Bills Of Exchange Research Articles

The Diffusion of Double Entry Bookkeeping before 1800—Establishing a New Research Agenda

ABSTRACT This paper adopts a traditional critical-historical research methodology focusing on context and function to investigate and explain the factors that led to widespread adoption and diffusion of double entry bookkeeping within and beyond its Italian roots before 1800. It finds double entry facilitated use of credit in the face of shortage of coinage. Its use spread among moneychanger-bankers at regional fairs across northern Italy, and from there to merchants and into communities of that region. Migration of Italian international-merchant-bankers across Europe led to its diffusion into clearing at the major international trade and financial markets they controlled, together with the system of bills of exchange they devised to facilitate settlement of obligations. Its use became mandatory at fairs along with bills of exchange, diffusing into the permanent early modern centers of trade and finance in Amsterdam and London, while increasing availability of resources to learn the method completed the process.

REGULATORY FRAMEWORK AND COMPLIANCE CHALLENGES IN DIGITAL PAYMENT:A CASE STUDY ON PAYTM

India is not only the world's largest independent democracy, but it is also a rapidly growing economic powerhouse. No country can have a stable economy without a sound and efficient banking system. Banks play a critical role in a country's economic growth. They collect people's unused savings and make them eligible for investment. They're in the process of granting loans and purchasing investment securities, new demand deposits are also established. Accepting and discounting bills of exchange allows for trade both within and outside the country. Banks also help to improve capital mobility. India's banking system has a long list of notable accomplishments over the last three decades. It is no longer limited to the cities, but has spread to even the most remote parts of the world. This is one of the factors behind India's development. The banking industry is now one of India's most important service industries. The availability of high-quality services is critical to the economy's success. Banks' attention has turned away from customer acquisition to customer retention. The introduction of Information Technology into the banking sector has changed the way people work. The banking sector's policy has undergone radical transformations, various customer-oriented products, such as internet banking, are available. Customer’s workload has been reduced mainly because of ATM providers, telebanking, and electronic payments. The internet's convenience Banking allows a customer to access and manage his bank account without 7 having to go to the bank. 'The Customer's options have been revolutionized by the availability of ATMs and credit/debit cards.

EVALUATION OF THE SMALL FARMERS FUND IN THE AGRICULTURAL INITIATIVE IN IRAQ THROUGH THE COLLECTION EFFICIENCY OF LOANS FOR THE PERIOD 2009 – 2018

To evaluate and analyze the small farmers fund, one of the funds financed by the allocation of the Supreme Committee for the Agricultural Initiative, this fund finance the unconditioned plastic houses, beekeeping, field crops, winter and summer vegetable crops, protected tomato houses, olive trees services, planting of green silage by fixed sprinkler irrigation and to construct consulting offices. As the total number of loans granted to this fund reached nearly 481 billion dinars in all governorates, amounting to 38991 beneficiaries, constituting about 23% of the total loans disbursed during the study period, Baghdad governorate has 68.6 billion of total amounts of that fund and that consist 16.6% of it, then Anbar came in the second rank by 14.7% then Wasit came in the third rank by 12%, while Kirkuk came in the last. The study reached an analysis of the achievement ratios of the small farmers fund for the period 2009-2018 for all governorates, the provinces of Baghdad and Basra were highest share of this fund for the year 2009, while the lowest share for these year were for Mysan and Kirkuk. In 2010, Anbar has the highest share while Kirkuk was the lowest. In 2011-2012, the governorate of Baghdad ranked first, and the lowest were for Kirkuk governorate, in 2013, Anbar came to the first, the lowest was Kirkuk governorate, then Wasit governorate returned to first place with collection rates for 2014 and in 2015 Najaf was the first and for 2016 and 2017, the governorate of Baghdad came first. There is a clear decrease in the rates of late loan repayment in this fund because these loans are closely related to the guarantees that document the loans. Most of the guarantees of these loans are the bill only, whereby the amount of withdrawals loans of all kinds is proportional to the amount of the guarantee on the bill of exchange 40 million dinars. The study recommended the necessity of conducting a field survey of all the purposes that the small farmers fund.

General Provisions of Digital Property Law and How to Categorize Digital Assets

This article deals with general provisions of digital property law and categorization of digital assets. Distributed data storage technologies and their applications have created a market for digital assets, forming a new intangible, digital type of property. The formation of digital property law, which is becoming increasingly important, is based on the functional approach of implementing digital assets as property into the law, which necessitates a rethinking and transformation of property law, similar to the transition from exclusively tangible objects of property rights to intangible objects such as intellectual property, as well as from securities and documents of title (bill of lading, bill of exchange) in paper form to fully dematerialized securities, electronic documents of title, and online accounts as property. The transformation of property law for the purposes of digital assets is based on the implementation of new, sui generis property rights and the extension of rules on property rights to objects that were not previously objects of law or were created for obligatory claims, as a result of which objects arising from actual or contractual relations acquire a in rem and quasi-in rem legal regime. Starting with an overview of the concepts of property law of digital assets, the article then discusses the concept of property, and then the concept of digital assets, their nature and classification of the main types of digital assets as property. The formation of digital property law inherent in modern law is a global trend characterized by the gradual recognition of certain types of digital assets as property and the creation of functional equivalents of possession, legal titles and remedies that are inherent in traditional property law, taking into account the intangible nature of digital assets. The author of this research starts with an overview of the general provisions of property law and digital property law, the article then discusses general provisions categorizing of digital assets, and categorizing types of digital assets.

A Presença de Emílio Biel no Santuário do Bom Jesus do Monte

The present article deals with historical facts that took place between 1879 and 1880, revealing the circumstances of the presence of Emílio Biel at the Sanctuary of Bom Jesus do Monte, in Braga, as a photographer. This was possible through access to the minutes drawn up in that period and kept in the Inventory of the Confraternity of Bom Jesus do Monte. Through the reading of these minutes, the term of the contract signed between the Bureau of the Brotherhood and the house Emílio Biel & Cª was found, exposing the strict context of the clauses stipulated to the photographer. Other documents related to the contract were found, such as payment orders, bills of exchange, prints and photographic views. These documentary and photographic records are the testimonies of that historical event, that is, they are primary sources of the heritage inventory. The photographic records considered as iconography of the History of Art, reveal the various existing peculiarities and the cultural content of that historical moment.

A CRITICAL EVALUATION OF STAMP DUTY AS A CATALYST FOR ECONOMIC DEVELOPMENT IN NIGERIA: A PRAGMATIC APPROACH

The primary objective of this study is to examine the effective and efficient assessment and collection of stamp duty tax in Nigeria. Stamp duty tax is a tax imposed on both written and electronic instrument such as conveyance on sale, admission, bill of exchange, bill of lading, receipt, apprenticeship, charter party, hire purchase, contract note, promisory note, marketable securities etc. Recently, the Finance Act 2020 expanded the scope of stamp duty to include Electronic Money Transfer Levy (EMTL) for every bank deposit up to the tune of N10,000 and above for N50 charge (one off). The mode of assessment of stamp duty is either a fixed flat rate or alvalorem basis on the instrument. The relevant tax authority for the assessment and collection of stamp duty tax in Nigeria are the Federal Inland Revenue Service (FIRS) and State Internal Revenue Service (IRS). The inherent challenges of stamp duty are the acceptance of fake stamp duty instrument without verification and lack of awareness by taxpayers among others. The recommendation is continuous enlightenment of taxpayers on the existence and inport of stamp duty tax as well as the review and simplification of the stamp duty Act 2004 to reflect current economic realities.

Inland Bills of Exchange: Private Money Production without Banks+

I study a sample of 482 English inland bills of exchange (where all parties to the bill were in England) during the period 1762-1850. Inland bills were used as a medium of exchange during the Industrial Revolution in the north of England. During this period, they circulated via indorsements, committing each indorser's personal wealth to back the bill. The number of endorsements is a measure of the liquidity/velocity of the bills. I ask what bill characteristics are associated with greater velocity. I also investigate whether bills backed by banks and others backed only by the joint liability of indorsers had different velocities. Bank-backed bills were more liquid than nonbank-backed bills, consistent with the Dang, Gorton, and Holmström (2018) (DGH) theory that the optimal design of private money is debt backed by debt.

The UNCITRAL Model Law on Electronic Transferable Records: Introduction and Overview

In 2017 UNCITRAL adopted the Model Law on Electronic Transferable Records (MLETR) to address issues relating to the use of transferable documents and instruments such as bills of lading, bills of exchange and promissory notes in electronic form. The article discusses the background and the main features of the Model Law with reference also to national legislation. In particular, it highlights the challenges posed by the transposition in the digital world of the incorporation of the right to delivery of goods or payment of a sum of money in the paper-based document and illustrates the solutions suggested in the Model Law. It also offers an overview of the status of the adoption worldwide in light of its endorsement by the G7 and of the references made to it in digital trade agreements.

A stagflation-proof bill of exchange circulation model – Presentation and evaluation

As a continuation of a preceding article discussing liquidity creation based on promissory notes and bills of exchange, the present study introduces how the use of notes and bills can foster the particular economic sectors and public debt management at a time. A financial policy package of measures first suggested by Lautenbach then introduced by Schacht fought off recession and inflation within half a decade in the German economy. We make up for a professional hiatus in the Hungarian economic literature, in that we provide a detailed evaluation of the financial solution of Schacht which has appeared in many forms in the international literature..

The meandering trajectories of financial innovations: commercial paper and its uses in sixteenth-century Lyon's trading networks

This article explores the complex dynamics of financial innovation in early modern times, challenging linear models of temporal and spatial divisions that tend to shape our understanding of the evolution of financial systems. It supports the idea that innovation should be viewed as a non-linear and contextual process, involving diverse stakeholders and characterised by interactions and unexpected occurrences. The study focuses on the dissemination and trajectories of financial innovations, specifically the bill of exchange and its variation, the ricorsa, as well as the transferability and negotiability of commercial paper. It does so by investigating the interactions and exchanges between merchants and bankers from diverse backgrounds during the sixteenth-century Lyon fairs, using the archival records of one of the first Italian banks in Lyon (Salviati). The study reveals the mutual influence and acculturation among these agents and challenges the compartmentalisation of financial expertise. Through an analysis of transactions recorded in the Salviati bank's ledgers, the article highlights previously unknown uses of commercial paper by Southern merchant communities and discusses the factors that may have hindered the full-scale development of endorsement and discount in the Lyon trading networks, despite their potential benefits. The results provide insights into the intricate nature of financial innovation and the influence of structural and cultural factors on its development.

‘Our Practice Has a Superiority:’ Debt Enforcement, Bills of Exchange, and Credit in Eighteenth-Century Glasgow

Abstract This article explores the relationship between the Scots law of bills of exchange, debt enforcement procedures, and credit in the eighteenth century. Compared to England, Scots law’s procedures for recovering debts on obligations were faster, cheaper, and more efficient. These legal provisions are under-appreciated in the current literature on bills of exchange. Scots law’s superiority meant that the provision of medium-value credit in urban economies often occurred through written obligations. Using a new archival data set of nearly 300 bills of exchange from Glasgow, this article demonstrates how Glaswegians used those instruments. It finds that elements of the law of obligations traditionally stressed in the literature, namely negotiability, do little to explain the use of credit instruments in Glasgow. Instead, it was Scots law’s quick recovery procedures that account for their patterns of use. The data shows that inland bills did not commonly pass from hand to hand but instead were held as proofs of debt that could quickly be enforced. The advantage of Scots law in this area did not go unnoticed by contemporaries, and unsuccessful attempts at legal reform in the Victorian era sought to introduce the Scottish rules to the English system. This article joins a growing literature in turning scholarly focus away from the negotiable properties of bills, and shows the importance of expedited enforcement procedures for understanding the Scots credit system. It suggests that paying closer attention to procedural law and differences between jurisdictions can advance research agendas on the relationship between law and economic development.

Elektronska menica kao potencijalno novi institut srpskog prava

In this paper the author examines whether the bill of exchange can be an electronic record, instead of a paper document. Today, a lot of communication among merchants goes on electronically. That is the reason why there is a need for digitalization of this security. Although it is not regulated in Serbian applicable law, it is necessary to examine basic questions about it, especially its issuing and using. We looked at the regulation of electronic documents and electronic signature, comparing it with the Serbian Bill of Exchange Act. When we consider our applicable law in area of electronic communication and connect it with purpose of bill of exchange, we conclude that it has the space to improve our regulation of this securities, so it will be very significant to introduce the electronic bill of exchange in our legal system. It will result in faster, easier and simpler commercial transactions.

Prekid niza indosamenata kao razlog ništavosti prenosa menice – primer „skrivenog avala“

In the paper that follows the author attempts to analyze the interruption of series of endorsements with special emphasis on the introduction of guarantors in the bill of exchange. When endorsing a bill of exchange for the purpose of introducing guarantors into the bill, certain errors are made that should result in the nullity of such endorsements. The reason for the nullity, it seems, should be refected in the interruption od the series of endorsements. Courts, however, often recognize validity to such endorsements. Having noticed the described faults, the author aims to point out the need that such endorsements should be considered null. Ultimately, the author seeks to contribute that the existing faults are not made in the future. Therefore, in the frst part of the paper, afer the basic notes on the endorsement, the author analyzes uninterruption of the series of endorsements as a condition for validity of the transmission. In the second part, the author attempts to analyze the techniques of introducing guarantors into the bill of exchange, to point out the existing practical faults, all for the purpose of overcoming them pro futuro.

Receiving Fees on Discounting a Bill of Exchange: A Sharia Analysis

Receiving Fees on Discounting a Bill of Exchange: A Sharia Analysis

Capacity in Bills of Exchange and Application of Inability as the Absolute Plea

Kıymetli evrakın uygulamada en çok kullanılan türü kambiyo senetleridir. Kambiyo senetleri poliçe, bono ve çekten oluşur. Kambiyo senetleri, kamu güvenliği açısından senedin tedavülünün korunması amacıyla sıkı şekil şartlarına uyularak düzenlenmektedir. Türk Hukukunda kambiyo senedine dayanarak hak kazanılması için hak ehliyetine sahip olmak yeterliyken, kambiyo taahhüdünde bulunabilmek için fiil ehliyetine sahip olunması gerekmektedir. Sadece tam ehliyetli kişiler herhangi bir izne ya da onaya gerek olmadan geçerli olarak kambiyo taahhüdünde bulunabilirler. Kambiyo senetlerinde borçluya borcunu yerine getirmekten kaçınma imkânı veren savunmalar, def’i adı altında itiraz ve def’i kavramlarını da kapsayacak şekilde düzenlenmiştir. Bir geçersizlik def’i olarak nitelendirilen ehliyetsizlik, mutlak def’i olması sebebiyle, senetle borç altına giren herkes tarafından herkese karşı ileri sürülebilir. Bununla birlikte senette imzası bulunan kişilerden birisinin ehliyetsiz olması senedin geçerli olması koşuluyla senette imzası bulunan diğer kişilerin taahhütlerinin geçerliliğini etkilemez.

Безналичные расчеты россиян в Европе в эпоху Петра I

The paper considers financial technologies that were used in the time of Peter the Great to organize non-cash payments abroad. The sources for the study were legislative documents, letters of Peter the Great’s contemporaries and mentions of historians about financial calculations in Peter the Great’s time. The author considers the use of promissory notes and bills of exchange that were used in the time of Peter the Great to organize non-cash payments abroad. Russian merchants used them in trade settlements in Arkhangelsk long before Peter I. During the reforms of the first quarter of the XVIII century notes and bills settlements were carried out by Russian people on the territory of Europe already. This explains the wider use of the notes and bills in both interstate and private settlements, including the purposes of obtaining scholarships for young people sent abroad by Peter to study. Peter himself and his pets used all the means of payment available at that time in Europe – both cash (gold and silver coins) and non-cash means (promissory notes and bills of exchange). An important issuer of bills of exchange for Russians was the Amsterdam bank, since Amsterdam was the center for the sale of Russian goods. Not only trade transactions, but also the payment of royal orders in different countries, and the issuance of stipends to scholarship holders, took place by transferring bills of exchange from the Amsterdam bank or Amsterdam merchants accepted to other European cities of Europe. In addition to mastering the ‘basic’ profession, those staying abroad needed to show some financial literacy (which could not be obtained at home), skills in handling modern (for that time) securities, and visit banks from time to time. Russian students were prevented from studying not only by the possible temptations and pastime of a beautiful life abroad, but also by serious life difficulties that arose in connection with the financial crisis in France in 1720-21.

Bills of exchange in a letter of credit

Application of bills of exchange in documentary credits (letters of credit, LC) has been confronting with many disputes given different opinions and interpretations of bills of exchange ordinance under various legal jurisdictions, which has resulted in a controversy to abolish bills of exchange in LC transactions. To combinate functions and legal aspects of bills of exchange into the practice of documentary credits, this article emphasizes the importance of bills of exchange in LC practice, articulates the functions of bills of exchange in the procedure of LC business from the perspectives of qualified payment prompter as well as the verification of payment amount and the determination of maturity date & payee, and concludes that bills of exchange plays a critical settlement role by means of prompt payment in documentary credits. As suggested by the Opinions of International Chamber of Commerce (ICC) Banking Committee and the practice of blank bills of exchange this article explains further the right to examine the bills of exchange and to dishonor discrepant bills of exchange by an issuing bank or a confirming bank or a nominated bank, however, the beneficiary has the right to correct or alter discrepant bills of exchange due to the payment undertaking by the issuing bank or the confirming bank. Since bills of exchange is a financial instrument instead of a commercial document, this correction or alteration by the beneficiary to the bills of exchange should not be subject to the limitations by presentation period and expiry date stipulated by the terms and conditions in the documentary credits. This essay suggests conclusively that the Paragraph B14 for amounts and Paragraph B16 for correction and alteration in ISBP745 should be revised to provide consistent examination standards to solve the problems of conflicting opinions of the bills of exchange under various jurisdictions.

A CRITICAL ANALYSIS OF THE BILL OF EXCHANGE FEATURES AS A COMMERCIAL PAPER IN ACCORDANCE WITH THE JORDANIAN COMMERCIAL LAW PROVISIONS

Jordan is a member state of the World Trade Organization and has signed free trade agreements with the major industrial countries and developed economies. The bill of exchange is critical in trade activities, especially in a globalized world. This research aims to critically analyze the Commercial Laws of Jordan with a particular reference to the bill of exchange. The study has adopted a descriptive-analytical approach while providing the related legal provisions to measure their effectiveness and applicability for increasing ease and safety in transnational trade and domestic trade. The findings of the study show that although the Jordanian legal provisions have enacted the legal codes to adopt recent digital modes of the bill of exchange; however, there is a dearth of laws related to preventing misuse, forgery, and cyber threats or any electronic fraud related to the electronic bill of exchange. This can have serious consequences for the entire digital system of electronic transactions and trade activities in Jordan. Legislative amendments relating to the safety measures in bills of exchange are still needed, especially considering the potential increase in its future usage in Jordan. Keywords : Trade, Bill of Exchange, Jordan DOI： https://doi.org/10.35741/issn.0258-2724.58.2.12

Analysis of the Place in Checks and Bills of Exchange in Iranian Law

Analysis of the Place in Checks and Bills of Exchange in Iranian Law

Italian Bankers in France and Italian Wars

At the last stage of the Italian Wars (1494—1559), the military, political and, most importantly, financial superiority of the Habsburgs over the Valois became quite obvious. The Spanish king could make use of silver which was already coming quite regularly and in large quantities from the mines of the New World. He controlled the old (Augsburg — Ulm) and new (Besançon — Piacenza) centres of banking capital, as well as the commercial and financial heart of the emerging world economic system — Antwerp. But King Henry II of France (1547—1559) launched a series of daring reforms, sometimes far ahead of his time. The king could rely on a more developed bureaucracy than in other countries, on a state system that had reached an advanced level of centralization, and on the economy that was still on the rise, the ‘heart’ of which were the Lyon fairs that acquired international significance. In order to continue an active foreign policy, an unprecedented step was taken — not a royal official, but a Lyon banker of Italian origin, Albizzi Del Bene (Albisse Delbeyne), was appointed to the post of surintendent des finances. Thus, the government was able to use the experience and capability of the banking world for its own purposes. Under the conditions of the war, which was fought at a great distance from the borders of the kingdom, the circulation of money was greatly simplified and became more predictable. The surintendent, closely associated with the most powerful trading and banking house Gadagni (Gadagne) of Lyon, had great weight among Italian bankers who operated not only in Lyon, but also in Venice, Rome, and Tuscany. The reformers’ plans and the progress of reform can be fully appreciated by studying documents from the Lamoignon Collection (Russian State Archive of Ancient Acts, Moscow). Providing fairly clear guarantees based on the income from the Lyon fairs, the king, with the help of his surintendent and people from his entourage who were responsible for financing French policy in Italy (Constable Anne de Montmorency, royal secretary Jean Duthier), managed to attract huge sums (about 12 million Tours livres) which made it possible to resist a powerful enemy. A flexible combination of bills of exchange, clearing and other mechanisms allowed to transfer this amount of money to Italy. The crowning success of Del Bene was the creation of the Grand Parti de Lyon — a consortium of creditors to the French king. Some researchers claimed that its principles were quite comparable to the achievements of the 19th-century banking system. If there had been peace, the Grand Parti de Lyon could well have contributed to the repayment of the principal amount of borrowings and the dissolution of the accumulated interest debt. But politics had once again interfered with the economy. A new war, in which France was drawn against the will of the royal entourage, a chain of military defeats (the capture of Montmorency, the main patron of Del Bene, in 1557) and, finally, the unexpected death of Henry II shortly after the Peace of Cateau-Cambrésis (1559) put an end to bold economic reforms.