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FEDERAL RESERVE BANK OF DALLAS Dallas, Texas, October 5, 1940 To All Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve District: We are in receipt of the following telegram from the Secretary of the Treasury: “ With respect to remittances under General Licenses Nos. 32 and 33, and in view of certain apparent discrepancies which have been noted from reports relating to transactions undertaken pursuant to such general licenses, your attention is directed to the following types of transactions which the Treasury Department does not con sider as complying with the purposes of General Licenses Nos. 32 and 33: As to General License No. 32 (1) Remittances from funds in which a national of any of the foreign countries designated in Executive Order No. 8389, as amended, has any interest what soever, direct or indirect (2) Remittances by corporations, trusts, banks, etc. (3) Remittances by charitable organizations (4) Remittances by agents o f the payee (5) Remittances of salaries, wages, commissions, etc., by employers (6) Remittances for property maintenance (7) Remittances that cover more than the authorized amount (8) Cumulative remittances in respect of periods in excess of one month As to General License No. 33 Remittances from funds in which a national o f any of the foreign countries desig nated in Executive Order No. 8389, as amended, has any interest whatsoever, direct or indirect. Neither license shall be interpreted to authorize remittances for purposes other than necessary living expenses except, in the case of General License No. 33, where remittances include expenses incident to returning of the payee and the payee’s family to the United States. Further, neither license may be construed as authorizing the discharge of debts or other contractual obligations, by the remittor, nor the remit tance of dividends or other income accruing to the payee. In addition, reports should include and present clearly all information requested on Form TFR-32 and/or required by the above mentioned licenses, such a s : (1) Reasons for any remittance in excess of $50 (2) Indication of United States citizenship in reports of transactions pursuant to General License No. 33 (3) Relation of remittor to payee (4) The name of the actual remittor J. W. PEHLE Assistant to the Secretary” October 1,1940 Yours very truly, R. R. GILBERT President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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