For registration of credit and settlement operations with the help of securities, the most widespread bill and check. A bill of exchange is a security that is drawn up in accordance with the established form and gives the bill holder the right to demand from the person who is obligated to pay the amount indicated on the bill of exchange. A bill in the modern money market can fulfill the function of money as a means of payment and circulation. Most often this happens in the form of a loan.
Any bill transaction is based on the trust of sellers of goods and services to customers, because when they buy, they receive not cash, but a promise to pay a certain amount on time. Despite the fact that the bill is a legally executed paper, it does not have any public guarantees, and the seller receives proof of its payment only on the day it is cashed. Public guarantees are provided on bills issued by the state, and the subject of such a bill is money, not goods and services.
The characteristics of the bill will be incomplete without specifying its forms. The most common types of bills: simple or solo and transferable or draft. A promissory note contains a promise to the holder of the bill to pay the amount indicated on the bill of exchange to the holder of the bill on time indicated in the security. There are already three subjects of the transaction in the bill of exchange : it contains the promise of the drawee (drawer) to the drawee (payer) to pay the specific amount indicated in the security to a third party. The drawer offers to pay the debt to his debtor, that is, transfers (traces) the repayment of the debt to another person. That is why such a bill was called transferable. These types of bills are widely used in various credit transactions.
By the nature of the transaction, the following types of bills are distinguished: commercial, financial, friendly and bronze. A commodity or commercial bill is a security that is used when registering the sale of goods, that is, there is a sale of goods with a deferred payment. A commercial bill, in turn, can be simple and transferable.
A financial bill is used when applying for a cash loan. It can also be simple and transferable. The Treasury, banks, enterprises, authorities, individuals can issue such a security. A friendly bill of exchange does not imply any transaction at all. This security is used to settle payments for goods or services between the organization and the supplier. A friendly bill of exchange may also be issued by one organization to another in order to subsequently receive real money from it at the bank or pledge it. A bronze bill is also the absence of any transaction, but it is also written to a non-existent person. Such a security does not have a payer.
They also distinguish between types of bills by issuer or drawer. These are public and private bills. State securities are issued, of course, by the state and have the following subspecies: municipal and treasury. They are issued, respectively, by local authorities and the Treasury. Private bills are corporate and individual bills. Corporate issue firms or banks. Almost all government bills are classified as simple financial bills. Private bills are simple and transferable.
Promissory notes can also be divided by the timing of payment: on securities upon presentation, on securities on a specific date from presentation, on a specific date from preparation.
In addition, there are discount and interest bills. In a discount bill, interest is included in the bill amount, and the bill holder receives a certain income in the form of a discount (the difference between the purchase price of the bill and the bill amount). The text of the interest bill indicates the percentage that is charged on the bill amount at the time of presentation of the bill.
On the territory of the Russian Federation, bills of exchange by type of currency are divided into ruble and currency.