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4
(c) The above policy is designed to meet the first exigencies of military occupation. It will be for decision later whether Japanese notes are to be exchanged for legal currency or are from a given date no longer to be accepted in payment for relief or for any other purpose.
14.
You should prohibit the export and import of any currency except under licence.
15.
You may, at your discretion, pay over to authorised banks necessary supplies of Malayan currency for their business, such amounts to be covered by payments by the banks to the War Office in sterling in London.
16.
Banking.
On the liberation of the territories they will automatically be restored to the Sterling Area. Defence (Finance) Regulations, Trading with the Enemy legislation and exchange control should be introduced so as to ensure conformity with the sterling area requirements.
17.
Immediately upon re-occupation, you should declare a general moratorium and should close all banks and financial institutions. The general moratorium should be lifted as soon as is practically possible provided you are satisfied that the requisite means of payment exist to permit discharge of debt.
18.
As soon as possible you will scrutinise the accounts and open any vaults and safe deposit boxes and you will:-
19.
(i)
(ii)
(iii)
(iv)
(v)
(vi)
J
impound the assets of enemy government agencies;
block for scrutiny and where appropriate, e.g. in the case of those resident in enemy territory, hand to the Custodian of Froperty, the assets of enemy nationals. Reasonable maintenance withdrawals should, however be allowed to those who are present;
block for future consideration the assets of persons and Concerns suspected to have co-operated with the enery.
block for future consideration any assets which you. may suspect to have accrued from co-operation with the enemy;
block for future consideration any assets which are suspected to have been acquired by looting;
determine to what extent the banks and financial institutions are solvent.
(a) Subject to the two preceding paragraphs and under your overriding control you will, as soon as possible, re-open such banking and financial institutions as you consider to be required for the internal needs of the territory and are in a position to meet their liabilities. As soon as the need arises you will consult the War Office with a view to providing external remittance facilities.
·
(b) Old accounts may be operated if not blocked under paragraphs 16, 17 and 18 above.
boxes.
(c) Unblocked assets may be withdrawn from vaults and safe deposit
No transfer of stocks and shares will be valid without your ority. The validity of transfer during occupation by the enemy is
er to be determined by the courts in due course.
thdrawals from ola
until
Savings Bank accounts will
to cater for civil needs
/has
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