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American Holders of Israeli Notes Will Have to Deposit Them

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People in the United States holding old Israeli banknotes of one pound or half-pound denominations will be able to deposit these notes against official receipts in banks whose names and addresses will be released later, it was announced here today by the Israeli Office of Information. The deposits will be credited to the owners in a blocked account held in Israel by the Israel National Bank.

The announcement emphasized that owners of bills above denominations of one pound will not be afforded the same facilities, since, according to a law valid since the establishment of the state, only banknotes of one pound and half-pound denominations were permitted to be taken out of the country. It is, therefore, presumed, that all bills of higher denominations were taken out of the country illegally.

Deposits of Israel currency must be effected prior to June 22nd, the announcement said. All currency not deposited by that date will no longer be valid. Definite procedures for the deposit of these notes and the banks which will handle the transactions will be announced later.

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