Parliament Tightens Law on Currency Repatriation

Parliament on Monday passed a law that criminalizes export companies that fail to return their overseas income to the country.
The new legislation is an amendment to Combating Goods and Foreign Currency Smuggling Law, according to the parliamentary news agency ICANA.
As per the new law, if the pending repatriation commitment is below 100 billion rials (calculated based on the highest foreign exchange rate announced by the Central Bank of Iran) the defaulter would not only be forced to pay but also will face additional penalties, namely trade ban for six months to one year.