« PreviousContinue »
$ 54,7 General provisions affecting ex.
port licenses.? (a) At the time any license to export gold is issued, the Office of Domestic Gold and Silver Operations or Federal Reserve bank issuing the same, shall transmit a copy thereof to the collector of customs at the port of export designated in the license or, if the port of export is not within the customs territory of the United States, to the government officer at such port charged with the enforcement of laws relating to the exportation of merchandise from the United States. No collector of customs or other government officer charged with the enforcement of laws relating to the exportation of merchandise from the United States shall permit the export or transportation from the States of the United States to the Possessions of the United States, to Puerto Rico, to the Canal Zone, or to places not subject to the jurisdiction of the United States or the export or transportation from the Possessions of the United States, from Puerto Rico or from the Canal Zone to places not subject to the jurisdiction of the United States of gold in any form except upon surrender of a license to export, a copy of which has been received by him from the agency issuing the same except that licenses on Form TGL-15 (general) covering multiple shipments during a six-months' period are retained by the licensees until the expiration of such period when they are returned to the Director, Office of Domestic Gold and Silver Operations: Provided, however, That the export or transportation from the States of the United States, the Possessions of the United States, Puerto Rico and the Canal Zone of fabricated gold may be permitted pursuant to $ 54.25(b) (2) and the export or transportation from the States of the United States, the Possessions of the United States, Puerto Rico and the Canal Zone of gold imported for reexport may be permitted pursuant to $ $ 54.32 and 54.33:
And provided further, That gold held by the Federal Reserve banks under $ $ 54.28 to 54.30, may be exported or transported for the purposes of such sections without a license. The collector of customs or other government officer to whom a license to export is surrendered shall cancel such license and return it to the Director, Office of Domestic Gold and Silver Operations or the Federal Reserve bank which issued the same. In the event that the shipment is to be made by mail, a copy of the export license shall be sent by the agency issuing the same to the postmaster of the post office designated in the application, who will act under the instructions of the Postmaster General in regard thereto.
(b) This section shall not apply to exports of gold authorized under $ 54.25(b). [28 F.R. 8289, Aug. 18, 1963, as amended at 33 F.R. 4677, Mar. 19, 1968) § 54.8 General provisions affecting im
port licenses. No gold in any form imported into the United States shall be permitted to enter until the person importing such gold shall have satisfied the collector of customs at the port of entry that he holds a license authorizing him to import such gold or that such gold may be imported without a 11cense under the provisions of $ $ 54.12 to 54.21, inclusive, or $ $ 54.28 to 54.30, inclusive. Postmasters receiving packages containing gold will deliver such gold subject to the instructions of the Postmaster General. $ 54.9 Forms available.
Any form, the use of which is prescribed in this part, may be obtained at, or on written request to, any United States mint or assay ofice, or the Under Secretary of the Treasury for Monetary Affairs or his delegate, Treasury Department, Washington, D.C. 20220. $ 54.10 Representations by licensees.
Licensees may include in public and private representations or statements the clause "licensed on form TGL-----(here inserting the number of the form of license held by the licensee) pursuant to the regulations issued by the Secretary of the Treasury," but any representation or statement which might induce the belief that the licensee is acting or is especially privileged to act on behalf of or for the United States, or is purchasing, treating, or selling gold
The regulations in this part shall not be construed as relieving any person from the obligation of compliance with the regulations of the Bureau of International Com. merce (formerly the Office of International Trade) (16 CFR Parts 863 to 899), the Bureau of Customs (19 CFR Ch. I) or other laws or regulations relating to the importation or exportation of merchandise, where applicable to imports or exports of gold, or articles containing gold.
for the United States, or in any way This section of the act of October 6, 1917, dealing in gold for the purpose of carry as amended, is applicable to violations ing out any policy of the United States, of any provisions of this part and to vioshall be a violation of the conditions of lations of the provisions of any license, the license.
ruling, regulation, order, direction, or in(a) Business names and representa- structions issued by or pursuant to the tions generally. No person doing busi direction or authorization of the Secreness under a name which is designed or tary of the Treasury pursuant to the regis likely to induce the belief that gold is ulations in this part or otherwise under being purchased, treated, or sold on be- section 5(b) of the act of October 6, half of the United States, or any agency 1917, as amended. thereof, or for the purpose of carrying (2) Section 1001 of the United States out any policy of the United States, or Criminal Code, which provides: making representations or statements Whoever, in any matter within the juriswhich might induce the belief that such diction of any department or agency of the person is acting or is especially privi United States knowingly and wilfully fal. leged to act on behalf of or for the sifies, conceals or covers up by any trick, United States, or is purchasing, treating,
scheme, or device a material fact, or makes or selling gold for the United States, or
any false, fictitious or fraudulent state
ments or representations, or makes or uses in any way dealing in gold for the pur
any false writing or document knowing the pose of carrying out any policy of the
same to contain any false, fictitious or United States, may acquire, hold, trans
fraudulent statement or entry, shall be fined port, melt, or treat, import, export or not more than $10,000 or imprisoned not earmark any gold under authority of more than five years, or both, (18 U.S.C. $ $ 54.12 to 54.20, inclusive, or 88 54.21 to 1001). 54.27, inclusive.
Subpart B-Conditions Under Which $ 54.11 Civil and criminal penalties. Gold May Be Acquired and Held,
(a) Civil penalties. Attention is di Transported, Melted or Treated, rected to section 4 of the Gold Reserve Imported, Exported or Earmarked Act of 1934, which provides:
$ 54.12 Conditions under which gold Any gold withheld, acquired, transported,
may be acquired, held, melted, etc. melted or treated, imported, exported, or earmarked or held in custody, in violation of Gold in any form may be acquired, this Act or of any regulations issued here held, transported, melted or treated, imunder, or licenses issued pursuant thereto, ported, exported, or earmarked only to shall be forfeited to the United States, and the extent permitted by and subject to may be seized and condemned by like pro
the conditions prescribed in the regulaceedings as those provided by law for the
tions in this part or licenses issued thereforfeiture. seizure. and condemnation of
under. Nothing contained in the regproperty imported into the United States contrary to law; and in addition any person
ulations in this part nor in licenses failing to comply with the provisions of this
issued thereunder authorizes the acquiAct or of any such regulations or licenses, sition, sale, holding, importation, or shall be subject to a penalty equal to twice exportation of any present or future inthe value of the gold in respect of which terest, direct or indirect, in gold in any such failure occurred (31 U.S.C. 443).
form for speculative purposes, and such (b) Criminal punishment. Attention actions are prohibited. is also directed to (1) section 5(b) of [19 F.R. 4309, July 14, 1954, as amended at the act of October 6, 1917, as amended, 26 F.R. 9551, Oct. 10, 1961; 36 F.R. 13786, which provides in part:
July 24, 1971) Whoever willfully violates any of the pro
$ 54.13 Transporting or holding gold in visions of this subdivision or of any license,
safekeeping. order, rule or regulation issued thereunder,
(a) Gold may be transported from the shall, upon conviction, be fined not more than $10,000 or, if a natural person, may be
States of the United States to the posimprisoned for not more than ten years, or
sessions of the United States, to Puerto both; and any officer, director, or agent of Rico and to the Canal Zone only as auany corporation who knowingly participates thorized by $ $ 54.25, 54.32, 54.33 or 54.34 in such violation may be punished by &
or licenses issued pursuant thereto. like fine, imprisonment, or both. As used in this subdivision the term “person" means
(b) Carriers are authorized to transan individual, partnership, association, or port gold for persons who are either corporation (12 U.S.C. 95a (3)).
licensed or who are otherwise permitted
by the regulations in this part to hold and transport gold.
(c) Banks and other persons are authorized to provide facilities for the safekeeping of gold lawfully held pursuant to a license issued under this part or otherwise permitted to be held by the regulations in this part. [33 F.R. 5794, Apr. 16, 1968 and 28 F.R. 8290, Aug. 13, 1963, as amended at 36 F.R. 13786, July 24, 1971] 8 54.14. Gold situated outside of the
United States. (a) Gold in any form situated outside of the United States may be acquired, held, transported, melted or treated, or earmarked by or on behalf of persons subject to the jurisdiction of the United States only to the extent permitted by licenses relating to the legitimate and customary use of gold in industry, profession, or art issued under $ 54.25: Provided, however, The provisions of $ $ 54.16, 54.17, and 54.19, relating to fabricated gold, metals containing gold and gold in its natural state, respectively, shall be applicable to the acquisition, holding and transportation of gold in such forms outside of the United States by or on behalf of persons subject to the jurisdiction of the United States.
(b) The acquisition, holding, transportation, importing and exporting, by persons subject to the jurisdiction of the United States, of securities issued by any person holding, as a substantial part of his assets, gold as a store of value or as, or in lieu of, money and not for a specific and customary industrial, professional or artistic use, is prohibited. (27 F.R. 6974, July 24, 1962) $ 54.15 Trading in gold on exchanges.
No interest, direct or indirect, legal or equitable, in gold in any form, for present or for future delivery, shall be acquired under a contract made on or subject to the rules of any exchange within the United States. The term “exchange" means any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of gold in any form and performs with respect to gold in any form the functions commonly performed by a commodity exchange as that term is, generally understood. [36 F.R. 13786, July 24, 1971]
§ 54.16 Fabricated gold.
Fabricated gold as defined in $ 54.4 may be acquired, held, transported within the United States or imported without the necessity of holding a license therefor. Fabricated gold may be exported only as authorized in § 54.25 or in a license issued pursuant to that section. $ 54.17 Metals containing gold.
Metals containing not more than 5 troy ounces of fine gold per short ton may be acquired, held, transported within the United States, or imported without the necessity of holding a license therefor. Such metals may be melted or treated, and exported only to the extent permitted by and subject to the conditions prescribed in or pursuant to $ $ 54.21 to 54.27, inclusive. $ 54.18 Unmelted scrap gold.
Unmelted scrap gold may be acquired, held, transported within the United States, or imported, in amounts not exceeding at any one time 50 fine troy ounces of gold content without the necessity of holding a license therefor. Persons holding licenses issued pursuant to $ 54.25(a), or acquiring, transporting, importing, or holding gold pursuant to $ 54.21, may not acquire, transport, import or hold any gold under authority of this section. $ 54.19 Gold in its natural state.
(a) Gold in its natural state, as defined in $ 54.4, may be acquired, transported within the United States, imported, or held in custody for domestic account only, without the necessity of holding a license therefor.
(b) Gold amalgam which results from the addition of mercury to gold in its natural state, recovered from natural deposits in the United States or a place subject to the jurisdiction thereof, may be heated to a temperature sufficient to separate the mercury from the gold (but not to the melting temperature of gold) without a license by the person who recovered the gold from such deposits, or his duly authorized agent or employee. The retort sponge so resulting may be held and transported by such person without a license: Provided, however, That no such person may hold at any one time an amount of such retort sponge which exceeds in fine gold content 200 troy ounces. Such retort
sponge may be acquired from such coin and to have been originally issued persons:
for circulation within the country of (1) [Reserved];
Issue. Licenses may be issued for gold (2) By persons holding licenses issued coin made during or subsequent to 1960 pursuant to $ 54.25(a);
in cases where the particular coin was (3) By other persons provided that licensed for importation prior to the aggregate amount of such retort
April 30, 1969. Application for a specific sponge acquired and held by such other
license under this paragraph shall be persons does not exceed at any one time
executed on Form TG-31 and filed in 200 fine troy ounces of gold content.
duplicate with the Director. (c) Persons acquiring retort sponge
[34 F.R. 6982, Apr. 26, 1969, as amended at under paragraph (b) (3) of this section
36 F.R. 13786, July 24, 1971) are authorized to dispose of such retort sponge only to persons holding licenses Subpart C—Gold for Industrial, issued pursuant to $ 54.25(a).
Professional, and Artistic Use (d) Except as provided in $$ 54.12 to 54.20, inclusive, and in 88 54.32 and
$ 54.21 Fifty ounce exemption for 54.33, gold in its natural state may be
processors. melted or treated or exported only to the (a) Subject to the conditions in paraextent permitted by, and subject to the graph (b) of this section, any person conditions prescribed in, or pursuant to, regularly engaged in an industry, pro$ $ 54.21 to 54.27, inclusive.
fession, or art, who requires gold for 119 F.R. 4309, July 14, 1954, as amended at legitimate, customary, and ordinary use 33 F.R. 4677, Mar. 19, 19681
therein, may, without the necessity of $ 54.20 Rare coin.
obtaining a Treasury gold license:
(1) Import gold or acquire gold in any (a) Gold coin of recognized special
form from any person authorized to value to collectors of rare and unusual
hold and dispose of gold in such form coin may be acquired, held and trans
and amount under the regulations in ported within the United States for
in this part or a license issued pursuant numismatic purposes without the neces
hereto; sity of holding a license therefor. Such
(2) Hold, transport, melt, and treat coin may not be acquired for the purpose
such gold; of acquiring the gold bullion contained
(3) Furnish unmelted scrap gold to therein. Such coin may be imported only as permitted by this section or $$ 54.28
persons operating pursuant to $ $ 54.18 to 54.30, 54.34 or licenses issued there
or 54.21, or to the holder of a license
issued pursuant to § 54.25(a); and under, and may be exported only in accordance
(4) Furnish melted scrap gold to the with the provisions of
holder of a license issued pursuant to § 54.25.
$ 54.25(a) which authorizes the acquisi(b) Gold coin made prior to 1934 is considered to be of recognized special
tion of such melted scrap gold. value to collectors of rare and unusual
(b) The privileges of paragraph (a) coin.
of this section are granted subject to the (c) Gold coin made during or subse
following conditions: quent to 1934 is presumed not to be of
(1) That the aggregate amount of recognized special value to collectors of
such gold acquired, held, transported, rare and unusual coin.
melted and treated, and imported, does (d) Gold coin made prior to 1934 may
not exceed, at any one time, 50 fine troy be imported for numismatic purposes
ounces of gold content (not including without the necessity of obtaining a li
gold which may be acquired, held, etc., cense therefor.
without a license under any other sec(e) Gold coin made during or subse- tion of this part, except § 54.18); quent to 1934 may be imported only pur
(2) That the aggregate amount of suant to a specific or general license is such gold acquired, held, transported, sued by the Director, Office of Domestic melted and treated, and imported, does Gold and Silver Operations. Licenses not exceed, in any calendar month 350 under this paragraph may be issued only fine troy ounces of gold content (not for gold coin made prior to 1960, which including gold wihich may be acquired, can be established to the satisfaction of held, etc., without a license under any the Director to be of recognized special other section of this part, except value to collectors of rare and unusual $ 54.18);
(3) That such gold is acquired and held only for processing into fabricated gold, as defined in § 54.4, by such person in the industry, profession, or art in which he is engaged; and
(4) That full and exact records are kept and furnished in compliance with $ 54.26.
(c) Persons acquiring, holding, transporting, melting and treating, and importing gold under authority of this section are not authorized:
(1) To consign gold bullion, including semi-processed gold, to other persons for processing except that scrap gold may, for processing and return in semi-processed form, be consigned to the holder of a license issued pursuant to 8 54.25 (a), which authorizes the acquisition and melting and treating of such gold;
(2) To furnish melted scrap gold to persons operating pursuant to the provisions of this section or $ 54.18;
(3) To dispose of gold held under authority of this section otherwise than in the form of fabricated gold or scrap gold.
(d) Persons holding licenses issued pursuant to $ 54.25(a) or acquiring, holding, transporting, or importing, gold pursuant to $ 54.18 may not acquire, hold, transport, melt or treat, or import, any gold under authority of this section. (19 F.R. 4309, July 14, 1954, as amended at 33 F.R. 4677, Mar. 19, 1968] & 54.22 Licenses required.
Except as permitted in 8 $ 54.12 to 54.20, inclusive, and $ 54.21, gold may be acquired and held, transported, melted or treated, imported, exported or earmarked for industrial, professional or artistic use only to the extent permitted by licenses issued under $ 54.25. $ 54.23 Issuance of licenses or general
authorizations. The Under Secretary of the Treasury for Monetary Affairs or his delegate may issue or cause to be issued licenses or other authorizations permitting the acquisition and holding, transportation, melting and treating, importing and exporting of gold which the Under Secretary or his delegate is satisfied is required for legitimate and customary use in in dustry, profession, or art, by persons regularly engaged in the business of furnishing or processing gold for industry, profession, or art. (19 F.R. 4309, July 14, 1954, as amended at 33 F.R. 4677, Mar. 19, 1968)
g 54.24 Applications.
Every application for a license under $ 54.25 (a) and (c) shall be made on Form TG-12 (except that applications for export licenses shall be made on Form TG-15). Each application for a license shall be filed in duplicate with the Director, Office of Domestic Gold and Silver Operations, Treasury Department, Washington, D.C. 20220. Every applicant for a license under $ 54.25 (a) or (c) shall state in his application whether or not any applications have been filed by or licenses issued to any partnership, association or corporation in which the applicant has a substantial interest or, if the applicant is a partnership, association or corporation, by or to a person having a substantial interest in such partnership, association or corporation. The Director, Office of Domestic Gold and Silver Operations, shall not issue any license to any person if in the judgment of the Director more than one license for the same purpose will be held for the principal use or benefit of the same persons or interests. Any person licensed under this subpart acquiring a principal interest in any partnership, association, or corporation, holding & license under this subpart for this purpose shall immediately so inform the Director, Office of Domestic Gold and Silver Operations. (33 F.R. 6795, Apr. 16, 1968) § 54.25 Licenses.
(a) Licenses for the acquisition and holding, transportation, melting and treating, importing and disposition of gold. (1) Upon receipt of the application and after obtaining such additional information as may be deemed advisable, the Director, Office of Domestic Gold and Silver Operations shall, if satisfied that gold is necessary for the legitimate and customary requirements of the applicant's industry, profession, art, or business, and that the applicant is qualified in all respects to conduct gold operations in full compliance with the provisions of this part and the provisions of a Treasury gold license, issue or cause to be issued to the applicant a Treasury gold license on the approved form for the kind of industry, profession, art, or business, in which the applicant is engaged.
(2) License issued under this section may authorize the licensee to acquire and hold not to exceed a maximum amount