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specified therein; to transport such gold, melt or treat it to the extent necessary to meet the requirements of the industry, profession, art or business for which it was acquired and held or otherwise to carry out the purposes for which it is held under license; and to import gold so long as the aggregate amount of all gold held after such importation does not exceed the maximum amount authorized by the license to be held.
(3) Licenses issued under this paragraph do not permit the exportation or transportation of gold in any form 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 exportation 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. Such exportation or transportation is permitted only to the extent authorized in paragraph (b) of this section or in a separate license issued pursuant to such paragraph.
(b) Licenses and authorizations for the exporting of gold. (1) Except as provided in subparagraph (5) of this paragraph, gold bullion as defined in $ 54.4 may be exported or transported 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, and 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, only pursuant to a separate export license. Such licenses shall be issued by the Director, Office of Domestic Gold and Silver Operations upon application made on Form TG-15. Export licenses issued under this subparagraph may authorize the export of gold for sale or for refining or processing and return of the refined or processed gold (or the equivalent in refined or processed gold) to the United States. No such license shall authorize the export of gold for sale in an amount or form in which the licensee is not authorized to hold or dispose of gold in the United States or the participation in any transaction prohibited by $ 54.14 or paragraph (d) of this section.
(2) Fabricated gold. Fabricated gold as defined in $ 54.4 may be exported or transported from the States of the
United States, from the possessions of the United States, from Puerto Rico and from the Canal Zone without the necessity of obtaining a Treasury gold license: provided, however, That the Bureau of the Census Schedule B statistical classification number of each specific commodity to be exported shall be plainly marked on the outside of the package or container, the shipper's export declaration shall contain a statement that such gold is fabricated gold as defined in § 54.4 and is being exported pursuant to the authorization contained in this subparagraph, and such additional documentation shall be furnished as may be required by the Bureau of Customs or any other government agency charged with the enforcement of laws relating to the exportation of merchandise from the United States.
(3) Rare coin. (i) Rare gold coin, as defined in $ 54.20, made prior to April 5, 1933, may be exported or transported from the States of the United States, from the possessions of the United States, from Puerto Rico and the Canal Zone without the necessity of obtaining a Treasury gold license: Provided, however, That the shipper's export declaration shall contain a statement that such coin is rare gold coin and is being exported pursuant to the authorization contained in this subparagraph and such additional documentation shall be furnished as may be requested by the Bureau of Customs or any other government agency charged with the enforcement of laws relating to the exportation of merchandise from the United States.
(ii) Gold coin made subsequent to April 5, 1933, may be exported or transported from the States of the United States, from the possessions of the United States, from Puerto Rico and from the Canal Zone only under license on Form TGL-11 issued by the Director, Office of Domestic Gold and Silver Operations. Application for such a license shall be executed on form TG-11 and filed with the Director, Office of Domestic Gold and Silver Operations, Treasury Department, Washington, D.C. 20220.
(5) Gold recovered from natural deposits in the United States or any place subject to the jurisdiction thereof, which shall not have entered into monetary or industrial, professional, or artistic use
may be exported from the United States for disposition to a person not subject to the jurisdiction of the United States, or to a person subject to the jurisdiction of the United States who is licensed to acquire such gold without the necessity of obtaining a license therefor. With respect to each such export, such information shall be furnished in such form and at such time as the Director, Office of Domestic Gold and Silver Operations requires under $ 54.26(a).
(c) Licenses for the acquisition and holding, transportation, melting and treating, importing and exporting, and disposition of gold for the purpose of furnishing it for industry, profession or art. (1) Upon receipt of the application specified in $ 54.24 and after obtaining such additional information as is deemed necessary, the Director, Office of Domestic Gold and Silver Operations, shall, if satisfied 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 license on the approved form, which shall permit the applicant to engage in the business of
the business of buying and selling gold required by authorized industrial, professional or artistic users.
(2) Licenses issued under this section and paragraph may authorize the licensee: (i) To acquire and hold gold for the purpose of selling such gold within the United States and its Possessions subject to the conditions and limitations which may be contained in the license; (ii) to transport such gold; (iii) to melt or treat gold or to have it melted or treated for the licensee's account to the extent necessary to meet the requirements of the industries, professions, arts or businesses to which licensee sells, or otherwise to meet the requirements of licensee's business; and (iv) to import gold for sale provided that the aggregate amount of all gold held after such importation does not exceed the maximum amount authorized to be held under the License.
(3) Exports are authorized to the extent permitted by paragraph (b) (2), (4) and (5) of this section or licenses issued thereunder.
(4) Sales of gold held pursuant to a license issued under this paragraph may be made to any other person holding a license hereunder.
(5) With respect to each transaction engaged in by licensees pursuant to licenses issued under this paragraph, including but not limited to each export of gold in any form, such information shall be furnished in such form and at such time as the Director, Office of Domestic Gold and Silver Operations, shall require under $ 54.26(a).
(6) The aggregate amount of gold held by a licensee at any one time in any form or from any source, may not exceed the maximum amount authorized to be held under the license.
(7) Nothing contained in this paragraph or any license issued hereunder shall be deemed to allow the sale or delivery of gold to persons subject to the jurisdiction of the United States who are not authorized to acquire gold under the regulations in this part.
(d) Prohibited transactions. Persons subject to the regulations contained in this part are prohibited from engaging in transactions with a foreign monetary authority involving gold, regardless of form. [28 F.R. 8290, Aug. 13, 1963, as amended at 33 F.R. 4677, Mar. 19, 1968; 33 F.R. 6795, Apr. 16, 1968; 35 F.R. 6390, Apr. 21, 1970] 54.26 Investigations; records; sub
poenas. (a) The Under Secretary of the Treasury for Monetary Affairs or his delegate is authorize is authorized to make or cause to be made such studies and investigations, to conduct such hearings, and to obtain such information as the Under Secretary or his delegate deems necessary or proper to assist in the consideration of any apto assist in the con plications for licenses, or in the administration and enforcement of the acts, istration and enfor the orders, and the regulations in this part.
(b) Every person holding a license issued under $ 54.24(a), or acquiring, holding or disposing of gold pursuant to the authorizations in $ $ 54.18 and 54.21, shall keep full and accurate records of all his operations and transactions with respect to gold, and such records shall be available for examination by a representative of the Treasury Department until the end of the fifth calendar year (or if such person's accounts are kept on a fiscal year basis, until the end of the fifth fiscal year) following such operations or transactions. The records required to be kept by this section shall include the name, address, and Treasury gold license number of each person from
whom gold is acquired or to whom gold is delivered, and the amount, date, description and purchase or sales price of each such acquisition and delivery, and any other records or papers required to be kept by the terms of a Treasury Department gold license. If the person from whom gold is acquired, or to whom gold is delivered, does not have a Treasury gold license such records shall show, in lieu of the license number of such person, the section of the regulations in this part pursuant to which such gold was held or acquired by such person. Such records shall also show all costs and expenses entering into the computation of the total domestic value of articles of fabricated or semi-processed gold as defined in $ 54.4.
(c) The Under Secretary of the Treasury for Monetary Affairs or his delegate (or the officers and employees of the Treasury Department specifically designated by the Under Secretary or his delegate) or any department or agency charged with the enforcement of the acts, the orders, or the regulations in this part, may require any person to permit the inspection and copying of records and other documents and the inspection of inventories of gold and to furnish, under oath or affirmation or otherwise, complete information relative to any transaction referred to in the acts, the orders, or the regulations in this part involving gold or articles manufactured from gold. The records which may be required to be furnished shall include any records required to be kept by this section and, to the extent that the production of such information is necessary and appropriate to the enforcement of the provisions of the acts, the orders, and the regulations in this part, or licenses issued thereunder, any other records, documents, reports, books, ac
ats. invoices, sales lists, sales slips, orders, vouchers, contracts, receipts, bills of lading, correspondence, memoranda, papers and drafts, and copies thereof, either before or after the completion of the transaction to which such records refer.
(d) The Under Secretary of the Treasury for Monetary Affairs or his delegate may administer oaths and affirmations and may, whenever necessary, require any person holding a license under $ 54.25 or acquiring, holding or disposing of gold pursuant to the authorizations of $54.18 or 54.21, or any officer, director, or employee of such person, to appear and tes
tify or to appear and produce any of the records specified in paragraph (c) of this section or both, at any designated place. (19 F.R. 4309, July 14, 1954, as amended at 20 F.R. 7330, Oct. 1, 1955; 20 F.R. 7795, Oct. 15, 1955) $ 54.27 Reports.
Every person holding a license issued pursuant to $ 54.25(a) shall make reports on the appropriate report form specified in such license for the six months' periods ending on the last days of June and December, respectively, and shall file such reports with the Under Secretary of the Treasury for Monetary Affairs, Treasury Department, Washington, D.C. 20220. Reports shall be filed within twenty-five days after the termination of the period for which such reports are made. Subpart D-Gold for the purpose of
Settling International Balances and
for Other Purposes 8 54.28 Acquisitions by Federal Reserve
banks for purposes of settling inter
national balances, etc. The Federal Reserve banks may from time to time acquire from the United States by redemption of gold certificates in accordance with section 6 of the Gold Reserve Act of 1934 such amounts of gold bullion as, in the judgment of the Secretary of the Treasury, are necessary to settle international balances or to maintain the equal purchasing power of every kind of currency of the United States. Such banks may also acquire gold (other than United States gold coin) abroad or from private sources within the United States. § 54.29 Dispositions by Federal Reserve
banks. The gold acquired under $ 54.28 may be held, transported, imported, exported, or earmarked for the purposes of settling international balances or maintaining the equal purchasing power of every kind of currency of the United States: Provided, That if the gold is not used for such purposes within 6 months from the date of acquisition, it shall (unless the Secretary of the Treasury shall have extended the period within which such gold may be so held) be paid and delivered to the Treasurer of the United States against payment therefor by credits in equivalent amounts in dollars in the accounts authorized under the sixteenth paragraph of section 16 of the
Federal Reserve Act, as amended (48 gold or receive any commission in conStat. 339; 12 U.S.C. 467).
nection with the sale of such refined $ 54.30 Provisions limited to Federal
gold; Reserve banks.
(3) The refined gold is to be re-ex
ported to the foreign exporter or, purThe provisions of this subpart shall
suant to his order, to a foreign resident not be construed to permit any person or foreign organization; and subject to the jurisdiction of the United (4) Such gold is imported, acquired, States, other than a Federal Reserve and held, transported, melted and bank, to acquire gold for the purposes treated, as permitted in $ $ 54.12 to specified in this subpart or to permit any 54.20, inclusive, or in accordance with a person to acquire gold from a Federal
license issued under $ 54.25, and in full Reserve bank except to the extent that
compliance with the provisions of parahis license issued under this part specifi graph (b) of this section. cally so provides.
(b) Procedural requirements. PerSubpart E-Gold for Other Purposes
sons exporting gold pursuant to para
graph (a) of this section shall comply Not Inconsistent with the purposes
with the following requirements: of the Gold Reserve Act of 1934
(1) Notation upon entry. Upon the and the Act of October 6, 1917, as formal entry into the United States of Amended
any gold-bearing materials, the im
porter shall declare to the collector of $ 54.31 Licenses required.
customs at the port where the material Gold may be acquired and held, trans is formally entered that the importation ported, melted or treated, imported, ex- is made with the intention of exporting ported, or earmarked for purposes other the gold refined therefrom to the foreign than those specified in 88 54.21 to 54.30, exporter, or pursuant to his order. The inclusive, not inconsistent with the pur collector shall make on the entry a notaposes of the acts only to the extent per tion to this effect and forward a copy mitted in 88 54.12 to 54.20 Inclusive, and of the entry to the United States assay $ 54.32, or under a license issued under office at New York or to the United States 88 54.33, 54.34 or 54.35.
mint at San Francisco, whichever is (19 F.R. 4309, July 14, 1964, as amended at designated by the importer. 30 F.R. 10888, Aug. 21, 1966)
(2) Sampling and assaying. Promptly
upon the receipt of each importation of $ 54.32 Gold imported in gold-bearing
gold-bearing material at the plant where materials for re-export.
it is first to be treated, it shall be (a) Gold refined (or the equivalent to
weighed, sampled, and assayed for the gold refined) from gold-bearing mate gold content. A reserve commercial rials imported into the United States for sample shall be retained by such plant refining and re-export may be re for at least 1 year from the date of imexported to the foreign exporter or pur portation, unless the assay is sooner verisuant to his order, without the necessity fied by the Treasury Department. of obtaining a Treasury gold export (3) Plant records. The importer shall license, subject to the following condi cause an exact record, covering each tions:
importation, to be kept at the plant of (1) The imported gold-bearing mate first treatment. The records shall show rial either (1) was imported into the the gross wet weight of the importation, United States from a foreign resident or the weight of containers, if any, the net a foreign organization, or (ii) was mined wet weight, the percentage and weight by a branch or other office of a United of moisture, the net dry weight, and the States organization and imported into gold content shown by the settlement the United States from such branch or assay. A true copy of such record office;
shall be filed promptly with the assay (2) The importer has no right, title, office in New York or the mint at San or interest in the gold refined from the Francisco, whichever has been desigimported gold-bearing material other nated to receive a copy of the entry. than through its branch or office which The plant records herein required to be is the foreign exporter as provided in kept shall be available for examination subparagraph (1) (i) and () of this by a representative of the Treasury Deparagraph, and the importer will not partment for at least 1 year after the participate in the sale of such refined date of the disposition of such gold.
(4) Limitations on exports. The gold limits of the United States. Upon the refined (or the equivalent to gold re- arrival in the United States of gold imfined) from imported gold-bearing ma ported for re-export pursuant to the terials shall be exported not later than provisions of this section, the importer seven months from the date of entry shall declare to the collector of customs of such gold-bearing materials and shall at the port of entry that it will be renot exceed the amount of gold shown on exported promptly. The collector of the refiner's settlement sheet as having customs shall make a notation of this been recovered from the imported gold declaration upon the entry and forward bearing material: Provided, That, such a copy of the entry to the Under Secregold may be exported prior to the pro tary of the Treasury for Monetary Afcurement of the refiner's settlement fairs or his delegate. sheet in an amount not in excess of 90 (b) Exportation pursuant to license. percent of a written estiinate of the gold In the event that the export of any gold content of the gold-bearing material imported pursuant to this section is debased upon the actual test assay of such layed due to the unavaliability of facilimaterial.
ties for the onward transportation of (5) Export declaration and certificate. such gold, the Under Secretary of the The exporter shall state on his export Treasury for Monetary Affairs or his declaration that the shipment is gold delegate may, subject to the following refined (or the equivalent to gold re provisions, issue licenses on Form TGLfined) from imported gold-bearing ma 17 authorizing the importation, holding, terials which is being exported pursuant transportation, and exportation of gold to the authorization contained in this which the Under Secretary or his delesection, and shall attach to his export gate is satisfied is, in fact, imported for declaration a certificate properly exe re-export promptly upon the completion cuted in duplicate on Form TG-16 and of necessary arrangements for the transtwo true copies of the refiner's settlement portation of such gold. sheet. In the event that exportation is (1) Every application for a license unmade prior to procurement of the settle- der this section shall be made on form ment sheet, duplicate certified copies of
TG-17 and shall be filed with the Under the report of the actual test assay of Secretary of the Treasury for Monetary the gold-bearing material, together with Affairs or his delegate. a statement showing that an exportation
(2) Upon receipt of the application with respect to such material is neces and after making such investigation of sary prior to the time the settlement the case as may be deemed advisable, the
Under Secretary of the Treasury of sheet can be procured, shall be submitted by the exporter with his export dec
Monetary Affairs or his delegate, if satislaration and certificate on Form TG-16.
fied that the gold was, in fact, imported The collector of customs shall forward
for re-export promptly upon the com
pletion of necessary arrangements for a copy of the certificate on Form TG-16
the transportation of such gold, shall and a copy of the settlement sheet, or
issue to the applicant a license on form the report of the test assay, to the United
TGL-17. States assay office at New York or the United States mint at San Francisco, $ 54.34 Licenses for other purposes. whichever has been designated to receive
The Secretary of the Treasury, with a copy of the entry.
the approval of the President, shall issue $ 54.33 Gold imported for re-export. licenses authorizing the acquisition, (a) Exportation promptly without
transportation, melting or treating, im
porting, exporting, or earmarking of license. Gold may be imported and
gold, for purposes other than those specitransported for prompt export, and ex
fied in $ $ 54.21 to 54.30, inclusive, 54.32 ported without the necessity of holding
and 54.33, which, in the judgment of the a license, provided the gold is, in fact,
Secretary of the Treasury, are not inexported promptly and remains under
consistent with the purposes of the acts, customs custody throughout the period during which it is within the customs
subject to the following provisions:
(a) Applications. Every application
for a license under this section shall be a Attention is directed to Order No. 29 of the Foreign-Trade Zones Board (17 F.R.
made on form TG-18 and shall be filed 5316; 15 CFR 400.803) which is applicable in duplicate with the Federal Reserve to gold.
bank for the district in which the appli