Bill concept and classification. The concept of a bill
As Efremova V.N., Mizikovsky E.A. the class of bills is quite diverse, they differ in the issuer, serviced transactions, the subject making the payment Efremova VN, Mizikovsky EA. Accounting and analysis of financial assets - shares, bonds, bills. / textbook - M .: Finance and statistics, 1995 P. 168 -171. (Fig. 3.1)
Rice. 3.1. Classification of bills
Consider the classification of bills proposed by these authors.
On the basis of the issuer, treasury and private bills are distinguished. Treasury bill - a short-term debt instrument issued by the government of a country, usually through an intermediary Central Bank with maturities typically between 90 and 180 days. Private bills --- issued by corporations, financial groups, commercial banks.
The maturity of such bills is from several weeks to several months.
These papers do not have special collateral, and the guarantee of their reliability is only the drawer's rating, the stability of his financial position and his authority in the securities market.
A bill can serve purely financial transactions and commodity transactions.
A financial bill reflects the relationship of a loan of money by a drawer from a bill holder at a certain percentage.
The bill can perform various tasks in the work financial mechanism: used as payment document, investment funds temporarily free money, as a lending tool, serve as collateral for the repayment of a loan when obtaining a loan from a bank.
Varieties of such a debt obligation are bank, friendly, bronze bills.
An example bank bill are debentures issued by an issuing syndicate, which includes the industrial commercial AvtoVAZbank, the joint-stock conversion bank Konversbnak, and the Russian Brokerage House.
The purpose of the issue is to attract free cash to the bank.
The scheme of circulation of a bank bill is shown in fig. 3.2. The creditor (legal entity or individual) buys a promissory note at a discount price, i.e. less than the face value, and after a certain time repays the debt at the face value, having an income equal to the difference between the face value and the purchase price.
Rice. 3.2. Bank bill circulation scheme
A bank bill is issued in series, each of which is placed within 2 weeks at a fixed selling price.
After 14 days, the sale of another series of bills of exchange begins new price. The term of the loan on the promissory note is 16 weeks. A promissory note that is due for payment may be presented for payment within a year.
A bank bill can be used by the holder of a bill as a means of payment for settlements with other enterprises, as well as sold on the secondary securities market to another investor. In both cases, a transfer inscription is provided on the reverse side of the bill.
friendly bill issued when one entrepreneur provides assistance to another entrepreneur who is experiencing financial difficulties.
The first, the drawer, issues the bill to the second, the first holder of the bill, and he transfers the bill to a third party in payment of his obligations.
Upon the due date of payment, the holder of the bill repays the debt obligation from the drawer, and the first holder of the bill settles with the drawer by agreement, when financial position stabilizes. (Fig. 3.3)
Money by agreement
First bill drawer
holder money
A promissory note in payment of obligations
Second Drawer
Rice. 3.3. Friendly bill circulation scheme
Bronze bill- a bill that has no real security, issued to a fictitious person. The terms used in bill circulation are regulated by RESOLUTION of August 7, 1937 N 104/1341. Bronze bill(fictitious) is issued for the purpose of fraud. It is exhibited and accepted by non-existing firms. Another option is also possible: two persons put bills on each other, after which they take into account debt obligations in different banks, i.e. sell bills to banks at a price less than the amount of the bill. At maturity, in order to pay the old bills, both persons again expose each other with new bills and take them into account in other banks (Figure 3.4.). It should be noted that in Russia the use of friendly and bronze bills of exchange is prohibited Efremova VN, Mizikovsky EA. / textbook - M .: Finance and statistics, 1995 S. 168 -171.
Rice. 3.4. Bronze bill circulation scheme
At the core bill of exchange is a transaction for the sale of goods. The seller delivers the goods to the buyer, receives from the latter an obligation to pay the cost of the goods and interest for deferred payment after a certain time.
The total result of payment by a single bill of exchange is recorded in the document. A bill of exchange thus acts as a form of commercial credit provided to each other by entrepreneurs, in contrast to a bank loan issued by a bank.
With the invention of the commodity bill, merchants got out of dependence on bankers. France was the first to use a bill of exchange, then Holland, Germany, and England followed suit.
In the practice of bill circulation, it is customary to distinguish between two main types of bills: simple and transferable, each of which is divided into subspecies according to a number of classification features (Fig. 11.1)
The division of bills according to the nature of the bill transaction into simple and transferable is the most significant and significant.
Bill of exchange (draft -- this is a security containing an unconditional offer e of the drawer (drawer) to the drawee (drawer) to pay within a certain period of time to the bill holder or the person indicated by him (his order) sum of money specified in the bill.
Promissory note (solo bill)- a security containing a simple and unconditional obligation of the drawer to pay a certain amount of money to the holder of the bill or to the person indicated by him (his order) within a certain period of time. The original parties to a bill of exchange are:
drawer - a drawer who issues a bill;
drawee (payer) - the person to whom the drawer addresses with a proposal to pay the bill;
Remittent - the first recipient or the first bill holder in whose favor the bill is issued (Fig. 11.1).
In a promissory note, the initial participants are:
drawer - a person who issues a bill of exchange, who is also a payer;
Remittent - the first bill holder (Fig. 12.2).
Thus, the difference between a bill of exchange and a promissory note lies in the very nature of the bill transaction. The parties to the bill of exchange relations in a bill of exchange are three persons: the drawer who issued the bill, the holder of the bill and a third party payer, who, at the suggestion of the drawer, assumes obligations under the bill. In a simple bill of exchange, two persons act as participants in the transaction: the drawer (debtor) and the holder of the bill (creditor).
The rights under a bill can be transferred both in promissory notes and in bills of exchange by means of an endorsement. A feature of a bill of exchange and its advantage over other securities is the ability to transfer obligations to a third party, because, according to general rule, the person liable under the security is the issuer or the one who issued it.
Bill of exchange must contain the following details:
the name "bill" included in the text of the document and expressed in the language in which this document is drawn up;
a simple and unconditional offer to pay a certain amount of money;
the name of the person who must pay (payer, drawee);
the term of payment;
the place where the payment is to be made;
the name of the person to whom or to whose order the payment is to be made;
date and place of drawing up the bill;
Signature of the person who issues the bill (drawer, drawer).
A bill of exchange contains allowable deviations from required details, in particular:
· a bill of exchange, the maturity of which is not specified, is considered payable at sight;
· in the absence of a special indication, the place indicated next to the name of the payer is considered the place of payment and, at the same time, the place of residence of the payer;
· A bill of exchange, which does not indicate the place of its drawing up, is recognized as signed in the place indicated next to the name of the drawer.
A promissory note contains the same details, except for the details containing the name of the payer.
Commercial bills- they are based on a specific commodity transaction. The drawer issues a bill of exchange as payment for goods delivered, work performed or services rendered;
Financial bills. The basis for their issuance is the provision of a loan or the attraction of temporarily free Money;
Fictitious bills. The issuance of such promissory notes is associated with unfair actions in the market in order to obtain material gain. Fictitious bills include: bronze, friendly, counter. A bronze bill is a type of bill of exchange, the payer of which is a fictitious or insolvent person. Friendly bill - a bill that has an acceptance or a guarantee of a third party, issued to a knowingly insolvent person to receive money by discounting the bill in a bank or using the bill in economic turnover as a means of payment. Counter bill - issuance of two bills, as a result of which the parties become the first bill holders of these bills. The issue and circulation of fictitious bills of exchange is prohibited by law in most states, including the Republic of Belarus.
Treasury bills. Promissory notes issued on behalf of the state by various public authorities - the Ministry of Finance, central bank. As a rule, these are short-term obligations issued for a period of 3, 6 and 12 months, which are sold to commercial banks at a price below par and redeemed at par. Treasury bills are one of the most highly liquid assets and are often purchased by foreign countries to form foreign exchange reserves.
In the Republic of Belarus, bills of exchange were issued on behalf of the Government of the Republic of Belarus by the Ministry of Finance in order to attract temporarily free funds of legal entities on a short-term basis, as well as for other purposes that do not contradict the law. In accordance with the Decree of the President of April 28, 2006 No. 278 "On improving the regulation of bill circulation in the Republic of Belarus" the President or the Council of Ministers has the right to issue bills on behalf of the Republic of Belarus and its administrative-territorial units. The National Bank is also entitled to issue bills denominated as Belarusian rubles and in national currency.
Municipal bills issued by local authorities in consultation with the government. Not issued in the Republic of Belarus.
Bills of a business entity. Promissory notes can be issued in the Republic of Belarus legal entities, except for organizations financed from the budget.
bank bill represents a debt obligation of the bank to pay to the holder of the bill the amount specified in the bill at maturity. Despite the fact that a bank bill, in fact, is no different from a business entity's bill, it stands out as a separate variety, since the purposes of issuing bank bills and the range of operations carried out by banks using them are much wider and more diverse. The issue and circulation of bank bills is a separate segment of the market.
Private promissory note- promissory note issued individual entrepreneur
Definitely urgent, i.e. with an absolutely certain payment date (on a certain day; in so much time from compilation).
Indefinitely urgent- with a relatively certain payment term (at sight; in so much time from presentation).
Secured bills. The issuance of a bill is guaranteed by a pledge, while all known methods of securing the fulfillment of obligations are used (pledge of funds, property, securities, etc.).
Unsecured bills. The bill is not guaranteed by collateral. Its liquidity is ensured by the reliability and business reputation of the drawer.
On the territory of the Republic of Belarus, it is not allowed to issue, endorse, avalize bills of exchange that are not secured by cash and other property of a person who, in connection with this, has obligations under the bill.
Endorsable bills. Bills of exchange freely circulate on the secondary market and the rights on them are transferred by means of an endorsement.
Non-endorsable bills. Promissory notes that cannot be transferred by endorsement in view of the fact that the drawer has made a prohibition clause "Not to order" on the bill.
Domiciled bills. A bill where the place of payment is indicated other than the location of the payer or the place of issue of the bill.
Undomiciliated bills. The place of payment in a bill of exchange is the location of the payer (drawee), in a promissory note - the drawer or the place of issue of the bill.
Classification of bills
Promissory notes, depending on the terms of the debt and the functions performed, are divided into commercial, financial and security.
Commercial bills are based on a real transaction for the purchase and sale of goods on credit; their issuance entails a deferred payment.
Commercial bills of exchange are actually transferred against the security of the goods and are secured by the funds that will come from the sale of goods purchased with the help of the bill. Therefore, such bills are also called commodity, purchase or covered. They constitute the most solid base of bill turnover.
However, in addition to covered bills in commercial circulation, there are non-monetary fictitious bills that are not related to the needs of turnover and are issued in order to receive funds by registering them in a bank.
There are several varieties of cashless bills: friendly, counter and bronze (inflated).
Friendly bills are transferred by a solvent enterprise as a “friendly service” to another enterprise experiencing financial difficulties and in need of a loan (or the bills of the latter are accepted), so that the bill holder pays off the bill with his creditors or takes it into account in the bank.
The issuance of friendly bills can also be used to artificially increase the amount of the drawer's debt when it is declared insolvent. The amounts paid on such bills of exchange are then returned by the holder of the bill to the drawer.
Friendly bills are usually issued in case of full confidence in the counterparty. However, as a kind of guarantee against losses that the drawer may incur in case of non-payment of a friendly bill, the holder of the bill hands over to his counterparty a bill for the same amount - a counter bill.
Issuance of counter bills is also practiced in those cases when two firms in need of money exchange non-cash bills.
Bronze (inflated) bills also have no real security and are issued on behalf of a non-existent company in order to receive cash from the bank.
The presence of a large number of cashless bills in commercial circulation causes bill inflation. Non-cash bills, as a rule, are not paid on time, which causes financial difficulties for drawers. Non-monetary bills accounted for in the bank divert part of the financial resources from the real trade turnover, and unproductively used funds depreciate. Therefore, the Letter of the Central Bank of the Russian Federation dated September 9, 1991 No. 14-3/30 prohibits the use of such bills in Russia.
Financial bills are a direct consequence of a loan agreement, when one party receives a certain amount of money from the other, issuing a bill in return. In commercial and industrial turnover, financial bills are used by enterprises to replenish working capital. Private financial notes are usually issued by large well-known firms that have a stable financial position. However, this method of borrowing is less preferable than bonds, since funds are attracted on a short-term basis, and they are involved in production for longer periods. This calls into question the timeliness of payments on private financial bills. Such bills are usually not accepted by banks for accounting.
A variety of financial bills are treasury bills - short-term government obligations with maturities of 3, 6 and 12 months, issued into circulation in order to cover the budget deficit. Since 1992, the Government of the Russian Federation has used this method of short-term borrowing by issuing government short-term bonds (GKOs), which are essentially treasury bills.
A financial bill, the payer of which is a bank, is called a bank bill.
Security bills are used as a means of ensuring the timeliness and accuracy of the performance of an obligation under any other transaction. The obligated party issues a solo promissory note (with only one own signature) to the counterparty upon presentation. Such a bill of exchange may be presented for payment only if the drawer fails to fulfill the obligation that the bill secures.
In banking practice, security bills are used as collateral for blank loans, and also if there is no complete certainty that the borrower is bound. The security bill is not intended for further circulation, it is kept in the deposited account of the borrower and, if the payment is made on time, is immediately repaid. Otherwise, the bank acquires ownership of the bill and presents it to the debtor for payment.
As a kind of security bill, a security bill can be considered, issued as a deposit for a transaction instead of cash.
As security for a loan, the borrower may present not his own bills, but issued by third parties, but with the borrower's endorsement. Then the loan is called "bill on call" (from the English on call - on demand), i.e. This is a demand loan secured by bills of exchange. As payments are received on such bills, the loan is repaid.
Commercial bills, behind which there is a specific commodity transaction, are simple and transferable.
A promissory note is a simple and unconditional obligation of the drawer to pay a specified amount to the holder at maturity. A promissory note is called a "call bill", i.e. a bill of exchange on which there is only one signature - of the person obliged to make the payment. Such a bill assumes that the person who issued the bill is also the payer on it. A promissory note is essentially an IOU issued by the buyer to the seller in exchange for a good or service.
However, almost every subject can act on commodity market both as a supplier (creditor) and as a buyer (debtor).
If the creditor owes a certain amount to a third party under a specific transaction, he can liquidate or reduce his debt using a bill of exchange.
A bill of exchange (draft) is a written document containing the order of the drawer, addressed to the payer-debtor, to pay money (at a certain time and in a certain place) to the recipient - the holder of the bill or, at his order, to another person.
Unlike a simple bill of exchange, not two, but three persons participate in a bill of exchange:
1) drawer - issuing a bill;
2) the remitter - the first acquirer who, together with the bill of exchange, receives the right to demand and payment on it;
3) drawee - the payer to whom the holder proposes to make payment.
A bill of exchange containing an order to make payment (the order comes from the person who issued the bill) is not yet an obligation to pay on the part of the drawee. Therefore, the bill of exchange must be confirmed, or accepted, by the drawee (payer-debtor). Hence the accepted bill - a bill that has an acceptance (consent) of the payer for its payment on time. To trace a bill of exchange means to assume the obligation of guaranteeing acceptance and payment on it. The acceptance is made out by the inscription on the bill and the signature of the drawee (with the date indicated).
By means of acceptance, the person indicated on the bill as the payer becomes the principal debtor of the bill (the acceptor). According to a bill of exchange, such a direct debtor acts as a payer only from the moment of acceptance of the bill. Up to this point, there is only a conditional debtor (drawer).
It is possible to trace a bill of exchange to another only if the drawee has at his disposal values that are not less than the amount specified in such a bill.
The acceptor of a bill of exchange, like the drawer of a promissory note, is liable for the payment of the bill in set time.
The holder of a bill of exchange must promptly present it for acceptance and payment, otherwise failure to comply with these conditions may be attributed to his own fault.
Financial management. Crib Zagorodnikov S.V.
15 THE CONCEPT OF A BILL. CLASSIFICATION OF BECKSELS
A promissory note is a security that confirms an unconditional monetary obligation the debtor must pay the specified amount of money to the owner of the bill within the prescribed period.
The main characteristics of the bill. Vek-sel is a strictly formal document, and the absence of any of the required details makes it invalid; this is an unconditional monetary obligation, since the order to pay it and the acceptance of payment obligations cannot be limited by any conditions; this is an abstract obligation, since no reference to the basis for its issuance is allowed in its text; only money can be the subject of a promissory note.
There is the following classification of bills:
1) by the nature of the movement: simple (solo bill), transferable (draft);
2) if possible, the holder of the bill transfer the right to receive money to another person: nominal, order, bearer bills;
3) according to the form of collection of income on a bill (payment for a bill): interest, discount. In the execution of an interest-bearing bill, the interest to be paid to the bearer on the date of redemption of the bill is indicated; if the promissory note is a discount one, it contains a discount upon sale-transfer;
4) by maturity: medium-term - with a maturity of 3 months to 1 year; long-term - with a circulation period of more than 1 year;
5) by content: financial, commodity (commercial), fictitious, security bills. A financial bill is a bill of exchange, the payers of which are banks and the Ministry of Finance of the Russian Federation. Commodity (commercial) bill - a bill used to credit trade transactions, when the buyer, not possessing a sufficient amount of money at the time of the transaction, offers the seller another means of payment instead of them - a bill, which can be either his own or someone else's , but having a transfer inscription. Fictitious bill - a bill, the issuance of which is not related to the real movement of commodity or monetary values. Security bill - a bill issued to secure a loan from an unreliable borrower;
6) for a person who acts as a payer on a bill of exchange (it may be the drawer himself or a third party): a promissory note, a bill of exchange. A promissory note is a security containing a simple, unconditional obligation of the issuer to pay a certain amount of money at a certain time and in a certain place to the holder of the bill. A bill of exchange is a security containing an order from the holder of the bill to the payer to pay the amount of money specified in the bill to a third party.
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- By form of ownership:
- State (treasury) - debt issued on behalf of the state to cover the budget deficit.
- Municipal, or regional, - debt obligations issued on behalf of local authorities power and control in coordination with the government.
- Private debt issued by corporations, financial-industrial groups, commercial banks, individuals.
- By nature of the deal:
- Commercial, which are based on a specific commodity transaction for the sale (supply) of goods (products). Essence - deferred payment, the provision of a commercial loan.
- Financial, based on the issued loan. The essence is a guarantee of the return of the loan received.
- Fictitious, based on neither the movement of goods nor the movement of money.
- Banking (corporate). Issued only in Russia. The bottom line - attracting "cheap" temporarily free money, reflects the ratio of borrowing money by the drawer from the bill holder for a certain fee.
- By number of participants:
- Simple (solo). Payer and drawer are one person. The essence is the drawer-debtor, the holder-creditor.
- Transferable (draft). Payer and drawer - different persons. The consent of the payer is required to be payers - the main debtor of the bill. The payer-debtor of the drawer, the drawer is the debtor of the first bill holder.
- By due date:
- Definitely urgent. You can set a specific date (day) of payment.
- Indefinitely urgent. The day of payment is not determined in advance and depends mainly on the holder of the bill.
- By collateral:
- Secured. The bill is guaranteed by collateral, which remains at the disposal of the loan until full payment debt.
- Unsecured. The bill is not guaranteed by collateral.
- If transferable to another person:
- Endorsed. By endorsement, I can be transferred to another person, I freely circulate.
- Non-endorsable. Nominal, transfer to another person is impossible, a reservation is made “not to order”.
- Place of payment:
- Domiciled. The place of payment does not coincide with the location of the payer, the first holder or the place of issue of the bill. Specified in the bill additionally.
- Not domiciled. The place of payment is the place of location of the drawee (bills of exchange), drawer (promissory note), remitter (first recipient) or place of issue of the bill.
The nature of bill transactions
- commercial
- financial
- fictitious
- banking
At the core commercial bill is a specific commodity transaction. commercial bill is a document that arises in transactions for the sale of goods, the provision of services and the performance of custom work in credit. He is accompanied additional documents confirming its commercial character.
For financial bill it is characteristic that it is an additional guarantee of the return of the issued loan, that is, it is based on the movement of money. Financial bill - issued by the Ministry of Finance and banks to raise additional money.
Fictitious bill- at the basis of the bill there is neither the movement of goods, nor the movement of money. Fictitious bills include: bronze, friendly, counter.
Bronze bill does not have commodity coverage (real collateral), and does not participate in real deals. He doesn't have financial obligation, and a fictitious person or obviously insolvent person is necessarily involved in his appeal.
Friendly bill- a bill that is issued by one solvent person to another insolvent person as a means of payment or raising money by accounting for a bill in a bank. It is also a security that two people write out to each other in order to cash out money in a bank without the movement of goods.
Rice. 1. Scheme of a bill of exchange transaction using a friendly bill.
Counter bill- two persons issue bills to each other, after which they are accounted for in different banks. When the due date for payment, they again exchange bills and take them into account in other banks.
Rice. 2. Scheme of a bill of exchange transaction using a counter bill.
A bank bill is a unilateral, unconditional obligation of the bank - the issuer of the bill to pay the bill holder the amount specified in the bill within the prescribed period.
Rice. 3. Scheme of a bill of exchange transaction using a bank bill.
Banks issue bills interest and discount. Interest is sold at face value, and when a bill is presented for redemption, the holder of the bill is paid the face value, as well as interest on it. The interest amount depends on the interest rate, the terms of its payment and the time during which the bill was with the holder of the bill. Such bills must be indefinitely urgent: paid by the bank at sight or at so much time from presentation. The bank may indicate in such bills that the term of their presentation is not earlier than such and such time from the date of drawing up (sale).
Discount bills are sold below face value (with a discount-discount). Such bills are definitely urgent, that is, when selling, the bank stipulates the maturity of such a bill. For the issuing bank, such bills serve as a means of attracting temporarily free money from legal and individuals. The advantage of the bank is that the issue of bills does not require registration: you do not need to disclose information about yourself, as required by the issue of other securities, you do not need to pay issue tax and incur other costs.
For the buyer, the purchase of bank bills is beneficial because:
- they are liquid
- can be obtained on credit against promissory notes
- bank bills are bought and sold on the secondary securities market
- they can be used as a means of payment
A bank bill has a deposit form and is used in various financial transactions. It is easy to get it at the bank, for which you need to deposit a bill of exchange at the cash desk, and the bank will issue a bill of exchange for a period of 1 to 270 days.
Number of participants in a negotiable bill
bill of exchange- This is a document containing an order to make a payment to another person, which the acceptor must execute.
A bill of exchange (draft) is a written document containing an unconditional order from the drawer to the payer to pay a certain amount of money at a specified time and in a specific place to the holder or his order. Thus, a bill of exchange (draft) is a document that regulates the bill of exchange relations of three parties: the drawer (drawer), the debtor (drawee) and the bill holder - payee (payee). In this case, the drawer is a debtor to the payee, the drawee is a debtor to the drawee. The drawee becomes the main payer after the agreement (acceptance) to take over the payment of the bill. The law establishes that the drawer (drawer) is responsible for both acceptance and payment of the bill.
Rice. 4. Scheme of a bill of exchange transaction using a bill of exchange.
Promissory note (solo)- this is the obligation of the creditor to pay the specified amount of money to another person.
A promissory note is a written document containing a simple and unconditional obligation of the drawer (debtor) to pay a certain amount of money on time and in a specific place to the holder or his order.
The structure of bill of exchange relations for a promissory note is somewhat simpler than for a transferable one. In a promissory note, the drawer is a direct debtor, and he is obligated under the promissory note, as well as the acceptor under the transferable one, therefore, the promissory note does not need to be accepted.
Rice. 5. Scheme of a bill of exchange transaction using a promissory note.
Application of promissory notes
Solo bills are actively used in the following areas:
- Attracting temporarily free money. Banks actively use promissory notes to raise funds, since a bill of exchange has undeniable advantages over both a deposit and a savings certificate.
- First, unlike deposits, which are taxed at the general income tax rate, promissory notes are generally less taxed. Such a difference in taxation, of course, makes the promissory note as an instrument of raising funds more attractive for both banks and depositors.
- Secondly, although the income tax rates on promissory notes and savings certificates are the same, a promissory note is still preferable to savings certificates due to greater liquidity. This means that the holder of a bill has the opportunity to settle with his creditors not only in money, but also in a bill of exchange for goods delivered and services rendered, or to discount the bill ahead of schedule.
- Bill lending. The essence of this type of lending is that the borrower receives a loan not in cash, but in promissory notes. As a rule, such bills are liquid, since the borrower uses them as means of payment in their financial and business operations. This type of lending is beneficial to both the bank and the borrower, because the bank, lending to the borrower, does not use its assets, which reduces the cost credit operation. Accordingly and credit interest less for the borrower.
- Bill as a means of payment. The bill is special security. This feature is that the bill can be used as a means of payment. Currently very popular among banks, financial and credit and industrial enterprises operations with so-called "settlement" bills are used. A "settlement" bill is a bill that is purchased at a discount to cover accounts payable before the drawer in the amount of the bill of exchange. The essence of such an operation is that the difference between the purchase price of a bill and the bill amount is income. Usually, in such operations, bills of reliable banks or transport enterprises are used (primarily railways), energy, metallurgical and other industries whose products or services are liquid. The bills of exchange of the above industrial enterprises are acquired for the purpose of early repayment accounts payable to the drawer, therefore, they are usually accompanied by letters of guarantee with the obligation of the drawer to repay the bill ahead of schedule on account of the bill holder's payables to the drawer for the goods produced by the latter and the services rendered.