Approved by the Central bank of the Republic of Uzbekistan of May 30, 1995

Rules of carrying out transactions by banks with bills of exchange

Section 1. Transactions of bank with bills of exchange

Banks make the following transactions with bills of exchange:

1) accounting of bills of exchange;

2) issue of loans poste restante in the special loan place on security bills of exchange;

3) adoption of bills for collection for receipt of payments and for payment of bills of exchange in time;

4) payment of bills of exchange at the request of clients.

1. Accounting of bills of exchange

Concept about accounting of bills of exchange

Accounting of bills of exchange consists in what the bill holder transfers (sells) bills of exchange to bank according to the endorsement before maturity and receives for it the bill amount less for early receipt of certain percent from this amount. This percent is called discount rate or discount.

Paper credits

The credits in the form of bills of exchange and in the form of the special loan account on security of bills of exchange open separately. Paper credits share on permanent and one-time.

The credits on accounting of bills of exchange can be demand or vekseledatelsky.

The first opens for accounting of the bills of exchange given by clients to bank. The business entities having large number of consumer bills of exchange utilize the demand credits.

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