“STUDENT DOLLAR” LAW RELEASED AFTER PRESIDENT’S SIGNATURE

Law No. 193 was issued on October 16, 2020, which aims to oblige banks operating in Lebanon to release ten thousand dollars according to the official exchange rate of the dollar for the 2020-2021 academic year for Lebanese university students who are studying abroad before the 2020-2021 academic year ( Known as the student dollar), which was signed by the President of the Republic, General Michel Aoun, last Friday after it was approved by the Parliament.

Here is the text of the law:

The Parliament approved, and the President of the Republic publishes the following law:

Article 1: Banks operating in Lebanon should postpone a one-time financial transfer of a value not exceeding ten thousand dollars for every Lebanese university student registered in universities or higher technical institutes outside Lebanon before the year 2020-2021, from their accounts or the accounts of their parents or those sponsoring. And if they do not have accounts in banks, in foreign currency, the Lebanese national currency would be exchanged according to the official exchange rate of 1515 LBP dollars. And after the banks made the necessary to verify the right of the beneficiary to a current registration certificate from the university or the technical institute.

– A statement of university or technical institutes payments before 31/12/2020.

– The current housing lease contract or the receipt of the last monthly payment.

Article Two: This law shall come into force upon its publication in the official paper.

Other laws

Last Friday, President Aoun signed the laws approved by Parliament, which are the following:

– Law No. 186 of 10/16/2020 amending Law No. 90 of 10/10/2018 relating to the conclusion of a loan and implementation agreement between the Republic of Lebanon and the International Bank for Reconstruction and Development for the Roads and Employment Project.

– Law No. 187 dated 10/16/2020 containing the government’s approval request to join the joint agreement on the safety of the disposal of spent fuel and the safety of the disposal of radioactive waste, which Lebanon signed on 9/30/1997.

– Law No. 188 of 10/16/2020 approving the government to conclude the protocol attached to the Euro-Mediterranean Partnership Agreement between the Republic of Lebanon and the European Union.

Law No. 189 dated 10/16/2020: The law on the disclosure of financial assets and interests and the punishment of illicit wealth.

– Law No. 190 of 10/16/2020, which permits for private higher education institutions, to assign students to the class of freshmen in the academic year 2020-2021, even if they have not passed the competency and achievement exams yet.

– Law No. 191 dated 10/16/2020 aimed at strengthening basic guarantees and strengthening defense rights.

– Law No. 192 of 10/16/2020 aimed at amending Law No. 77 of 4/13/2018 (Water Law).

Law No. 194 of 10/16/2020 aimed at protecting the areas affected by the explosion in the Beirut port and supporting reconstruction.—Presidency Press Office

Source: National News Agency

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