Money, money circulation and credit
Шрифт:
The bill of credit is a debitor’s written absolute commitment to pay a definite sum when and where due. An absoluteness of the bill differences it fundamentally from an ordinary receipt where usually the reasons and terms of the future payment are denoted. But the bill doesn’t denote the factors according to which a person who draws out a bill (a bill drawer) is obliged to pay the denoted sum to the bill holder.
Moreover unlike the bill of debt the law allows the bill holder not to wait for maturity in order to use it as a mean of payment to a third person, i.e. as one of a money kind.
The standards harmonization of an international drawing right happened only in 1930 in Geneva where the uniform Bills of Exchange Act (BEA) was adopted. Enshrined in the BEA main features and types of the bills and the mechanism of their circulation are currently remain basic for the modern world bills of credit market.
In the USSR the bills were used in the domestic circulation till 1917, later from 1922 till 1930. From 1930 till 1990 the bills of credit were not used in the domestic circulation of the whole USSR territory. From 1991 the usage of bills became possible in Kazakhstan because of the first national law adoption «About the paper holdings circulation and stock-markets in the Kazakh SSR» № 650-XII where a bill of credit was classified as a paper holding.
On February 27, 1992 the National Bank management adopted a temporary provision about the bills of exchange accounting system in the Republic of Kazakhstan.
One of the important points in the bills circulation development in Kazakhstan became the adoption by the President of Kazakhstan Nursultan Nazarbayev in April 28, 1997 of the law «About the bills of exchange circulation in the Republic of Kazakhstan» where was mentioned that the bills circulation in the state includes the issue and circulation of the ordinary and transfer commercial bills. The banks are not obliged to issue their own bills, they just play the role of the discount houses. Either it is forbidden by legislation to issue the accommodation, tanned and financial bills of exchange.
According to the law «About the bills of exchange circulation in the Republic of Kazakhstan» a promissory bill (one name paper) is a bill which contains an unconditional obligation of a bill drawer to pay on demand at a certain term in future a denoted in the bill sum to the bill holder. And a bill of exchange (transfer note) is a bill which contains an unconditional offer (order) of the bill drawer (trassans) to his debitor (trassatus) to be payable to a third person (remittee) or to his order at a determinable future time or upon the denoted in the bill sum presentation.
The bill of exchange in itself has no force of a lawful currency that’s why in practice it is used that the debitor (trassatus) is obliged to record in writing his agreement to make payment according to the bill at maturity, i.e. to make a draft acceptance.
According to the article of the law 24 «About the bills of exchange circulation in the Republic of Kazakhstan» the acceptance is determined by the word «accepted» or the other synonymous word. A simple payer’s signature put on an obverse has a right of an acceptance.
Practically there are also:
– commercial bill which is based on the real purchase and sale deals on credit;
– banking bill issued by bank to its client in order to accumulate the funds;
– treasure bill issued by government in order to pay budget deficit and cover budgetary gap.
To the obvious advantages of both classic and modern bills could be related in particular a facilitated mean of the rights transmission accordingly by means of a special handover note on the bill’s reverse – endorsement. Under the Article 12 of the Law «About the circulation of bills in the Republic of Kazakhstan» the endorsement should be put on the bill itself only or on a special additional page – allonge (it is attached to the bill in case of the lack of space on it for the new handover notes).
There are several examples of the handover notes: «the order of» (a name of a new bill holder follows with the date and signature of an endorser) or «pay instead of me».
The bill’s credibility could be enforced by an aval – a guarantee of an exchange bill. A party which issued it – avalist (as a rule a bank) accepts responsibility for the bill’s commitments execution from a bill drawer’s (endorser’s) side. An aval could be drawn in a kind of a note on a bill or on an additional page (allonge).
Under the article 83 of the Law «About the circulation of bills in the Republic of Kazakhstan» dated from April 28, 1997 the discount houses (banks) can perform the following kinds of operations with the bills of exchange:
– the bills for collection acceptance;
– the bills discounting and avalization;
– the bills settlement by a payer services rendering and the domiciled bills settlement;
– the bills acceptance in the order of mediation.
All the above listed operations are executed by the commercial banks under a licence issued by the Committee for the control and supervision of financial market and financial organizations of the national bank of Republic of Kazakhstan.
The transition toward a market economy of Kazakhstan conditioned the return to an economic turnover of many financial instruments which were not in demand in the period of planned economy but are widely used in the modern economically developed countries. One of these instruments is a bill of exchange.
If compare the development of bank operations with the bills of exchange in the beginning of 90th of the last century and their today’s station it could be noted that nowadays the volume of these operations widely increased though it leaves much to be desired.
If in the beginning and middle of 90th of the XXth century the banks almost did not use the bills but in the end of 90th and the beginning of 2000th there were some activity in this sector of banking services. The most widespread bills’ operations today are discount, rediscount, avalizing of bills. The main reason of the bills of exchange market activation of the country was the development and implementation of the row of legislative acts concerning the bills of exchange turnover: