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Bill discount is a financial service, where the actual Bank purchases promissory notes or perhaps drawn bills, within the domestic trade transactions, confirmed with regard to particular with a invoice - with proper of recourse to be able to anyone - plus credits us with all the amount of the actual bill of exchange less discount interest plus extra costs associated to the actual bill, accrued throughout advance from the discount date in order to the particular bill payment expression. A commercial bill discount is actually a act by that the actual legal holder of a commercial bill (which includes banker's acceptance draft and also commercial acceptance draft) transfers it to BOCOM in order to acquire cash prior to its maturity date. Maturity expression and also interest rate (1)  The discount period covers the particular period from the day of discount that would the bill maturity date (postponed accordingly in the event that maturity date falls on a public getaway, however, the particular interest might nevertheless be accrued throughout the period of postponement). (2)  The particular bill discount interest rate is case in order to the actual relevant interest rate announced by the actual Consumers s Bank of China. Application conditions (1)  Fulfill BOCOM’s basic requirements for working capital loan. (2)  Bona-fide plus lawful product transactions between applicant and bill-issuer or simply its predecessor; (3)  Discounted fund typically is employed because the actual firm s general functioning capital. Application procedures 1.   Presents connected documents needed for the application of working capital loan requested by BOCOM. 2.   Presents product sale contract between discount applicant not to mention predecessor, together with the value- added tax invoices; 3.   Fills out a duplicate Application for Acceptance Bill Discount with imprints of business chop and the particular legal individual s personal chop; 4.   Fills out a Discount Voucher in quintuplicate copies, with imprints of firm chop not to mention bank chops on the first copy; 5.   Submits commercial bill prior in order to its maturity (commercial acceptance draft should be the second copy not to mention bank acceptance draft must be the actual second and in addition third copies), with completion of transfer endorsement 6.   Upon review and approval of the discount application, BOCOM can signal contractual documents including discount contract, guarantee contract and / or mortgage (pledge) contract with all the applicant for discount. Bill discount While discounting a bill, the particular Bank buys the particular bill (i.e. Bill of Exchange or Promissory Note) prior to it is very due and also credits the actual value of the actual bill after a discount charge in order to the particular customer's account. The transaction is actually practically an advance against the security of the bill and the actual discount represents the particular interest found on the advance within the date of buy of the bill until it's due for payment. For more info please check out 手形割引 銀行