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Bank Melli Iran :: History
Bank Melli Iran :: History http://www.bmi.ir/En/BMIHistory.aspx?smnuid=10011 | (http://bmi.ir) ر (/ar/Default.aspx) | H me (/En/Default.aspx) About Us () Services () Correspondent Banking () Thursday, (/En/Default.aspx) News (http://www.bmi.ir/En/news.aspx?smnuid=10080) Regulations () A ugust 04, 2016 Units () CONCISE HISTORY OF BANK MELLI IRAN IN THE NAME OF GOD The year 1307(1928) should be regarded as a turning point in Iran's banking and economic history. It was in that year that after nearly 40 years of foreign dominance on the country's banking scene, BankMelli Iran, the first Iranian commercial bank was established and the long cherished aspiration of the Iranian nation turned into reality . With the establishment of Bank Melli Iran and consequential suspension of foreign banks licences, the then disorderly economic trend of the country was reversed and the newly founded bank began to gather momentum in strengthening of the economic structure and development of agriculture, industry and commerce by mobilizing the huge financial resources and popular savings and by chanelling credits toward productive activities. During the 85 year period ensuing the foundation of Bank Melli Iran the country has witnessed a great deal of changes and turnarounds. Bank Melli Iran which had been founded as a result of an economic exigency, developed at later stages into an active and dynamic element assuming an accelerating role in the country’s economic advancement. In the year 1310(1931) parliament granted sole powers to Bank Melli Iran to issue banknotes, thus establishing the bank as the country’s bank of issue. -
Banking in the Middle East
Banking in the Middle East Anwar All* ODERN BANKING in the Middle East dates from the second M half of the last century. The Ottoman Bank in Turkey, estab- lished in 1863, is, perhaps, the oldest modern banking institution in the area. Banking has made slow but steady progress ever since, the progress depending upon the pace of economic development in various countries and of the transition from predominantly barter to semi- market economies. More recently, with the emphasis placed on eco- nomic development in a number of countries, there have been definite efforts to extend banking services and diversify banking institutions. However, the improvement has by no means been uniform. In some countries, for example, a nomadic way of life still survives, and there is no regularly organized banking system or paper currency. Thus, while progress in recent years has been steady, the banking structure of the Middle East still reflects, on the whole, the economic backwardness of the area and the limitations of domestic banking. Various causes have retarded progress in the development of banking. The basic cause has been the primitive, underdeveloped, and, until com- paratively recently, the almost self-contained nature of the economy in many countries of the region. Nearly 80 per cent of the people live upon agriculture and practice primitive methods of cultivation that yield extremely low crops.1 Much of the agricultural produce does not enter the market but is consumed by the producers or bartered for services and other necessities. The monetization of the economy is thus, in varying degrees, incomplete.2 The majority of the countries export primary commodities and are dependent upon imports for most of the finished consumer goods that they need. -
Internal Debt and Multinational Profit Shifting: Empirical Evidence from Firm-Level Panel Data
National Tax Journal, March 2013, 66 (1), 63–96 INTERNAL DEBT AND MULTINATIONAL PROFIT SHIFTING: EMPIRICAL EVIDENCE FROM FIRM-LEVEL PANEL DATA Thiess Buettner and Georg Wamser This paper explores the role of internal debt as a vehicle for shifting profi ts to low- tax countries. Using data on German multinationals, it exploits differences in taxes in more than 100 countries over 10 years. The results confi rm that internal debt is used more by multinationals with affi liates in low-tax countries and increases with the spread between the host-country tax rate and the lowest tax rate among all affi liates. However, tax effects are small, suggesting that profi t shifting by means of internal debt is rather unimportant for German fi rms. Further testing indicates that this is partly due to the German controlled foreign corporation (CFC) rule. Keywords: capital structure, multinational corporations, internal debt, corporate taxation, tax planning, profi t shifting, income shifting JEL Codes: H25, G32, F23 I. INTRODUCTION ue to the rising importance of foreign direct investment (FDI) and multinational Dfi rms, international tax issues are of increasing importance for tax policy. As noted in the literature (Gresik, 2001), a multinational corporation has several ways to structure its activities in order to minimize the burden of taxation. This tax planning partly involves conventional decisions to set up fi rms in a tax-effi cient way, for example by using debt rather than equity fi nance. Yet multinational tax planning also involves less conventional practices that exploit the specifi c characteristics of multinationals. In particular, tax planning employs profi t-shifting techniques that only require the adjustment of the internal structure of the multinational fi rm. -
The General Court Annuls the Acts of the Council Freezing The
General Court of the European Union PRESS RELEASE No 99/13 Luxembourg, 6 September 2013 Judgments in Joined Cases T-35/10 and T-7/11 Bank Melli Iran; Case T-493/10 Persia International Bank plc; Joined Cases T-4/11 and T-5/11 Export Development Bank of Iran; Case T-12/11 Iran Insurance Company; Case T-13/11 Post Bank Iran; Case T-24/11 Bank Refah Kargaran; Case T-434/11 Europäisch-Iranische Handelsbank AG; Joined Cases T-42/12 and T-181/12 Naser Bateni; Case T-57/12 Good Luck Shipping, and Press and Information Case T-110/12 Iranian Offshore Engineering & Construction Co. v Council The General Court annuls the acts of the Council freezing the funds of seven companies and one person in connection with the restrictive measures taken against Iran with the aim of preventing nuclear proliferation Bank Melli Iran and Europäisch-Iranische Handelsbank remain on the list of those whose funds are frozen In order to apply pressure on Iran to end its proliferation-sensitive nuclear activities and the development of nuclear weapon delivery systems, the Council of the European Union adopted decisions and regulations freezing the funds of persons and entities identified by the Council as being involved in nuclear proliferation. The persons and entities concerned are named in a list annexed to each of those regulations, together with a statement of the Council’s reasons for including each person or entity. The persons and entities in the cases before the Court had been designated by decisions of the Council as having been involved in Iran’s nuclear programme, and their names were therefore listed in the annexes to the regulations providing for the funds of such persons to be frozen. -
Federal Register/Vol. 85, No. 63/Wednesday, April 1, 2020/Notices
18334 Federal Register / Vol. 85, No. 63 / Wednesday, April 1, 2020 / Notices DEPARTMENT OF THE TREASURY a.k.a. CHAGHAZARDY, MohammadKazem); Subject to Secondary Sanctions; Gender DOB 21 Jan 1962; nationality Iran; Additional Male; Passport D9016371 (Iran) (individual) Office of Foreign Assets Control Sanctions Information—Subject to Secondary [IRAN]. Sanctions; Gender Male (individual) Identified as meeting the definition of the Notice of OFAC Sanctions Actions [NPWMD] [IFSR] (Linked To: BANK SEPAH). term Government of Iran as set forth in Designated pursuant to section 1(a)(iv) of section 7(d) of E.O. 13599 and section AGENCY: Office of Foreign Assets E.O. 13382 for acting or purporting to act for 560.304 of the ITSR, 31 CFR part 560. Control, Treasury. or on behalf of, directly or indirectly, BANK 11. SAEEDI, Mohammed; DOB 22 Nov ACTION: Notice. SEPAH, a person whose property and 1962; Additional Sanctions Information— interests in property are blocked pursuant to Subject to Secondary Sanctions; Gender SUMMARY: The U.S. Department of the E.O. 13382. Male; Passport W40899252 (Iran) (individual) Treasury’s Office of Foreign Assets 3. KHALILI, Jamshid; DOB 23 Sep 1957; [IRAN]. Control (OFAC) is publishing the names Additional Sanctions Information—Subject Identified as meeting the definition of the of one or more persons that have been to Secondary Sanctions; Gender Male; term Government of Iran as set forth in Passport Y28308325 (Iran) (individual) section 7(d) of E.O. 13599 and section placed on OFAC’s Specially Designated [IRAN]. 560.304 of the ITSR, 31 CFR part 560. Nationals and Blocked Persons List Identified as meeting the definition of the 12. -
Department of the Treasury
Vol. 76 Thursday, No. 126 June 30, 2011 Part IV Department of the Treasury Office of Foreign Assets Control 31 CFR Chapter V Alphabetical Listings: Specially Designated Nationals and Blocked Persons; Blocked Vessels; Persons Determined To Be the Government of Iran; Final Rule VerDate Mar<15>2010 18:07 Jun 29, 2011 Jkt 223001 PO 00000 Frm 00001 Fmt 4717 Sfmt 4717 E:\FR\FM\30JNR3.SGM 30JNR3 srobinson on DSK4SPTVN1PROD with RULES3 38534 Federal Register / Vol. 76, No. 126 / Thursday, June 30, 2011 / Rules and Regulations DEPARTMENT OF THE TREASURY Background additions and deletions of names, as The Department of the Treasury’s well as changes in identifying Office of Foreign Assets Control Office of Foreign Assets Control information, it provides more up-to-date (‘‘OFAC’’) maintains a list of blocked information than the list of persons 31 CFR Chapter V persons, blocked vessels, specially previously published on an annual basis designated nationals, specially at Appendix A. Alphabetical Listings: Specially Persons engaging in regulated Designated Nationals and Blocked designated terrorists, specially designated global terrorists, foreign activities are advised to check the Persons; Blocked Vessels; Persons Federal Register and the most recent Determined To Be the Government of terrorist organizations, and specially designated narcotics traffickers whose version of the SDN List posted on Iran OFAC’s Web site for updated property and interests in property are information on blocking, designation, blocked pursuant to the various AGENCY: Office of Foreign Assets identification, and delisting actions economic sanctions programs Control, Treasury. before engaging in transactions that may administered by OFAC. OFAC be prohibited by the economic sanctions ACTION: Final rule. -
Equivalence in the Internal and External Public Debt Burden Philippe Darreau, François Pigalle
Equivalence in the internal and external public debt burden Philippe Darreau, François Pigalle To cite this version: Philippe Darreau, François Pigalle. Equivalence in the internal and external public debt burden. Economics Bulletin, Economics Bulletin, 2013, 33, pp.2475 - 2482. hal-01076343 HAL Id: hal-01076343 https://hal.archives-ouvertes.fr/hal-01076343 Submitted on 21 Oct 2014 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Economics Bulletin, 2013, Vol. 33 No. 4 pp. 2475-2482 1. Introduction According to Modigliani (1961), the debt burden is a reduction in the aggregate stock of private capital, which will lead to a reduction in the flow of goods and services for future generations. Debt is a burden, because it crowds out capital. But does this burden differ, depending on whether the debt is "internal" (held by domestic agents) or "external" (held by foreign agents)? Conflicting arguments persist in relation to the burden of debt, according to whether it is internal or external. Lerner (1948) argues that external public debt is a burden, whereas internal public debt is not. The sale of bonds abroad generates a charge for the nation, whose servicing represents a perpetual trade surplus that future generations must bear. -
National Debt in a Neoclassical Growth Model
NATIONAL DEBT IN A NEOCLASSICAL GROWTH MODEL By PETER A. DIAMOND* This paper contains a model designed to serve two purposes, to examine long-run competitive equilibrium in a growth model and then to explore the effects on this equilibrium of government debt. Samuel- son [8] has examined the determination of interest rates in a single- commodity world without durable goods. In such an economy, interest rates are determined by consumption loans between individuals of different ages. By introducing production employing a durable capital good into this model, one can examine the case where individuals pro- vide for their retirement years by lending to entrepreneurs. After de- scribing alternative long-run equilibria available to a centrally planned economy, the competitive solution is described. In this economy, which has an infinitely long life, it is seen that, despite the absence of all the usual sources of inefficiency, the competitive solution can be inefficient. Modigliani [4] has explored the effects of the existence of govern- ment debt in an aggregate growth model. By introducing a government which issues debt and levies taxes to finance interest payments into the model described in the first part, it is possible to re-examine his conclusions in a model where consumption decisions are made indi- vidually, where taxes to finance the debt are included in the analysis, and where the changes in output arising from changes in the capital stock are explicitly acknowledged. It is seen that in the "normal" case external debt reduces the utility of an individual living in long-run equilibrium. Surprisingly, internal debt is seen to cause an even larger decline in this utility level. -
Managing the LDC Debt Crisis
JEFFREY SACHS Harvard University Managing the LDC Debt Crisis THE DEBT CRISISof the developingcountries is now enteringits fifthyear. Since August 1982, when Mexico declared its inability to service its debts, more than forty developingcountries have experiencedcrises in external finance.1Several earlier Brookings studies analyzingthe debt crisis have focused on the origins of the crisis, the marketresponses to it, and the relationshipof the industrializednations' macroeconomic policies to the prospectsof the debtornationis.2 This paperhas a different focus: the managementof the debt crisis by the creditorgovernments, especially the United States. Lookingback at the past four years, one can discern a basic strategy on the partof the United States, Japan,and other creditorgovernments. For them, the debt crisis opened up the prospect of a major world financialcrisis. Withthe world'slargest commercial banks holding claims on the debtorcountries that typically exceed 100percent of bankcapital, 1. The WorldBank's study "Developmentand Debt Service:Dilemma of the 1980s," table 2, page xiv, in World Debt Tables: External Debt of Developing Countries, 1985-86 ed. (WorldBank, 1986),lists thirty-eightcountries that have engagedin multilateraldebt renegotiationsduring 1982-85. Several more countriesthat have entered IMF standby arrangementsbecause of debt-servicingdifficulties have not engagedin multilateraldebt renegotiations.The countriesin the WorldBank list areArgentina, Bolivia, Brazil, Central AfricanRepublic, Chile, Costa Rica, DominicanRepublic, Ecuador, Equatorial Guinea, Guyana, Honduras,Ivory Coast, Jamaica, Liberia, Madagascar,Malawi, Mauritania, Mexico, Morocco, Mozambique,Nicaragua, Niger, Nigeria, Panama,Peru, Philippines, Romania,Senegal, SierraLeone, Somalia,Sudan, Togo, Uganda,Uruguay, Venezuela, Yugoslavia,Zaire, Zambia. 2. See CarlosF. Diaz-Alejandro,"Some Aspects of the 1982-83 BrazilianPayments Crisis," BPEA,2:1983, pp. -
Government Debt ` Status Paper J a N U a R Y 2 0 1 6
ºÉiªÉàÉä´É VɪÉiÉä GOVERNMENT DEBT ` STATUS PAPER J A N U A R Y 2 0 1 6 MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS BUDGET DIVISION, MIDDLE OFFICE PRINTED AT BUDGET PRESS, MINISTRY OF FINANCE, NEW DELHI NEW DELHI GOVERNMENT DEBT STATUS PAPER MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS BUDGET DIVISION, MIDDLE OFFICE NEW DELHI JANUARY, 2016 +ÉâóhÉ VÉä]ãÉÉÒ Arun Jaitley ÉÊ´ÉkÉ, BÉEÉ{ÉÉäÇ®ä] BÉEɪÉÇ Minister of Finance, Corporate Affairs A´ÉÆ ºÉÚSÉxÉÉ ´É |ɺÉÉ®hÉ àÉÆjÉÉÒ and Information & Broadcasting £ÉÉ®iÉ India FOREWORD Since 2010 the Central Government has been bringing out an annual Status Paper on public debt that provides a detailed analysis of the overall debt situation of the country. This paper enhances transparency by providing a detailed account of debt operations and providing an assessment of the health of the public debt portfolio. 2. This Status Paper, the fifth in the series, provides a detailed discussion on the trend, composition and features of Central Government liabilities as well as consolidated General Government Debt as at end-March 2015, including a detailed discussion on State Government debt. There is also a more nuanced assessment on aspects of debt sustainability in the Paper and it attempts to benchmark the efficiency of India's Public Debt Management on internationally accepted debt performance indicators. The Paper also includes some developments in debt markets since last Status Paper, such as issuance of non-standard maturity dated paper, issuance of 40 year paper, etc. 3. The overall liabilities of the Central Government are on a medium-term declining trajectory with low roll-over risk, notwithstanding the marginal increase during 2008-09 to 2011-12 due to increased borrowings requirements post- global financial crisis of 2008. -
Federal Register/Vol. 75, No. 117/Friday, June 18, 2010/Rules
34630 Federal Register / Vol. 75, No. 117 / Friday, June 18, 2010 / Rules and Regulations DEPARTMENT OF THE TREASURY the importation of Iranian-origin goods Iran in section 560.304 of the ITR. That and services. Subsequently, in definition includes: Office of Foreign Assets Control Executive Order 12957, issued on March (a) The state and the Government of 15, 1995, under the authority of, inter Iran, as well as any political 31 CFR Part 560 alia, the International Emergency subdivision, agency, or instrumentality Economic Powers Act (50 U.S.C. 1701– thereof; Iranian Transactions Regulations 1706) (‘‘IEEPA’’), the President declared (b) Any entity owned or controlled AGENCY: Office of Foreign Assets a national emergency with respect to the directly or indirectly by the foregoing; Control, Treasury. actions and policies of the Government and ACTION: Final rule. of Iran, including its support for (c) Any person to the extent that such international terrorism, its efforts to person is, or has been, or to the extent SUMMARY: The Department of the undermine the Middle East peace that there is reasonable cause to believe Treasury’s Office of Foreign Assets process, and its efforts to acquire that such person is, or has been, * * * Control (‘‘OFAC’’) is amending the weapons of mass destruction and the acting or purporting to act directly or Iranian Transactions Regulations in the means to deliver them. To deal with that indirectly on behalf of any of the Code of Federal Regulations to expand threat, Executive Order 12957 imposed foregoing * * *. the scope of Appendix A to Part 560 to prohibitions on certain transactions This expansion in scope of Appendix A encompass any person determined by with respect to the development of to Part 560 will better assist U.S. -
Court Slaps More Fines on Future Bank New Fines Raise Total Jail Terms in the Multi-Billion Dollar Scheme to 30 Years
FRIDAY, SEPTEMBER 18, 2020 03 Court slaps more fines on Future bank New fines raise total jail terms in the multi-billion dollar scheme to 30 years crimes, as well as phantom loans Future bank provided to companies that op- • erate as fronts for Iran’s Islamic officials get new five- Revolutionary Guard Corps. year jail terms each Investigators found that the $7bn Future Bank received requests Banks involved get Reports say the bank for suspicious financial trans- allegedly concealed at least new• $1 million penalty fers through the “SWIFT” sys- $7 billion of transactions tem using a practice known as between 2004 and 2015 wire-stripping to conceal pay- TDT | Manama ments to countries under inter- national sanctions. he latest conviction in Bahraini auditors also uncov- the multi-billion dol - port. ered $2.7 billion in payments Tlar Future bank’s sanc- Kingdom’s Public Prosecution made by the Future bank using tion-evading money laundering has uncovered evidence that an informal alternative to the scheme has raised jails terms future bank officials secretly SWIFT system that is difficult to awarded in the case to 30 years helped Iran evade sanctions for trace, documents show. and overall fines to more than more than a decade. Bank Melli and Bank Saderat $47 million. Reports say the bank alleged- have also been accused by US Yesterday, Bahrain’s High ly concealed at least $7 billion officials of helping finance Iran’s Criminal Court issued ruling of transactions between 2004 nuclear programme. in six cases in which the Cen- and 2015, with Bahraini officials The scheme allowed the bank tral Bank of Iran, some Iranian uncovering hundreds of bank to make the transfers in violation Banks, the Future bank and three accounts tied to individuals of laws and regulations, Public of its officials are implicated.