Iran Streamlines Process for Imported Vehicle Purchases with New Banking Directive
Tehran – In a significant move to facilitate the acquisition of imported vehicles, the Ministry of Industry, Mine, and Trade has issued a new directive to the country’s leading banks. This initiative is part of a broader framework to regulate and streamline the market for imported automobiles.
New Banking Mechanism Implemented
The ministry, through an official letter signed by Mahmoud Ali-Mohammadi Hajizadeh, has instructed bank CEOs to establish special trustee accounts for citizens applying to purchase imported cars. This directive coincides with the launch of a new registration phase on the government’s integrated sales platform.
The letter explicitly calls on banks to provide all necessary conditions for the swift and efficient opening of these accounts for applicants, ensuring the process is transparent and accessible.
A Structured Financial Process
According to the official communique, banks are mandated to receive formal applications from applicants on official bank letterhead. A key requirement is the blocking of a 50-million-Toman deposit, which must be formally registered under the designation “Imported Vehicle.”
Banks are required to submit all related documentation and details concerning this financial transaction in a clear and transparent written format by the end of the day on Sunday, December 1, 2024. This structured financial procedure aims to bring order and clarity to the purchase process for both consumers and financial institutions.