A bill is a written promissory note strictly prescribed form, certifying the unconditional obligation of one party to pay a certain amount of money to the other party within the prescribed period and the right of the latter to demand this payment.
Commercial bills constitute the strongest basis for the turnover of bills. Commercial bills are based on a real transaction for the purchase and sale of goods on credit; their issuance entails a deferred payment.
Commercial bills of exchange are usually transferred against the security of the goods and are provided with those funds that will come from the sale of goods purchased with the help of the bill. Therefore, such bills are also called commodity, purchase or covered. A commercial bill of exchange is based on a credit nature and is an instrument of a commercial loan, due to the real needs of commercial and industrial turnover. Its purpose is to promote the sale of goods with deferred payment.
The legislation does not allow the issuance of a commercial bill to the bearer, since the circulation of bills of exchange is based on real monetary transactions with specific business entities.
Commercial bills, behind which there is a specific commodity transaction, can be simple and transferable.
Financial bills are a direct consequence of a loan agreement, when one party receives a certain amount of money from the other, issuing a bill in return. At the heart of a financial bill is a loan. The essence of a financial bill is a guarantee of the return of the loan received. It is based on the movement of money. In commercial and industrial turnover, financial bills are used by enterprises to replenish working capital. Private financial notes are usually issued by large well-known firms that have a stable financial position. However, this method of borrowing is less preferable than bonds, since funds are attracted on a short-term basis, and they are involved in production for more long terms. This calls into question the timeliness of payments on private financial bills. Such bills are usually not accepted by banks for accounting.
A variety of financial bills are treasury bills - short-term government obligations with maturities of 3, 6 and 12 months, issued into circulation in order to cover the budget deficit.
A financial bill, the payer of which is a bank, is called a bank bill.
The presence of financial bills is possible due to the absence in their text of a mention of the basis for their issuance. But at the same time, this also leads to the appearance of fictitious bills that are not connected with the real movement of either goods or goods. Money; among financial bills, friendly, counter and bronze ones are distinguished, which are prohibited for use in Russia, but are used in narrow circles.
Co-investment institutions are presented on stock market holdings, investment companies, investment funds and trust companies. Joint investment is an activity carried out in the interests and at the expense of the founders and participants investment fund through the issuance of investment certificates and commercial activities with securities. Joint investment can also perform banking institutions along with other financial and credit functions.
Participants of the investment fund are individuals and legal entities that have acquired investment certificates of this fund. A participant in an investment fund may be issued a certificate for the total value of investment certificates. Investment certificates can be nominal and bearer. The investment certificate must have the following details: corporate name of the investment fund; its location; the name of the security ("investment certificate") and its serial number; release date; type of investment certificate, its face value; name of the owner (for a nominal investment certificate); dividend payment period; signature of an official - investment manager or other authorized person; investment fund seal. The nominal value of one investment certificate must be equal to the nominal value of one share, which belongs to the founders.
To issue investment certificates, an agreement is drawn up with an investment manager, auditor or audit firm, as well as a deposit agreement with a depository, registration of the issue of investment certificates is carried out, an investment declaration and information on the issue of investment certificates of an investment fund are published.
A mortgage is a way to secure a borrower's obligation to a lender with collateral. real estate, which consists in the right of the creditor to receive satisfaction of his monetary claims from the value of the pledged immovable property. The subject of the mortgage can be individual and multi-apartment residential buildings, apartments, land plots, buildings, structures and other real estate.
Mortgage lending is the provision by banks of long-term loans for the purchase or construction of real estate secured by real estate. Mortgage lending to citizens has a number of distinctive features:
Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.
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nye calculations are quite common among organizations. But accounting for bills has specific features. Promissory notes are used for settlements within the group between organizations, or as a means of payment for goods, works, services of suppliers, as well as for debt financing.
Definition 1
bill of exchange- this is a security containing a simple, unconditional obligation of the drawer or his offer to a third party to pay the specified amount within the specified period. A bill of exchange is a kind of promissory note, drawn up in a certain form and giving the right to demand payment of the amount indicated in the bill at the end of the period for which it is issued.
The drawer, i.e. the debtor is a person who issues a bill of exchange on account of repayment of arrears in payment for goods and materials, work or services to the holder of the bill. The holder of the bill, i.e. creditor - one who received a bill of exchange to pay off a debt.
Bills are of several types:
Remark 1
A guarantor for a bill payment may be a third party called an avalist. He affixes the appropriate inscription on the bill - aval.
Bills of exchange must have the following requisites:
Promissory note purchase operations are aimed at generating income from the use of available funds. Thus, the company provides for the term of holding the promissory note the amount corresponding to the purchase price, and the return of this amount with interest is carried out by its issuer.
To accept a bill for accounting, the conditions must be met, and in particular:
In accounting, transactions with bills of exchange are reflected in separate sub-accounts. If the amount of the issued bill exceeds accounts payable the drawer, then the difference should be taken into account as part of the drawer's expenses and, accordingly, the drawer's income.
The drawer draws up the transfer of the bill in accounting with an entry on account 60 for the bill amount. In this case, the discount is reflected in the posting:
The bill holder in accounting makes an entry on the $62$ account, while the discount is reflected in the posting:
If the drawer uses the $97$ account instead of the $91$ discount, then the expense will be recognized on a straight-line basis over the life of the note.
In parallel, both participants in the bill of exchange relations keep off-balance sheet accounting of bills. To do this, use account $009$ "Securities for obligations and payments issued" by the drawer and account $008$ "Securities for obligations and payments received" by the holder of the bill.
The use of financial bills is a financial investment. To account for them, an account of $58$ is used. In the case of settlement for the received materials with a financial bill, the following entries must be reflected in the accounting records of the enterprise:
Receipt of a financial bill in payment for shipped goods is accompanied by postings:
The excess of the face value over the value of the goods that arose at the time of repayment of the promissory note is taken into account in other income.
The transfer by the buyer of a financial bill as an advance payment in accounting is reflected in the posting:
Remark 2
It should be noted that tax liabilities do not arise upon receipt of the promissory note.
If the face value of the bill is different from the value of the work performed, then the difference when repaying the bill is reflected in the entries:
When using promissory notes in settlements for purchased goods, the taxpayer must keep separate VAT records. Such accounting applies to promissory notes of third parties, and when transferring own promissory notes, there is no sale.
If it is determined that the transaction is subject to VAT, respectively the tax base VAT is defined as the cost of goods sold. The date of VAT calculation is also determined at the time of shipment or receipt of prepayment, in particular in the form of a bill of exchange of a third party. After calculating the value added, an invoice is issued.
It is possible not to keep separate accounting if the expenses of the organization do not exceed the materiality threshold of $5\%$ total amount expenses. Accordingly, if bills of exchange are rarely used in settlements, then separate accounting should not be kept.
For income tax, the tax base for transactions with bills of exchange is determined separately. Using bills of exchange as a means of payment, organizations make transactions at the face value of these securities. Accordingly, all additional expenses for their acquisition and sale are considered losses of the organization and are not taken into account when taxing profits of the current period. However, they can be carried over to future results from such activities. With separate tax accounting in accounting policy it is necessary to reduce the amount of additional costs that are included in the expenditure part of the special tax base.
A financial bill certifies an unconditional obligation of the drawer (promissory note) or other payer specified in the bill (bill of exchange) to pay the borrowed amounts of money upon the maturity of the term stipulated by the financial bill. Financial bills are securities that are separate from the settlement transactions for which they were issued. Often financial bills are not associated with any commercial transactions. A financial note can be issued as a long-term or short-term loan. At the same time, compared to a bank loan, a bill of exchange has one significant advantage for the client - it does not accrue interest.
Depending on the number of participants in the transaction, a simple and a bill of exchange are distinguished. A promissory note involves the presence of two participants in the transaction: the seller and the buyer. The debtor under this bill of exchange has no right to transfer it to another person for payment, since it contains only one signature of the person obliged to make this payment. A bill of exchange (draft) is issued and signed by the creditor. Such a bill includes several participants, it is a negotiable bill.
Financial bills are purchased as securities in order to receive income in the form of a discount or interest. In addition, they can be used as collateral, means of payment and as an object of sale. The terms of payment of interest on a bill of exchange have legal grounds only in relation to bills of exchange that are payable for a certain period from the moment of presentation or for a period upon presentation. The amount of interest on them is calculated based on the annual interest rate and the period of circulation of the bill according to the formula:
where ΣB% - the amount of interest on the bill; HC - face value of the bill; GS - annual interest rate(in percents).
Accounting for transactions this species securities from investor organizations is carried out using a separate sub-account to account 58 " Financial investments”, and for organizations - sellers of bills - sub-accounts to accounts 66 “Settlements for short-term loans and loans”, 67 “Settlements on long-term credits and loans”. Accounting analytical accounting of promissory notes is carried out by types of promissory notes, paying organizations, amounts received and drafts, and due dates for payment. Accounting for bills by maturity is determined by the procedure for determining the economically justified amount of income on them.
If a bill of exchange is received on account of the delivery of inventory items, the performance of work or the provision of services, then accounting entries will be made on the debit of account 58 and the credit of accounts 62 “Settlements with buyers and customers”, 90 “Sale”, 76 “Settlements with different debtors and creditors.
Let's consider on an example a variant of a situation with financial bills.
The organization issued a loan to another organization on a bill of 1,000,000 rubles. at 12% per annum. The validity period of the bill is from 02 April to 01 June. The promissory note was paid by the debtor organization on May 27, i.е. on day 56. Interest on the bill will be calculated on the basis of 56 days and equal to (12%: 360 * 56) = 1.87% and will amount to 18,700 rubles in total. (1,000,000 * 1.87%).
Accounting data business transactions find the following reflection:
Debit 58 subaccount 2 "Debt securities"
Credit of account 51 "Settlement account" in the amount of 1,000,000 rubles.
After payment of the bill, taking into account interest on the maturity date, the following entries will be made in the accounting:
Debit 51 "Settlement account" - 1018700 rubles.
Credit 58 subaccount 2 "Debt securities" 1,000,000 rubles.
Credit 91 "Operating income and expenses" sub-account "Operating income" 18,700 rubles.
In the event of an urgent need for free cash, the organization the holder of the bill can carry out a discounting operation. Discounting means the purchase of bills by the bank from the holder of the bill before the maturity date with the simultaneous collection of a discount. The concept of "discount" is used to refer to the process of accounting for bills of exchange by the bank and as the amount of the discount rate that is charged in this case. credit institution. The holder of a bill of exchange may transfer a bill of exchange as collateral (collateral) for a bank loan at a discount of bills. The receipt of funds from the bank is reflected in the accounting records in the debit of cash accounts in correspondence with the credit of the accounts for recording settlements on short-term and long-term loans and borrowings. The operation of accounting (discount) of bills is closed on the basis of the received bank notification of payment with the reflection of this operation on the debit of the accounts for accounting for settlements on long-term and short-term loans and loans and the credit of the corresponding accounts of receivables.
In the event that the payer fails to fulfill obligations under the promissory note within the prescribed period, the organization-bill holder must independently repay the debt to the bank, while making an entry in the debit of the accounts for recording settlements on long-term and short-term loans and loans and credit accounts for recording cash.
A loan issued by a bank against a promissory note must be equal to the face value of the promissory note less the discount held for the provision of the loan. When discounting, the bill is transferred to the bank, but its value continues to be recorded on account 58 “Financial investments”.
Example. Buyer's promissory note for goods received with a nominal value of 1,500,000 rubles. and the amount of accrued interest in the amount of 100,000 RUB. discounted at the bank. The loan amount in the amount of 1420000 rubles. credited to the bank account of the organization. The bank received a promissory note as security for the loan, the face value of which with interest by the due date will be 1,600,000 rubles. In accounting, these business transactions are reflected as follows:
Debit account 51 "Settlement account" 1,420,000 rubles.
Debit account 91 "Operating income and expenses" sub-account "Operating expenses" 80,000 rubles. (payment for bank services and interest on a loan)
Credit of account 66 “Settlements on short-term loans and borrowings” 1,500,000 rubles.
In the event of receipt of a notice from the bank on the receipt of funds to pay off a bill in the amount of 1,600,000 rubles. the following entry is made in the accounting records of the organization of the bill holder:
Debit account 66 "Settlements on short-term loans and borrowings" 1,500,000 rubles.
Debit account 26 "General expenses" 100,000 rubles. (interest on a bill)
Account credit 58 "Financial investments" 1,500,000 rubles.
Credit of account 91 "Operating income and expenses" 100,000 rubles.
Another situation is also possible, when the bank reports that the money on the bill was not received and ask to return the received loan. In this case, the bill holder transfers funds from the current account to the bank in the amount of the bill to be redeemed (1,600,000 rubles) and makes entries in the accounting records:
Debit account 66 "settlements on short-term loans and borrowings" 1,500,000 rubles.
Debit account 26 "General expenses" 100,000 rubles.
Credit of account 51 "Settlement account" 1,600,000 rubles.
With this option, the bill is still listed in the account of the bill holder on account 58 "Financial investments", but since this is a negotiable bill, it is advisable to record it on account 76 "Settlements with various debtors and creditors" sub-account "Settlements on claims".
Discounting bills of exchange transactions can be considered and accounted for as a purchase of a bill by a bank, and not as a loan secured by a bill. In this case, in accordance with the agreement, the holder of the bill, on the basis of the act of acceptance and transfer of bills under endorsement, transfers the bill to the bank and removes it from the accounting records.
Which provides for a deferred payment or unconditional payment for purchased goods, works or services within a predetermined period.
A bill of exchange is a security that confirms the obligation of the debtor (drawer) to pay the specified amount to the creditor (bill holder) within a specified period after the bill is presented for payment.
At the same time, the right to claim can be transferred to third parties without additional conditions and agreements with the drawer.
The bill is used as payment and means of payment, and is also used as a means of obtaining a loan, which was provided by the seller to the buyer in a commodity form in the form of a deferred payment.
Therefore, we can say that a bill is a dual market instrument that secures obligations on the one hand and repayment of debt on the other.
A bill of exchange is the most important financial instrument that performs certain functions:
The bill is primarily a means for obtaining a loan. With the help of a bill, you can pay for the purchased goods or services, return the loan received, provide a loan. Creditors are attracted by the formal and material strictness of the bill, its easy transferability and speed of debt collection.
Another function of a bill is the possibility of using it as a security for transactions. In other words, the holder of the bill has the right to receive money on the bill earlier than the term established in it in two ways: by discounting the bill in the bank or by obtaining a loan against the security he has.
The bill serves as an instrument of monetary settlements. In addition, it is able to speed up settlements, since before the moment of payment, the bill passes through several holders, extinguishes their obligations and thereby reduces the need for real money.
Bill transactions are the issuance (receipt) of cash loans.
Enterprises and organizations can carry out such operations, bypassing banking system with its terms and conditions and mandatory commissions.
In addition, the bill is mobile in financial plan. Being security, it can always be sold on the stock market or pledged to a bank.
The salient features of the promissory note are as follows:
Abstraction of a bill. That is, the obligations under the bill have only a monetary value and are not directly related to the specific obligations of the drawer.
The possibility of transferring to third parties without documentary fixation of such an operation;
Indisputability of a bill. That is, the requirements under the bill are unconditional for execution and are implemented in full.
Solidarity bill. That is, all persons involved in the execution and circulation of the bill bear responsibility for the bill.
Promissory notes. That is, the bill of exchange is drawn up in the form of a strict reporting form in paper form.
In case of non-payment of the debt within the stipulated period, no litigation. In this case, it is enough to make a notarial protest.
The use of a bill solves the following problems:
creates conditions for the unconditional receipt of funds for the delivered goods, work performed or services rendered;
makes it possible to conclude a transaction for the sale of goods, works, services without the condition of advance payment;
can be used as an effective means of payment between legal and individuals, to offset mutual claims;
may be an object of sale or be the subject of a pledge.
In practice, the following types of bills are distinguished:
Simple bill. The bill contains an obligation to pay the required amount within a predetermined period, and to the address of the creditor, in whose name the bill is drawn up. That is, the bill acts as an analogue of a promissory note. We can say that a promissory note is a security that contains an unconditional obligation of the drawer to pay the amount to the holder or his successor. The circulation of a promissory note presupposes the presence of two subjects: the drawer and the purchaser of the bill (the holder of the bill);
A bill of exchange or draft (Italian "tratta" - transfer) bill. On such a bill, the debtor (drawer) makes a payment in favor of a third party (payer) on his order or on behalf of the person who issued it (drawer). A bill of exchange is analogous to the transfer of debt under a loan agreement. We can say that a bill of exchange, or draft, is a security that contains a written order from the drawer to the payer to pay within a certain period of time the established amount to the holder of the bill or his successor. A bill of exchange binds at least three entities: the drawer, the drawee and the payer.
Avalized bill. Such a bill provides for an additional guarantee of the bank (avalist) for the execution of payments. A bill of exchange can be either simple or transferable.
Thus, bill types of securities are subdivided into promissory notes and transferable ones.
The first type provides for the issuance of a loan and the signature of the debtor that he undertakes to return it to the creditor within a clearly defined period in designated place. Only two persons are involved in such a transaction: the drawer and the holder of the bill.
A bill of exchange (draft) is issued and signed exclusively by the creditor. The text of such a document contains an order to the debtor to pay the debt within the specified period, but not to him, but to a third party (remittent).
In addition to classifying bills by type, they can additionally be divided into forms:
Commercial (commodity) - documents intended to ensure transactions of sellers and buyers.
Financial - allow enterprises to receive loans and credits from other enterprises.
Blank documents - documents for commercial transactions, when the price of a product or service has not yet been set or may change. In this case, the buyer, fully trusting the seller, certifies with his signature the blank form, which will be filled in later by the last one.
Friendly - bills that are issued only to those who deserve unconditional trust.
Bronze - documents without real security, issued to fictitious persons or enterprises. Such bills are often used simply for bank accounting or to artificially increase the debts of a bankrupt.
Security - bills issued to secure a loan or credit of a knowingly unreliable borrower. Such a document is usually kept in a deposit account with the debtor and is not intended for circulation. Upon settlement of the loan, the promissory note is repaid.
Rekta bill (nominal) - a security from which the drawer has taken away its main property: transfer to another person.
Acceptance process by the future payer financial obligations on payment of a bill of exchange is called acceptance.
In fact, this is his consent, confirmed by the corresponding signature of the acceptor. An endorsement of a bill is its assignment to a third party.
It can only be applied to promissory notes. The endorsement provides for the presence of an endorsement on the document itself, according to which all rights to it are transferred to another person.
Usually such an inscription is made on the reverse side of the bill or on a special additional sheet called allonge.
The person who left his signature under the endorsement and accepted the rights to financial document, is called an endorser.
Aval bills
Aval is a kind of guarantee for a bill. It can be carried out by any person, with the exception of the holder of the bill and the drawer. A person who puts an aval on a document is called an avalist.
In accordance with the "Regulations on a promissory note and a bill of exchange", the document must contain:
an appropriate label indicating that it is a bill of exchange, and not some other security;
the bill mark is usually used twice: at the top of the document and in its text, and blank bills of exchange without a mark are considered invalid;
a clearly defined amount of money;
payer details (for a bill of exchange);
due date (at sight, at such and such time from drawing up, at such and such time from presentation, on a clearly specified date and time);
the place where the payment is to be made;
details of the person to whom the payment should be made;
date and place of drawing up the bill;
handwritten signature of the person who issued the bill.
The text on the bill of exchange must contain the following information:
Title: Indicates "Promissory note" or "Bill of exchange";
Order or obligation. In the case of a bill of exchange, the phrase: "Payment ...<данные организации или физического лица>or his order";
Requisites for presentation after the maturity date. The name and address for legal entities, place of residence and personal data for individuals;
Amount payable. The amount is indicated in without fail in numbers and in words, which is considered the main one in case of discrepancy with the digital one. If there is more than one amount, the smaller amount is payable. At the same time, no corrections, breakdown of the amount payable by terms or parts are allowed.
Payment term. The current legislation provides for the following options:
Place of payment. Unless otherwise agreed, the presentation of the bill for payment is made at the location of the drawer-payer. Multiple locations are not allowed.
Date, address of statement and payment. Multiple locations are not allowed. An unrealistic date, its absence or a non-existent address makes the bill invalid.
Drawer's signature. The signature is carried out only by handwriting. The bill will be invalid without a signature, or if a forgery is detected. For legal entities, it is necessary to put a seal and certify the bill with two signatures: the signature of the director and the signature of the chief accountant.
The promissory note payment procedure includes the following steps:
presentation of a bill of exchange for payment within a reasonable period of time. If the bill of exchange is due on a weekend, the payment is made on the first business day;
immediate payment by the debtor of the amount specified in the bill. Deferred payment is possible only in case of force majeure.
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Promissory note: details for an accountant
The organization issues its own bill, then settles the bill with the supplier. The face value of a promissory note issued by the buyer... posting? The organization issues its own bill, then settles the bill with the supplier. The nominal value of a simple ... obligation to pay a certain amount of money to the holder of the bill upon the due date of the bill of exchange ... provides for securing the obligation by transferring one's own bill. To the methods of ensuring obligations established ...
An unconditional obligation of a person obligated by a bill of exchange (drawer or acceptor) to pay ... additionally, by the rules on a loan agreement; a bill of exchange is property that is the subject of transactions ... with the issuance trading house their bills. Procurement LLC transfers the received bills to its subsidiary ..., whose task is to demonstrate the unique features of the bill, which effectively solves point issues. Another ... debtor receives a bill of exchange from his debtor. The society hands over this bill to its sole...
Acquisition by the previous owner The Company owned the promissory notes of foreign companies, which were received ... reorganizations, the obligations of the drawer on these promissory notes were transferred to the Cypriot company, which has ... income from the sale of promissory notes received free of charge. The taxpayer insisted that no economic ... income of the taxpayer received from the redemption of promissory notes, when taking into account the expenses incurred on ... to take into account the cost of acquiring bills of exchange by his legal predecessor (Determination of the Supreme Court of the Russian Federation ...
Cash, the use of bank bills for the redistribution of funds in the group... spent by the entrepreneur on the purchase of bank bills, on the same day... cash. Next, the participant deposited bills in net assets companies, ... a group of companies The use of bills of exchange in mutual settlements, especially their own, and even ... revenue for the simplified tax system. Settlement by promissory notes or mutual offsets in this variant... by selling own promissory notes to controlled tenants, which were later transferred by...
From mid 2020. 3. Bills of exchange and taxes Taxpayers should pay... The Supreme Court has determined the consequences of using a bill of exchange in transactions between counterparties. The position ... is that if the bill of exchange draws up debt obligations (the taxpayer is ... the first holder of the bill), then the provision of subparagraph 10 applies ... in all other cases, transactions with the bill should be considered as transactions with ...
To take into account the results of transactions for the exchange of promissory notes and the variation margin under agreements of the ... Code, we proceeded from the fact that the promissory notes were transferred to the applicant free of charge for the purposes of ... , and the income from the disposal of these promissory notes (the amount of proceeds received from the implementation ... on account of compensation) is subject to reflection ... property and the issuance of a bill, as well as the transfer of a bill, was a formal cover ...
Securities, including promissory notes The developer is not entitled 5: to acquire... securities, including promissory notes of third parties; issue or issue ... (other than shares), including their own bills. So, the developer will not be able to attract ... a loan by issuing it with the issuance of its own bill. Considering that payment of the price by ... cannot accept third-party bills of exchange from the shareholder in payment ...
2018 Promissory notes received during liquidation are subject to personal income tax Now in the code ... .2018 With the further sale of promissory notes received during liquidation, income can be ... double taxation Personal income tax from the value of the received bill, and then again with ...
Loan agreements The taxpayer issued its own bills for the amount of the loan and transferred ... to lenders under acts of acceptance and transfer of bills. At the same time, the disputed companies are ... returned to these organizations upon presentation of promissory notes at the time of their repayment by the Taxpayer ... . Evidence that the issued promissory notes were actually secured by property...
A participant in a loan relationship formalized by the issuance of a bill. Repayment of the loan does not result in... expenses. For those cases when the bill was an object of property (a security ... which was the transfer of rights to the bill, in accordance with paragraph 1 ...
property used in entrepreneurial activity, bank bills, income from the sale of this ... in the part attributable to payment by a bill, is taken into account individual entrepreneur applying a simplified ... taxation system, on the date of payment of the bill by the bank (the day the funds are received ...
Obligations, not the moment of receipt of bills. The conclusions of the courts on determining the moment ... according to which the receipt by a citizen of a bill as property that does not have consumer ... collection of tax at the time of receipt of bills as income of the taxpayer in kind ...
AT tax period transactions with bills and derivatives financial instruments(pp... in the tax period of transactions with promissory notes and financial instruments of futures transactions ... to them, the absence of transactions with bills of exchange and financial instruments of futures transactions ...
