Appendix II:

Amendments

 

   1- Article 60 of the Law was amended on 10/10/2000 at the open session of the Islamic Consultative Assembly as follow:

ARTICLE 60- To stabilize the foreign exchange revenue accrued from the export of crude oil during the Third Economic, Social and Cultural Development Plan of the Islamic Republic of  Iran, to convert the proceeds of the said revenue to other forms of financial reserves and investments, and to prepare the ground in order to realize the activities envisaged in the Plan, government is required to undertake the following actions through creating a prudential foreign exchange reserve account for the revenue earned through the export of crude oil:

   A- Effective from the year 1379 (March 21, 2000), the foreign exchange revenue from the crude oil export in excess of the envisaged figures in table (2) of this Law shall be deposited into a government reserve account with the Central Bank of the Islamic Republic of Iran, titled “Reserved Account for the Crude Oil Income”.

   B- During the years of the Plan, in cases that the revenue from the crude oil export falls short of the envisaged figures in Table (2) of this Law, government is authorized to withdraw from the said reserve account, once in every three months interval. The Rial equivalent of the deposited funds will be held with the government’s general revenue account.

   C- Government is authorized to utilize up to a maximum of fifty percent (50%) of the balance of the Foreign Exchange Reserve Account for investment and financing part of the credit requirements of production and job-creating industrial, mining, agricultural, transportation projects, and technical and engineering services provided by the non-public sector, whose justifiability is confirmed by the concerned specialized ministries, in form of sufficiently guaranteed facilities through the domestic banks and Iranian banking networks abroad.

   D- Utilization of the “Foreign Exchange Reserve Account” to finance the government’s general budget shall be permissible solely on the condition of decreasing foreign exchange income from export of the crude oil as compared with the approved figures and inadequacy of the revenues from tax and other sources as envisaged in Table (2) of this Law. Utilization of the said funds to off set deficit of the non-oil revenue of the government’s general budget is prohibited.

   E- The by-law of this Article to be proposed jointly by the Management and Planning Organization, the Central Bank of the Islamic Republic of Iran, and Ministry of Economic Affairs and Finance within a maximum period of three months with the effect from the date of enactment of this Law, and will be approved by the Cabinet.

2- Table (2) of the Law was amended on 10/10/2000 by the said Assembly as follow:

 

Table (2) of the Law of the Third Plan

(In Million Dollar)