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B-197708 1 (1980-04-08)

handle is hein.gao/gaobadidw0001 and id is 1 raw text is: THE COMPTROLLER GENERAL DECISION OF THE UNITED STATES W ASH IN GTON , 0. C. 2 0 5 4 8 FILE: B-197708 DATE: April 8, 1980 MATTER OF: Disposition of Valueless Foreign Currencies DIGEST: 1. Treasury may properly charge Gain and Loss account for $914.66, representing value for accountability purposes of Vietnamese piasters and Cambodian riels which are and will remain valueless as medium of exchange. Currency was originally held by United States Disbursing Officers for exchange transaction purposes as authorized by 31 U.S.C. § 492a. Loss of value of currency held for such purposes may, under 31 U.S.C. § 492b, be charged against gains from operations for the same purposes. 2. Valueless foreign currencies may be destroyed as surplus personal property, in accordance with regulations implementing 40 U.S.C. § 483(h) if not carried in U.S. dollar account- ability (either because the loss of value has been charged to Gain and Loss account or because they were valueless when accepted). This decision is in response to the request of the Commissioner, Bureau of Government Financial Operations, Department of the Treasury, for our opinion concerning: (1) the proper procedures to be followed in accounting for Vietnamese piasters and Cambodian riels which are currently valueless and will remain valueless as a medium of exchange, and (2) the propriety of destroying these currencies as surplus property under the provisions of the Federal Property and Administrative Services Act of 1949, as amended, 40 U.S.C. §§ 471 et seq. (1976). The Treasury Department reports that it currently holds in storage a number of Vietnamese piasters and Cambodian riels obtained as a result of the evacuation of the American Embassies in Vietnam and Cambodia. One quantity of piasters and riels was acquired from the United States Disbursing Officers (USDO) at -1- 07,-f0 Fa 66e'n K?

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