Bill Discouting

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 December 2009 Hi,

I am Nitu Pandey,working with a software company as an account Executive. I want to know that what is the procidure of Bill Discounting.

Thanks & Regard
Nitu

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 December 2009 Bill discounting is an activity with the Banks. Under this type of lending, Bank takes the bill drawn by borrower on his(borrower's) customer and pay him immediately deducting some amount as discount/commission. The Bank then presents the Bill to the borrower's customer on the due date of the Bill and collect the total amount. If the bill is delayed, the borrower or his customer pay the Bank a pre-determined interest depending upon the terms of transaction.

For bill discounting , the borrower should necessarily have a sanctioned facility from the concerned bank in addition to a cash credit account.

Querist : Anonymous

Querist : Anonymous (Querist)

04 December 2009 Thank you very much for guide me.Sir please light on its Documentation.

Thanks & Regard
Nitu

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