Int on bill discounting

This query is : Resolved

sushil (Querist)
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06 September 2011 Dear Experts,

We want to discount a export bill with bank.
Bill is for $ 1,08,000/- terms of pymt is 90 days from Bill of Lading.

B/L date is 06.08.2011.

suppose if we discount the bill with our bank on 07.09.11 @ Rs46.20/$. & rate of int on bill discounting is 10.27%. then..
What will be the amt of int on bill discounting?

What period will be taken into account for calculating the int on bill disc.?

Whether from B/L date to due date of bill or from the date of bill discounting to due date of B/L date?

Waiting for ur reply....

Thanks in advance..
Regards,
Sushil.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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08 September 2011 The bill discounting rate and interest differs from bank to bank and is also based on number of days.

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