Lei nº 9.069, de 29 de junho de 1995 — Dispõe sobre o Plano Real, o Sistema Monetário Nacional, estabelece as regras e condições de emissão do REAL e os critérios para conversão das obrigações para o REAL, e dá outras providências (Law No. 9,069 of 29 June 1995 on the Real Plan, the National Monetary System, the rules and conditions for issuing the Real and the criteria for converting obligations into Reais (Plano Real Law))

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

Deputy Office for Legal Affairs

LAW No. 9.069, OF 29 JUNE 1995.

Conversion of Provisional Measure No. 1.027, of 1995

Provides for the Real Plan, the National Monetary System, establishes the rules and conditions for issuing the REAL and the criteria for converting obligations into REAL, and makes other provisions.

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

CHAPTER I

On the National Monetary System

Art. 1 As of 1 July 1994, the unit of the National Monetary System becomes the REAL (Art. 2 of Law No. 8.880, of 27 May 1994), which shall have legal tender throughout the national territory.

§ 1 Amounts in money shall be written preceded by the symbol R$.

§ 2 The hundredth part of the REAL, called "centavo", shall be written in decimal form, preceded by the comma that follows the unit.

§ 3 The parity between the REAL and the Cruzeiro Real, as of 1 July 1994, shall be equal to the parity between the Unit of Real Value - URV and the Cruzeiro Real set by the Central Bank of Brazil for 30 June 1994.

§ 4 The parity referred to in the preceding paragraph shall remain fixed for the purposes provided in art. 3, § 3, of Law No. 8.880, of 27 May 1994, and in art. 2 of this Law.

§ 5 Special fractioning of the monetary unit shall be allowed in the securities and public debt markets, in the quotation of foreign currencies, in the Reference Fiscal Unit - UFIR and in determining the monetary expression of other values that require the assessment of magnitudes lower than the centavo, with the resulting fractions being disregarded at the end of the calculations.

Art. 2 The Cruzeiro Real, as of 1 July 1994, ceases to be part of the National Monetary System, remaining in circulation as a means of payment the banknotes and coins representing it, for a period of 30 (thirty) days, in the manner provided in §§ 3 and 4 of art. 3 of Law No. 8.880, of 1994.

§ 1 Until the last business day of July 1994, checks still issued with an indication of value in Cruzeiros Reais shall be accepted by financial institutions and clearing services, without prejudice to the right to credit, under the terms of the relevant legislation.

§ 2 The periods provided in this article may be extended by the Central Bank of Brazil.

§ 3 The documents referred to in § 1 shall be accepted and accounted for at the fixed parity, in the manner of § 3 of art. 1, for 1 July 1994.

Art. 3 The Central Bank of Brazil shall issue the REAL through the prior linking of international reserves in equivalent value, observing the provisions of art. 4 of this Law.

(Repealed by Law No. 13.820, of 2019)

(Effectiveness

§ 1 The international reserves eligible for use in composing the backing for issuing the REAL are assets of international liquidity denominated or convertible into United States dollars.

(Repealed by Law No. 13.820, of 2019)

(Effectiveness

§ 2 The parity to be observed, for the purposes of equivalence referred to in the caput of this article, shall be one United States dollar for each REAL issued.

(Repealed by Law No. 13.820, of 2019)

(Effectiveness

§ 3 The income resulting from the investments of the linked reserves shall not be incorporated into them, being incorporated into the unlinked reserves administered by the Central Bank of Brazil.

(Repealed by Law No. 13.820, of 2019)

(Effectiveness

§ 4 The National Monetary Council, according to criteria approved by the President of the Republic:

(Repealed by Law No. 13.820, of 2019)

(Effectiveness

I - shall regulate the backing of the REAL;

(Repealed by Law No. 13.820, of 2019)

(Effectiveness

II - shall define the manner in which the Central Bank of Brazil shall administer the linked international reserves;

(Repealed by Law No. 13.820, of 2019)

(Effectiveness

III - may modify the parity referred to in § 2 of this article.

(Repealed by Law No. 13.820, of 2019)

(Effectiveness

§ 5 The Minister of Finance shall submit to the President of the Republic the criteria referred to in the preceding paragraph.

(Repealed by Law No. 13.820, of 2019)

(Effectiveness

Art. 4 Observing the provisions of the preceding articles, the Central Bank of Brazil shall comply, with regard to the issuance of REAL, with the following:

(Repealed by Law No. 13.820, of 2019)

(Effectiveness

I - growth limit for the October-December/94 quarter of 13.33% (thirteen point thirty-three percent), for the issuance of REAL over the balance of 30 September 1994;

(Repealed by Law No. 13.820, of 2019)

(Effectiveness

II - zero percentage growth limit in the fourth quarter of 1994, for the issuance of REAL in the broad concept;

(Repealed by Law No. 13.820, of 2019)

(Effectiveness

III - in the following quarters, observing the objective of ensuring the stability of the currency, the monetary programming referred to in art. 6 of this Law shall estimate the percentages of change in the issuance of REAL in both concepts mentioned above.

(Repealed by Law No. 13.820, of 2019)

(Effectiveness

§ 1 For the purposes of the content in the caput of this article, the National Monetary Council, bearing in mind the objective of ensuring the stability of the currency, shall define the components of the broad concept of issuance, including therein the backed issuances referred to in art. 3 of this Law.

(Repealed by Law No. 13.820, of 2019)

(Effective

§ 2º The National Monetary Council, in order to address extraordinary situations, may authorize the Central Bank of Brazil to exceed by up to 20% (twenty percent) the amounts resulting from the percentages provided for in the caput of this article.

(Repealed by Law No. 13,820 of 2019)

(Effective

§ 3º The National Monetary Council, through the Minister of State for Finance, shall submit to the President of the Republic the criteria relating to the alteration referred to in § 2º of this article.

(Repealed by Law No. 13,820 of 2019)

(Effective

§ 4º The National Monetary Council, in accordance with guidelines of the President of the Republic, shall regulate the provisions of this article, including with respect to the calculation of the amounts of authorized and outstanding issuances and the definition of issuances in the broadened concept.

(Repealed by Law No. 13,820 of 2019)

(Effective

Art. 5º As of 1 July 1994, financial and accounting statements, balance sheets, checks, securities, prices, court-ordered payments, contract amounts and all other pecuniary expressions that can be translated into national currency shall be denominated in REAL.

CHAPTER II

Of the Monetary Authority

Art. 6º The President of the Central Bank of Brazil shall submit to the National Monetary Council, at the beginning of each quarter, a monetary program for the quarter, which shall include, at a minimum:

(Repealed by Law No. 13,820 of 2019)

(Effective

I - estimates of the variation ranges of the main monetary aggregates compatible with the objective of ensuring currency stability; and

(Repealed by Law No. 13,820 of 2019)

(Effective

II - analysis of the evolution of the national economy forecast for the quarter, and justification of the monetary program.

(Repealed by Law No. 13,820 of 2019)

(Effective

§ 1º After approval by the National Monetary Council, the monetary program shall be forwarded to the Economic Affairs Committee of the Federal Senate.

(Repealed by Law No. 13,820 of 2019)

(Effective

§ 2º The National Congress may, based on the opinion of the Economic Affairs Committee of the Federal Senate, reject the monetary program referred to in the caput of this article, by means of a legislative decree, within ten days from its receipt.

(Repealed by Law No. 13,820 of 2019)

(Effective

§ 3º The Legislative Decree referred to in the preceding paragraph shall be limited to the approval or rejection "in totum" of the monetary program, and the introduction of any alteration is prohibited.

(Repealed by Law No. 13,820 of 2019)

(Effective

§ 4º Upon expiration of the period referred to in § 2º of this article, without consideration of the matter by the Plenary of the National Congress, the monetary program shall be considered approved.

(Repealed by Law No. 13,820 of 2019)

(Effective

§ 5º If the monetary program is rejected, a new program shall be forwarded, in accordance with this article, within ten days from the date of rejection.

(Repealed by Law No. 13,820 of 2019)

(Effective

§ 6º If the National Congress does not approve the monetary program by the end of the first month of the quarter to which it is destined, the Central Bank of Brazil is authorized to execute it until its approval.

(Repealed by Law No. 13,820 of 2019)

(Effective

Art. 7º The President of the Central Bank of Brazil shall send, through the Minister of Finance, to the President of the Republic and to the Presidents of the two Houses of the National Congress:

(Repealed by Law No. 13,820 of 2019)

(Effective

I - quarterly report on the execution of the monetary program; and

(Repealed by Law No. 13,820 of 2019)

(Effective

II - monthly statement of REAL issuances, the reasons determining them and the position of the international reserves linked to them.

(Repealed by Law No. 13,820 of 2019)

(Effective

Art. 8º The National Monetary Council, created by Law No. 4,595 of 31 December 1964, shall be composed of the following members:

I - Minister of State for Finance, in the capacity of President;

I - Minister of State for the Economy, who shall preside over it; (Wording given by Provisional Measure No. 870 of 2019)

I - Minister of State for the Economy, who shall preside over it; (Wording given by Law No. 13,844 of 2019)

I - Minister of State for Finance, who shall preside over it; (Wording given by Provisional Measure No. 1,158 of 2023)

Effectiveness terminated

I - Minister of State for the Economy, who shall preside over it; (Wording given by Law No. 13,844 of 2019)

I - Minister of State for Finance, who shall preside over it;

(Wording given by Law No. 14,600 of 2023)

II - Minister of State for Planning and Budget;

II - Minister of State for Planning, Budget and Management;

(Amended by Provisional Measure No. 2.216-37, of 2001)

II - President of the Central Bank of Brazil; and (Redação dada pela Medida Provisória nº 870, de 2019)

II - President of the Central Bank of Brazil; and (Redação dada pela Lei nº 13.844, de 2019)

II - Minister of State for Planning and Budget; and (Redação dada pela Medida Provisória nº 1.158, de 2023)

Vigência encerrada

II - President of the Central Bank of Brazil; and (Redação dada pela Lei nº 13.844, de 2019)

II - Minister of State for Planning and Budget;

(Amended by Law No. 14.600, of 2023)

III - President of the Central Bank of Brazil.

III - Special Secretary of Finance of the Ministry of Economy.

(Amended by Provisional Measure No. 870, of 2019)

III - Special Secretary of Finance of the Ministry of Economy. (Amended by Law No. 13.844, of 2019)

III - President of the Central Bank of Brazil. (Amended by Provisional Measure No. 1.158, of 2023)

Vigência encerrada

III - Special Secretary of Finance of the Ministry of Economy. (Amended by Law No. 13.844, of 2019)

III - President of the Central Bank of Brazil.

(Amended by Law No. 14.600, of 2023)

§ 1º The Council shall deliberate by means of resolutions, by majority of votes, and the President shall have the prerogative to deliberate, in cases of urgency and relevant interest, ad referendum of the other members.

§ 2º When deliberating ad referendum of the Council, the President shall submit the decision to the collegiate body at the first meeting following that deliberation.

§ 3º The President of the Council may invite Ministers of State, as well as representatives of public or private entities, to participate in the meetings, and they shall not be allowed the right to vote.

§ 4º The Council shall meet, ordinarily, once a month, and, extraordinarily, whenever convened by its President.

§ 5º The Central Bank of Brazil shall function as the executive secretariat of the Council.

§ 6º The internal rules of the National Monetary Council shall be approved by decree of the President of the Republic, within a maximum period of thirty days, counted from the publication of this Law.

§ 7º As of 30 June 1994, the terms of office of members of the National Monetary Council appointed up to that date are extinguished.

Art. 9º The Technical Commission on Currency and Credit is created alongside the National Monetary Council, composed of the following members:

I - President and four Directors of the Central Bank of Brazil;

II - President of the Securities Commission;

III - Executive Secretary of the Ministry of Planning and Budget;

III - Executive Secretary of the Ministry of Planning, Budget and Management;

(Amended by Provisional Measure No. 2.216-37, of 2001)

III - Executive Secretary and Secretaries of the National Treasury and of Economic Policy of the Ministry of Economy; (Redação dada pela Medida Provisória nº 870, de 2019)

III - Executive Secretary and Secretaries of the National Treasury and of Economic Policy of the Ministry of Economy;

(Amended by Law No. 13,844, of 2019)

III - Executive Secretary of the Ministry of Planning and Budget; and (Redação dada pela Medida Provisória nº 1.158, de 2023)

Vigência encerrada

III - Executive Secretary and Secretaries of the National Treasury and of Economic Policy of the Ministry of Economy; (Redação dada pela Lei nº 13.844, de 2019)

III - Executive Secretary and Secretaries of the National Treasury, of Economic Reforms and of Economic Policy of the Ministry of Finance; and

(Amended by Law No. 14,600, of 2023)

IV - Executive Secretary and Secretaries of the National Treasury and of Economic Policy of the Ministry of Finance.

(Included by Provisional Measure No. 870, of 2019)

IV - ( revogado ).

(Included by Law No. 13,844, of 2019)

V - Executive Secretary and Secretaries of the National Treasury, of Economic Reforms and of Economic Policy of the Ministry of Finance. (Included by Provisional Measure No. 1,158, of 2023)

Vigência encerrada

V - Executive Secretary of the Ministry of Planning and Budget.

(Amended by Law No. 14,600, of 2023)

§ 1º The Commission shall be coordinated by the President of the Central Bank of Brazil.

§ 2º The internal rules of the Technical Commission on Currency and Credit shall be approved by decree of the President of the Republic.

Art. 10. The Technical Commission on Currency and Credit shall be responsible for:

I - proposing the regulation of the matters dealt with in this Law, within the competence of the National Monetary Council;

II - expressing its opinion, in the manner provided for in its internal rules, previously, on matters within the competence of the National Monetary Council, especially those set forth in Law nº 4.595, of 31 December 1964;

III - other attributions assigned to it by the National Monetary Council.

Art. 11. The following Advisory Commissions shall also function alongside the National Monetary Council:

(Repealed by Complementary Law No. 179, of 2021)

I - on Norms and Organization of the Financial System;

(Repealed by Complementary Law No. 179, of 2021)

II - of the Securities and Futures Market;

(Repealed by Complementary Law No. 179, of 2021)

III - of Rural Credit;

(Repealed by Complementary Law No. 179, of 2021)

IV - of Industrial Credit;

(Repealed by Complementary Law No. 179, of 2021)

V - of Housing Credit, and for Sanitation and Urban Infrastructure;

(Repealed by Complementary Law No. 179, of 2021)

VI - of Public Indebtedness;

(Repealed by Complementary Law No. 179, of 2021)

VII - of Monetary and Exchange Policy.

(Repealed by Complementary Law No. 179, of 2021)

§ 1º The organization, composition and functioning of the Advisory Commissions shall be the subject of internal regulations, to be approved by Decree of the President of the Republic.

(Repealed by Complementary Law No. 179, of 2021)

§ 2º The terms of office of the members of the Advisory Commissions are extinguished as of 30 June 1994.

(Repealed by Complementary Law No. 179, of 2021)

CHAPTER III

On Conversions to REAL

Art. 12. In the conversion operation from Cruzeiros Reais to REAL, four decimal places shall be adopted in the quotient of the division.

§ 1º In all payments or settlements of sums receivable or payable and accounting records, amounts lower than the equivalent of one cent of REAL shall be disregarded for all legal purposes.

§ 2º In financial institutions and other entities authorized to operate by the Central Bank of Brazil, the sum of the disregarded fractions, as provided in the preceding paragraph, shall be collected and credited to the National Treasury, within the period to be set by the Executive Branch, to be used in emergency programs against hunger and misery, as per regulations to be issued by the Executive Branch.

Art. 13. As of 1 July 1994, all amounts expressed in URV shall be expressed, by operation of law, in an equal number of REAIS.

Art. 14. Pecuniary obligations expressed in Cruzeiros Reais that have not been converted into URV by 30 June 1994, inclusive, shall, on 1 July 1994, be mandatorily converted into REAL, in accordance with the rules of this Law.

Sole paragraph. The provisions of the caput of this article apply to obligations that have been maintained in Cruzeiros Reais by virtue of the contents of Law No. 8.880, of 27 May 1994, including in its art. 16.

Art. 15. The following shall be converted into REAL, on 1 July 1994, according to the parity fixed for that date:

I - checking accounts;

II - demand deposits in financial institutions;

III - compulsory cash deposits on demand deposits, maintained by the banking system with the Central Bank of Brazil.

Art. 16. Subject to the provisions of the paragraphs of this article, the following shall likewise be converted into REAL, on 1 July 1994, in accordance with the parity fixed for that date:

I - the balances of savings accounts;

II - compulsory and voluntary deposits maintained with the Central Bank of Brazil, with funds originating from the raising of savings accounts;

III - the balances of the accounts of the Length of Service Guarantee Fund - FGTS, the PIS/PASEP Participation Fund and the Worker Support Fund - FAT;

IV - rural credit operations;

V - active and passive operations of the Housing and Sanitation Financial Systems (SFH and SFS), subject to the provisions of arts. 20 and 21 of this Law;

VI - insurance, private pension and capitalization operations;

VII - other operations contracted based on the Reference Rate - TR or on the basic remuneration index of savings deposits; and

VIII - other operations of the same nature, not included in the preceding items.

§ 1º The conversion referred to in this article shall be preceded by a pro rata tempore update, from the date of the last anniversary to 30 June 1994, inclusive, by applying the Reference Rate - TR or the pertinent legal or contractual reference, in accordance with current legislation.

§ 2º On the anniversary date in the month of July, the Reference Rate - TR or the pertinent legal or contractual reference and interest shall apply, pro rata tempore, from the conversion date, on the converted amount, in accordance with current legislation.

§ 3º The credit of the basic remuneration and interest, with respect to savings accounts, shall occur only on the anniversary dates, which are maintained for all purposes.

§ 4º Subject to the guidelines established by the President of the Republic, the Minister of State for Finance, the National Monetary Council, the Complementary Pension Management Council and the National Council of Private Insurance, within their respective competences, shall regulate the provisions of this article.

Art. 17. The amounts of the installments of housing financing agreements entered into with entities that are part of the Housing Financial System - SFH, and private pension entities, when under conditions analogous to those used in the Housing Financial System, expressed in Cruzeiros Reais, in the month of June 1994, shall be converted into REAL, on 1 July 1994, observing the parity between the Cruzeiro Real and the Real fixed for that date.

Sole paragraph. The adjustment index and the periodicity contractually established for updating the installments referred to in this article are maintained.

Art. 18. The deposits of the Union with the Central Bank of Brazil and with financial institutions shall have their balance updated by the average reference rate of the Special System for Settlement and Custody - SELIC, until 30 June 1994, and converted into REAL, on 1 July 1994, observing the parity fixed for that date.

Art. 19. Pecuniary obligations in Cruzeiros Reais, without a monetary correction clause or with a fixed monetary correction clause, shall be converted into REAL, on 1 July 1994, observing the parity between the Cruzeiro Real and the Real fixed for that date.

Art. 20. Pecuniary obligations in Cruzeiros Reais, with a monetary correction clause based on price indices, in which the full adjustment periodicity is equal to or less than the payment periodicity, shall be converted into REAL, on 1 July 1994, observing the parity fixed for that date, adjusting pro rata tempore the contractual amounts expressed in Cruzeiros Reais from the last anniversary to 30 June 1994, inclusive, in accordance with the index contained in the contract.

Art. 21. Pecuniary obligations in Cruzeiros Reais, with a monetary correction clause based on price indices, in which the full adjustment periodicity is greater than the payment periodicity, shall be converted into REAL, on 1 July 1994, in accordance with the provisions below:

I - by dividing the amount in Cruzeiros Reais of the obligation in force on the anniversary date in each of the immediately preceding months, in a number equal to those of the last full adjustment period, by the amount in Cruzeiros Reais of the equivalent in URV on those same days;

II - by taking the arithmetic mean of the amounts resulting from the previous item;

III - by reconverting, into Cruzeiros Reais, the amount found by the URV of the anniversary date in June 1994;

IV - by applying, pro rata tempore, to the amount in Cruzeiros Reais referred to in the previous item, the contractual or legal index up to 30 June 1994; and

V - by converting into REAL the amount corrected as per the previous item at the parity fixed for that date.

§ 1º The calculation of the average referred to in this article shall be made based on unit prices, in the case of contracts for the acquisition or production of goods for future delivery, execution of works, provision of services, leasing, use and tenancy, when the quantities of goods and services, each month, are variable.

§ 2º In the case of obligations in which a number of months less than that of the full adjustment periodicity has elapsed, the conversion shall be made, as per the caput of this article, taking into account only the amounts referring to the months from the contracting date.

§ 3º In the case of residential lease contracts with an adjustment clause greater than six months, the provisions of the caput of this article shall be applied taking into account only the rents of the first six months of the last full adjustment period.

§ 4º In the event of economic-financial imbalance, residential lease contracts, including those previously converted, may be revised, as of 1 January 1995, through free negotiation between the parties, or judicially, in order to adapt them to market prices, without prejudice to the right to a revision action provided for in Law No. 8.245, of 1991.

§ 5º Once the revision is effected, the new amount of the residential rent shall be in force for a minimum period of one year.

Art. 22. For the purposes of this Law, "anniversary day", "anniversary date" and "anniversary" correspond to:

I - in the case of pecuniary obligations in Cruzeiros Reais with a monetary correction clause by price index, to the due date; in the absence thereof, to the date of the last adjustment; and, in the absence thereof, to the date of emergence, in any month, of the obligation, the instrument, the contract or the contractual installment;

II - in the case of contracts whose object is the acquisition or production of goods for future delivery, the execution of works or the provision of services, and which have price adjustment clauses by sectoral, regional or specific price indices, or, furthermore, which reflect the weighted variation of the costs of the inputs used, to the last day of validity of the contractual prices in each adjustment period.

Art. 23. The provisions of this Law on conversions apply to the contracts dealt with in art. 15 of Law No. 8.880, of 27 May 1994, and its regulation.

§ 1º In the conversion to REAL of contracts that do not contain a monetary updating clause between the final date of the period of performance of the obligation and the date of enforceability of the payment, the inflation expectation considered in the contract regarding this term shall be deducted, and, when the contract does not explicitly mention the inflationary expectation, the variation of the General Price Index - Internal Availability - IGP/DI, of the Getúlio Vargas Foundation - FGV, in the month of presentation of the proposal or of the budget to which it refers, applied pro rata tempore in relation to the term foreseen for payment, shall be adopted for the deduction.

§ 2º In cases where there is a monetary updating clause due to late payment, also correcting the period elapsed between the date of performance of the obligation and the enforceability of the payment, the deduction referred to in the previous paragraph shall apply to this period, according to the criteria established therein.

§ 3º The Executive Power shall regulate the provisions of this article.

Art. 24. In obligations converted into REAL in the manner of arts. 20 and 21, the calculation of monetary correction, as of 1 July 1994, is only valid when based on a price index calculated in the manner of art. 38 of Law No. 8.880, of 27 May 1994.

§ 1º The calculation of the monetary correction indices of obligations referred to in the caput of this article shall take as a basis prices in REAL, the equivalent in URV of the prices in Cruzeiros Reais, and the prices denominated or converted into URV of the previous months.

§ 2º Observing the provisions of art. 28, on the amounts converted into REAL, in the manner of arts. 20 and 21, the monetary correction indices to which they are subject shall be applied pro rata tempore, from the conversion date to the anniversary date, calculated in accordance with art. 38 of Law No. 8.880, 27 May 1994, in accordance with the respective legal, regulatory, contractual provisions, or judicial decisions on the basis of which they were constituted.

§ 3º In calculating the indices referred to in this article, the prices in Cruzeiros Reais shall be converted into URV of the day of their collection.

§ 4 If the price index contained in the contract is not available in the form of the caput of this article, a substitute equivalent index shall be used, for the purposes of the provisions of art. 38 of Law No. 8,880 of 27 May 1994, and of this Law, in the form of the regulation to be issued by the Executive Branch.

§ 5 The application of an index for the purposes of monetary correction, calculated differently from that established in this article, is null and void and shall have no effect.

Art. 25. The appropriations contained in the draft General Budget of the Union sent to the National Congress, with the modifications proposed under the terms of art. 166, § 5, of the Federal Constitution, shall be adjusted to average prices of 1994, by applying, to the amounts expressed at April 1993 prices, the multiplier of 66.8402, and shall then be converted on 1 July 1994 into REAIS at the parity fixed for that date.

§ 1 All amounts expressed in Cruzeiros Reais on 30 June 1994, contained in balance sheets and in all acts and facts related to budgetary, financial, asset and accounting management, shall also be converted into REAL on 1 July 1994, at the parity fixed for that date.

§ 2 In the case of the preceding paragraph, if amounts lower than R$ 0.01 (one cent of REAL) result, they shall be represented by this amount (R$ 0.01).

Art. 26. As a way of guaranteeing the economic-financial balance in the conversion of contracts relating to agricultural activity, the conditions of equivalence contained in the financing contracts for crop financing and marketing for products covered in the 1993/94 and 1994 harvests with "minimum guarantee prices" within the Minimum Price Guarantee Policy - PGPM are assured.

CHAPTER IV

On Monetary Correction

Art. 27. The correction, by virtue of legal provision or stipulation in a legal transaction, of the monetary expression of a pecuniary obligation contracted as from 1 July 1994, inclusive, may only occur by the accumulated variation of the Consumer Price Index, Series r - IPC-r.

§ 1 The provisions of this article do not apply:

I - to the operations and contracts dealt with in Decree-Law No. 857 of 11 September 1969, and art. 6 of Law No. 8,880 of 27 May 1994;

II - to contracts by which the company undertakes to sell goods for future delivery, or to provide or supply services to be produced, whose price may be adjusted based on production cost or on the variation of an index reflecting the weighted variation of the costs of the inputs used;

III - to the cases dealt with in special law.

§ 2 Any stipulation, as from 1 July 1994, of monetary correction in disagreement with the provisions of this article shall be considered to have no effect.

§ 3 In contracts entered into or converted into URV, in which there is a clause for monetary correction by price index or by an index reflecting the weighted variation of the costs of the inputs used, the calculation of these indices, for adjustment purposes, shall be in this currency until the issuance of the REAL and, thereafter, in REAL, observing art. 38 of Law No. 8,880 of 27 May 1994.

§ 4 The monetary correction of contracts converted under the terms of art. 21 of this Law shall be calculated only as from the first anniversary of the obligation, after its conversion into REAIS.

§ 5 The Referential Rate - TR may only be used in operations carried out in the financial, securities, insurance, private pension, capitalization and futures markets.

§ 6 The provisions of art. 39 of Law No. 8,177 of 1 March 1991 continue to apply to labor debts.

Art. 28. In contracts entered into or converted into REAL with a clause for monetary correction by price indices or by an index reflecting the weighted variation of the costs of the inputs used, the periodicity of application of these clauses shall be annual.

§ 1 A monetary correction clause whose periodicity is less than one year is null and void and shall have no effect.

§ 2 The provisions of this article apply to obligations converted or contracted in URV up to 27 May 1994 and to those converted into REAL.

§ 3 The periodicity referred to in the caput of this article shall be counted from:

I - the conversion into REAL, in the case of obligations still expressed in Cruzeiros Reais;

II - the conversion or contracting in URV, in the case of obligations expressed in URV contracted up to 27 May 1994;

III - the contracting, in the case of obligations contracted after 1 July 1994; and

IV - the last adjustment, in the case of residential lease contracts.

§ 4 The provisions of this article do not apply:

I - to operations carried out in the financial market and in the Housing Finance System - SFH, by financial institutions and other entities authorized to operate by the Central Bank of Brazil, as well as in the Brazilian Savings and Loan System - SBPE and to housing financing by private pension entities;

II - to the operations and contracts dealt with in Decree-Law No. 857 of 1969, and art. 6 of Law No. 8,880 of 27 May 1994.

§ 5 The Executive Branch may reduce the periodicity referred to in this article.

§ 6 The debtor, in contracts with a term exceeding one year, may amortize, in whole or in part, the outstanding balance in advance, provided that it does so with its value updated by the accumulated variation of the contractual index or of the IPC-r up to the date of payment.

§ 7 In obligations in Cruzeiros Reais, contracted before 15 March 1994 and not converted into URV, the creditor may demand, one year after conversion into REAL, or at its final maturity, if earlier, its updating in the contracted form, observing the provisions of this Law, after deducting payments, also updated, eventually made in the period.

CHAPTER V (Regulation)

On the Amortization of Federal Marketable Debt

Art. 29. The Fund for the Amortization of the Federal Public Mobile Debt is created, with the purpose of amortizing the internal mobile debt of the National Treasury, which shall be regulated by the Executive Branch.

(Regulation)

Art. 30. The Fund, of an accounting nature, shall be constituted through linkage, by prior and express authorization of the President of the Republic, as a deposit: (Regulation)

I - of preferred shares without voting rights belonging to the Union;

II - of common or preferred shares with voting rights, exceeding the number necessary for the Union to maintain control of the companies controlled by it by legal provision;

III - of common or preferred shares with voting rights of companies controlled by the Union where there is no legal provision determining the maintenance of such control;

IV - of common or preferred shares with or without voting rights belonging to the Union, in which it is a minority.

Sole paragraph. The percentage of shares to be deposited in the Fund shall be set by decree of the Executive Branch.

Art. 31. The Fund shall be managed by the National Bank for Economic and Social Development - BNDES, which shall promote the disposals, through delegation from the Union, observing the provisions of art. 32 of this Law.

(Regulation)

Sole paragraph. BNDES, as manager of the Fund, may perform, in the name and on behalf of the Union, all acts necessary to achieve the sale on the stock exchange, including signing the terms of transfer of the disposed shares, ensuring broad disclosure, with the publication of the justification and the conditions of each disposal.

Art. 32. The orders for the disposal of shares shall be issued by joint Portaria of the Ministers of State for Finance and Planning and Budget, which shall contain the number, type and class of shares to be disposed of.

(Regulation)

§ 1º The expenses, charges and fees related to the disposal of shares shall be deducted from the proceeds of the disposal, and the net amounts shall be transferred by the manager of the Fund to the National Treasury, together with the statement of accounts.

§ 2º The net proceeds from the disposals shall be used, specifically, for the amortization of the updated principal of the internal public mobile debt of the National Treasury and the respective interest, and the Ministry of Finance shall publish a summary table, which shall include the origin of the resources and the debt settled.

§ 3º The statements of accounts relating to each disposal of shares, in the form of this Law, shall be sent by the manager of the Fund to the Federal Court of Accounts, for appreciation.

Art. 33. The amortization of the internal mobile debt of the National Treasury, referred to in art. 29, may, by agreement between the parties, occur through payment in kind with shares deposited in the Fund.

(Regulation)

Art. 34. The order for payment in kind provided for in art. 33 shall be issued by joint portaria of the Ministers of State for Finance and Planning and Budget, which shall establish the number, type and class of shares, as well as the criteria for setting the respective price, taking into account the stock exchange value.

(Regulation)

Art. 35. Companies included in the National Privatization Program, dealt with in Law No. 8.031 of 12 April 1990, are excluded from the provisions of this chapter.

(Regulation)

CHAPTER VI

Tax Provisions

Art. 36. From 1 July 1994, the application of the Reference Fiscal Unit - UFIR shall be interrupted, until 31 December 1994, exclusively for the purpose of updating taxes, federal contributions and patrimonial revenues, provided that the respective credits are paid within the original deadlines provided for in the legislation.

§ 1º In the case of taxes and contributions determined in income tax returns, the interruption of the UFIR shall cover the period between the closing date of the assessment period and the due date.

§ 2º For the purposes of the interruption referred to in the caput of this article, the reconversion to REAL shall be made based on the value of the UFIR used for the respective conversion.

§ 3º For tax credits not paid within the deadlines provided for in the tax legislation, monetary updating by the variation of the UFIR shall apply, from the month in which the taxable event occurred, or, where applicable, from the month corresponding to the end of the assessment period, in accordance with the relevant legislation, without prejudice to the fine and pertinent legal additions.

§ 4º For debts owed to the real property patrimony of the Union not paid within the deadlines provided for in the patrimonial legislation, or for the difference in amount paid short, monetary updating by the variation of the UFIR shall apply between the month of maturity, or of the occurrence of the taxable event, and the month of effective payment, in addition to the fine dealt with in art. 59 of Law No. 8.383 of 30 December 1991, and pertinent legal additions.

§ 5º For social contributions collected by the National Institute of Social Security - INSS, when not paid within the deadlines provided for in the specific legislation, monetary updating by the variation of the UFIR shall apply between the month subsequent to the competence month and the month of effective collection, without prejudice to the fine and pertinent legal additions.

§ 6º The provisions of the caput of this article do not apply to debts included in installment payment.

Art. 37. In the case of taxes, contributions and other debts owed to the National Treasury paid unduly, within the deadline provided for in art. 36 of this Law, the offset or restitution shall be made based on the variation of the UFIR calculated from the month following the payment.

Art. 38. In the situations dealt with in §§ 3º, 4º and 5º of article 36 of this Law, default interest shall be equivalent, from 1 July 1994, to the excess of the accumulated variation of the Reference Rate - TR in relation to the variation of the UFIR in the same period.

§ 1º In no case may the default interest provided for in the caput of this article be lower than the interest rate established in art. 161, paragraph 1, of Law No. 5.172, of 25 October 1966, in art. 59 of Law No. 8.383, of 1991, and in art. 3 of Law No. 8.620, of 5 January 1993.

§ 2º The provisions of the caput of this article do not apply to debts included in an installment plan granted prior to the date of entry into force of this Law.

Art. 39. The income tax referred to in art. 8 of Law No. 7.713, of 22 December 1988, paid in the form of art. 36 of this Law, shall, for the purpose of reducing the tax due in the annual adjustment return, be converted into a quantity of UFIR at its value in the month in which the income is received.

Art. 40. The proceeds from the collection of default interest referred to in art. 38 of this Law, with respect to taxes and contributions, except the social contributions collected by the INSS, shall be part of the resources referred to in arts. 3, sole paragraph, 4 and 5, § 1, of Law No. 7.711, of 22 December 1988, and in art. 69 of Law No. 8.383, of 1991, up to the interest limit provided for in art. 161, § 1, of Law No. 5.172, of 25 October 1966.

Art. 41. The refund of individual income tax, determined in the income tax return for the fiscal year 1995, shall be reconverted into REAL based on the value of the UFIR in the month of receipt.

Art. 42. Legal entities shall prepare extraordinary accounting and financial statements, with a view to adapting their entries to the provisions of this Law.

Sole paragraph. The Executive Branch shall regulate the provisions of this article.

Art. 43. The daily UFIR referred to in Law No. 8.383, of 30 December 1991, is extinguished as of 1 September 1994.

Art. 44. The monetary correction of state and municipal fiscal units shall be made using the same indices and with the same periodicity as the Reference Fiscal Unit - UFIR, referred to in Law No. 8.383, of 30 December 1991, is corrected.

Art. 45. The rates provided for in art. 5 of Law No. 8.033, of 12 April 1990, are reduced to:

I - zero, in the cases dealt with in items I, III and IV; and

II - 15% (fifteen percent), in the cases dealt with in item II.

Sole paragraph. In view of the objectives of monetary and fiscal policies, the Executive Branch may reduce the rate referred to in item II of this article.

Art. 46. The amounts in tax legislation, expressed or referenced in daily UFIR shall, as of 1 September 1994, be expressed or referenced in UFIR.

Sole paragraph. For the purpose of applying the limits provided for in federal tax legislation, the conversion of amounts in REAL to UFIR shall be made based on the UFIR in force in the reference month.

Art. 47. As of 1 September 1994, the monetary correction of financial statements shall be made based on the UFIR.

Sole paragraph. The correction period shall be that between the last corrected balance sheet and the first day of the month following the month in which the balance sheet should be corrected.

Art. 48. As of 1 September 1994, the calculation basis of the corporate income tax shall be converted into a quantity of UFIR, by dividing the amount of taxable income, presumed or arbitrated, by the value of the UFIR in force in the month following the end of the calculation period.

§ 1º The provisions of this article also apply to the monthly income tax calculation basis determined based on the estimated rules and to the taxation of other results and capital gains (art. 17 of Law No. 8.541, of 23 December 1992).

§ 2º In the event of merger, consolidation, spin-off or extinction of the legal entity during the calculation period, the tax calculation basis shall be converted into a quantity of UFIR, based on its value in force in the month of the end of the calculation period.

Art. 49. The corporate income tax shall be calculated by applying the rate to the calculation basis expressed in UFIR.

Art. 50. The same rules for conversion into UFIR of the calculation basis and payment established by this Law for corporate income tax apply to the Social Contribution on Profit (Law No. 7.689, of 15 December 1988).

Art. 51. The income tax withheld at source or paid by the taxpayer relating to taxable events occurring as of 1 September 1994, levied on revenues included in the corporate income tax calculation basis, shall, for offsetting purposes, be converted into a quantity of UFIR, based on its value in the month following the withholding.

Sole paragraph. The conversion into a quantity of UFIR provided for in this article also applies to tax incentives for tax deduction and reduction and exemption calculated based on the exploration profit.

Art. 52. In determining taxable income and the calculation basis of the Social Contribution on Profit, under the accrual method, the counterparts of monetary variation of obligations, including taxes and contributions, even if unpaid, and exchange and monetary losses on the realization of credits are deductible.

Art. 53. The income from fixed-income financial investments and net gains in variable-income markets continue to be determined and taxed in accordance with current legislation, with the following changes:

(See Provisional Measure No. 1.303, of 2025)

Production of effects

Term ended

I - as of 1 September 1994, the amount invested and the acquisition cost shall be converted into UFIR at its value in the month of the investment or acquisition, and reconverted into REAL at the UFIR value of the month of redemption or settlement of the transaction;

II - the value of financial investments and the cost of assets existing on 31 August 1994, expressed in quantity of UFIR, shall be reconverted into REAL in the manner provided for in the preceding subitem.

§ 1 The provisions of this article also apply to income earned upon the redemption of quotas of investment funds and clubs, except for income from the fund referred to in § 4 of art. 21 of Law No. 8.383, of 30 December 1991.

§ 2 Income earned upon the redemption of quotas of investment funds held by funds whose resources are invested in the acquisition of quotas of investment funds is exempt from income tax.

§ 3 With respect to the Investment Fund in Quotas of Financial Investment Funds, the provisions of art. 22, item I, of Law No. 8.383, of 30 December 1991, are maintained.

Art. 54. For the purposes of tax legislation, transactions for the transfer of debts carried out with financial institutions and other institutions authorized to operate by the Central Bank of Brazil constitute fixed-income financial investments.

(See Provisional Measure No. 1.303, of 2025)

Production of effects

Effectiveness ended

Sole paragraph. For the purposes of art. 18 of Complementary Law No. 77, of 13 July 1993, the assignor of the debt is the holder of the investment and the beneficiary of the settlement of the transaction.

Art. 55. With respect to taxable events that occur as of 1 September 1994, the taxes and contributions collected by the Federal Revenue Secretariat shall be converted into a quantity of UFIR based on the value thereof in the month in which the taxable event occurs or in the month in which the assessment period ends.

§ 1 For the purpose of payment, the reconversion into REAL shall be made by multiplying the respective quantity of UFIR by the value thereof in force in the month of payment, observing the provisions of art. 36 of this Law.

§ 2 The reconversion into REAL, under the terms of the preceding paragraph, applies, including, to taxes and contributions relating to taxable events prior to 1 September 1994, expressed in UFIR, daily or monthly, in accordance with the governing legislation.

Art. 56. As of the September 1994 assessment period, the social contributions collected by the INSS shall be converted into UFIR based on the value thereof in the month subsequent to the assessment period.

Sole paragraph. The provisions of §§ 1 and 2 of the preceding article apply to the contributions dealt with in this article.

Art. 57. With respect to taxable events occurring as of 1 August 1994, payment of the Contribution for the Financing of Social Security - COFINS, established by Complementary Law No. 70, of 30 December 1991, and of the contributions to the Social Integration Program and to the Public Servant Asset Formation Program - PIS/PASEP shall be made by the last business day of the first ten-day period subsequent to the month in which the taxable events occur.

Art. 58. Item III of art. 10 and art. 66 of Law No. 8.383, of 30 December 1991, shall take effect with the following wording:

"Art. 10. ........................................................

III - the amount equivalent to one hundred UFIR per dependent;

....................................................................."

"Art. 66. In cases of undue or excess payment of taxes, federal contributions, including social security contributions, and patrimonial revenues, even when resulting from reform, annulment, revocation or rescission of a condemnatory decision, the taxpayer may offset that amount in the collection of an amount corresponding to a subsequent period.

§ 1 The offset may only be made between taxes, contributions and revenues of the same kind.

§ 2 The taxpayer may choose to request restitution.

§ 3 The offset or restitution shall be made for the value of the tax or contribution or revenue monetarily corrected based on the variation of the UFIR.

§ 4 The Federal Revenue Secretariat and the Secretariat of Federal Patrimony and the National Institute of Social Security - INSS shall issue the necessary instructions for compliance with the provisions of this article."

Art. 59. The practice of acts that constitute crimes against the tax order (Law No. 8.137, of 27 December 1990), as well as the failure to issue invoices, under the terms of Law No. 8.846, of 21 January 1994, shall entail for the offending legal entity the loss, in the corresponding calendar year, of the incentives and benefits of reduction or exemption provided for in the tax legislation.

Art. 60. The granting or recognition of any tax incentive or benefit relating to taxes and contributions administered by the Federal Revenue Secretariat is conditioned upon proof by the taxpayer, individual or legal entity, of the settlement of federal taxes and contributions. (See Law No. 11.128, of 2005)

(See Law No. 12.844, of 2013)

Art. 61. As of 1 September 1994, debts of any nature owed to the National Treasury and those arising from contributions collected by the Union, whether or not constituted, whose taxable events occur up to 31 August 1994, expressed in UFIR, shall be converted into REAL based on the value thereof in the month of payment.

Art. 62. Debts of any nature owed to the National Treasury and those arising from contributions collected by the Union, whether or not constituted, whose taxable events occur as of 1 September 1994, shall be converted into a quantity of UFIR, based on the value thereof in the month of occurrence of the taxable event, and reconverted into REAL by multiplying the quantity of UFIR by the value thereof in force in the month of payment.

Sole paragraph. In the case of social contributions collected by the INSS, the conversion of debts into UFIR shall be based on the value thereof in the month subsequent to the assessment period of the contribution.

Art. 63. In the case of an installment plan granted administratively up to 31 August 1994, the amount of the debt or of the installment to be paid shall be determined by multiplying the respective quantity of UFIR by the value thereof in the month of payment.

Art. 64. In the case of an installment plan granted administratively as of 1 September 1994, the amount of the debt shall be consolidated in UFIR, in accordance with applicable legislation, and reconverted into REAL by multiplying the quantity of UFIR by the value thereof in force in the month of payment.

CHAPTER VII

Special Provisions

Art. 65. The entry into the Country and exit from the Country of national and foreign currency shall be processed exclusively through bank transfer, and the banking establishment shall be responsible for the perfect identification of the client or beneficiary.

Art. 65. The entry into the Country and exit from the Country of national and foreign currency must be carried out exclusively through an institution authorized to operate in the foreign exchange market, which shall be responsible for the perfect identification of the client or beneficiary. (Text provided by Law No. 12,865 of 2013)

(Repealed by Law No. 14,286 of 2021)

(Effectiveness)

§ 1 The following shall be excepted from the provisions of the caput of this article: the carrying, in cash, of amounts:

§ 1 The carrying of amounts, in cash, up to the limit established by the National Monetary Council, or of amounts exceeding that amount, provided that their entry into the Country or exit from it is proven, in the manner provided for in the pertinent regulations, shall be excepted from the provisions of the caput.

(Text provided by Provisional Measure No. 320 of 2006)

No effect

§ 1 The following shall be excepted from the provisions of the caput of this article: the carrying, in cash, of amounts:

(Repealed by Law No. 14,286 of 2021)

(Effectiveness)

I - when in national currency, up to R$ 10,000.00 (ten thousand reais);

(Repealed by Law No. 14,286 of 2021)

(Effectiveness)

II - when in foreign currency, the equivalent of R$ 10,000.00 (ten thousand reais);

(Repealed by Law No. 14,286 of 2021)

(Effectiveness)

III - when proven their entry into the Country or their exit from the Country, in the manner provided for in the pertinent regulations.

(Repealed by Law No. 14,286 of 2021)

(Effectiveness)

§ 2 The National Monetary Council, according to guidelines of the President of the Republic, shall regulate the provisions of this article, including on the limits and conditions for entry into the Country and exit from the Country of national currency.

§ 2 The Central Bank of Brazil, according to guidelines of the National Monetary Council, shall regulate the provisions of this article, including on the form, limits and conditions for entry into the Country and exit from the Country of national and foreign currency. (Text provided by Law No. 12,865 of 2013)

(Repealed by Law No. 14,286 of 2021)

(Effectiveness)

§ 3 Non-compliance with the provisions of this article, in addition to the criminal sanctions provided for in specific legislation, and after due legal process, shall entail the loss of the amount exceeding the limits referred to in § 1 of this article, in favor of the National Treasury.

(Repealed by Law No. 14,286 of 2021)

(Effectiveness)

§ 3 Non-compliance with the provisions of this article, in addition to the criminal sanctions provided for in specific legislation, and after due legal process, shall entail the loss of the amount exceeding the limit established in the form of § 1, in favor of the National Treasury. (Text provided by Provisional Measure No. 320 of 2006)

No effect

§ 4 The amounts retained due to non-compliance with the provisions of this article may be deposited in a banking establishment. (Included by Provisional Measure No. 320 of 2006)

No effect

§ 5 In the case referred to in § 4:

(Included by Provisional Measure No. 320 of 2006)

No effect

I - the amount not exceeding the limit established in the form of § 1 may be returned in the retained currency, or in reais after foreign exchange conversion; and

(Included by Provisional Measure No. 320 of 2006)

No effect

II - in the case of return of amounts converted into reais, the corresponding bank expenses shall be deducted.

(Included by Provisional Measure No. 320 of 2006)

No effect

§ 6 The Federal Revenue Secretariat shall regulate the provisions of this article regarding the obligation to declare the carrying of amounts upon entry into the Country or exit from it, seizure, deposit and return of the amounts referred to.

(Included by Provisional Measure No. 320 of 2006)

No effect

Art. 66. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil that present insufficiency in compulsory reserves or make overdrafts in the "Bank Reserves" Account shall be subject to the financial costs established by the Central Bank of Brazil, without prejudice to the legal penalties provided for in art. 44 of Law No. 4,595 of 31 December 1964.

Art. 66. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil that present insufficiency in compulsory reserves shall be subject to the financial costs established by the Central Bank of Brazil and to the provisions of Provisional Measure No. 784 of 7 June 2017. (Text provided by Provisional Measure No. 784 of 2017)

Effectiveness ended

Art. 66. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil that present insufficiency in compulsory reserves or make overdrafts in the "Bank Reserves" Account shall be subject to the financial costs established by the Central Bank of Brazil, without prejudice to the legal penalties provided for in art. 44 of Law No. 4,595 of 31 December 1964.

Art. 66. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil that present insufficiency in compulsory reserves or make overdrafts in the Bank Reserves account are subject to the financial costs established by the Central Bank of Brazil. (Text provided by Law No. 13,506 of 2017)

Sole paragraph. The financial costs shall correspond, at a minimum, to those of the liquidity loan line.

Art. 67. The fines applied by the Central Bank of Brazil, in the exercise of its legal competence, to financial institutions and other entities authorized by it to operate, as well as to the administrators of such institutions and entities, shall have a maximum amount of R$ 100,000.00 (one hundred thousand REAIS). (See Provisional Measure No. 2,224, of 2001)

(Revoked by Provisional Measure No. 784, of 2017)

Term of validity ended

(Revoked by Law No. 13,506, of 2017)

§ 1 The provisions of the caput of this article do not apply to infractions of an exchange nature.

(Revoked by Provisional Measure No. 784, of 2017)

Term of validity ended

(Revoked by Law No. 13,506, of 2017)

§ 2 The National Monetary Council shall regulate the gradation of the fines referred to in the caput of this article.

(Revoked by Provisional Measure No. 784, of 2017)

Term of validity ended

Revoked by Law No. 13,506, of 2017)

Art. 68. The deposits of banking financial institutions held at the Central Bank of Brazil and recorded in the account "Bank Reserves" are unattachable and shall not be liable for any type of civil, commercial, tax, social security, labor or other nature debt, contracted by these institutions or any others linked to them.

Sole paragraph. The unattachability referred to in the caput of this article does not apply to contractual debts effected by the Central Bank of Brazil and to those arising from the relations of financial institutions with the Central Bank of Brazil.

Art. 69. As of 1 July 1994, the issuance, payment and clearing of checks in an amount greater than R$ 100.00 (one hundred REAIS) without identification of the beneficiary is prohibited.

Sole paragraph. The National Monetary Council shall regulate the provisions of this article.

Art. 70. As of 1 July 1994, the adjustment and revision of public prices and public service tariffs shall be made:

I - in accordance with acts, norms and criteria to be established by the Minister of Finance; and

II - annually.

§ 1 The Executive Branch may reduce the period provided for in item II of this article.

§ 2 The provisions of this article apply, including, to the setting of tariff levels for the public electricity service, adjustments and revisions referred to in Law No. 8,631, of 4 March 1993.

Art. 71. The following are suspended until 30 June 1995:

I - the granting of guarantees and any other guarantees, for any purpose, by the National Treasury or in its name;

II - the opening of special credits in the General Budget of the Union;

III - the placement, by the Autonomous Bodies, Autarchies, Public Companies, Mixed Economy Companies and Foundations of the Union, and other entities, directly or indirectly controlled by the Union, of any title or obligation abroad, except when linked to the amortization of the adjusted principal of internal or external debt;

IV - the contracting, by the bodies and entities mentioned in the previous item, of new internal or external credit operations, except when linked to the amortization of the adjusted principal of internal or external debt, when referring to mercantile operations or when related to external credits of official entities for financing public projects;

V - the conversion, into federal public securities, of credits originating from the Results Account to be Offset - CRC, subject of Law No. 8,631, of 1993, with the amendments of Law No. 8,724, of 28 October 1993.

§ 1 The Executive Branch may extend the period referred to in the caput of this article.

§ 2 During the period referred to in the caput of this article, any request for additional supplementary credit to the General Budget of the Union must be previously examined by the Budget and Financial Conciliation Board referred to in the Decree of 19 March 1993, for the purpose of compatibility with budgetary resources.

§ 3 The provisions of items I, IV and V of this article do not apply to the Central Bank of Brazil and to federal public financial institutions.

§ 4 In exceptional cases, and provided that it is in accordance with the currency issuance targets contained in this Law, the President of the Republic, upon a proposal from the Minister of State for Finance, may set aside the suspension referred to in this article.

Art. 72. §§ 2 and 3 of art. 23 and art. 58 of Law No. 4,131, of 3 September 1962, shall come into force with the following wording:

(Revoked by Law No. 14,286, of 2021)

(Term of validity)

Art. 23..............................................................

§ 2 It constitutes an infraction attributable to the banking establishment, the broker and the client, punishable by a fine of 50 (fifty) to 300% (three hundred percent) of the value of the operation for each of the offenders, the declaration of false identity in the form which, in a number of copies and according to the model determined by the Central Bank of Brazil, shall be required in each operation, signed by the client and endorsed by the banking establishment and the broker who intervenes in it.

§ 3 It constitutes an infraction, of exclusive responsibility of the client, punishable by a fine of 5 (five) to 100% (one hundred percent) of the value of the operation, the declaration of false information in the form referred to in § 2.

Art. 58. Infractions to this Law, except for the specific penalties contained in its text, are subject to fines of up to R$ 100,000.00 (one hundred thousand reais), to be applied by the Central Bank of Brazil, in the manner prescribed in regulations to be issued by the National Monetary Council."

Art. 73. Art. 1 of Law No. 8,392, of 30 December 1991, shall come into force with the following wording:

"Art. 1 The period referred to in art. 1 of Laws No. 8,056, of 28 June 1990, No. 8,127, of 20 December 1990 and No. 8,201, of 29 June 1991, is extended until the date of promulgation of the complementary law referred to in art. 192 of the Federal Constitution, except with regard to the provisions of arts. 4, item I, 6 and 7, all of Law No. 4,595, of 31 December 1964."

Art. 74. Arts. 4 and 19 of Law No. 5,991, of 17 December 1973, shall come into force with the following alterations:

"Art. 4................................................................

XVIII - Supermarket - establishment that sells, through self-service, a wide variety of merchandise, especially food products in general and hygiene and cleaning products;

XIX - Warehouse and emporium - establishment that sells, wholesale or retail, a wide variety of goods and, in particular, foodstuffs and hygiene and cleaning products;

XX - Convenience store and 'drugstore' - establishment that, through self-service or not, sells various goods, with emphasis on those of first necessity, among which food in general, hygiene and cleaning products and household utensils, and may operate at any period of the day or night, including on Sundays and holidays;

......................................................................

Art. 19 . The medicine post, the mobile unit and the supermarket, the warehouse and the emporium, the convenience store and the 'drugstore' shall not depend on technical assistance and professional responsibility."

Art. 75. Art. 4 of Law No. 7,862 of 30 October 1989 shall come into force with the following wording:

"Art. 4 The positive results of the Central Bank of Brazil, ascertained in its semi-annual balance sheets, shall be transferred to the National Treasury by the 10th day of the month following that of ascertainment.

§ 1 The funds referred to in the caput of this article shall be allocated to the amortization of the public debt of the National Treasury, and the updated principal and respective interest of the internal Federal Public Securities Debt under the responsibility of the National Treasury held by the Central Bank of Brazil shall be amortized on a priority basis.

§ 2 Exceptionally, the positive results of the second half of 1994 shall be transferred monthly to the National Treasury by the 10th day of the month following that of ascertainment.

§ 3 The funds transferred to the National Treasury under the preceding paragraph shall be used exclusively for the amortization of the updated principal and respective charges of the internal Federal Public Securities Debt under the responsibility of the National Treasury held by the Central Bank of Brazil.

§ 4 The provisions of the preceding paragraph do not apply to the result for the first half of 1994."

Art. 76. Art. 17 of Law No. 8,880 of 1994 shall come into force with the addition of the following paragraphs, with the current §§ 2 and 3 renumbered as §§ 4 and 5:

Art. 17................................................................

§ 1.................................................................

§ 2 If the ascertainment or disclosure of the IPC-r is interrupted, the Minister of State for Finance shall be responsible for setting it based on the available indicators, observing precedence in relation to those ascertained by official research institutions.

§ 3 In the case of the preceding paragraph, the Minister of Finance shall disclose the methodology adopted for determining the IPC-r.

......................................................................"

Art. 77. § 2 of art. 36 of Law No. 8,880 of 1994 shall come into force with the following wording:

Art. 36 .................................................................

§ 2 The justification referred to in the caput of this article shall be made before the Secretariat for Economic Monitoring of the Ministry of Finance, which shall fully inform the Secretariat of Economic Law of the Ministry of Justice of the facts and measures adopted.

Art. 78. Arts. 7, 11, 20, 23, 42, 47 and 54 of Law No. 8,884 of 11 June 1994 shall come into force with the following amendments:

"Art. 7.................................................................

XIX - to prepare and approve its internal rules, providing for its operation, in the form of deliberations, procedural rules and organization of its internal services, including establishing collective vacations of the Board and the Attorney General, during which the procedural deadlines and that referred to in § 6 of art. 54 of this Law shall not run.

XXII - to designate the temporary substitute for the Attorney General in cases of absences, leave or impediment.

........................................................................

Art.11....................................................................

§ 3 In cases of absences, temporary leave or impediment of the Attorney General, the Plenary shall designate and the President of CADE shall appoint the temporary substitute, to act for a period not exceeding 90 (ninety) days, without the need for approval by the Federal Senate, and he shall be entitled to the remuneration of the position for the duration of the substitution.

........................................................................

Art. 20...................................................................

§ 3 The dominant position referred to in the preceding paragraph is presumed when the company or group of companies controls 20% (twenty percent) of the relevant market, and this percentage may be changed by CADE for specific sectors of the economy.

........................................................................

Art. 23 .........................................................

III - In the case of other natural or legal persons under public or private law, as well as any associations of entities or persons constituted in fact or in law, even temporarily, with or without legal personality, that do not carry out business activity, and it is not possible to use the criterion of the value of gross revenue, the fine shall be from 6,000 (six thousand) to 6,000,000 (six million) Fiscal Reference Units - UFIR, or subsequent standard.

.......................................................................

Art. 42. Upon receipt of the case, the President of CADE shall distribute it, by drawing lots, to the Reporting Commissioner, who shall open it for the Prosecutor's Office to manifest within twenty days.

.......................................................................

Art. 47. CADE shall oversee compliance with its decisions.

........................................................................

Art. 54. .................................................................

§ 3º The acts referred to in the caput include those aimed at any form of economic concentration, whether through merger or incorporation of companies, formation of a company to exercise control over companies, or any form of corporate grouping that implies the participation of a company or group of companies resulting in 20% (twenty percent) of a relevant market, or in which any of the participants has recorded annual gross revenue in the last balance sheet equivalent to 100,000,000 (one hundred million) UFIR, or a subsequent value unit.

......................................................................"

Art. 79. In applying the provisions of § 2º of art. 29 of Law No. 8,880, of 1994, the advances granted for any reason in the period between the conversion of salaries to URV and the base date shall be deducted.

Sole paragraph. The provisions of this article apply immediately, regardless of regulation.

Art. 80. The greater of the values resulting from the application of the provisions of art. 27, caput, and its § 3º, of Law No. 8,880, of 1994, shall be applied to the salary of workers in general, when the conversion of their salaries into URV has been carried out using a URV different from that of the actual payment.

Art. 81. The competence of the National Monetary Council to judge appeals against decisions of the Central Bank of Brazil relating to the application of penalties for infractions of exchange, foreign capital, and rural and industrial credit legislation is transferred to the Board of Appeals of the National Financial System, created by Decree No. 91,152, of 15 March 1985.

Sole paragraph. To comply with the provisions of the caput of this article, the Executive Branch shall provide for the organization, reorganization, and functioning of the Board of Appeals of the National Financial System, and may even modify its composition.

Art. 82. In mixed-capital companies in which the Union is required to hold control of the voting capital, the Union shall maintain a minimum of 50% plus one share of said capital, and the provisions of special laws that establish a participation greater than this limit are revoked, with the provisions of art. 116 of Law No. 6,404, of 15 February 1976, applying for purposes of shareholder control.

CHAPTER VIII

Final Provisions

Art. 83. Observing the provisions of § 3º of art. 23 of this Law, Laws No. 5,601, of 26 August 1970, and No. 8,646, of 7 April 1993, item III of art. 2º of Law No. 8,021, of 12 April 1990, the sole paragraph of article 10 of Law No. 8,177, of 1 March 1991, added by art. 27 of Law No. 8,178, of 1 March 1991, art. 16 of Law No. 8,178, of 1 March 1991, § 5º of art. 2º of Law No. 8,383, of 30 December 1991, subitem "a" of art. 24 of Law No. 8,541, of 23 December 1992, art. 11 of Law No. 8,631, of 4 March 1993, § 1º of art. 65 of Law No. 8,694, of 12 August 1993, art. 11 of Law No. 8,880, of 27 May 1994, art. 59 of Law No. 8,884, of 11 June 1994, and other contrary provisions are revoked.

Sole paragraph. The following provisions apply only to triggering events occurring up to 31 December 1994:

I - art. 10, item III, of Law No. 8,383, of 1991, with the wording given by art. 58 of this Law;

II - arts. 38, 48 to 51, 53, 55 to 57 of this Law, the latter with respect only to the Contributions to the Social Integration Program and to the Public Servant Asset Formation Program - PIS/PASEP.

Art. 84. The acts performed based on Provisional Measures No. 542, of 30 June 1994; No. 566, of 29 July 1994; No. 596, of 26 August 1994; No. 635, of 27 September 1994; No. 681, of 27 October 1994; No. 731, of 25 November 1994; No. 785, of 23 December 1994; No. 851, of 20 January 1995; No. 911, of 21 February 1995; No. 953, of 23 March 1995; No. 978, of 20 April 1995; No. 1004, of 19 May 1995; and No. 1027, of 20 June 1995, are validated.

Art. 85. This Law enters into force on the date of its publication.

Brasília, 29 June 1995; 174th of Independence and 107th of the Republic.

FERNANDO HENRIQUE CARDOSO

Nelson A. Jobim Pedro Malan Paulo Paiva Adib Jatene Luiz Carlos Bresser Pereira José Serra

This text does not replace the one published in the DOU of 30.6.1995

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