8 C.F.R. PART 293—DEPOSIT OF AND INTEREST ON CASH RECEIVED TO SECURE IMMIGRATION BONDS
Title 8 - Aliens and Nationality
Authority: Sec. 103, 66 Stat. 173; 8 U.S.C. 1103. Interprets and applies sec. 293, 84 Stat. 413.
Source: 36 FR 13677, July 23, 1971, unless otherwise noted.
Interest shall be computed from the date of deposit occurring after April 27, 1966, or from the date cash deposited in the postal savings system ceased to accrue interest, to and including the date of withdrawal or date of breach of the immigration bond, whichever occurs first. For purposes of this section, the date of deposit shall be the date shown on the Receipt of Immigration Officer for the cash received as security on an immigration bond. The date of withdrawal shall be the date upon which the interest is certified to the Treasury Department for payment. The date of breach shall be the date as of which the immigration bond was concluded to have been breached as shown on Form I–323, Notice—Immigration Bond Breached. In counting the number of days for which interest shall be computed, the day on which the cash was deposited, or the day which cash deposited in the postal savings system ceased to accrue interest, shall not be counted; however, the day of withdrawal or the day of breach of the immigration bond shall be counted. Interest shall be computed at the rate determined by the Secretary of the Treasury and set forth in §293.2. The simple interest table in §293.3 shall be utilized in the computation of interest under this part. The Secretary of the Treasury has determined that effective from date of deposit occurring after April 27, 1966, the interest rate shall be 3 per centum per annum. Following is a simple interest table from which computation of interest at 3 per centum per annum on a principal of $1,000 for a fractional 365-day year may be derived by addition only. The interest is stated in the form of a decimal fraction of $1. Example: 3% on $500 for 93 days:
Interest shall be paid only at time of disposition of principal cash when the immigration bond has been withdrawn or declared breached.
Title 8: Aliens and Nationality
PART 293—DEPOSIT OF AND INTEREST ON CASH RECEIVED TO SECURE IMMIGRATION BONDS
Section Contents
§ 293.1 Computation of interest.
§ 293.2 Interest rate.
§ 293.3 Simple interest table.
§ 293.4 Payment of interest.
§ 293.1 Computation of interest.
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§ 293.2 Interest rate.
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§ 293.3 Simple interest table.
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Days Interest 1.......................................................... 0821 91782.......................................................... 1643 83563.......................................................... 2465 75344.......................................................... 3287 67125.......................................................... 4109 58906.......................................................... 4931 50687.......................................................... 5753 42468.......................................................... 6575 34249.......................................................... 7397 2602
Days 90 $7.3972 602 3 .2465 7534 ------------------------Interest on $1,000............................. 93 $7.6438 3554Interest on $500............................... ....... $3.82
§ 293.4 Payment of interest.
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