Through the recent Communication A 6037 of the Central Bank, several restrictions limiting foreign exchange operations were annulled, and within this new arrangement new rules relating to the collection and payment of international services are included.
Among the provisions related services the following are mentioned:
- Simplification of documentary requirements, providing that transactions will be processed automatically, the applicant must declare the corresponding concept of the operation.
- The 365 days term from the perception is confirmed for the nationalization of the currency effectivelly collected, leaving to the payee the option to exchange into national currency or keep the foreign currency through a deposit in foreign currency accounts
- The principle remains that the obligation of nationalization and / or liquidation only reaches currency actually received
- The maximum monthly amount for this kind of transaction are removed, being enabled for any amount
- As for transferences from Argentina, the ability to access the foreign exchange market for payment of services, interests and dividends, as well as acquisition of non-produced financial assets is confirmed, presenting affidavit of having complied, if applicable, the requirements set forth by Communication A 3602 and Communication A 4237.
The intention declaimed by the Central Bank to issue these rules is to simplify the foreign exchange market and to eliminate obstacles arising from the FX market regulations in force in Argentina in recent years. DJAS (AFIP RG 3276/2012) is not included as a prerequisite for processing transfers abroad.
These measures are consistent with the policies implemented by the current government, are welcomed and their practical effects will be effective immediately, for the benefit of the business community.
You can access the BCRA Communication A 6037 on this link: http://www.bcra.gov.ar/Pdfs/comytexord/A6037.pdf
For questions or queries on the subject, contact Dr. Palico Millé (palico@mille.com.ar)