SICAD Call No. 12-2013
On December 10, 2013, the Venezuelan Central Bank (“VCB”) called for auction No. 12-2013 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 Special Auctions of Foreign Currency Nos. 01-2013, 02-2013, 03-2013, 04-2013, 05-2013, 06-2013, 07-2013, 08-2013, 09-2013, 10-2013 and 11-2013, called by the VCB on July 11, 2013; July 26, 2013; August 20, 2013; October 14, 2013; October 21, 2013; October 28, 2013; November 5, 2013, November 11, 2013, November 18, 2013, November 25, 2013 and December 03, 2013 respectively, or participated but their purchase orders were not awarded, that are domiciled in any part of the national territory, and develop the following activities:
Legal persons of the machinery and equipment sector, only intended for agricultural use (including spare parts).
Legal persons of the chemical sector, only insecticides and other chemical products of agriculture and livestock use and consumable supplies and raw materials for the manufacture of the same.
Legal persons of the electric sector, only electric motors, generators, pieces and parts (excluding auto parts).
Legal persons of the food and veterinary-health sectors, only medicines, food, equipment, consumable supplies, and raw material for animal or veterinary use.
Description of the auction:
Total amount of the auction: USD 90,000,000.00.
Minimum amount per purchase order: USD 5,000.00.
Maximum amount per purchase order USD 0.5% of the amount of the auction.
Multiple per purchase order: USD 1,000.00.
Also, the call is addressed to the natural persons residing in the national territory who meet the requirements established in the rules regulating the SICAD and did not participate in Special Auctions of Foreign Currency Nos. 01-2013, 02-2013, 03-2013, 04-2013, 05-2013, 06-2013, 07-2013, 08-2013, 09-2013, 10-2013 and 11-2013, called by the VCB on July 11, 2013; July 26, 2013; August 20, 2013; October 14, 2013; October 21, 2013; October 28, 2013; November 5, 2013, November 11, 2013, November 18, 2013, November 25, 2013 and December 3, 2013, respectively, or who participated but their purchase orders were not awarded, regardless of the case for which the relevant purchase order was submitted, and who are in the cases established in article 19, letters (a), (b), and (c) of Resolution No. 13-07-01 of 07/02/2013: expenses of trips abroad, expenses of studies abroad, expenses related to health recovery, scientific research, sports, culture, and other cases of special urgency. 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 until December 03, 2013 with a date of departure from the national territory from the date of this call up to and including December 31, 2013.
An amount of USD 10,000,000.00 will be auctioned to natural persons out of the total amount of the auction; a minimum amount of USD 500 and a maximum amount of USD 2,500 may be requested.
The receipt of purchase orders from both natural and legal persons begins on Wednesday, December 11 and ends on Thursday, December 12. On Monday, December 16, the VCB will inform the amount auctioned and the total amount awarded. The process will be completed on Tuesday, December 17, date on which the amounts awarded will be paid.
In order to access the call for Auction No. 12-2013, 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.”