Bill and its features Bill form of payment. Bill form of settlement
A bill of exchange settlement is a settlement between a supplier and a payer for goods or services with a deferred payment (commercial loan) based on a special bill of exchange document.
A bill of exchange is an unconditional written promissory note of a strictly established form of law, which gives its owner (drawer) an indisputable right, upon maturity, to demand from the debtor the payment of the amount of money indicated in the bill. The law distinguishes between two main types of bills: simple and bills.
A promissory note (solo promissory note) is a written document containing a simple and unconditional obligation of the drawer (debtor) to pay a certain amount of money at a certain time and in a certain place to the recipient of funds or his order. The promissory note is written by the payer himself, and in essence it is his IOU. (Appendix # 8)
A bill of exchange (draft) is a written document containing an unconditional order from the drawer (creditor) to the payer to pay the amount of money indicated in the bill to a third party or his order. Unlike a simple bill of exchange, not two, but at least three persons are involved: the drawer (drawer) issuing the bill; the payer (drawee), to whom the order is addressed to make payment on the bill; bill holder (remitter) - the recipient of payment under the bill. The bill of exchange must be accepted by the payer (drawee), and only after that it becomes valid executive document... The acceptor of the bill of exchange, like the issuer of the bill of exchange, is the main debtor of the bill, he is responsible for the payment of the bill in set time.
The regulation on promissory note and bill of exchange provides that payment on a bill of exchange accepted by the payer can be additionally guaranteed by issuing a surety (aval). Such surety is given by a third party (usually a bank) both for the original payer and for every other person obliged by the bill. The Avalist and the person for whom he vouched shall be jointly and severally liable for the payment of the bill. In case of payment of a bill by an avalist, all rights arising from the bill are transferred to him.
The current bill of exchange legislation provides for the possibility of transferring a bill from hand to hand as an instrument of payment using a transfer inscription (endorsement). Transfer of a bill under endorsement means the transfer, together with the bill of exchange, to another person and the right to receive payment on this bill. The person transferring a bill of exchange under an endorsement is called an endorsement. The person receiving the endorsement bill is the endorsee. All rights and obligations under the bill of exchange are transferred to the endorsee. The law provides that all crossed out endorsements are considered unwritten and have no legal effect. According to a bill of exchange, drawn up with endorsements, all persons participating in it are jointly and severally liable for payments.
All transfer inscriptions on the bill, its acceptance or aval are drawn up within the established payment period. The due date of a bill of exchange is a mandatory requisite, and its absence makes the bill invalid.
There are 4 ways to set the due date for a bill of exchange:
1) a period for a certain day. Expressed in the form of an entry "I agree to pay on December 30, 2006";
2) deadline on presentation - payable on the day of presentation for payment. The maximum period for presenting a bill for payment is 1 year from the date of issue;
3) in a certain amount of time from drawing up a bill;
4) in a certain amount of time upon presentation of the bill.
The bill form of settlement presupposes its obligatory participation in the organization of banking institutions. In particular, the bill of exchange legislation provides for the collection of bills by banks, i.e. fulfillment by them of instructions by the holder of a bill to receive payments on bills on time. Veselya, transferred to the bank for collection, are supplied by the holder of the bill of exchange with a pre-authorization inscription in the name of this bank with the words: “to receive payment” or “for collection”. Having accepted the bill for collection, the bank is obliged to send it to the bank institution at the place of payment in a timely manner and notify the payer with a summons about the receipt of the document for collection. Upon receipt of the payment, the bank credits it to the client's account and informs him about the execution of the order.
A bill protest is a public act of a notary's office, which officially fixes the refusal to pay a bill. The current legislation provides for the presentation of a bill of exchange to a notary office for the purpose of making a protest against the bill of exchange no later than 12 noon. A bank that does not fulfill the client's order to collect bills of exchange is responsible for their timely protest.
After the protest procedure is completed, the bill is returned through the bank to the holder of the bill, who gets the right to collect the amount of payment on the bill in court. Moreover, if endorsements were made on the bill, the last bill holder who did not receive payment can sue any endorser. For the presentation of a claim by the holder of a bill, the terms of the bill of exchange are established, which are different depending on the nature of the responsibility of each participant in the bill:
To the acceptor of a bill of exchange - 3 (-) years;
To the promissor of the promissory note or the endorser of the bill of exchange 1 (-) year;
For claims of endorsers against each other - 6 months.
Operations for the collection of bills by banks are beneficial both for customers and for the bank itself. Thus, the client is freed from the need to monitor the timing of the presentation of bills for payment, and the process of receiving payment becomes faster, cheaper and more reliable for him.
For the bank, this is one of the sources of profit. In addition, in the process of carrying out collection operations, significant funds are concentrated on the correspondent account of a commercial bank, which it can put into circulation.
A bill of exchange settlement is a settlement between a supplier and a payer for goods or services with a deferred payment (commercial loan) based on a special document - a bill. A bill of exchange is one of the most multifunctional valuable papers, which certifies the rights arising from the relationship between the supplier and the buyer, the exporter and the importer, the lender and the borrower. Having taken the form of debt formation (as a result of deferred payment), after a certain period, it turns into a means of payment.
The development of bill circulation in Russia is very promising, since it can contribute to the establishment of economic ties, broken during the transition to market relations.
At present, the circulation of promissory notes in Russia is regulated by Federal law dated March 11, 1997 No. 48-FZ "On transfer and promissory note».
A bill is an unconditional written promissory note the form strictly established by law, giving its owner (the holder of a bill) the indisputable right, upon maturity, to demand from the debtor the payment of the amount of money indicated in the bill. The law distinguishes between two main types of bills: simple and bills. Moreover, the law provides that both citizens of the country and legal entities Russia. Bills of exchange in non-documentary form are prohibited.
Promissory note (solo promissory note) is a written document containing a simple and unconditional obligation of the drawer (debtor) to pay a certain amount of money at a certain time and in a certain place to the recipient of funds or his order. The promissory note is written by the payer himself, and in essence it is his IOU.
Bill of exchange (draft) is a written document containing an unconditional order of the drawer (creditor - drawer) to the payer (borrower - drawer) to pay the amount of money indicated in the bill within the specified time to a third party named in the bill (remitter) or by his order - the bearer.
Unlike a simple bill of exchange, not two, but at least three persons are involved:
- 1) the drawer (drawer) issuing the bill;
- 2) the payer (drawee), to whom the order is addressed to make payment on the bill;
- 3) the holder of the bill (remitter) - the payee of the bill.
A bill of exchange must be accepted by the payer (drawee), and only after that it acquires the force of an executive document. The acceptor of the bill of exchange, like the issuer of the bill of exchange, is the main debtor of the bill, he is responsible for paying the bill on time. Acceptance is marked on the left side of the face of the bill and is expressed in the words “accepted”, “accepted”, “pay” and in other words with the obligatory signature of the payer.
A bill of exchange is a strictly formal document. It contains a list required details... The absence of at least one of them deprives the bill of legal force.
Mandatory bill details include:
- bill of exchange, i.e. inclusion of the word "bill" not only in the title, but also in the text of the document itself;
- place and time (day, month and year) of drawing up the bill;
- promise to pay a certain sum of money;
- indication of the amount of money in numbers and in words (corrections are not allowed);
- payment term;
- place of payment;
- the name of the person to whom or by order of whom the payment should be made;
- the signature of the drawer (affixed by him in his own handwritten way).
Unlike a promissory note, where the payer is drawer, in the bill of exchange the payer is a special person - drawee. The name of the drawee is an additional obligatory requisite of the bill of exchange. Usually, the designation of the payer (drawee) is made by affixing the named person in the lower left corner on the face of the bill. Instead of the words "I undertake to pay", as is the case in the promissory note, the order to pay is written in the bill of exchange: "pay", "pay".
The settlement scheme using a bill of exchange is shown in Fig. 9.6.
Rice. 9.6.
The regulation on a bill of exchange and a bill of exchange provides that payment on a bill of exchange or on a bill of exchange accepted by the payer can be additionally guaranteed by issuing an aval. Currently, the bank acts as the guarantor for the payment of promissory notes. At the same time, the bank can guarantee payment both for the original payer and for each other person obliged by the bill.
Aval made out with a special inscription of the avalist, which is made on the face of the bill or on an additional sheet to the bill (allonge). The aval indicates for whom the guarantee was issued by the bank, the place and date of its issue, the signatures of the first two officials of the bank and its seal are affixed. Bank guarantee(aval) can be affixed and used both in the full amount of the bill and in part of the bill amount.
In case of payment of a bill by an avalist, all rights arising from the bill are transferred to him. The sale of bills of exchange increases their reliability, contributes to the development of bill circulation.
The current bill of exchange legislation provides for the possibility of transferring a bill from hand to hand as an instrument of payment using a transfer inscription - endorsement. Transfer of a bill under endorsement means the transfer, together with the bill of exchange, to another person and the right to receive payment on this bill. The holder of the bill on the reverse side of the bill or on an additional sheet (allonge) writes the words: "pay the order" or "pay for me (us)" indicating to whom the payment is transferred. These inscriptions are certified by the seal of the holder of the bill.
The person transferring the bill under the endorsement is called endorser. A person who receives a bill of exchange under an endorsement - endorser. All rights and obligations under the bill of exchange are transferred to the endorsee. All crossed out endorsements are considered unwritten and have no legal effect. According to a bill of exchange, drawn up with endorsements, all persons participating in it are jointly and severally liable for payments. The possibility of endorsement of bills expands the boundaries of their use, turns a bill of exchange from a simple instrument for obtaining a commercial loan into a credit instrument of circulation, serving the sale of goods and services.
Bill settlements in 2018 - 2019
Payments by promissory note - 2018 - 2019 are one of the forms of non-monetary payments used in the economic market.
These types of transactions are regulated by special norms of bill of exchange legislation, however, in the absence of such special norms, general norms should apply to them. Civil Code RF (hereinafter referred to as the Civil Code of the RF), taking into account their specific features (clause 1 of the resolution of 04.12.2000 of the Plenum of the RF Armed Forces No. 33, Plenum of the Supreme Arbitration Court of the RF No. 14, hereinafter — Resolution No. 33/14).
Thus, the main regulatory legal acts bill legislation are:
- Law "On promissory notes and promissory notes" dated March 11, 1997 No. 48-FZ (hereinafter - Law No. 48-FZ);
- Decree of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR "On the Enactment of the Regulation ..." dated 07.08.1937 No. 104/1341 (hereinafter - Regulation No. 104/1341).
The general rules in relation to transactions with bills include Art. 143, 153-181, 307-419 of the Civil Code of the Russian Federation (from 01.06.2018, Art.815-816 of the Civil Code of the Russian Federation became invalid).
Features of settlements using bills
These features include the following:
- both a citizen and a legal entity (Article 2 of Law No. 48-FZ) can act as a drawer and a holder of a bill of exchange, including in cases established by law - an administrative-territorial unit;
- only a pecuniary obligation can be transferred under a bill;
- a bill of exchange can be drawn up exclusively on paper (art. 4 of the law No. 48-FZ, paragraph 2 of the resolution No. 33/14);
- a bill of exchange can be simple (according to which the drawer undertakes to pay the corresponding amount to the holder of the bill) or transferable (according to which the drawer issues the bill of exchange to the bill holder, and the payment under it is made by a third party who has assumed such an obligation by way of acceptance);
- the list of obligatory requisites of a promissory note is fixed in clause 75 of Regulation No. 104/1341, requisites of a bill of exchange - in clause 1 of the said regulation.
General scheme of bill settlements
In the general case, the settlement scheme with promissory notes is as follows:
- When calculating by promissory notes:
- the buyer of the goods / recipient of the service (the drawer) issues a bill of exchange to the seller / service provider (the drawer) as confirmation of his obligation to pay for the goods / services in the future;
- the drawer fulfills his obligation to the drawer, for example, by selling a product or providing a service;
- the holder of a bill presents the bill of exchange for payment;
- redemption of a promissory note directly by the drawer, that is, the fulfillment of an obligation to pay for goods or services.
- When settling by bills of exchange:
- the buyer of the goods / recipient of the service (drawer, drawer) sends to the debtor (drawee) a bill of exchange (draft) written in the name of the recipient Money(remitter), for example a seller;
- the drawee sends the accepted bill of exchange to the drawee (if the drawee does not accept the bill, the rejection of the bill is subject to notarization);
- The drawer transfers such a bill to the payee by means of an endorsement - a transfer inscription (Chapter II of Regulation No. 104/1341);
- the remitter presents the bill of exchange for payment to the drawee;
- the drawee carries out the cancellation of the bill, that is, the payment.
IMPORTANT! When resolving disputes related to bill settlements, the following conclusions of the law enforcement officer may be useful (see the definition of the RF Armed Forces dated 15.02.2018 No. 305-ES17-17027 in case No. A40-90813 / 2016):
- in case of failure to present a promissory note, the holder loses his rights in relation to the persons obliged by the promissory note, except for the drawer;
- the drawer of the promissory note is obliged in the same way as the acceptor of the bill of exchange;
- claims of the holder of a bill against the drawer arising from a promissory note shall be extinguished three years from the date of the due date.
Check in international payments
A check is a type of security containing an unconditional order of the drawer to the bank to pay the amount indicated in it to the check holder (clause 1 of article 877 of the Civil Code of the Russian Federation). The payer for the check is the bank where the drawer has own funds which the drawer is entitled to dispose of by issuing checks.
This method of mutual settlements is currently not so widespread in international practice and is used when it is necessary to quickly pay for the goods received or services rendered using cash.
The legal regulation of the use of checks in international settlements is based on the special Geneva conventions of 1930-1931, including:
- "Uniform law on checks";
- The Stamp Convention on Checks;
- "A convention aimed at resolving certain conflicts of laws on bills of exchange and promissory notes."
So, one of the common forms of non-monetary settlements of the parties for obligations is settlement by promissory notes. Depending on who the issuer is charged with the obligation to redeem the bill, such securities are divided into ordinary and transferable.
Theoretical part
Introduction ………………………………………………………………………… ..2
1. Bill form of settlement
1.1 The concept of a bill and bill circulation ……………………… .4
1.2 Types of bills and their reliability ……………………………………… 5
1.3 Risks in transactions with bills of exchange ………………………………… ... 12
1.4 Details of the bill of exchange ………………………………………………… ..15
2. Peculiarities of circulation of bills of exchange in Russia …………………………………………………………………………… .19
Calculated part ………………………………………………………… .... 22
Conclusion ……………………………………………………………… ... 24
List of used literature ……………………………………… .26
Introduction
A bill of exchange settlement is a settlement between a supplier and a payer for goods or services with a deferred payment (commercial credit) based on a special document - a bill of exchange, which is a security.
Commercial credit in a commodity form with the use of bill circulation in our country was used in the practice of economic construction in the 20s. XX century. When carrying out the credit reform of 1930-1932. its liquidation was due to the transition of the national economy to a system of direct centralized planning, in which this type of credit was not linked to directive, administrative-command methods of economic management. The transition of enterprises of all sectors of the economy to market conditions of management has created the necessary prerequisites for the revival of commercial lending.
An experiment on the introduction of a bill of exchange form of settlement began to be carried out by the Board of Promstroybank since October 1, 1988 in relation to enterprises that have accumulated products that are in limited demand, that have slow and stale values in order to involve them in useful economic turnover. By the resolution of the Presidium of the Supreme Soviet of the RSFSR dated June 24, 1991 "On the use of bills in the economic turnover of the RSFSR" on a legal, legal basis, it was allowed to all enterprises and organizations, institutions and entrepreneurs to supply products, perform work and provide services on credit, using bills of exchange for registration of such transactions.
At present, the circulation of promissory notes in Russia is regulated by the Federal Law "On a bill of exchange and promissory note" of March 11, 1997, No. 48-FZ, in accordance with which the resolution of the Presidium of the Supreme Council of the RSFSR of June 24, 1991 and, on the contrary, the resolution of the Central Executive Committee and the Council of People's Commissars of the USSR "On the Enactment of the Regulations on a Bill of Exchange and Promissory Note" of August 7, 1937 was recognized. Thus, Russia reaffirmed its international obligations arising from its participation in the Geneva Convention of July 7, 1930, which established a uniform law on bills of exchange and promissory notes.
The aim of the work is to study bills of exchange and circulation of bills, as well as consideration of types of bills, risks of reliability of bill transactions and consideration of bill circulation in Russia. In the computational part, solutions of two problems are presented for the number of simple and complex percentages.
1. Bill form of settlement
1.1 The concept of a bill and bill circulation
Promissory note- this is a written promissory note (type of security) of a strictly established form, certifying the unconditional obligation of one party to pay a certain amount of money to the other party within a specified period and the right of the latter to demand this payment.
A bill of exchange is a universal financial instrument that performs several economic functions. First of all, a bill of exchange is an instrument of credit, through which you can draw up various credit obligations: pay for the purchased goods or services rendered on the terms of a commercial loan, return the loan received, provide a loan, arrange for attracting additional working capital. The formal and material rigor inherent in a bill, easy transferability and speed of the procedure for collecting bill debts make the bill attractive for creditor enterprises.
In addition, the holder of a bill has the opportunity to receive money on a bill earlier than the deadline specified in it, either by registering the bill of exchange with a bank, or by obtaining a bank loan secured by a bill of exchange. This is another function of a bill of exchange - the ability to use it as collateral for transactions and loans.
The next function of a bill is that it serves as an instrument of cash settlements, a credit form of money. At the same time, circulation of promissory notes can speed up settlements many times over, since in a developed commercial turnover, a promissory note passes through dozens of holders before payment, repaying their monetary obligations and reducing the need for real funds (cash or non-cash). To the greatest extent, a bill of exchange performs a payment function if it is transferred to payment either by a non-negotiable transfer inscription, or by simple delivery (blank endorsement). Such transfers do not entail any obligations under the bill of exchange for the transferor and, as with the payment of funds, they finally complete the transaction.
1.2 Types of bills and their reliability
First of all, you need to clearly understand the criteria for classifying bills. There can be many such criteria - economic, legal, technical, accounting and even everyday. The main one is the division of bills according to their legal nature into transferable and simple.
Promissory note(a solo bill of exchange) is a security that embodies a simple and unconditional obligation of the person who draws the bill to pay a certain amount at a certain time to the person who holds the bill or his successor (order). A promissory note binds at least two entities - the issuer (scriptor) and the acquirer (holder or beneficiary).
Bill of exchange(draft) is a security that embodies a simple and unconditional proposal of the issuer, addressed to the payer, to pay a certain amount at a certain time to the holder of the bill or his successor (order). A bill of exchange binds at least three subjects - the drawer (drawer or drawer), the acquirer (holder or payee) and the payer (drawer).
We can say that the purpose of both simple and bills of exchange is to formalize the fact of deferring the fulfillment of a monetary obligation (the fact of a loan by the purchaser of the bill). But if in a simple bill of exchange the credit turns out to be only the acquirer to the drawer, then in the bill of exchange the acquirer credits both the drawer and the payer. The purpose of a promissory note is to arrange a loan; the purpose of the transfer is to arrange two loans and the fact that the drawer has transferred his own debt to the payer to the payer. Whether the payer will agree to such a transfer of debt or not, i.e. whether he accepts a bill of exchange or refuses to accept it is a private matter of the payer. His position on this issue is determined by his own assessment of those outside promissory notes legal relations that may serve as the basis for issuing a promissory note ..
This is how three participants in bill relations arise:
1) Remitter (bill holder) - the person who issued the bill.
2) Trader (drawer) - the person who issued the bill.
3) Trasat (payer)
The relationship of these three parties was formalized by a document (draft), which served, on the one hand, as an identity card of the recipient, as a person to whom payment was to be made in a certain place, on the other hand, he had evidence of his right to claim.
Bill of exchange
Assigning a bill of exchange as a document to the category of securities, we will inevitably have to admit that such is a legal fact underlying the emergence of certain property rights. Certification of property (subjective civil) rights is a function of any security, including a bill of exchange. However, this does not follow from the legislation as clearly as in relation to a promissory note. Clause 1 of the Bills of Exchange Regulation specifies that a bill of exchange must contain a simple and unconditional offer to pay a specified amount. This proposal should be clothed in a special "bill" form.
Most often, bills of exchange are issued for debts that arose not from traditional obligations to pay, for example, the purchase price, rent, loan repayment, but from an obligation that is exotic for Russian law - the obligation to provide a loan. Usually the person appoints the payer of the bill of exchange servicing bank, with which he has entered into an agreement on a credit line, by virtue of which the bank undertakes to pay bills of exchange issued to it.
Less common is the issuance of a bill of exchange on the basis of a loan or credit on the part of the payer without prior agreement. Next comes such a basis as the calculation of payment of a bill of exchange from the drawer's own valuables, but kept by the payer in custody by virtue of contracts of carriage, commission, order, trust, etc. Finally, an exotic case is the issuance of a bill of exchange for the charity of the payer; without special circumstances, such issuance most likely appears to be fraudulent.
The important thing for bill of exchange law is that it does not consider it necessary to provide for a different legal regime for bills of exchange issued on different grounds.
Promissory note
A promissory note arose as a document certifying that the money changer had accepted money in one of the currencies from the merchant and that the money changer had undertaken to pay the specified merchant or another entity designated by him (the "submitter") the same amount, but in a different currency and in a different place. In the future, this document acquires the following properties:
its equivalent in issuing is only the transfer of money: it becomes possible to issue for other reasons and even without any reason at all, while maintaining the assumption of its availability and validity;
the previously obligatory quality of transferring money from currency to currency disappears;
the difference in places of payment and issue is concealed;
"translator" and "submitter" are combined in one person, creating a new subject - the holder of the bill;
a constitutive role in relation to the property rights embodied by him, the need to present it for the implementation of these rights, public credibility in legitimizing its holder.
the document gets the transferability property. At the same time, a promissory note, starting from the moment of its appearance and ending with the present moment, is becoming more and more a typical representative of such an institution as securities. This means that a promissory note is characterized by such properties of this institution as by all means written.
To increase the reliability of a bill, a number of procedures are provided to expand the circle of persons responsible for the bill, that is, those who are obliged to pay the bill upon the occurrence of certain obligations:
Bill of exchange acceptance;
Aval of a bill;
Endorsement;
Bill protest.
1) Acceptance of a bill of exchange - an operation by which the consent of the payer to pay the bill is confirmed. Acceptor - a person confirming his consent to payment. If a bank acts as an acceptor (bank acceptance), then the bill acquires the status of a first-class (that is, the least risky, highest quality) obligation. Acceptance is a kind of guarantee against unlawful claims. The obligations of the drawee (payer) under the bill of exchange arise only from the moment he accepts the bill of exchange. Presentation of a bill for acceptance can be made at any time, starting from the day of its issue and ending with the moment of maturity. Acceptance is optional, but is a prerequisite for the bill to circulate freely in the market.
2) Aval of a bill is a surety for a bill. An avalist who has made an aval of a bill of exchange assumes responsibility for the fulfillment of obligations by the person obligated under the bill. Bills of exchange are most often found in international transactions. For example, if the exporter is not sufficiently familiar with the importer, he may demand, upon delivery of the goods with payment by a bill, as additional security for the payment of an aval affixed by the importing bank for the importer. Aval provides additional guarantees for the redemption of the bill.
The guarantor signs the bill and adds the words “ aval for ... or as a guarantee for ...“. It is obligatory to indicate by the avalist for whom the aval is given. If there is no such indication, the aval is considered to be given for the drawer.
If the aval is given for the acceptor, the avalist is liable for payment without the need to protest the bill. If the aval is given for the drawer or for the endorser, the avalist is liable for payment only in the event of a protest.
Having paid the bill, the avist acquires all rights arising from the bill of exchange against the person for whom the guarantee is given, and against those who are the previous signers and are obliged by the bill to the latter.
The creditor of the bill of exchange can leave it in his property and, on the day when the due date for payment comes, present the bill for payment, he can transfer the bill to the next holder with the help of an endorsement transfer inscription.
To transfer a bill of exchange, you need:
General consent of the last holder transferring the bill and the next holder receiving the bill;
Registration of a transfer inscription (endorsement) on the bill itself;
The physical transfer of a bill from the previous holder to the next.
3) Endorsement. Distinguish:
- "full endorsement";
- "personalized endorsement";
- "blank endorsement";
Warrant endorsement;
Tax endorsement.
Endorsement using full or blank endorsements allows the transfer of all rights arising from the bill.
Endorser - a person who receives a bill from the last holder according to the endorsement, becomes the owner of the bill. A full endorsement differs from a blank endorsement in that, in contrast to a blank endorsement, the endorser indicates the next holder of the bill - the endorser. The endorsement of a bill is possible only for the entire bill amount. A person who has received a bill of exchange on a blank inscription can transfer it to other persons, without any signatures, by simply serving the bill, like any bearer security.
If a bill of exchange must be delivered in order to receive the payment due on it (for collection), the endorser (the person transferring the bill by means of a transfer note) remains the creditor of the bill, and the bill itself will remain in the ownership of the endorser. The endorsement must in this case contain an order for "collection", "currency receivable" or "as a trusted", etc. Collection endorsement allows you to conclude a contract of order between the endorser and the endorser without any additional registration of their relationship. The signature under the endorser's endorsement will mean consent on his part to instruct the endorser to act on behalf of the endorser, and the physical acceptance of the bill of exchange under the collection endorsement by the endorser will mean the endorser's consent to act on the bill on behalf of the endorser. Similar consequences occur when a bill of exchange is pledged under a pledged endorsement, which replaces the conclusion of a pledge agreement between the creditor and the debtor.
The mutual responsibility of the parties to a bill transaction is enhanced by the protest of the bill, which gives the holder the right to bring a regression claim against the endorsers, avalists, acceptors and bill holder. The presentation of claims to these persons is possible only on the condition that after the debtor's refusal to repay the bill of exchange, the creditor protested against him in a timely manner and in compliance with the relevant formalities. If this is not done, then the owner of the bill loses the right to financial claims against the issuer, endorsers and the guarantor of the bill. A bill protest is an official document that establishes a certain default on a bill of exchange.
4) A protest of a bill.
Types of bill protest:
1. Protest in connection with the refusal of acceptance.
Such a bill of exchange protest is filed if the drawee refuses to accept the bill for payment at all.
2. Protest in connection with the refusal to pay a bill. This is the most common type of protest. Within four working days after the protest of non-payment or acceptance, the drawer is obliged to notify his endorser and drawer of this. Each subsequent endorser, within two working days following the day he received the notification, informs his predecessor about the notification he received, and so on to the drawer. The notice to the avist and the endorser for whom he vouched is issued simultaneously.
Clauses on the release of the holder from the protest can be entered into the bill of exchange by the holder of the bill or any endorser ("turnover without costs", "without protest"). If the drawer makes an exemption clause on the bill of exchange, he prohibits the protest of the bill. He undertakes to pay the bill of exchange himself in the event of a bill of exchange claim without a protest. The endorser's exemption clause obliges only that endorser to pay without protest. The holder of a bill of exchange must nevertheless protest such a bill so as not to lose the right to a bill of exchange claim against all other endorsers.
1.3 Risks in transactions with bills of exchange
Accounting transactions for bills of exchange are highly risky for banks. The risk of loss is associated not only with the financial position of the drawer, but is also determined by a number of other factors.
In particular, the informational closedness of the market is observed. This problem is most acute and is associated with the inaccessibility of information about the bills in circulation, the procedure for issuing, redemption, facts of loss or theft of bills, summary data, financial statements of the drawer.
Market participants are not yet able to use the generally accepted technology of transactions. This is due to the fact that there is no unified procedure for the issuance and redemption of promissory notes, their verification for their authenticity, an established document of turnover and the procedure for settlements on transactions made in the secondary market.
Today, there is no trading system or a generally recognized trading platform for transactions with bills. Transactions with them are carried out on an unorganized non-exchange market. The procedures from the conclusion, making settlements, transferring debt obligations are determined individually. Therefore, participants in bill circulation practice different ways execution of transactions: on terms of prepayment or pre-delivery of securities, closed or open endorsement.
The risk of fraud is also high. It is associated with the documentary form of a bill as a debt instrument and is aggravated by the possibility of transferring bills of exchange under a blank endorsement, which increases the risk of abuse.
When working with bills of exchange, various conflicts arise on certain issues of criminal, civil and bill of exchange law. For example, existing within the framework of the criminal and civil rights the procedure for "arrest" of funds in securing payment or debt obligations, which are the subject of the dispute, contradicts the norms of bill of exchange. This situation makes not only active operations of the bank in accounting risky, but also passive ones in attracting resources.
A certain contribution to reducing the degree of risk on transactions with promissory notes can be made by the promissory note market(AUVER) unified standards of information disclosure, issue and redemption, as well as circulation of bills, binding on the members of the association.
The next step, apparently, should be the organization of a promissory note trading platform within the association. Its creation will increase the liquidity of circulating bills of exchange, speed up trading operations, reduce the risk of transactions, reduce costs for end participants, this will lead to an increase in the "transparency" of the bill market.
One of the operations undergoing development is avalanche commercial banks bills of third-party drawers. In this case, the bank becomes jointly and severally liable on the bills and receives a commission in the form of compensation for the risk. Such an operation does not entail the diversion of resources, but requires a careful study of the security of the transaction. Most often, its role is played by the pledge of liquid material assets. Then the level of risk for the transaction for the bank is determined by the found mechanism for the transfer of ownership or the sale of collateral.
The promissory note market in Russia is very mobile, therefore, the operations of banks with promissory notes are highly dynamic. It seems that purely portfolio transactions in the promissory note market are losing their significance due to the decrease in the volume of promissory notes lending and the leveling of profitability across the region.
A promising direction is the orientation of banks to corporate clientele, the development and implementation of various settlement schemes using both their own bills and other debt obligations circulating on the market.
Depending on the specific situation, the bank can undertake a number of functions - from the development of a scheme to commission transactions on behalf of the client, and the performance of the functions of a paying agent. At the same time, the bank, as an intermediary, has a number of advantages over other financial institutions represented in the bill market. First of all, they consist in stricter control over the financial condition by the Central Bank of Russia, experience in the bill market, a wide range of counterparties, information security and the availability of financial resources.
1.4 Details of a bill
The main elements that together make up a bill of exchange are called bill details. The bill of exchange must contain the following mandatory details:
1. The name "bill" included in the text of the document and expressed in the language in which this document is drawn up. The name "bill" must be present in the title and in the text of the document. The presence of this "bill of exchange label" distinguishes the bill from other related obligations and makes it difficult to transform a non-bill of exchange obligation into one.
2. A simple and unconditional offer to pay a certain amount. As in any monetary document, the bill indicates the amount of payment (bill currency), once in numbers, another time in words. The currency of the bill can be denominated in foreign currency, 2 currencies are allowed, and between the amounts there cannot be "or", but only "and". Correction of the bill of exchange is not allowed, and in case of disagreement, the amount written in words is considered correct.
The bill amount may include interest during the circulation of the bill. If the interest is indicated separately, then the same requirements are imposed on them as for the registration of the amount of the bill. Interest may only be indicated on a bill payable "at sight" or "at that time from presentation". If other terms of payment of the bill of exchange are indicated, the terms of interest are considered not written.
Taking into account that a bill of exchange acts as an unconditional and abstract document, then, in accordance with the Uniform Bill of Exchange Law, any payment term or reference to a transaction is considered unwritten.
Given the expansion of foreign trade relations between Russian entrepreneurs and enterprises, it should be noted that according to the US Uniform Commercial Code and the English Bill of Exchange Law, a bill of exchange is not an abstract monetary obligation and a reference to the contract on the basis of which it was issued is not only possible, but also necessary.
3. Name and address of the person who should pay (drawee payer). The name of the drawee in the text of a bill is one of the mandatory features of a bill of exchange. An indication of the payer is usually made in the lower left corner on the face of the bill.
4. The name of the payee (remitter) to whom or on whose order the payment is to be made. The entry is usually made out with the words "pay (name of the payee) or his order". If the recipient is the drawer, the instruction is put: "pay in our favor or on our order." The uniform bill of exchange law does not allow the issuance of bills to bearer, since the bill must formalize a specific transaction. English bill of exchange law, on the other hand, allows the issuance of bills of exchange to bearer, thereby making this requisite optional.
5. An indication of the due date. The due date is a mandatory requisite and its absence makes the bill of exchange invalid. Distinguish following dates payment: "on sight", "at a certain time from presentation", "at a certain time from compilation", "on a specific date".
If a bill of exchange is payable on a specific day, a specific calendar date (day, month, year) is indicated.
If the bill is drawn up with the term "at sight", then the day of presentation is the day of payment. A bill of exchange must be presented for payment within a year from the date of its preparation, otherwise the holder of a bill loses the right to receive payment on the bill, and the bill turns into a simple IOU. The drawer can shorten this term (by stipulating "but not later than such and such a date") or stipulate a longer term by indicating the date before which the bill cannot be presented for payment ("but not earlier than such and such a date"). These terms can be shortened by endorsers.
A promissory note with a term "in a certain amount of time from the presentation or drawing up of a promissory note" is convenient for the payer, since he can prepare in advance for payment. The due date set by specifying the exact number of days from the date of the bill of exchange shall be deemed to have occurred on the last of these days, and not on the day after it. Payment assignment at the beginning, middle or end of the month is acceptable. These entries mean the 1st, 15th and the last day of the month.
6. An indication of the place where the payment is to be made. If the place of payment is absent in the bill, it is considered the place indicated next to the name of the payer on it. A bill of exchange is considered invalid if it does not contain both the place of payment and the location of the payer, as well as if several places of payment are indicated.
If the place of payment and the location of the payer do not match in the bill, it is called domiciled... The person from whom the payment should be received (other than the payer) - domicile... Most often, the domicile is assigned to the bank in which the payer is served (has a current account), although it can be any other bank in the place of residence of the remitter. An external sign of such bills is the inscription: "the bill is payable (or" payment ") in such and such a bank" at the bottom of the bill under the signature of the payer. The bank pays the bill of exchange only if there is sufficient funds in the client's account or the drawee has deposited funds in a special account, otherwise the bank refuses to pay, and the bill is protested in the usual manner.
7. Indication of the date and place of drawing up the bill. The date of drawing up is necessary to determine the legal capacity of the drawer at the time of drawing up a bill of exchange, as well as to determine the bill of exchange term, especially for bills of exchange with a term "at a certain time from drawing up." A bill of exchange, which does not indicate the place of its preparation, shall be deemed signed at the place indicated next to the name of the drawer (drawer). If there is none, the bill is considered invalid.
8. Name and signature of the drawer (drawer). Absence of the handwritten signature of the drawer in commercial bill makes the bill meaningless. The promissory note should indicate: the full name of the legal entity that issued the promissory note; his legal address; name, name, position of the person who has the right to sign the bill of exchange on behalf of the enterprise.
The drawer is responsible for acceptance and payment. He may relinquish responsibility for acceptance, but any condition by which he relinquishes responsibility for payment is considered not written. Invalid signatures on a bill of exchange (issued without due authority or in excess of those) do not lead to the loss of the signatures of other signatories, and the person who has put such a signature becomes himself liable on the bill.
All bills of exchange considered for a bill of exchange are required for a simple bill of exchange. The only difference is that in a promissory note, the payer is directly the drawer (paragraph 3).
The exceptions are the following:
If the due date for the promissory note is not specified, the promissory note is considered payable at sight;
In the absence of a special indication, the place where the promissory note is drawn up shall be considered the place of payment and, at the same time, the place of residence of the drawer;
If the place of drawing up of a promissory note is not indicated, it is considered as signed at the place indicated next to the name of the drawer.
2 ... Features of the circulation of bills of exchange in Russia
Despite the fact that, according to the meaning of the normative acts governing the circulation of promissory notes, the main form is a bill of exchange, and the simple form is only its simplified form, in Russia it is the promissory notes that are most widespread. This feature manifested itself even before the revolution and has survived to this day.
Let us consider the reasons for the underdevelopment of the circulation of bills of exchange in the Russian Federation: first, the tax on securities (stamp duty), now canceled for bills of exchange, had a negative impact, while promissory notes were initially exempted from this tax; secondly, bills of exchange are more complicated in registration and circulation due to the acceptance procedure, which creates additional difficulties for both business entities and notaries and judicial authorities; thirdly, insufficient literacy in the application of bills of exchange of potential users.
However, bills of exchange have their own merits. Here it is necessary to note the possibility of their application in the form of letter of credit settlements, which, in turn, is used when the counterparty to the transaction does not know each other well, and each of them fears that the partner would not let him down or "dump" him. This situation is regulated by Article 867 of the Civil Code of the Russian Federation.
Bills of exchange can be drawn up by 4, 3 or 2 persons, with a four-party scheme being the most common. This may surprise someone, since only 3 persons are mentioned in the Uniform Bill of Exchange Law (drawer, remitter, drawee). There is nothing surprising in this, our ancestors were wise enough, using such a scheme for commercial purposes.
In the case of participation of 4 persons, one of them is the drawer, issues a bill of exchange containing an offer to pay known amount of money; the second - the drawee, accepts the bill for payment and makes the payment; the third - the remitter, acquires a bill of exchange and transfers it to the fourth - the presenter, who presents the bill for payment and receives payment.
A bill of exchange can change hands. Then between the remitter and the presenter there will be a number of endorsers, and only the last owner will be the actual presenter. The issuance of a bill of exchange is called tracing: the drawer traces to the drawee. The transfer of a bill of exchange to pay off a debt is called remittance: the remitter remittances to the presenter.
In business practice, drawing up a bill of exchange with the participation of four persons can be in two cases:
a) The debtor (remitter) buys from a local bank (drawee) a remittance to a bank (drawee) located in the same city as the creditor, by order of the latter and sends it to pay the debt. The creditor (presenter) presents the remittance first for acceptance, and then for payment, and receives its currency from the drawee. In this case, there is debt between the remitter and the presenter, and correspondent relations between the drawer and the drawee.
b) The creditor (drawee) draws up a bill for the debtor (the drawee) and sells it to the bank (remitter), which sends it to his correspondent (presenter) who presents the bill and receives payment on it. There is a debt relationship between the drawee and the drawee, and a correspondent relationship between the remitter and the presenter.
Attention should be paid to the difference in terms used to designate a bill of exchange: in the first case - remittance, in the second - draft. Debt payment in the first case is made by remittance, and in the second - by tracing.
The first case is usually used when the debtor company, acting as the remitter, is not widely known, and the image of the banks involved in this scheme is high enough, which contributes to the growth of confidence in such a bill of exchange. In the second case, on the contrary, the image of the drawee is high, and so much so that bills of exchange accepted by him are widely accepted for accounting by commercial banks.
Why do banks appear as two subjects in both cases? Only to ensure the reliability of the operation of the circuit. First, there are quite high requirements for the size of the authorized capital of banks; secondly, the activities of banks are strictly licensed; thirdly, their activities are strictly controlled by the Central Bank of the Russian Federation. An additional circumstance is that most banks have developed correspondent and branch networks. Bank participation increases the reliability of the schemes also because other subjects of the scheme are usually clients of banks, and banks know them well and have the ability to track the movement of funds in their accounts.
Drafting bills of exchange in the presence of two participants, for example, when the drawer and the remitter act in one person, is rarely done, since in this case it is easier to use a promissory note, which actually involves 2 participants.
P = 15 thousand rubles.
S = 15 (1 + 0.4 * 4) = 39 thousand rubles. - in one year
S = 39 (1 + 0.3) = 111.3 thousand rubles. - in four years
Answer: the amount of the accrued amount for 4 years will be 111.3 thousand rubles.
Conclusion
Current legislature regulates the promissory note ability of participants in a bill of exchange circulation, determining that a bill can be used in entrepreneurial activities for trade purposes, that is, in transactions for the supply of products.
In modern domestic banking practice, a bank bill is used. A bank bill of exchange is a unilateral, unconditional obligation of a bank - the issuer of the bill - to pay a specified amount of money to a person designated in it or his order within a specified period.
The current Russian bill of exchange legislation and the legislation on securities do not provide for any special rules or exceptions for the issuance of bills by banks. The legal regime of bank bills coincides with the general regime for bills of exchange of all other issuers and is regulated by the Federal Law on Bills of Exchange and Promissory Notes of March 11, 1997. This predetermines two main qualities of the issue and circulation of a bank bill: the possibility of issuing both single copies and series, and also the possibility of independent establishment by banks of rules for the issue and circulation of their own bills that do not contradict the Law of the Russian Federation on bills of exchange and promissory notes.
Bank bills can be acquired by legal entities and individuals primarily for the purpose of generating income. However, a bank bill can be used by its owner not only as a means of accumulation, but also as a purchasing and means of payment. The holder of the bill of exchange can pay them for goods and services by transferring the bill under endorsement to the new holder of the bill, to whom, according to the law, all rights under the bill are transferred. At the same time, the endorsement of a bank bill, as a rule, provides for the free transfer of rights under the bill between legal entities and individuals. The endorsement, in which individuals participate, is certified by the state notary bodies or by the bank.
Thus, having the legal force of the urgent obligation of the bank with all the rights ensuing from this, the bank bill is an elastic, flexible instrument for making payments, servicing part of the payment turnover of the economy.
List of used literature
1. Belov VA "Practice of bill of exchange". - M .: "YurInfoR" 2008 257 2. Vishnevsky A. A. "Bill of exchange". - M .: "Yurist" 2009 325s.
3. Manevich V.E., Pearl V.L. "Bill circulation and bill credit" //. - Finance, 2006.107 p.
4.www / twoworlds2.info/basic.ru
A bill of exchange settlement is a settlement between a supplier and a payer for goods and services with a deferred payment (commercial / commodity credit) on the basis of a special document - a bill of exchange, which is a security. The circulation of promissory notes in Russia is regulated by the Federal Law "On bills of exchange and promissory notes".
Promissory note- an unconditional written promissory note of a strictly established form of law, which gives its owner (the holder of a bill) an indisputable right, upon maturity, to demand from the debtor the payment of the indicated amount of money.
Two types of bills: simple and bills. A promissory note (solo promissory note) is a written document containing a simple and unconditional obligation of the drawer (debtor) to pay a certain amount of money at a certain time and in a certain place to the recipient of funds or his order. The promissory note is written by the payer himself, and in essence it is his IOU. A bill of exchange (draft) contains an unconditional order of the drawer (creditor) to the payer to pay the amount of money indicated in the bill to a third party. Unlike a simple bill, at least three persons are involved in a bill of exchange: the drawer (drawer); payer (drawee); bill holder (remitter). The bill of exchange must be accepted by the drawee.
A bill of exchange is a strictly formal document. It contains a list of required details:
bill of exchange, i.e. the keyword "bill" in the text of the document;
place and time of drawing up the bill (day, month, year of drawing up);
a promise to pay a certain amount of money;
indication of the amount of money in numbers and in words (corrections are not allowed); payment term; place of payment;
the name of the person to whom or by order of whom the payment should be made; the signature of the drawer (affixed by him with his own hand).
The name of the payer (drawee) is an additional mandatory requisite.
Payment on a bill of exchange can be additionally guaranteed by issuing an aval. One of such guarantors of payment on a bill of exchange may be a bank.
Aval is drawn up with a special inscription of the avalist, which is made on the face of the bill or on an additional sheet to the bill (allonge). At the same time, it is indicated for whom the bank issued the guarantee, the place and date of its issue, the signatures of the first two officials of the bank and its seal are affixed. A bank guarantee (aval) can be given both in the full amount of the bill and in part of the bill amount.
Bills of exchange detained by the bank are accounted for on off-balance sheet account 91404 “Bank guarantees”. In case of default by the payer under the bill of exchange, the payment is made by the guarantor bank. In case of payment of the bill by the avist, all the rights of the holder of the bill are transferred to him.
The current legislation provides for the possibility of transferring a bill from hand to hand as a payment instrument using a transfer inscription - an endorsement. This means transferring, together with the bill of exchange, to another person the right to receive payment on the bill. The promissory note is transferred by the endorser; receives - endorser.
Bill form of settlement involves participation in its organization banking institutions in terms of encashment of bills, i.e. execution by banks on behalf of clients-bill holders of actions to receive payments on bills at the due date. Having accepted the bill for collection, the bank is obliged to send it to the bank institution at the place of payment in a timely manner and notify the payer with a summons about the receipt of the document for collection. Upon receipt of the payment, the bank credits it to the client's account and informs him about the execution of the order.
For the execution of orders for the collection of bills, the bank receives a commission from the client and reimbursement of postage and other expenses associated with the collection of bills. If the obligations under the promissory note are not fulfilled on time, the promissory note must be protested on one of the two working days that follow the day of fulfillment of obligations under the promissory note. After the protest is made, the bill is returned to the holder of the bill, who gets the right to recover the amount of payment on the bill in court. In the bill form of settlements, in addition to the bill holder's bank, which collects bills, the payer's bank may also participate as a domicile, which, on the basis of an agreement, fulfills the order of its client-payer for the timely payment of the bill.
Ticket 4.
· Interest rate policy Central Bank FR.
The central bank is the main conductor of monetary regulation of the economy, which is part of economic policy government, the main goals of which are to achieve stable economic growth, reduce unemployment and inflation, and equalize the balance of payments.
The general state of the economy depends to a large extent on the state of the monetary sphere. That's why government regulation the monetary sphere can be successful only if the state through central bank is capable of influencing the scale and nature of commercial banks' operations. The methods of this influence are varied, the most common of them are:
- change in the discount rate or official discount rate central bank (accounting, or discount, policy);
- changes in the required reserves;
- operations on open market, ie, transactions for the sale and purchase of bills of exchange, government bonds and other securities;
- regulation of economic standards for banks (the ratio between cash reserves and deposits, liquid assets and deposits, own capital and borrowed, equity and assets, the amount of the loan to one borrower and capital or assets, etc.).
These methods of monetary regulation can be called general in the sense that they affect the operations of all commercial banks, the loan capital market as a whole.
Selective (selective) methods can also be used to regulate certain forms of credit (for example, consumer credit) or lending to various industries (housing construction, export trade). Sampling methods include:
- direct size limitation bank loans for individual banks or loans (so-called credit ceilings);
- regulation of the conditions for the issuance of specific types, in particular, the establishment of a margin, that is, the difference between the amount of collateral and the size of the loan issued; rates on deposits and rates on loans, etc.
The leading regulation method is accounting policy... By raising or lowering the official interest rate, the central bank affects the ability of commercial banks and their clients to obtain a loan, which in turn affects the economic growth, money supply, market interest rate. A change in the central bank's discount rate, causing a corresponding change in market interest, is reflected in the balance of payments position and exchange rate... The increase in the rate helps to attract foreign short-term capital to the country, and as a result, the balance of payments becomes more active, and the supply increases. foreign currency, respectively, the foreign exchange rate decreases and the rate increases national currency... Reducing the rate leads to the opposite results.
The change in the required reserve ratio has a significant impact on the credit resources of commercial banks, on their ability to provide loans. Raising it does not mean that most bank funds“Frozen” in central bank accounts and cannot be used by commercial banks to issue loans. As a result, bank loans and money supply in circulation are reduced, interest on bank loans... The decline in the bank reserve ratio leads to the expansion of bank loans and money supply, to decrease the market interest.
The Bank of Russia carries out the functions of regulation and supervision over the activities of banks to maintain the stability of the monetary system, while the Bank of Russia does not interfere in the operational activities of banks.
· Settlements by payment orders.
A payment order is an order of the account holder (payer) to the bank serving him, drawn up with a settlement document, to transfer a certain amount of money to the account of the recipient of funds opened with this or another bank.
The payment order is executed by the bank within the time period stipulated by the legislation, or in a shorter time period established by the bank account agreement or determined by the customs of business used in banking practice.
Payment orders can be made:
a) money transfers for the goods supplied, work performed, services rendered;
b) transfers of funds to budgets of all levels and during extrabudgetary funds;
c) transfer of funds in order to return / place loans (loans) / deposits and pay interest on them;
d) transfer of funds for other purposes stipulated by legislation or agreement.
They can also be used for prepayment for goods, works, services, or for making recurring payments.
Payment orders are accepted by the bank regardless of the availability of funds in the payer's account. In the absence or insufficiency of funds on the payer's account, payment orders are placed in the card index " Settlement documents not paid on time ”. At the same time, on the front side in the upper right corner of all copies of the payment order, a mark is put in free form about the placement in the card index with the date. Payment for payment orders is made as funds are received in the order established by law.
Partial payment of payment orders from the card index is allowed. The bank is obliged to inform the payer, upon his request, about the execution of the payment order no later than the next business day after the payer's contact to the bank, unless another period is stipulated by the bank account agreement.
When making settlements with payment orders, the bank undertakes, on behalf of the payer, at the expense of the funds in his accounts, to transfer a certain amount of money to the account specified by the payer persons in this or another bank within the period prescribed by law or established in accordance with it, unless a shorter period is provided for by the bank account agreement.
Payment orders by agreement of the parties can be urgent, early.
Urgent payment orders are used in the following cases:
advance payment, i.e. payment before the delivery of goods, works, services;
payment after the shipment of the goods, i.e. by direct acceptance of the goods;
partial payments for large transactions.
A payment order can be paid in full or in part if there is no money on the payer's account, which is indicated on the payment document.
Payment order settlement scheme:
The buyer (payer of funds) provides the bank payment order in four (or five) copies and receives back the fourth copy as a bank receipt;
· The bank serving the buyer, on the basis of the first copy of the payment order, debits the funds from the buyer's account;
· The bank serving the buyer sends to the bank serving the seller two copies of the payment order and funds;
· The bank serving the seller, using the second copy of the payment order, credits the funds to the account of the seller (recipient of funds);
· Banks issue their clients with extracts from current accounts.
Ticket 5.
· Policy of reserve requirements of the Central Bank of the Russian Federation.
In most countries, commercial banks are required by law to keep a portion of their cash reserves with the central bank. I call such reserves the required bank reserves. The Central Bank sets the minimum ratio of required reserves to banks' liabilities on deposits (required reserves ratio). Through accounts opened by commercial banks with the central bank, the latter regulates settlements between them. With the introduction of electronic settlement systems, the value of the traditional central bank function of the settlement center of the banking system has significantly decreased.
Taking into custody the cash reserves of commercial banks, the central bank provides them with credit support. He is a lender of last resort for commercial banks, i.e. a lender of last resort. Usually his loans are provided to banks at a rate higher than the market rate, and therefore banks turn to central bank only if there is no other way to get a loan.