SICAD Call No. 02/2013
On July 26, 2013, the Venezuelan Central Bank (“VCB”) called for auction No. 02-2013 to be made through the Complementary System of Foreign Currency Administration (Sistema Complementario de Administración de Divisas - “SICAD”). The persons convoked to take part in the auction are the legal persons that meet the requirements established in the rules regulating the SICAD, that did not participate in the Special Auction of Foreign Currency No. 01-2013 called by the VCB on July 11 2013 or participated but their purchase orders were not awarded, and that develop the activities mentioned below:
Commercial sector. Enterprises domiciled in the State of Nueva Esparta (Duty Free Port).
Sector of electrical appliances (electrodomésticos). Enterprises domiciled in the State of Falcón (Free Zone for the Promotion of Tourism Investment in the Península de Paraguaná).
Sector of book stores and school supplies. Enterprises domiciled in the national territory.
Sector of commerce and manufacture (only toys in both cases). Enterprises domiciled in the national territory.
Sector of information technology (parts, spare parts, and components). Enterprises domiciled in the national territory.
Description of the auction:
Total amount of the auction: USD 150,000,000.00
Minimum amount per purchase order: USD 8,000.00
Maximum amount per purchase order: 0.6% of the amount of the auction
Multiple per purchase order: USD 1,000.00
Date of the call: July 26, 2013.
Also, the call is addressed to the natural persons residing in the national territory, duly registered with the “Registry of Users of the Complementary System of Foreign Currency Administration” (“Registro de Usuarios del Sistema Complementario de Administración de Divisas” - RUSICAD), who meet the requirements established in the rules regulating the SICAD and did not participate in the Special Auction of Foreign Currency No. 01-2013 called by the VCB on July 11, 2013, or who participated but their purchase orders were not awarded, regardless of the case for which the relevant purchase order was submitted. In the case of applicants for foreign currency intended for payment of trips abroad, the participants called are the natural persons who have acquired tickets with a date of departure from the national territory from the date of this call up to and including September 15, 2013.
An amount of USD 30,000,000.00 will be auctioned to natural persons out of the total amount of the auction; the applications for Consumption Expenses for Trips Abroad will be for a minimum of US$ 500 and a maximum of US$ 2,500; for other cases established in article 19, letters b), c), and d) of Resolution No. 13-07-01 of 07 02//2013, a minimum amount of US$ 500 and a maximum amount of US$ 5,000 may be requested.
The receipt of purchase orders from both natural and legal persons will begin on Monday, July 29 and end on Tuesday, July 30. On Wednesday, July 31, the VCB will inform the amount auctioned and the total amount awarded. The process will be completed on August 2, date on which the amounts awarded will be paid.
In order to access the call for Auction No. 02-2013, please click here:
“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”