BLOCKED ACCOUNTS
Treasury Measure Against Foreigners By Telegraph—Press Association—Copyright (Received November 24, 6.30 p.m.) LONDON, November 23. Abandoning the policy hitherto rigidly maintained the Treasury has issued a decree blocking some sterling balances owned by foreigners, thus preventing their conversion into foreign currency or cash. Legacies, also the proceeds from the sale of securities, real estate, and similar capital payments, must now be paid into blocked accounts and may be invested in certain specified British securities. An important legal outcome is that a debtor who is obliged to pay sterling into a blocked account Instead of remitting it to creditors in foreign exchange will secure a full legal discharge from the English Courts. Another new regulation, which is believed to involve large sums of money, deciares that person- controlling companies set up outside the sterling area can be required to surrender the foreign exchange assets of such companies.
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Bibliographic details
Timaru Herald, Volume CXLVIII, Issue 21820, 25 November 1940, Page 7
Word Count
148BLOCKED ACCOUNTS Timaru Herald, Volume CXLVIII, Issue 21820, 25 November 1940, Page 7
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