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Constitutional Council rejects legislation criminalizing defaulting export firms
The Constitutional Council recently retracted an earlier decision by lawmakers that criminalizes exporters who are unable to repatriate their forex income.
On November 8, the Council, also known as the Guardian Council -- a watchdog that ensures laws are in line with the Islamic Republic Constitution and Sharia -- found the rules “in conflict with Articles 36 and 85 of the Constitution”.
As per Article 36, “penalties must be enforced by a qualified court and based on law”. Likewise Article 85 bans the Parliament from relegating its authority to legislate to another group. In the exporters’ forex case the Parliament is not allowed to give the Money and Credit Council authorization to decide how to deal with defaulting exporters.