User:Billsic45

A commercial bill discount 手形割引 is definitely an act through which the legal holder of a commercial bill (including banker\\\'s acceptance draft and commercial acceptance draft) transfers it to BOCOM to get cash before its maturity date.

Maturity term and rate of interest

(1) The discount period covers the time from the day of discount to the bill maturity date (postponed accordingly if the maturity date falls on the public holiday, but the interest it\\\'s still accrued through the period of postponement).

(2) The discount rate of interest is susceptible to the relevant interest rate announced through the People’s Bank of China.

Application conditions

(1) Fulfill BOCOM’s simple requirements for capital loan.

(2) Bona-fide and lawful commodity transactions between applicant and bill-issuer or its predecessor;

(3) Discounted fund is used as the company’s normal capital.

Application procedures

1. Provides related documents necessary for the application of capital loan requested by BOCOM.

2. Provides product sale contract between discount applicant and predecessor, with the value- added tax invoices;

3. Fills out a duplicate Application for Acceptance Bill Discount with imprints of company chop and also the legal person’s personal chop;

4. Fills out a Discount Voucher in quintuplicate copies, with imprints of company chop and bank chops on the first copy;

5. Submits commercial bill just before its maturity (commercial acceptance draft must be the second copy and bank acceptance draft must be the second and third copies), with completion of transfer endorsement;

6. Upon review and approval of the discount application, BOCOM will sign contractual documents including discount contract, guarantee contract or mortgage (pledge) contract using the applicant for discount.