There are a great many types of securities ; let us consider in detail one of them.
Bill. There are quite a few classifications of bills, depending on the criteria used, the following types of this security can be distinguished.
Depending on the number of participants there is a simple (solo) and transferable (draft) bill. A promissory note has only two parties: a note holder and a note holder. The latter is a debtor who has undertaken to pay a certain amount of money in a specified place at the agreed time to the bill holder. If a third party (payer) is present in such an operation, then this means a bill of exchange. The drawer transfers the obligation to pay money to the payer (drawee), who must pay the debtor (drawer).
A bill of exchange may be with the participation of one, two, three or more persons. There are times when the drawer appoints himself the recipient of the money or to whom he will subsequently order. The main advantage of bills of exchange is that they solve the problem of transferring money between countries. This type of securities has several copies, which, in case of loss of the original, can appear instead of it: the original or the first copy is a draft, the second is a second, the third is a third.
Depending on the nature of the transaction, a commercial (commodity), treasury, bank or financial bill is allocated. Treasury bills issued by the government to cover the budget deficit. A commercial bill is an instrument of credit, because a commercial loan is the basis of a monetary obligation . Such a security may also appear in a commodity transaction, where it serves as a monetary substitute in various acts of sale of goods. Bank bills most often have a deposit form, and are used in various financial transactions. It is not difficult to get a financial bill at a bank, for which you need to pay a bill amount to the cash desk, and the bank will write a bill on hand for a period of 1 to 270 days.
Bank bills, in turn, is divided into interest and discount bills. An interest-bearing bill is somewhat similar to a loan: it is sold at the indicated face value, and repaid with interest that is “accumulated” on a certain date at the rate specified in the bill. Discount bills are sold at a discount or discount, and are repaid at par. Interest-bearing bills “cost” much less, since the Central Bank calculates the amount to par, and the tax on income received in the form of interest or dividends is only 15%, and income from the difference in the sale is taxed at 35%.
Depending on the security, there are bronze, counter and friendly bills. A bronze bill of exchange that has no commodity coverage is very interesting, it does not participate in real transactions, it does not have a financial obligation, and a fictitious person is necessarily involved in its circulation. A friendly bill of exchange is a security that two people write to each other in order to cash funds in a bank without moving goods.
By the method of transferring bills can be bearer, order and registered. From the names of the security it is extremely clear how they can be transferred from the drawer to the drawer. Explanation requires only a warrant bill. It is an appeal by a transfer signature.
A bill of exchange before the payment is due may be transferred to the payer for acceptance. Making an acceptance of a bill means accepting obligations to pay for this security within the time period indicated in it. If the payer refuses to accept it, a bill of protest is carried out through a notary.