Full text of Federal Reserve Bank of New York Circulars : 2116. Executive Order No. 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.

View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE BANK
OF NEW YORK
Circular No. 2116, August 30, 1940
Reference to Circulars Nos. 2044, 2046, 2050, 2053, 2056, 2057,
2058, 2059, 2060, 2062, 2063, 2064, 2065, 2069, 2070, 2071, 2073,
2074, 2078, 2080, 2081, 2082, 2083, 2085, 2086, 2087, 2090, 2094,
2098, 2099, 2101, 2105, 2107, 2109, 2110, 2113 and 2115.

Executive Order No. 8389, April 10, 1940, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, Etc.
To all Banking Institutions, and Others Concerned,
in the Second Federal Reserve District:

For your information we quote below the text of a telegram received today from the
Treasury Department:
The following General License No. 32 has been issued today pursuant to Executive Order
No. 8389 of April 10, 1940, as amended, and the Regulations issued thereunder.

CODE OF FEDERAL REGULATIONS
Title 31—Money and Finance: Treasury
Chapter I—Monetary Offices, Department of the Treasury
P a r t 162

TREASURY DEPARTMENT
Office of the Secretary

GENERAL LICENSE NO. 32 UNDER EXECUTIVE ORDER NO. 8389, APRIL 10, 1940, AS
AMENDED, AND REGULATIONS ISSUED PURSUANT THERETO, RELATING TO TRANSACTIONS IN FOREIGN EXCHANGE, ETC.*
A general license is hereby granted authorizing remittances by individuals resident in
the United States to their relatives or dependents within any of the foreign countries designated in Executive Order No. 8389, as amended, through any bank, and any such bank
is authorized to effect such remittances, providing the following terms and conditions
are complied with:
(1) such remittances are made only by individuals who have continuously resided in
the United States for one year or more immediately preceding the date hereof and
who had been making similar remittances to the same payees for at least 6 months
prior to April 8, 1940;
(2) such remittances do not exceed $50 per month to any payee except that additional
sums not exceeding $10 per month may be paid for each additional member of the
payee's family, provided that in no case shall a sum in excess of $100 per month be
paid to any one family residing in any such foreign country;
(3) such remittances are made only for the necessary living expenses of the payee and
the payee's family;
•y

(4) such remittances are not made from funds in which a national of any of the foreign
countries designated in Executive Order No. 8389, as amended, has any interest
whatsoever, direct or indirect.

Any bank effecting any such remittance shall satisfy itself that the foregoing terms and
conditions are complied with.
Banks are authorized to establish and maintain free dollar accounts if necessary, and
only to the extent necessary, to obtain the foreign exchange required to effect such remittances. Foreign exchange acquired pursuant to this general license may not be used for any
other purpose.
Banks through which any such remittances originate shall file promptly separate
reports in triplicate on Form TFR-32 with the appropriate Federal Reserve bank. In
addition, the bank ultimately transmitting abroad (by cable or otherwise) the payment
instructions for any such remittances shall file weekly reports with the appropriate Federal
Reserve bank setting forth in detail (1) the amounts of foreign exchange acquired in cover
of such remittances and the price paid therefor, (2) the sources from which such foreign
exchange was acquired, (3) the amount of free dollar credits, if any, established or maintained as a result of the acquisition of any such foreign exchange, and (4) the names and
addresses of the institutions for whose account any such free dollar credits have been
established or maintained.
As used in this general license the term "bank" shall mean any bank or trust company
incorporated under the laws of the United States or of any state, territory or district of
the United States, or any private bank subject to supervision and examination under the
banking laws of any state, and also any other banking institution specifically authorized
by the Treasury Department to be treated as a "bank" for the purpose of this general
license.
D. W. BELL

Acting Secretary of the Treasury
August 30, 1940.
*Part 162;—Sec. S(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public Resolution No. 69, 76th Congress; 12 U. S. C. 95a; Ex. Order 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order 8405,
May 10, 1940; Ex. Order 8446, June 17, 1940; Ex. Order 8484, July 15, 1940; Ex. Order 8493, July 25,
1940; Regulations, April 10, 1940, as amended May 10, 1940, June 17, 1940 and July IS, 1940.

Additional copies of this circular will be furnished upon request.

GEOEGE L. HABEISOIST,

President.

REPOKT FORM TFR-3 2

(REVISED)

REPORT

TREASURY DEPARTMENT
OWICE OF THE SECRETARY

(General License No. 32 • or 33 •
This report filed pursuant to terms of j
.
.
r
^
\bpecinc License JNo
issued to
Date of Remittance

Amount of Remittance*

Relation of Remitter
to Payee

Name of Remitter

Name of Licensee
Name of Payee

Fee charged for
making remittance
Address of Payee

Address of Remitter
Name of Bank making report
Address
(Number),

(Street),

(City)

and

(State)

AFFIDAVIT OF PARTY MAKING REPORT
STATE OF ...

>ss:
COUNTY OF.

., on oath, depose and say that I am the

(State relationship of affiant to the bank for which this report is made)

Of
(Name of bank for which this report is made)

which is the bank for which this report is made; that I am duly authorized to make this report on behalf of such bank; that I believe that the facts
set forth herein are true and accurate and that all material facts in connection with this report have been set forth herein; and that the remittance
here reported has been made strictly in accordance with the terms and conditions of the license referred to above.
Signature of Affiant

Subscribed and sworn to
before me this

day

Address of Affiant

., 194.
(Officer administering oath)

(NOTARIAL SEAL)

My commission expires
NOTE. A report on this form is required to be filed in triplicate with the appropriate Federal Reserve bank on every transaction engaged in pursuant to the
terms of General License No. 32, 33, or Specific License (Form T F E L 1), issued under Executive Order No. 8389, as amended. This report will not
be accepted unless properly signed and sworn to before an officer authorized to administer oaths, whose seal should be affixed. However, banks may,
at their option, execute a single "Affidavit of Party Making Report" incorporating by reference all reports filed at one time.
* If amount remitted is in excess of $50 explain reason for such excess.

ORIGINAL

KKPOHT FOBM Ti'R-3 2

(REVISED)

REPORT

TREASURY DEPARTMENT
OFFICE OF THE SECRETARY

This report filed pursuant to terms of

General License No. 32 •

or 33 •

Specific License No

issued to
Name of Licensee

3
Date of Remittance

Name of Remitter

Amount of Remittance*

Relation of Remitter
to Payee

Name of Payee

Fee charged for
making remittance
Address of Payee

Address of Remitter
Name of Bank making report
Address
(Number),

(Street),

(City)

and

(State)

AFFIDAVIT OF PARTY MAKING REPORT
STATE OF.

ss:
COUNTY OF.

., on oath, depose and say that I am the

(State relationship of affiant to the bank for which this report is made)

Of
(Name of bank for which this report is made)

Subscribed and sworn to
before me this

day

Address of Affiant

., 194.
(Officer administering oath)

(NOTARIAL SEAL)

My commission expires
NOTE. A report on this form is required to be filed in triplicate with the appropriate Federal Reserve bank on every transaction engaged in pursuant to the
terms of General License No. 32, 33, or Specific License (Form T F E L 1), issued under Executive Order No. 8389, as amended. This report will not
be accepted unless properly signed and sworn to before an officer authorized to administer oaths, whose seal should be affixed. However banks may
at their option, execute a single "Affidavit of Party Making Report" incorporating by reference all reports filed at one time.
• If amount remitted is in excess of $50 explain reason for such excess.

DUPLICATE

HKPOHT FORM TFK-32 ( R E V I S E D )

REPORT

TREASURY DEPARTMENT
Orricx OF THE SECHETARY

(General License No. 32 •
This report filed pursuant to terms of

or 33 •

(Specific License No

issued to
Name of Licensee

3
Date of Remittance

Name of Remitter

Amount of Remittance*

Name of Payee

7
Relation of Remitter
to Payee

Fee charged for
making remittance
Addres* of Payee

Address of Remitter
Name of Bank making report
Address
(Number),

(Street),

(City)

and

(State)

AFFIDAVIT OF PARTY MAKING REPORT
STATE OF
>SS:

COUNTY OF

)

, on oath, depose and say that I am the
(State relationship of affiant to the bank for which this report is made)

Of
(Name of bank for which this report is made)

Subscribed and sworn to
before me-this

day

Address of Affiant

., 194.
(Officer administering oath)

(NOTARIAL SEAL)

My commission expires.
NOTE. A report on this form is required to be filed in triplicate with the appropriate Federal Reserve bank on every transaction engaged in pursuant to the
terms of General License No. 32, 33, or Specific License (Form T F E L 1), issued under Executive Order No. 8389, as amended. This report will not
be accepted unless properly signed and sworn to before an officer authorized to administer oaths, whose seal should be affixed. However, banks may
at their option, execute a single "Affidavit of Party Making Report" incorporating by reference all reports filed at one time.
http://fraser.stlouisfed.org/
* If amount remitted is in excess of $50 explain reason for such excess.
Federal Reserve Bank of St. Louis

HKPOBT FOUM TKR-38 (REVISED)

nfmr\nm

TREASURY DEPARTMENT

KJBjJrUK 1

OFFICE OF THE SECRETARY

This report filed pursuant to terms of

(General License No. 32 • or 33 •
]
.
.
(Specific License No
issued to
Name of Licensee

2
Name of Remitter

3
Date of Remittance

Amount of Remittance*

7
Relation of Remitter
to Payee

Name of Payee

8.
Fee charged for
making remittance

Address of Remitter

Address of Payee

Name of Bank making report
Address
(Number),

(Street),

(City)

and

(State)

AFFIDAVIT OF PARTY MAKING REPORT
STATE OF

COUNTY OF

/ss:
I,

, on oath, depose and say that I am the
(State relationship of affiant to the bank for which this report is made)

Of
(Name of bank for which this report is made)

before me this

signature of Affiant

day

Adta
,194

(Officer administering oath)

(NOTARIAL SEAL)

My commission expires
NOTE. A report on this form is required to be filed in triplicate with the appropriate Federal Reserve bank on every transaction engaged in pursuant to the
terms of General License No. 32, 33, or Specific License (Form TFEL 1), issued under Executive Order No. 8389, as amended. This report will not
be accepted unless properly signed and sworn to before an officer authorized to administer oaths, whose seal should be affixed. However banks may
at their option, execute a single "Affidavit of Party Making Report" incorporating by reference all reports filed at one time.
http://fraser.stlouisfed.org/
* If amount remitted is in excess of $50 explain reason for such excess.
Federal Reserve Bank of St. Louis

REPORT FORM TFR-32

TREASURY

DEPARTMENT

OFFICE OF THE SECRETARY

REPORT
2
Name of Remitter

3
Date of Remittance

Amount of Remittance*

7
Relation of Remitter
to Payee

Name of Payee

8
Fee charged for
making remittance

Address of Remitter

Address of Payee

9
Name of Bank making report

Address
(Number),

(Street),

(City)

and

(State)

AFFIDAVIT OF PARTY MAKING REPORT
STATE OF

COUNTY OF

)

>ss:

, on oath, depose and say that I am the
(State relationship of affiant to the bank for which this report is made)

Of
(Name of bank for which this report is made)

which is the bank for which this report is made; that I am duly authorized to make this report on behalf of such bank; and that I believe that the
facts set forth herein are true and accurate and that all material facts in connection with this report have been set forth herein.

Subscribed and sworn to
before me this

signature of Affiant
day

Addrewo
,194

(Officer administering oath)

(NOTARIAL SEAL)

My commission expires
NOTE. A report on this form is required to be filed in triplicate with the appropriate Federal Reserve Bank on every transaction engaged in pursuant to the
terms of General License No. 32, issued under Executive Order No. 8389, as amended. This report will not be accepted unless properly signed and

sworn to before an officer authorized to administer oaths, whose seal should be affixed. However, banks may, at their option, execute a single "Affidavit of Party Making Report" incorporating by reference all reports filed at one time.
http://fraser.stlouisfed.org/
• If amount remitted
Federal Reserve Bank of St. Louis is in excess of $50 exnlain reason for such excess.

Full text of Federal Reserve Bank of New York Circulars : 2116. Executive Order No. 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.

FRASER