Negotiations with Turkey on Reopening Trade Borders

In a video conference head of Iran’s Trade and Promotion organization with the deputy minister of commerce of Turkey, discuss trade developments, removal of the restrictions during the current situation of Coronavirus.

As the Iranian government is making all its effort to ensure the health and safety of commercial cargoes and the establishment of disinfection facilities and observation of personal hygiene on exporting goods, with complying health protocols, Iran and Turkey are willing to reopen the borders.

The trade borders between Iran and Turkey will reopen as soon as possible, and this critical issue will happen in the near future.

They also emphasized the need for broadening friendly ties and the significance of bilateral trade and economic relations.

Recent circular on terms of the witnesses testimony

Testimony is one of the important evidence in substantiation of claims. However, in some cases, it faces different challenges due to the lack of credibility of people who appears in court, and they do not have the status of witnesses according to Iran’s Civil Code.

To preserve the credibility of the testimony of witnesses, the head of the judiciary issued a circular to protect them and to validate the testimony of witnesses in the judiciary. This circular is also released to prevent the deviation of investigations and trials by false witnesses and perjury.

According to the new circular, the parties to the case have to take the following measures:

  1. The judiciary shall arrange the possibility of registering the details of the witness’s information in the judicial system (SAMP).
  2. The judges of the courts and tribunals shall ascertainment of witnesses in the mentioned system and check their background.
  3. In case of discovery perjury and collusion during the investigation, the necessary actions should be taken immediately, to prosecute the perpetrators.
  4. The respective judicial sectors should take appropriate measures to identify and introduce persons who are professionally present around the judicial units and, in return, for obtaining property or privileges, to make false evidence in judicial authorities.

The issuance and transfer of checks to the bearer will be prohibited from 11 December this year under the new Cheque Act.

According to the amendment to the cheque Act, the issuance and drawing a cheque to the bearer, drawing and transfer a cheque in just physical form, issuance checkbooks for the persons with bounced cheques, bankrupts and persons in failing circumstances and not able to pay the amounts of cheques is prohibited.

The central bank in the present year must provide the necessary infrastructure for the recipient of the cheque to make it possible to inquire about the latest status of the check drawer. Also, information such as the validity limit of the drawer, the history of the bounced checks in the last three years, and the number of unsettled obligations should be provided.

Postponement of the annual and extraordinary general meetings

In the first stage, the proposal of the Iranian Society of Certified Public Accountants to extend the three-month postponement of the general meetings of stock exchange companies has been approved due to the Corona Virus situation.

Given that there is no explicit provision in Iran’s Commercial Code regarding the postponement of meetings, the government has enacted this approval.

Consultations are also being held on the meetings of other public and private sector companies, and its information will be provided as soon as the relevant documents are received.

Good News for Manufacturing Units

One of the vice presidents in the Ministry of Industry, Mine and Trade, referring to the recently approved regulation of the Monetary and Credit Council on the determination of the bank debt of the production units.

This approval shows, all production units licensed by the Ministry of Agriculture and the Ministry of Mine and Trade, by the end of September, may Settle on 7.5% of their debt to the banking system. With a 4-month braking period and within five years of installment of debts, they are permitted to settle their debt and benefit from banking services and facilities.