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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 8738 January 16, 1980 Payment of Certain Checks, Drafts, and Orders Issued or Drawn By the New York or San Francisco Agencies of Bank Melli, or Foreign Branches of Bank Melli Iran, or by the New York Agency of Bank Sepah To A ll Banks in the Second Federal Reserve District, and Others Concerned: We have been advised by the Board of Governors of the Federal Reserve System that the Office of Foreign Assets Control of the Treasury Department has taken, the following actions regarding Iranian assets: Bank Melli Licenses IR-228 and IR-229A have been issued authorizing payment of certain checks, drafts, and orders for payment issued before November 14, 1979 to individuals in the United States in amounts of $20,000 or less by branches of Bank Melli Iran in Iran or overseas on Bank Melli New York, Bank Melli San Francisco, and other banks in the United States. Banks holding such checks, drafts, or payment orders should forward them to Bank Melli’s Agencies in New York or San Francisco for collection. Bank Melli’s Agencies will then issue new checks drawn on accounts held for them by various American banks. The Treasury has prohibited attachment of these accounts. Bank Sepah The Office of Foreign Assets Control has authorized the payment of checks, drafts, and payment orders issued against or drawn on the account of the New York Agency of Bank Sepah at the Marine Midland Bank (License IR-212A). This account has been established with funds recently transferred into the United States under Treasury authorization. The Treasury has prohibited attachments of this account. Banks may cash, or accept for collection, checks, drafts, and orders dated prior to, on, or after November 14, 1979 in favor of individuals in the United States in amounts of $50,000 or less and forward them through the clearing system to Marine Midland Bank, New York. * * * Inquiries regarding this m atter should be directed to Ernest T. Patrikis, Deputy General Counsel (Tel. No. 212-791-5022), Don N. Ringsmuth, Assistant General Counsel (Tel. No. 212-7915007), or John Hopkins Heires, Adviser, Foreign Function (Tel. No. 212-791-6816). Thomas M. T imlen, First Vice President.