Lawmakers on Sunday voted in favor of modifying laws related to currency and goods smuggling, increasing fines and penalties for those who smuggle foreign currency to and from Iran.
They set a fine of one to two times the value of the smuggled amount in rials for those who smuggle forex into the country. The fine is four times the amount for those who take out hard currency from the country illegally, IRNA reported.
As per the law, bringing in and taking out foreign currency by mailing and shipping above €10,000 or its equivalent in other currencies is banned.
According to the Central Bank of Iran website, individuals entering or leaving the country, who possess more than €10,000 in foreign currency, banking instruments or bonds, will be subject to official probe to ascertain the origin of the asset.
Exceptions
Holding more than this amount or its equivalent can be possible only when a passenger presents:
- a bank receipt or any other document proving that the amount has been paid by a bank
- an authorized receipt from an exchange house registered with the CBI's SANA currency system
- a printed receipt stating a tracking code showing that the money was declared to customs authorities during entry.
However, keeping foreign exchange, banking instruments and bonds worth up to €10,000 or its equivalent in other currencies is allowed.
Rampant smuggling is a main issue undermining Iran’s economy in more ways than one. About 54 trillion rials ($329 million) worth of contraband was confiscated by the Islamic Republic of Iran Customs Administration and other organizations fighting crime, including the Law Enforcement Forces in the last fiscal year (March 2019-20).
No official data is available regarding the volume of foreign currency smuggled in and out of Iran. But given the new stringent rules, policymakers are apparently getting serious about fighting this scourge that has long harmed the economy and value of the national currency.
