Nonconvertible Foreign Currency [Internal Revenue] Law and Legal Definition
Pursuant to 26 CFR 301.6316-2 (b) [Title 26 Internal Revenue; Chapter I Internal Revenue Service, Department of the Treasury; Subchapter F Procedure and Administration; Part 301 Procedure and Administration; Collection; Receipt of Payment], the term Nonconvertible Foreign Currency means “currency of the government of a foreign country which, owing to (1) monetary, exchange, or other restrictions imposed by the foreign country, (2) an agreement entered into with the United States of America, or (3) the terms and conditions of the U.S. Government grant, is not convertible into U.S. dollars or into other money which is convertible into U.S. dollars. The term shall not, however, include currency which, notwithstanding such restrictions, agreement, terms, or conditions, is in fact converted into U.S. dollars or into property which is readily disposable for U.S. dollars.”
Legal Definition list
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- Adoption Service [Foreign Relations]
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- Agent of a Foreign Power
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