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FEDERAL RESERVE BANK OF NEW YORK . Circular No. 2 3 0 6 , October 29, 1941 T Reference to Circulars Nos. 2262, 2269, 2271, 2274, 2277, 2281, 2292, 2293, 2300, 2301 and 2302. J Executive Order No. 8389, 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 are advised by the Treasury Department that: 1. In view of all existing circumstances, including outstanding General Licenses No. 49, No. 50, No. 52 and No. 70, the Treasury Department is of the opinion that banks are not authorized under General License No. 33 to establish and maintain free dollar accounts for the purpose of effecting remittances to Japan, Portugal, Spain, Sweden, or Switzerland. 2. It has received an inquiry as to whether Swiss francs purchased under specific license may be used to effect remittances to Italy under General License No. 32. In response the Treasury Department has stated that remittances under General License No. 32 to blocked countries may be effected only in the currency of the country in which the beneficiary of the remittance is located. 3. It has received an inquiry as to whether a national of Japan is entitled to the privileges of General License No. 68 if such national has been within Japan since June 17, 1940. In response the Treasury Department has stated that nationals of Japan within the Continental United States are not entitled to the privileges of General License No. 68 under the above circumstances. Additional copies of this circular will be furnished upon request. ALLAN SPROUL, President.