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FED ERAL RE SE R V E BANK OF NEW YORK Fiscal A gen t o f the U nited States r Circular No. 3 9 3 6 * 1 L January 19, 1953 J T R E A S U R Y BILLS Seventh Am endm ent to Treasury Department Circular No. 418 To all Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve D istrict: On the reverse side o f this circular is printed a cop y o f the Seventh Am endm ent to T reasury D epartm ent Circular No. 418, as amended. The amendment revises paragraph 5 o f the Circular so as to provide that T reasury bills acceptable in payment o f income or profits taxes m ay be surrendered, fifteen days or less before the date on which the taxes become due, to any F ederal R eserve Bank or Branch, which will in turn issue a receipt fo r the face amount o f the bills. These receipts m ay then be submitted to D irectors o f Internal Revenue with the ow n ers’ tax returns. A llan S proul, President. ( over) TREASURY BILLS 1953 TREASU RY DEPARTM ENT “ • b^ ^ JeM ,D 94i i Fiscal Service Bureau of the Public Debt O ffic e o f th e S e cre ta ry Washington, January 12, 1953 P aragraph 5 o f D epartm ent C ircular No. 418, as amended (31 C F R 309.5), as revised M ay 13,1952 (17 F R 4561), is hereby further revised to read as follow s: 5. T reasury bills w ill be acceptable at m aturity value to secure deposits o f public m on eys; they w ill not bear the circulation privilege. The S ecretary o f the T reasury, in his discretion, when inviting tenders fo r T reasury bills, m ay provide that T reasury bills o f any series w ill be acceptable at m aturity value, whether at or b efore m aturity, under such rules and regulations as he shall prescribe or approve, in paym ent o f incom e and profits taxes payable under the provisions o f the Internal Revenue Code. A n y T reasury bills which b y the terms o f their issue m ay be accepted in payment o f income and profits taxes m ay be surren dered to any F ederal R eserve Bank or Branch, acting as fiscal agent o f the U nited States, fifteen days or less b efore the date on which the taxes becom e due. The F ederal R eserve Bank o r Branch will issue receipts to the ow ners showing the face amount o f the bills so surrendered. These receipts m ay be submitted in lieu o f the bills on o r b efore the specified tax paym ent dates to the D irector o f Internal Revenue fo r the district, with the ow ners’ tax returns. Notes secured by T reasury bills are eligible fo r discount or rediscount at F ederal R eserve Banks b y m ember banks, as are notes secured by bonds and notes o f the U nited States, under the provisions o f Section 13 o f the F ederal R eserve A ct. T hey w ill be acceptable at m aturity, but not before, in payment o f interest o r o f principal on account o f obligations o f foreign governm ents held by the U nited States. J ohn W . S nyder, S ecreta ry o f the T reasury.