3. Time drafts drawn against the proceeds of drafts exempt
under (4) below.
4. Drafts stating no time for payment which are accepted for
payment at a certain future date.
5. Time drafts drawn on a domestic bank for the purpose of
securing money to purchase goods to be exported.
6. Time drafts, not covering exports, drawn and delivered or
accepted in the United States and payable in foreign countries.
7. Time drafts covering articles shipped from the United
States, Hawaii and Alaska to the Canal Zone, if such drafts are
delivered within the United States, Hawaii or Alaska.
8. Time drafts drawn against shipments from the Virgin Islands,
the Philippines and Porto Rico into the United States, if
delivery or acceptance of such drafts first takes place within
the United States, Alaska or Hawaii.
The following checks and drafts are exempt from tax: