SICAD Call No. 16-2014
On January 29, 2014, the Venezuelan Central Bank (“VCB”) called for auction No. 16-2014 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, according to what the National Center of Foreign Trade (Centro Nacional de Comercio Exterior) indicated, are the following legal persons 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”) that meet the requirements established in the rules regulating the SICAD and that are domiciled in any part of the national territory:
Legal persons of the paper, cardboard, and wood sector; wood, charcoal, and wood products, woodpulp and cellulose paste, paper or cardboard products (Chapters 44, 47 and 48 of Schedule of Customs Duties).
Legal persons of the chemical sector; chemical products (Chapters 28 and 29 of Schedule of Customs Duties).
Legal persons of the health sector; pharmaceutical products (Chapter 30 of Schedule of Customs Duties).
Legal persons of the textile and footwear sector; end products, raw material, and consumable supplies for their manufacture (Chapters 61, 62, 63, and 64 of Schedule of Customs Duties).
Description of the auction:
Total amount of the auction: USD. 220,000,000.00.
Minimum amount per purchase order: USD 5,000.00.
Maximum amount per purchase order: 0.5% of the total amount of the auction.
Multiple per purchase order: USD. 1,000.00.
The receipt of purchase orders begins on Thursday, January 30 at 9:00 a.m. and ends on Friday, January 31 at 12:00 m. On Tuesday, February 4, the VCB will inform the amount auctioned and the total amount awarded. The process will be completed on Wednesday, February 5, date on which the amounts awarded will be paid.
In order to access the call for Auction No. 16-2014, 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.”