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Natural persons with debts exceeding 3 billion rials ($78,000)  will be placed on the no-fly list if demanded by the banks’ CEOs.
Natural persons with debts exceeding 3 billion rials ($78,000)  will be placed on the no-fly list if demanded by the banks’ CEOs.

New Rules on Bank Debtors’ Travel Ban

New Rules on Bank Debtors’ Travel Ban

The governor of the Central Bank of Iran has sent a letter to CEOs of all state-owned and private banks, notifying them of new regulations concerning foreign travel ban on bank debtors.
According to Valiollah Seif’s notification, natural persons with debts exceeding 3 billion rials ($78,000) and legal entities who have racked up debts higher than 5 billion rials ($130,000) and also do not possess a valid guarantee, namely immovable property like real-estate or movable property like deposits or other acceptable collaterals, will be placed on the no-fly list if demanded by the banks’ CEOs, reports Banker.ir.
Other regulations mentioned in the letter are as follows:
* A request for foreign travel ban is only executable at the behest of the corresponding bank’s CEO.
* The person targeted by the ban must be written to and informed.
* In case of legal entities, it is only possible to put the current manager of companies on the no-fly list.
* It is not possible to put a former company manager on the no-fly list, even if they are the ones who signed the documents back at the time of receiving the loans. * It is not possible to place restrictions on guarantors and foreign travel ban is only applicable to debtors themselves. 
* Repeal of the ban is possible after settling the debts, providing adequate guarantee or resolving the case.
* Before requesting a ban on a public-sector executive, they must be directly asked to settle their company’s debts.  * If an individual is targeted due to the debts of multiple companies, it is possible to lift the ban only when all the debts are settled.   

 

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