new treas regs for cash in

[blueskygal]

Well looks like this is crazy!!!

this was on dinarbanker

Please note new regulations on exchanging Iraqi Dinar:

5. ledger to ledger transfers / Internal transfers will not be allowed due to US Treasury Department restrictions.

6. Per US Treasury Department directives, wires can only be sent to the individual exchanging the dinar and the account must be in that person's name. - WHAT? U CANNOT WIRE TO CORPORATE?

7. Per US Treasury Department directives, wires can only be sent internationally if the individual making the exchange is a citizen of that country and the account is in the customer's name.

8. Exchanges to trusts must be initiated by the beneficiary of the trust.- WHAT??? THE TRUSTEE WITH THE CONTROL CANNOT DO THE WIRE??? RIDICULOUS

9. Per US Treasury Department directives, dinar exchanges must convert to US dollars in the customer's name prior to any purchase of precious metals or other commodities. THIS MEANS PAY TAX FIRST AND THEN BUY GOLD SILVER- NO 1031 like kind exchanges

Well guess this is what a broke government does to raise funds

Uh excuse me sir, my 5 year old does not have ID but is a beneficiary - cant write or read yet - is this ok???? hilarious

[richwithdinar]

looks like the government is watching the Dinar Forums

Edited March 9, 2011 by richwithdinar

[Kenneth]

Let's email our tea party members and see if they can stop it.

[Teresa82]

They got to corrupt everything in their paths! They're gonna make sure they get their money!

Before the law was, that if you cashed in for gold or silver, etc. you didn't get taxed on it til you converted it.They don't want people to convert it, it breaks down their power over us!

[blueskygal]

well I feel sorry for eveyone who bought expensive trusts now. if a trustee cannot do the wire that tells me that the only kind of trust that would be able to do this would be a revocable one where you can be beneficiary

on an irrevocable trust you CANNOT be the trustee and the beneficiary

this opens a whole can of worms now...is the beneficiary taxed on the transfer NOW then instead of upon distribution?

Folks, looks like they want ALL taxes paid UPFRONT - prior to any other investing in the trust

Do we have any trust experts on here?

O and Im sure that after RV anyone traveling south will encounter craziness at the airport too

Crazy - no loopholes for the little people

[kevnutz]

Kudos to those who listened to Adam and steered clear of trusts.

This news seems specific to dinar, but the feds have been saying that they are going to crack down on offshore bank accounts and tax evasion. DinarTrade just happens to fall into their path.

[chilli24]

U.S. Govt. closing the loopholes, bad for tax implications but maybe a sign of impending r.v.?

[blueskygal]

blanket policy now - nationwide

i just got off the phone with dinarbanker...they just updated their info 1.5 hours ago. I asked specifically for a source I could go to to examine the regs myself. He said that they do not even have that yet. They were just informed to make all these changes now...Im going to call treasury next Ill keep you posted

[tileman1814]

So the US treasury is making up the rules as they go along?This sounds like a job for our congressmen.

Semper Fi !!!

[blueskygal]

U.S. Govt. closing the loopholes, bad for tax implications but maybe a sign of impending r.v.?

Sure look that way doesnt it???

[Darin]

Interesting... regarding the trust...

I'm interested to hear confirmation on this.

Overall, however, this seems to be mean that we are close? Why enforce these laws if that be.....?

Hmmm

[flahenry]

They got to corrupt everything in their paths! They're gonna make sure they get their money!

Before the law was, that if you cashed in for gold or silver, etc. you didn't get taxed on it til you converted it.They don't want people to convert it, it breaks down their power over us!

You mean they will get OUR MONEY!!!

Edited March 9, 2011 by flahenry

[richwithdinar]

Interesting... regarding the trust...

I'm interested to hear confirmation on this.

Overall, however, this seems to be mean that we are close? Why enforce these laws if that be.....?

Hmmm

I agree. I think this probably some of the biggest news we have received. This all seems very specific to dinar investors.

Just trying to find the silver lining in all of this

[cashhunter]

It is my understanding that the "no ledger to ledger law" is a California law not Fed. It will be interesting to see how Dinar Banker reacts to these illegal laws not passed by congress.

The IRS is a collection arm of the Federal Reserve, a private Corp., neither are govermental agencies.

Have a Great Day,

Cash

[money4you101]

It sures seems like a co-inkie-dink that they would blanket the change right now, this moment, if something weren't just around the corner...and I have never been one to believe in co-inkie-dinks...fingers, toes and eyes crossed! At this point I will happily pay my taxes, save an almost bankrupt country, bring hope to a newly emerging country and it's peoples and bail my own butt out of the fire.

[CSTEP]

They got to corrupt everything in their paths! They're gonna make sure they get their money!

Before the law was, that if you cashed in for gold or silver, etc. you didn't get taxed on it til you converted it.They don't want people to convert it, it breaks down their power over us!

HELP ME UNDERSTAND THIS..SORRY NOT GOOD WITH TAXES.SO THE DINAR HOLDER WILL NOT HAVE ANY GAINS AT ALL @ TIME OF CASH IN???

[ha ha]

I blamed the Tea Party folks for this who been advocating cut, cut & cut without reaching out at all for the top 1% of the millionaires. The burdens have been too much for the Middle-class to carry in this Country for too long. Ha ha, the chickens have come home to roust.

[blueskygal]

I called - had to leave a message...then went to irs site looking for dinar regs and saw this...

U.S. Army Major Sentenced to 21 Months in Prison for False Statements Charge Related to Attempt to Smuggle Currency from Iraq to the United States

On October 8, 2010, in Memphis, Tenn., U.S. Army Major Charles Sublett was sentenced to 21 months in prison, two years of supervised release and ordered to forfeit $107,900 and 17,120,000 Iraqi dinar for smuggling more than $100,000 in currency from Iraq. According to court documents, Sublett was deployed to Balad Regional Contracting Center on Logistical support Area (LSA) Anaconda in Iraq from August 2004 through February 2005. LSA Anaconda is a U.S. military installation that was established in 2003 to support U.S. military operations in Iraq. According to the indictment, Sublett served as a contracting officer while deployed to LSA Anaconda. As a contracting officer, Sublett was responsible for, among other things, evaluating and supervising contracts with companies that provide goods and services to the U.S. Army. Sublett admitted that, on January 11, 2005, he sent a package from Balad, Iraq, to Killeen, Texas, which was seized by U.S. Customs and Border Protection officers in Memphis. Sublett admitted that, on the international air waybill, he falsely described the contents of the package as books, papers, a jewelry box and clothes with a total declared customs value of $140 when, in fact, Sublett knew the package contained $107,900 in U.S. currency and 17,120,000 in Iraqi dinar. Sublett also admitted that he failed to file a currency or monetary instruments transaction report (CMIR) as required by federal law when transporting currency in amounts of more than $10,000 into or out of the United States. During the plea hearing, Sublett admitted to making false claims to investigators regarding his attempt to bring the currency into the United States in an effort to impede their investigation.

nuts nuts

[dinarokie]

blanket policy now - nationwide

i just got off the phone with dinarbanker...they just updated their info 1.5 hours ago. I asked specifically for a source I could go to to examine the regs myself. He said that they do not even have that yet. They were just informed to make all these changes now...Im going to call treasury next Ill keep you posted

let me know what you find out, im calling my bank asap ... i will let you know what i find out

[blueskygal]

It is my understanding that the "no ledger to ledger law" is a California law not Fed. It will be interesting to see how Dinar Banker reacts to these illegal laws not passed by congress.

The IRS is a collection arm of the Federal Reserve, a private Corp., neither are govermental agencies.

Have a Great Day,

Cash

nope I called dinar banker - they just got the news this morning - I called treasury for the regs - waiting for a call back as it is not on the IRS site yet either - the SHEEPLE wont see the rules until after the RV probably

[fishmonger]

I'm not sure why so many thought that they wouldn't, or shouldn't, pay taxes on their investment. If this hits like we all hope, surely paying some taxes is to be expected. Personally, it sounds like a good problem to me, I'll pay my taxes happily.

I learned a long time ago not to mess with the IRS. If you hit it big and try to avoid (not minimize, not the same thing) the tax, then you are an idiot. A greedy idiot.

I take this as a sign of good things to come: RV, pay my taxes, moving on to a new phase of my life (knowing I have nothing to run from).

FM

[anonmouse013]

Here is updated info from DinarTrade...I just went to their website and entered my email address for latest cash-in info and here it is:

Exchange Procedures

Dinar Trade procedures for exchange at the time of a significant change in the value of the Iraqi Dinar, as listed below:

We will be taking appointments on a first come first serve basis. We will only cash in your dinars with a scheduled appointment. At the time of exchange we will notify our customers via email as well as posting it on our website. Our Santa Monica, CA and Brentwood, TN offices will be open immediately. Our other offices, which are listed below, will open within 5-7 business at the time of a change in the value of the Iraqi Dinar greater than $10,000 per million Iraqi Dinar. There will be no limit on the amount of Iraqi Dinar you may cash in.

When you are ready to exchange your Iraqi Dinars with Dinar Trade:

Call 1-877-770-7660 or visit our website at www.dinartrade.com, to make an appointment. Let us know which office you would like to go to in order to make the trade.

Groups:

We will take group appointments. A group is considered 5-30 people. At the time of the appointment you must inform us of the number of people in your group and the total amount of Iraqi Dinars each person will be exchanging. If locking in a rate, each person in the group who would like to lock in will need to sign an agreement with Dinar Trade, guaranteeing the amount of Iraqi Dinar to be cashed in. Each person in the group does not have to lock in a rate. Each person in the group is responsible for their own appointment and rate lock in.

Individuals & Groups:

You will need the following:

* 2 forms of identification (one with a picture and one with your name on it, for example a credit card or utility bill)

* Fincen 104 form ( http://www.fincen.gov/forms/files/fin104_ctr.pdf ) We will complete a Fincen 104 form at the time of appointment.

* Bank incoming wire instructions ( ABA Routing number and Account number)

We will wire the funds form our bank account here in the U.S to your bank in the U.S. while you wait at the time of exchange. There will only be one wire to one account per customer.

Due to changes in regulation individuals must exchange their currency themselves. A third party may not perform an exchange on your behalf. The use of a third party will not be permitted.

International customers: we will require a copy of your passport and banking information to exchange at locations inside the United States.

Fees:

Dinar Trade will charge $150 per million Iraqi Dinars as a service fee for exchanging your Iraqi Dinars.

There in No minimum quantity of Iraqi Dinars that may be exchanged. The minimum fee is $150.

Rate of Exchange:

We will offer customers who have purchased from Dinar Trade the option to lock in a rate for the time of their appointment. Our rate will be based on the Central Bank of Iraq's buy rate. We will post the lock in agreement on our website and we will also fax or email a lock in agreement to the customer that must be signed, notarized and faxed back to our office within 24 hours. If the fax is not received within the 24 hours your lock in rate will be forfeited. Once locked in the appointment and rate cannot be changed or canceled. There will be legal recourse for individuals who lock in a rate and do not arrive for their appointment. The lock in rate is guaranteed until the day of the appointment. A lock in rate means that the price is agreed upon whether the rate goes up or down.

Customers who are unsure or do not want to lock in a rate will receive the rate on the day of their appointment. The exchange rate will depend on the rate in Iraq at that time of the appointment for customers not locking in a rate. We will let you know the rate on the phone but it will not be confirmed until you arrive at one of our offices at the time of exchange.

We encourage everyone to check all other sources who will be exchanging Iraqi Dinars and their rates before calling us. We are confident we can beat their rates.

At this time we have 2 offices open:

Brentwood, Tennessee

Santa Monica California

At the time of a significant change in the value of the Iraqi Dinar we will have the following locations open within 5-7 business days.

Locations to open:

-Manhattan, NY -Grand Forks, ND

-Spring Hill, FL -Las Vegas, NV

-FT Smith, AR -Toledo, OH

-Waxahachie, TX -Salt Lake City, UT

-Albuquerque, NM -Kent, WA

We will not disclose the addresses of these locations for security reasons. We will only disclose them to customers with appointments. If you would like to exchange before a location near you is open, you will have to come to our office in Tennessee or California.

We estimate that you will not have to wait more than 3 business days when making an appointment. If making an appointment for an unopened location we estimate that individuals will be accommodated within 3 business days of the opening. We will accommodate on a first come first serve basis.

Exchange Options:

At this time we are not offering any precious metals for sale or exchange.

If you would like to exchange your Iraqi Dinar for one of our other currencies you must notify us before your scheduled appointment. We will only offer exchanges at our Santa Monica, CA location.

-Chinese Yuan

-Vietnamese Dong

-Korean Won

-Afghani Afghan

Precious Metals:

Due to new regulations Dinar Trade will not be exchanging Iraqi Dinars to precious metals. If you would like to purchase precious metals with the funds attained from exchanging the Iraqi Dinar you may do so. We can provide a contact where you may purchase precious metals or you may find a source of your liking.

Taxes:

Dinar Trade is a currency exchange. We are not a tax attorney or CPA. For tax questions kindly contact your accountant or financial advisor.

The above does not constitute that Dinar Trade knows if a change in the value of the Iraqi Dinar is going to occur. We are informing our customers of the procedures our company will take at the time of a significant increase in the exchange rate of the Iraqi Dinar to better serve them.

Dinar Trade reserves the right to change any of the policies depending on market conditions.

Dinar Trade is still selling dinars. If you would like to purchase kindly go to our website www.dinartrade.com

Buy Dinar | Visit www.dinartrade.com

[desimo]

If anyone had any question that this was actually happening should be able to put thier concerns to rest. I doubt that the Treasury would be too concerned about something that was not going to happen.

[Dr Alan]

Just makes me more secure in my decision to set up the off shore corp. in Seychelles and the bank account in Brazil. I will pay my fair share of taxes, when I decide to bring it back to the US.

[mzmichele]

Exchange Stabilization Fund

Page Content

Introduction

The Exchange Stabilization Fund (ESF) consists of three types of assets: U.S. dollars, foreign currencies, and Special Drawing Rights (SDRs), which is an international reserve asset created by the International Monetary Fund. The financial statement of the ESF can be accessed at "Reports" or "Finances and Operations."

The ESF can be used to purchase or sell foreign currencies, to hold U.S. foreign exchange and Special Drawing Rights (SDR) assets, and to provide financing to foreign governments. All operations of the ESF require the explicit authorization of the Secretary of the Treasury ("the Secretary").

The Secretary is responsible for the formulation and implementation of U.S. international monetary and financial policy, including exchange market intervention policy. The ESF helps the Secretary to carry out these responsibilities. By law, the Secretary has considerable discretion in the use of ESF resources.

The legal basis of the ESF is the Gold Reserve Act of 1934. As amended in the late 1970s, the Act provides in part that "the Department of the Treasury has a stabilization fund …Consistent with the obligations of the Government in the International Monetary Fund (IMF) on orderly exchange arrangements and an orderly system of exchange rates, the Secretary …, with the approval of the President, may deal in gold, foreign exchange, and other instruments of credit and securities.

Edited March 9, 2011 by mzmichele