Section 4
SEC. 4. The tax imposed in this Act shall not apply to foreign exchange sold and/or authorized to be sold by the Central Bank of the Philippines for any of the following purposes: Payment in respect of reinsurance. Payment in respect of marine and aviation insurance. Payment of expenses for the drydocking and repair abroad of vessels of Philippine register, and for the repair abroad of airplanes of Philippine register, and payment of purchase price or charter fees of airplanes and vessels of Philippine register: Provided, That, before vessels are sent to be drydocked abroad, an estimate of the cost of drydocking should be certified by the Hulls and Boilers Division of the Bureau of Customs, and in case of air planes and airplane parts, the cost of such repairs and such parts should be certified by the Civil Aeronautics Administration. Remittances for payment of living expenses of students studying abroad not exceeding the equivalent of three hundred dollars per month, and for payment of tuition and other school fees. Payment of premiums by Veterans on Life Insurance Policies under the Government of the United States. Payment of premiums and other amounts due by policyholders on Life Insurance Policies issued before December 9, 1949. Payment of machinery and/or raw materials to be used by new and necessary industries as determined in accordance with Republic Act Numbered Thirty-five.