CFR > Title 31 - Money and Finance: Treasury > SUBTITLE B—Regulations Relating to Money and Finance > CHAPTER V—OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY (parts 501 to 598) > PART 515—CUBAN ASSETS CONTROL REGULATIONS > SUBPART E—Licenses, Authorizations, and Statements of Licensing Policy (§515.501 to §515.578) > 515.531—Payment of certain checks and drafts.

515.531—Payment of certain checks and drafts.

(a) Any banking institution within the United States is hereby authorized to make payments from blocked accounts with such banking institution:
(1) Of checks and drafts drawn or issued prior to the “effective date” provided:
(i) The amount involved in any one payment, acceptance, or debit does not exceed $500; or
(ii) The check or draft was within the United States in process of collection by a domestic bank on or prior to the “effective date.”
(2) [Reserved]
(b) This section does not authorize any payment to a designated foreign country or any designated national thereof except payments into a blocked account in a domestic bank, unless such designated national is otherwise licensed to receive such payment.
(c) The authorization contained in this section shall expire at the close of business on August 8, 1963.