Pursuant to Article 31/1(b) of the Foreigners and International Protection Law No. 6458

[i] The prohibition covers other (subsidiary) payment obligations arising from the contract as well as the contract price. It is also not possible to determine the prices in the negotiable instruments to be drawn up within the scope of the contracts where the contract price and other payment obligations arising from these contracts cannot be determined in foreign currency or indexed to foreign currency. However, there is no obligation to convert into Turkish Lira in terms of overdue or overdue receivables, deposits given within the scope of real estate lease contracts, and valuable papers circulated within the scope of performance of contracts.

[ii] Contracts with persons residing outside Turkey are not within the scope of the ban.

[iii] Persons residing in Turkey are defined in Decision No. 32 as “real and legal persons who have their legal residence in Turkey, including Turkish citizens who work abroad, self-employed and self-employed”. However, persons residing in Turkey abroad; branches, representative offices, offices, liaison offices, funds it operates or manages, companies that hold 50% or more direct or indirect shareholdings are considered as resident in Turkey within the scope of the implementation of this article of Decision No. 32. However, in case the contract is executed abroad, these persons are not considered to be resident in Turkey.

[iv] The term “Real Estates” in this table refers to immovables located in Turkey. Real estates located in free zones will not be considered within the scope of this term.

[v] With the amendment dated 19 January 2022 made in the “Sermaye Hareketleri Genelgesi” dated May 2, 2018, it is stipulated that the payment obligations of the real estates purchased in Turkey by persons who do not have citizenship ties with the Republic of Turkey will be fulfilled in foreign currency. However, it was stated that this foreign currency would be sold to a bank before the title deed transactions, stating the reason, and that it would be sold to the Central Bank of the Republic of Turkey by the bank. Foreign exchange sales to banks can only be made by the buyer, seller, their proxies, or representatives of the relevant real estate.

It was stated that the payment should be made in Turkish lira to the concerned parties

[vi] The definition of “service contracts” is not made in the Communiqué, and the issue of which type of employment contracts other than those mentioned in the Communiqué will be considered “service contracts”, and the situation of mixed and sui generis contracts, which include acts of the type of employment, is controversial. Therefore, the legal nature of each contract must be determined separately.

[vii] Communiqué No. 2022-32/66 (“Amendment Communiqué”), which amends the Communiqué No. 32 on the Protection of the Value of Turkish Currency No. 2008-32/34 (“Communiqué on Amendment”), was published in the Official Gazette No. 31814 on April 19, 2022 and entered into force. With the amendment introduced, it is obligatory to fulfill and accept the contractual payment obligations in Turkish Lira, in case the contract price and other payment obligations arising from these contracts are determined in foreign currency or indexed to foreign currency in movable sales contracts to be concluded between residents of Turkey, excluding vehicle sales contracts.

[viii] In the statement made by the Hazine ve Maliye Bakanlığı regarding the Amendment Communiqué, it was stated that the condition of fulfilling and accepting payment obligations in Turkish currency within the scope of invoices issued before 19 April 2022 regarding securities sales contracts is not required. In addition, it has been stated that, within the scope of the performance of the securities sales contracts concluded between them before 19 April 2022, the payment obligations within the scope of foreign currency negotiable instruments entered into circulation before 19 April 2022 are not required to be fulfilled and accepted in Turkish currency. In the statement of the Ministry, it was also stated that it is not possible to use payment instruments such as checks etc. issued in foreign currency on 19 April 2022 and after this date, in fulfilling the payment obligations of the persons residing in Turkey, which are the subject of movable sales contracts concluded or to be concluded.

[ix] It is clearly stated with the Amendment Communiqué that it is possible to decide, pay and accept the contract price and other payment obligations arising from these contracts in foreign currency or indexed to foreign currency in contracts other than real estate sales and real estate rentals to which public institutions and organizations or TSK Güçlendirme Vakfı companies are a party.

#foreign currency #currency #currencyban # currencyindexedprice #contracts #prohibition #residinginTurkey #realestatecontract #realestatesalescontract #realestateleasecontract # non-residentinTurkey #TSKGüçlendirmeVakfı #capitalmarket

As per the official gazette date August 22, 2022, below mentioned companies are provided with the license for payment services and electornic Money services;

Although the data subject did not share the bank information with the insurance company, it has been determined that this information has not been processed unlawfully by the insurance company.

The data controller has contacted the Bank’s call center. During the interview, the call center officer shared the phone number of the person concerned with the third party,

In the complaint made to the Authority, a person with the same name of the person concerned became a member of the data controller providing services over the internet and placed an order.

Several articles of the Notary Public Law No. 1512 amended with the “LAW ON AMENDMENT ON THE LAW ON JUDGES AND PROSECUTORS NO. 7413 AND SOME LAWS” published in the Official Gazette dated 28 June 2022.

With the announcement dated 16.05.2022 published on the official website of the Ministry of Interior Presidency of Migration Management the list…

The right of the agent to demand equalization is regulated in the 4th paragraph of Article 122 of the Turkish Commercial Code. In the event that the agency agreement is terminated for a reason other than the fault of the agent…

With the update made in the Circular on Capital Movements of the Central Bank of the Republic of Turkey…