The Agrarian Debt Securities (TDA) shall have remuneration of six percent per year or fraction pro rata, maintaining their liberatory power under the terms of the legislation in force, and may, as of their maturity, be used in the acquisition of shares of state-owned companies included in the National Privatization Program.

(Regulation)

§ 3 As of 5 May 2000, the Agrarian Debt Securities - TDA issued for expropriation shall have the following remunerations: (Wording given by Provisional Measure No. 2.183-56, of 2001)

I - three percent per year for indemnification of property with an area of up to seventy fiscal modules; (Included by Provisional Measure No. 2.183-56, of 2001)

II - two percent per year for indemnification of property with an area above seventy and up to one hundred and fifty fiscal modules; and (Included by Provisional Measure No. 2.183-56, of 2001)

III - one percent per year for indemnification of property with an area above one hundred and fifty fiscal modules. (Included by Provisional Measure No. 2.183-56, of 2001)

§ 4 The TDA issued up to 4 May 2000 and those to be issued for acquisition by purchase and sale of rural properties destined for the implementation of projects forming part of the National Agrarian Reform Program, under the terms of Laws No. 4.504, of 30 November 1964, and 8.629, of 25 February 1993, and those arising from a judicial agreement, in a conciliation hearing, with the objective of fixing prior and fair indemnification, to be entered into with the Union, as well as with the federated entities, through an agreement, shall be remunerated at six percent per year. (Included by Provisional Measure No. 2.183-56, of 2001)

§ 5 The TDA referred to in §§ 3 and 4 shall have annual remuneration or pro rata fraction, maintaining their liberatory power under the terms of the legislation in force, and may, from their maturity, be used in the acquisition of shares of state-owned companies included in the National Privatization Program. (Included by Provisional Measure No. 2.183-56, of 2001)

Art. 6 For the updating of obligations with a monetary correction clause based on the variation of the BTN, the BTN Fiscal, the other units in art. 3 and the indices mentioned in art. 4, relating to contracts in general, except those whose object is the sale of goods for future delivery, the provision of continuous or future services and the execution of works, signed prior to the provisional measure that gave rise to this law, the following shall be observed:

I - in contracts that provide for a substitute index, that index shall be adopted, except in cases where this law provides otherwise;

II - in contracts where there is no provision for a substitute index, the TR shall be used, in the case of contracts referring to the BTN or a unit corrected monthly, or the TRD, in the case of those referring to the BTN Fiscal and units corrected daily.

(See ADI No. 959)

Sole paragraph. For the updating, in the month of February 1991, of contracts referring to the BTN, the unit of account with monthly correction or a price index, the index resulting from the composition between the pro rata index, in the period elapsed between the anniversary date of the contract in the month of January 1991 and 1 February 1991, and the TRD between 1 February 1991 and the anniversary date of the contract in the month of February shall be used.

(See ADI No. 959)

Art. 7 The balances of cruzados novos transferred to the Central Bank of Brazil, under the terms of Law No. 8.024, of 12 April 1990, shall be remunerated, from 1 February 1991 until the date of conversion, by the TRD, plus interest of six percent per year, or pro rata fraction, and shall be irrevocably converted into cruzeiros, under the terms of Law No. 8.024, of 12 April 1990.

Art. 8 Art. 5 of Law No. 7.862, of 30 October 1989, shall come into force with the following wording:

"Art. 5 The Central Bank of Brazil and the financial institutions referred to in § 2 of this article shall remit to the National Treasury, on the last business day of each ten-day period, remuneration incident on the daily balances of the Union's deposits existing in the immediately preceding ten-day period.

§ 1 The balances dealt with in this article, from 4 February 1991, shall be remunerated by the Daily Reference Rate (TRD), disclosed by the Central Bank of Brazil.

§ 2 In the case where bodies and entities of the Union, due to specific operational characteristics, cannot integrate the single cash system of the National Treasury, the resources destined to meet their needs may, exceptionally, be deposited in Banco do Brasil S.A. or in Caixa Econômica Federal."

Art. 9 From February 1991, the TRD shall apply to taxes, fines, other fiscal and parafiscal obligations, debts of any nature owed to the National, State, Federal District and Municipal Treasuries, to the PIS-Pasep Participation Fund and to the Social Investment Fund, and to the liabilities of companies in composition with creditors in bankruptcy and of institutions under extrajudicial liquidation, intervention and temporary special administration.

Art. 9 From February 1991, default interest equivalent to the TRD shall apply to debts of any nature owed to the National Treasury, to Social Security, to the PIS-Pasep Participation Fund, to the Length of Service Guarantee Fund (FGTS) and to the liabilities of companies in composition with creditors, in bankruptcy and of institutions under extrajudicial liquidation, intervention and temporary special administration.

(Wording given by Law No. 8.218, of 1991)

§ 1 (Vetoed).

§ 2 The calculation basis of the income tax incident on income produced by fixed-income securities and investments shall be determined by excluding, from the gross income, the portion corresponding to remuneration by the TRD, verified in the period of the investment.

Art. 10 From the effective date of the provisional measure that gave rise to this law, it is prohibited to stipulate, in the contracts referred to in art. 6, a monetary correction clause based on a price index, when entered into with a term or repactuation period of less than one year.

Sole paragraph. When the contract is entered into for a term exceeding ninety days, the use of the TR or the TRD for remuneration of the amounts of the obligations arising therefrom is permitted. (Included by Law No. 8.178, of 1991)

(Repealed by Law No. 9.069, of 1995)

Art. 11 In operations carried out in the financial market, the use of the TR and the TRD as a basis for remuneration of the respective contracts is permitted only when they do not have a term or repactuation period of less than ninety days.

Art. 11 The use of the Reference Rate - TR as a basis for remuneration of contracts is permitted only when they have a term or repactuation period equal to or greater than three months.

(Wording given by Law No. 8.660, of 1993)

Sole paragraph. The Central Bank of Brazil may alter the term mentioned in this article, respecting contracts already signed.

Art. 12 In each income period, savings deposits shall be remunerated:

I - as basic remuneration, by a rate corresponding to the accumulation of the TRD, in the period elapsed between the day of the last income credit, inclusive, and the day of the income credit, exclusive;

II - as an additional, by interest of half a percent per month.

II - as additional remuneration, by interest of: (Wording given by Provisional Measure No. 567, of 2012)

a) five tenths of a percent per month, while the annual Selic rate target, defined by the Central Bank of Brazil, is higher than eight and five tenths percent; or

(Included by Provisional Measure No. 567, of 2012)

b) seventy percent of the annual Selic rate target, set by the Central Bank of Brazil, monthlyized, in effect on the start date of the income period, in all other cases.

(Included by Provisional Measure No. 567, of 2012)

II - as additional remuneration, by interest of: (Text given by Law No. 12,703, of 2012)

a) 0.5% (five tenths of one percent) per month, while the annual Selic rate target, set by the Central Bank of Brazil, is higher than 8.5% (eight point five percent); or (Text given by Law No. 12,703, of 2012)

b) 70% (seventy percent) of the annual Selic rate target, set by the Central Bank of Brazil, monthlyized, in effect on the start date of the income period, in all other cases. (Text given by Law No. 12,703, of 2012)

§ 1 The remuneration shall be calculated on the lowest balance presented in each income period.

§ 2 For the purposes of the provisions of this article, income period is considered:

I - for deposits of individuals and non-profit entities, the calendar month, from the anniversary date of the savings deposit account;

II - for other deposits, the calendar quarter from the anniversary date of the savings deposit account.

§ 3 The anniversary date of the savings deposit account shall be the day of the month of its opening, considering the anniversary date of accounts opened on days 29, 30 and 31 as the 1st day of the following month.

§ 4 The credit of the income shall be made:

I - monthly, on the anniversary date of the account, for deposits of individuals and non-profit entities; and

II - quarterly, on the anniversary date in the last month of the quarter, for other deposits.

§ 5 The Central Bank of Brazil shall disclose the rates resulting from the application of the provisions contained in letters a and b of item II of the

caput of this article. (Included by Law No. 12,703, of 2012)

Art. 13. The provisions of the previous article apply to the credit of income made from the month of February 1991, inclusive.

Sole paragraph. For the calculation of the income to be credited in the month of February 1991 - monthly passbooks - and in the months of February, March and April - quarterly passbooks -, a composite index shall be used of the variation of the BTN Fiscal observed between the date of the last income credit, inclusive, and the 1st day of February 1991, and of the TRD, from that date until the day of the next income credit, exclusive.

Art. 14. The Central Bank of Brazil is authorized to institute and regulate new types of savings passbooks, observing a periodicity of income credit greater than thirty days and basic remuneration by the TRD.

Art. 14. The Central Bank of Brazil is authorized to institute and regulate other types of savings passbooks, to finance housing programs, observing the periodicity of credit of minimum income of one month and the basic remuneration by the Referential Rate - TR at the respective anniversary date. (Text given by Law No. 8,660, of 1993)

Art. 14. The National Monetary Council may institute and regulate new types of savings passbooks, observing a periodicity of income credit equal to or greater than thirty days and basic remuneration by the TRD. (Text given by Law No. 9,036, of 1995)

(Repealed by Law 10,192, of 2001)

Art. 15. For existing contracts, containing an express clause for the use of the Capital Standard Unit (UPC) as an adjustment factor, this shall be updated by applying the basic remuneration index of savings deposits with anniversary date on the 1st day.

(See ADI No. 959)

Art. 16. The provisions of the previous article apply to the updating of the UPC to be carried out on April 1, 1991.

(See ADI No. 959)

Art. 17. From February 1991, the balances of the accounts of the Fund for Guarantee by Time of Service (FGTS) shall be remunerated by the rate applicable to the basic remuneration of savings deposits with anniversary date on the 1st day, observing the monthly periodicity for remuneration.

Sole paragraph. The interest rates provided for in the legislation in force of the FGTS are maintained and considered as additional to the remuneration provided for in this article.

Art. 18. The debit balances and the installments of contracts entered into until November 24, 1986 by entities belonging to the Financial Systems of Housing and Sanitation (SFH and SFS), with a clause of monetary adjustment by the variation of the UPC, the OTN, the Minimum Wage or the Reference Minimum Wage, shall, from February 1991, be updated by the rate applicable to the basic remuneration of Savings Deposits with anniversary date on the 1st day, maintaining the periodicity and the interest rates established contractually. (See ADIN No. 493-0, of 1992)

§ 1 The debit balances and the installments of contracts entered into in the period from November 25, 1986 to January 31, 1991 by the entities mentioned in this article, with resources from savings deposits, shall, from February 1991, be updated monthly by the rate applicable to the basic remuneration of Savings Deposits with anniversary date on the day of signing of the respective contracts. (See ADIN No. 493-0, of 1992)

§ 2 Contracts entered into from the effective date of the provisional measure that gave rise to this law by the entities mentioned in this article, with resources from Savings Deposits, shall have a clause of updating by the basic remuneration applicable to Savings Deposits with anniversary date on the day of signing of the respective contracts.

(See Provisional Measure No. 656, of 2014)

(See Law No. 13,097, of 2015)

(Effective)

(See Provisional Measure No. 668, of 2015)

(Effective)

(See Law No. 13,137, of 2015)

(Effective)

§ 3 The provisions of this article apply equally to the active and passive operations of the funds linked to the SFH, except as provided in the following paragraph.

§ 4 The provisions of § 1 of this article apply to the Mortgage Bonds issued and to deposits made for any purpose, with funds originating from Savings Deposits, by the entities mentioned in this article, with the Central Bank of Brazil; and to the obligations of the Salary Variation Compensation Fund (FCVS). (See ADIN No. 493-0, of 1992)

§ 5 Financial institutions holding a Real Estate Credit Portfolio are authorized to issue mortgage bonds, adopting, for the purpose of basic remuneration, the indices listed below, in compliance with the provisions of Law No. 7,684, of December 2, 1988:

(Included by Provisional Measure No. 2,181-45, of 2001)

I - Savings Remuneration Index;

(Included by Provisional Measure No. 2,181-45, of 2001)

II - General Price Index - Market (IGP-M), published by the Getúlio Vargas Foundation;

(Included by Provisional Measure No. 2,181-45, of 2001)

III - National Consumer Price Index (INPC), published by the Brazilian Institute of Geography and Statistics Foundation - IBGE;

(Included by Provisional Measure No. 2,181-45, of 2001)

IV - General Price Index - Internal Availability (IGP-DI), published by the Getúlio Vargas Foundation.

(Included by Provisional Measure No. 2,181-45, of 2001)

§ 6 Mortgage bonds issued based on a price index shall have a minimum term of sixty months.

(Included by Provisional Measure No. 2,181-45, of 2001)

§ 7 The financial institutions referred to in § 5 shall determine at the time of issuance of the mortgage bond a single adjustment index, and an option clause is prohibited.

(Included by Provisional Measure No. 2,181-45, of 2001)

Art. 18-A. Contracts entered into as of September 13, 2006 by entities that are part of the Housing Finance System - SFH and the Sanitation Finance System - SFS, with funds from Savings Deposits, may contain an adjustment clause based on the basic remuneration applicable to Savings Deposits with an anniversary date on the date of signing of the respective contracts, and the use of other indexers is prohibited.

(See Provisional Measure No. 321, of 2006)

(Included by Law No. 11,434, of 2006)

(See Provisional Measure No. 656, of 2014)

(See Law No. 13,097, of 2015)

(Effectiveness)

(See Provisional Measure No. 668, of 2015)

(Effectiveness)

(See Law No. 13,137, of 2015)

(Effectiveness)

Sole paragraph. In the event of entering into a contract without the adjustment clause mentioned in the

caput of this article, to the maximum value of the effective interest rate referred to in art. 25 of Law No. 8,692, of July 28, 1993, there may be added, at most, the percentage referring to the basic remuneration applicable to Savings Deposits, annualized according to the methodology to be established by the National Monetary Council.

(See Provisional Measure No. 321, of 2006)

(Included by Law No. 11,434, of 2006)

(See Provisional Measure No. 656, of 2014)

(See Law No. 13,137, of 2015)

(Effectiveness)

Art. 19. Contracts entered into as of February 1, 1991, relating to operations carried out by construction and development companies with purchasers of residential and commercial properties, may contain a remuneration clause based on the basic rate applicable to savings deposits, provided they are linked to financing with institutions that are part of the Brazilian Savings and Loan System (SBPE).

Art. 20. The result determined by applying the calculation criterion for updating the operations referred to in art. 18, backed by funds from Savings Deposits and the updating of those deposits, in the form set out in the sole paragraph of art. 13 of this law, shall be incorporated into the Salary Variation Compensation Fund (FCVS), under the terms of the instructions to be issued by the Central Bank of Brazil. (See ADIN No. 493-0, of 1992)

Art. 21. The balances of financing contracts entered into up to January 31, 1991, carried out with funds from rural savings deposits, shall be updated, in the month of February 1991, by a composite index: (See ADIN No. 493-0, of 1992)

I - by the variation of the Fiscal BTN observed between the anniversary or signing date of the contract in the month of January 1991 and February 1, 1991; and

II - by the TRD accumulated between February 1, 1991 and the anniversary date of the contract in the month of February 1991.

Sole paragraph. As of the month of March 1991, the balances of the contracts mentioned in this article shall be updated by the basic remuneration applied to savings deposits with an anniversary date on the date of signing of the respective contracts. (See ADIN No. 493-0, of 1992)

Art. 22. Contracts entered into as of February 1, 1991 with funds from rural savings deposits shall have adjustment clauses based on the basic remuneration applied to savings deposits with an anniversary date on the date of signing of the respective contracts.

(See ADI No. 959)

Art. 23. As of February 1991, the monthly installments of financing contracts signed within the scope of the SFH, linked to the Salary Equivalence Plan by Professional Category (PES/CP), shall be readjusted according to the base date for the respective salary review, by applying: (See ADIN No. 493-0, of 1992)

I - the index derived from the basic remuneration rate applicable to free savings deposits in the period, provided that:

a) in contracts signed up to November 24, 1986, the index to be used shall correspond to that applicable to savings accounts with an anniversary date on the 1st day of each month;

b) in contracts signed as of November 25, 1986, the index to be used shall correspond to that applicable to savings deposit accounts with an anniversary date on the date of signing of the respective contracts;

II - the index corresponding to the percentage relating to the real salary gain.

§ 1 In the case of contracts classified under the full modality of the PES/CP, as of the month of February 1991, the respective installments shall be readjusted monthly, observing the provisions of items a and b of item I of this article. (See ADIN No. 493-0, of 1992)

§ 2 The percentage of readjustment referred to in the caput of this article shall have deducted from it the percentage of readjustment referred to in the preceding paragraph. (See ADIN No. 493-0, of 1992)

§ 3 The financial agent is permitted to apply, in substitution of the percentages provided for in the caput and § 1 of this article, the salary increase index of the professional category, when known. (See ADIN No. 493-0, of 1992)

Art. 24. Borrowers with contracts linked to the PES/CP, signed at any time, are assured that, in the application of any readjustment, the share of the monthly payment in current income shall not exceed the payment/income ratio verified on the date of signing the financing contract or of opting for the PES, provided they provide due proof to the financial agent, and this review may be requested at any time. (See ADIN No. 493-0, of 1992)

§ 1 Respecting the ratio referred to in this article, the amount of each monthly payment shall correspond, at minimum, to the amount of the monthly interest installment, calculated at the rate agreed in the contract.

§ 2 The provisions of this article do not apply to cases of income reduction due to change of employment or alteration in the composition of family income resulting from the exclusion of one or more co-borrowers, with the borrower assured, in such cases, the right to renegotiate the debt with the financial agent, aiming to restore the initial income commitment.

§ 3 Whenever, by virtue of the application of the PES/CP, the payment is readjusted at a percentage lower than that referred to in art. 23 of this law, the difference shall be incorporated into future readjustments of payments, up to the limit referred to in the caput of this article.

Art. 25. The funds transferred to the Banco Nacional de Desenvolvimento Econômico e Social (BNDES), originating from the PIS-Pasep Fund and the Fundo de Amparo ao Trabalhador, and the outstanding balances of the financings to which they are destined shall be updated, in accordance with the periodicity fixed contractually, by the TR, maintaining the contracted interest rates.

(Repealed by Law No. 9.365, of 1996) Sole paragraph. For the updating, in the month of February 1991, of the obligations and contracts referred to in this article, the 1st day shall be used as the date.

(Repealed by Law No. 9.365, of 1996)

Art. 26. Rural credit operations contracted with financial institutions, with funds originating from demand deposits and with a clause for updating by the Consumer Price Index (IPC), shall be updated by the TR, observing the provisions of art. 6 of this law. (See ADIN No. 3005)

Art. 27. Contractual and pecuniary obligations and credit instruments, including duplicates, that have been constituted in the period from 1 September 1990 to 31 January 1991, without a readjustment clause or with a clause for pre-fixed monetary correction, shall be deflated, on the due date, by dividing the amount expressed in cruzeiros by the deflation factor referred to in § 1 of this article.

§ 1 The deflation factor shall be daily and calculated by the cumulative multiplication of 1.0116 for each business day, starting from 1 February 1991.

§ 2 The Central Bank of Brazil may alter and, from the date it fixes, make constant the deflation factor referred to in this article, provided that, in this case, the minimum interval of thirty days between the disclosure of the alteration and its effective validity is observed.

§ 3 The deflation regime referred to in this article does not apply to tax obligations, school fees, club, association and non-profit entity fees, condominium expenses and payments in general for the provision of telephone, sewage, water supply, electricity and gas services.

Art. 28. Operations carried out in forward and options markets of stock, commodity and futures exchanges are subject to the deflation regime provided for in the preceding article, under the following conditions:

I - in forward contracts, the deflation factor shall apply on the due date, including in the case of early termination;

II - in options operations, the deflation factor shall apply to the exercise price on the date the right is exercised.

§ 1 The deflation factor does not apply to the prices of operations carried out in the spot or cash market of stock, commodity and futures exchanges.

§ 2 Futures contracts of stock, commodity and futures exchanges shall be settled, compulsorily, on the first trading day after the publication of the provisional measure that gave rise to this law.

Art. 29. Private pension entities, insurance companies and capitalization companies are equated to financial institutions and institutions of the securities distribution system, with respect to their operations carried out in the financial and securities markets respectively, including in relation to compliance with the guidelines of the National Monetary Council regarding their investments for the purpose of supervision by the Central Bank of Brazil and the Securities Commission and the application of penalties provided for in Laws No. 4.595, of 31 December 1964, and 6.385, of 7 December 1976.

Sole paragraph. The provisions of this article do not modify the tax treatment defined in law nor the specific competence, in relation to those entities, of the Ministry of Labor and Social Security and the Superintendence of Private Insurance, which shall be notified of any irregularities found by the Central Bank of Brazil and the Securities Commission.

Art. 30. The National Treasury Note (NTN) is created, to be issued, respecting the authorization granted and the limits set in the budget law, as well as in its additional credits, with the purpose of providing the National Treasury with the necessary resources to cover its deficits explained in the budgets or to carry out credit operations by anticipation of revenue.

Art. 30. The National Treasury Note - NTN is hereby created, to be issued, respecting the authorization granted and the limits set in the budget law, or in its additional credits, with the purpose of providing the National Treasury with the necessary resources to cover its deficits explained in the budgets or to carry out credit operations by anticipation of revenue, as well as, in operations within the scope of the National Privatization Program, instituted by Law No. 8.031, of 12 April 1990, for programs and projects in the areas of science and technology, health, public security and the environment, approved by the President of the Republic. (Text given by Law No. 8.681, of 1993)

Art. 30. The National Treasury Note - NTN is hereby created, to be issued, respecting the authorization granted and the limits set in the budget law, or in its additional credits, with the purpose of providing the National Treasury with the necessary Resources to cover its deficits explained in the budgets or to carry out credit operations by anticipation of revenue, as well as, in operations within the scope of the National Privatization Program, instituted by Law No. 8.031, of 12 April 1990, for programs and projects in the areas of science and technology, health, national defense, public security and the environment, approved by the President of the Republic. (Text given by Law No. 8.696, of 1993)

(Repealed by Law No. 10.179, of 2001)

§ 1 The issuance of the NTN may be authorized with an alternative option clause, upon redemption, for exchange-rate adjustment based on the variation of the United States dollar quotation, disclosed by the Central Bank of Brazil.

(Repealed by Law 8.249, of 1991)

§ 2 The National Treasury Notes (NTN), from their maturity, shall have liberatory power for payment of any federal tax, under the responsibility of their holders or third parties, at their redemption value.

(Repealed by Law 8.249, of 1991)

Art. 31. Commercial banks, development banks, multiple banks and savings banks, with a commercial or investment portfolio, may issue Economic Development Securities (TDE), for raising funds intended for the financing of projects within the scope of the Industrial Competitiveness Promotion Program (PFCI), to which only the companies referred to in item II of art. 171 of the Federal Constitution shall have access.

§ 1 The TDE shall have the following characteristics:

I - term: compatible with the financial schedule of the projects;

II - remuneration: TR;

III - placement: through financial institutions and the capital market, with institutional investors, individuals and legal entities.

§ 2 The Central Bank of Brazil shall issue the necessary instructions for compliance with the provisions of this article.

Art. 32. The revenues generated by the financing contracts of projects approved within the scope of the PFCI shall not constitute the calculation basis of the contribution for the Public Servant Asset Formation Program (Pasep) and for the Social Integration Program (PIS}, as well as for Finsocial. (See Decree of 7 May 1991)

Art. 33. From 1 May 1991, the attributions provided for in arts. 7 and 8 of Law No. 5.768, of 20 December 1971, are transferred to the Central Bank of Brazil, with regard to operations known as consortium, mutual fund and other similar associative forms, which aim at the acquisition of goods of any nature.

(Repealed by Law No. 11.795, of 2008).

Sole paragraph. The supervision of the operations mentioned in this article, including the application of penalties, shall be exercised by the Central Bank of Brazil.

Art. 34. (Vetoed).

Art. 35. It is also permitted to use the balances in cruzados novos, transferred to the Central Bank of Brazil in the form of art. 9 of Law No. 8.024, of 12 April 1990, for the purpose of acquisition, exclusively by their beneficiaries, of housing units owned by foundations that are part, by force of the law of their creation, of the Housing Finance System (SFH), provided that such resources were deposited, on 15 March 1990, in savings accounts held by the acquirer.

Sole paragraph. The foundations mentioned in this article shall be subject to the provisions of art. 11 of Law No. 8.024, of 12 April 1990.

Art. 36. In the interest of the security of the supply of agricultural food products and the stabilization of prices, the Executive Branch, through the National Supply Company, is authorized to carry out operations of purchase and sale of stocks of basic products essential to the consumption of the population, under the provisions contained in Decree-Law No. 2.300 of 21 November 1986, of art. 35 of Law No. 8.171 of 17 January 1991, of art. 3 of Law No. 8.174, of 30 January 1991, and other legislation pertinent to their respective regulation.

Art. 37. The Central Bank of Brazil shall send, quarterly, to the Federal Senate financial statements of the applications in projects with resources of the Industrial Competitiveness Promotion Program (PFCI).

Art. 38. The balances of the accounts of the PIS/Pasep Participation Fund and the obligations issued by the National Development Fund (FND) shall be adjusted by the TR at the times established in the pertinent legislation.

Interest on labor debts

Art. 39. Labor debts of any nature, when not satisfied by the employer at the proper times as defined in law, agreement or collective bargaining agreement, normative sentence or contractual clause, shall bear default interest equivalent to the TRD accumulated in the period between the due date of the obligation and its effective payment.

Art. 39. Labor debts of any nature, when not satisfied by the employer or the employee, under the terms provided for in law, collective convention or agreement, normative ruling or contractual clause, shall bear default interest equivalent to the index applied to the savings account, for the period comprising the month following the due date of the obligation and its effective payment.

(Wording given by Provisional Measure No. 905, of 2019)

(Repealed by Provisional Measure No. 955, of 2020)

Effectiveness ended

Art. 39. Labor debts of any nature, when not satisfied by the employer or the employee, under the terms provided for in law, collective convention or agreement, normative ruling or contractual clause, shall bear default interest equivalent to the index applied to the savings account, for the period comprising the month following the due date of the obligation and its effective payment.

(Wording given by Provisional Measure No. 905, of 2019)

(Effectiveness ended)

§ 1° To labor debts arising from a conviction by the Labor Justice System or resulting from agreements made in a labor lawsuit, when not fulfilled under the homologated conditions or those set forth in the conciliation term, interest of one percent per month shall be added to the default interest provided for in the caput, counted from the filing of the lawsuit and applied pro rata die, even if not explicitly stated in the ruling or in the conciliation term.

§ 1º To labor debts arising from a conviction by the Labor Justice System or resulting from agreements entered into in a labor action, not paid under the homologated conditions or those set forth in the conciliation term, default interest equivalent to the index applied to the savings account shall be added, from the date of the filing of the lawsuit and applied pro rata die, even if not explicitly stated in the ruling or in the conciliation term.

(Wording given by Provisional Measure No. 905, of 2019)

(Repealed by Provisional Measure No. 955, of 2020)

Effectiveness ended

§ 1º To labor debts arising from a conviction by the Labor Justice System or resulting from agreements entered into in a labor action, not paid under the homologated conditions or those set forth in the conciliation term, default interest equivalent to the index applied to the savings account shall be added, from the date of the filing of the lawsuit and applied pro rata die, even if not explicitly stated in the ruling or in the conciliation term.

(Wording given by Provisional Measure No. 905, of 2019)

(Effectiveness ended)

Art. 39. Labor debts of any nature, when not satisfied by the employer at the proper times as defined in law, collective agreement or convention, normative ruling or contractual clause, shall bear default interest equivalent to the TRD accumulated in the period comprising the due date of the obligation and its effective payment.

§ 1° To labor debts arising from a conviction by the Labor Justice System or resulting from agreements made in a labor lawsuit, when not fulfilled under the homologated conditions or those set forth in the conciliation term, interest of one percent per month shall be added to the default interest provided for in the caput, counted from the filing of the lawsuit and applied pro rata die, even if not explicitly stated in the ruling or in the conciliation term.

§ 2° In the event that the due date of the obligations addressed in this article is prior to 1 February 1991, the default interest shall be calculated by combining the accumulated variation of the BTN Fiscal in the period comprising the due date of the obligation and 31 January 1991, and the TRD accumulated between 1 February 1991 and its effective payment. (See ADIN 1220)

Art. 40. The appeal deposit provided for in art. 899 of the Consolidation of Labor Laws is limited to Cr$ 420.000,00 (four hundred and twenty thousand cruzeiros), in cases of filing an ordinary appeal, and to Cr$ 840.000,00 (eight hundred and forty thousand cruzeiros), in the case of a review appeal, infringing objections and extraordinary appeals, being due for each new appeal filed during the course of the proceedings.

§ 1° In the case of a conviction imposed in a rescissory action, the appeal deposit shall have, as a maximum limit, regardless of the appeal, the value of Cr$ 840.000,00 (eight hundred and forty thousand cruzeiros).

§ 2° The values provided for in this article may be periodically altered by the Superior Labor Court.

Art. 40. The appeal deposit provided for in art. 899 of the Consolidation of Labor Laws is limited to Cr$ 20.000.000,00 (twenty million cruzeiros), in cases of filing an ordinary appeal, and to Cr$ 40.000.000,00 (forty million cruzeiros), in the case of a review appeal, infringing objections and extraordinary appeals, being due for each new appeal filed during the course of the proceedings. (Wording given by Law No. 8.542, of 1992).

§ 1° In the case of a conviction imposed in a rescissory action, the appeal deposit shall have, as a maximum limit, regardless of the appeal, the value of Cr$ 40.000.000,00 (forty million cruzeiros). (Wording given by Law No. 8.542, of 1992).

§ 2° The requirement of a deposit applies, likewise, to objections, to execution and to any subsequent appeal by the debtor. (Wording given by Law No. 8.542, of 1992).

§ 3° The value of the ordinary appeal, when filed in a collective dispute, shall be equivalent to four times the value provided for in the caput of this article. (Included by Law No. 8.542, of 1992).

§ 4° The values provided for in this article shall be readjusted bimonthly by the accumulated variation of the IBGE's INPC for the two immediately preceding months. (Included by Law No. 8.542, of 1992).

Art. 41. The Constitutional Funds of the North, Northeast and Central-West, as well as the Regional Investment Funds (Finam, Finor, Funres), shall be updated according to the criteria established in art. 9°. (Repealed by Law No. 9.126, of 1995)

Art. 42. The Executive Branch shall send to the National Congress, by 31 March 1991, a bill providing for the updating of the financial statements of the legal entities referred to in Law No. 7,799, of 10 July 1989, due to the extinction of the BTN and the BTN Fiscal.

Art. 43. This law shall enter into force on the date of its publication.

Art. 44. Decree-Law No. 75, of 21 November 1966, and other contrary provisions are hereby repealed.

Brasília, 1 March 1991; 170th of Independence and 103rd of the Republic.

FERNANDO COLLOR

Zélia M. Cardoso de Mello

This text does not replace the one published in the DOU of 4.3.1991 - Supplement

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