SCAPIN-1498: EXTENSION OF TIME LIMIT FOR SURRENDER FOR FOREIGN EXCHANGE ASSETS
GENERAL HEADQUARTERS
SUPREME COMMANDER FOR THE ALLIED POWERS
APO 500
30 January 1947
AG 386. 7
(30 Jan 47)
ESS/FI
(SCAPIN - 1498)
| MEMORANDUM FOR | Imperial Japanese Government |
|---|---|
| THROUGH | Central Liaison Office, Tokyo |
| SUBJECT | Extension of Time Limit for Surrender of Foreign Exchange Assets |
1. References are:
a. Memorandum for the Imperial Japanese Government from General Headquarters, Supreme Commander for the Allied Powers, AG 131 (29 Nov 46) ESS/FI, (SCAPIN 1368), dated 29 November 1946, subject: Surrender of Foreign Exchange Assets.
b. C.L. O. Memorandum No. 6967 (LO 2604-SF/CU), dated 28 December 1946, subject: Surrender of Foreign Exchange Assets, which requests that the time limit prescribed in reference la above for the surrender of foreign exchange assets and subsequent reports thereof be extended to 31 January 1947 and 28 February 1947 respectively.
2. The request contained in reference 1b is approved.
FOR THE SUPREME COMMANDER:
/s/ R. G. Hersey
/t/ JOHN B. COOLEY.
Colonel, AGD,
Adjutant General
MEMO FOR RECORD : (SCAPIN - 1498)
1 January 1947
1. Memorandum for the IJG from GHQ, SCAP, AG 131 (29 Nov 46) ESS/FI (SCAPIN 1368) 29 November 1946, subject: Surrender of Foreign Exchange Assets, directs the IJG to require all Korean, Formosan and Japanese nationals within Japan to surrender to the Bank of Japan against receipt all foreign currencies and foreign exchange instruments by 31 December 1946. Possession of such currencies and exchange instruments after this date to be declared unlawful. A complete report of all currencies and instruments surrendered to be submitted to CPC, GHQ, SCAP by 31 January 1947.
2. CLO Memorandum No. 6967 (LO 2604-SF/CU), dated 28 December 1946, subject: Surrender of Foreign Exchange Assets, requests that the target date for the surrender of foreign currencies and foreign exchange instruments be extended to 31 January 1947 and the date for the complete reports be extended to 27 February 1947.
3. In order to implement the provisions of the Memorandum referred to in paragraph one above, it was necessary for the MOF to promulgate an Imperial Ordinance. This required a considerable amount of time as prior to the issuance of this Ordinance it was necessary to analyze, study and confirm with ESS/FI and CPC the types of foreign exchange instruments to be excluded or included. Certain types of exchange bills, telegraphic transfers etc., which may properly be classed a foreign exchange instrument but are of no value as a reparations item were excluded from the surrender program. In order to make certain that the IJG had placed the correct interpretation on this Memorandum several conferences were held between officials of the MOF and ESS/FI and CPC. This delayed the final promulgation of the Imperial Ordinance and the establishment of various administrative procedures necessary to comply with this Memorandum. Also, the communications system in Japan has reached the stage where it requires several days to reach all necessary points within Japan which further adds to the difficulty in complying with this directive within the allotted time. Therefore, it is considered that the request for an extension of time limit should be favorably considered.
4. Surveillance of the EIGHTH Army not required.
5. The interests of Korea are not concerned.
6. Concurrences: CPC (H. C. H.)
W. K. L.
