Export Transactions - CADIVI
Through Ruling No. 113, published in Official Gazette No. 40.128 of March 13, 2013, the Foreign Currency Administration Commission (“CADIVI”) amended Ruling No. 111, which establishes the requirements and formalities for export transactions. Article 21 of Ruling No. 111 prescribed that the withholdings could be used for export expenses or for acquisition of securities. The amendment limits the use and withholding of foreign currency derived from exportation to what is established in the Exchange Agreements; therefore, it limits the use of foreign currency to export expenses other than financial debt.
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