The issue of acceptance bills has been criticized in recent years.
Many small and medium-sized enterprises are unable to obtain discounts from banks due to insufficient conditions. You can only find private financial institutions for discounts, and the discount costs are constantly increasing. The original 2 million tickets may only be 1.5 million after discounting.
Therefore, the call for #Cancel Acceptance Bill# is getting louder year by year.
The representative speaks out again: Cancel the acceptance bill!
On March 9, Zhou Shanhong, deputy to the National People’s Congress and chairman of Jiangsu Wanshun Mechanical and Electrical Group Co., Ltd., suggested in an exclusive interview with China City Network, a subsidiary of the People’s Daily, that the acceptance should be cancelled. Bills of exchange to promote the high-quality development of small and medium-sized enterprises.
*Zhou Shanhong, deputy to the National People’s Congress and chairman of Jiangsu Wanshun Mechanical and Electrical Group Co., Ltd. Picture source: Yangzhou Release
“The acceptance bill discount business cannot solve the urgent cash demand.” Zhou Shanhong said that due to the impact of the epidemic in 2020, many companies are facing a survival crisis. In fact, many small and medium-sized enterprises are in crisis. It is not because of the epidemic, but because of the difficulties caused by long-term and serious defaults on payment by large companies. Large enterprises almost always pay by acceptance, while small and medium-sized enterprises need cash to purchase materials, pay wages, pay taxes, pay interest, etc., so they will incur expenses such as interest discounts on acceptance bills, which undoubtedly directly exploits the profits of the enterprises.
This means that in reality, the cost of using acceptance bills is high, including time costs and financial costs.
In view of the various disadvantages of acceptance bills, Zhou Shanhong suggested that the use and circulation of acceptance bills should be phased out in “three steps”.
The first step is to strictly implement the “Regulations on Guaranteeing the Payment of Small and Medium-sized Enterprises” to form a fair competitive market environment and fundamentally alleviate the financial constraints of small and medium-sized enterprises. ;
The second step is for state-owned banks and large enterprises to take the lead in reducing the issuance of acceptance bills and lowering the discount rate to create a good space for the survival and development of small and medium-sized enterprises;
The third step is to stop the issuance of bank acceptance bills and commercial acceptance bills, and no new acceptance bills will be issued after the acceptance bills that have been issued have been held and expired.
Speaking on behalf of the collective: Acceptance bills urgently need to be standardized or cancelled!
In addition, Zheng Jun, a member of the National Committee of the Chinese People’s Political Consultative Conference during this year’s two sessions, suggested further improving the financing environment for small, medium and micro enterprises. For legal and authentic acceptance bills received by small, medium and micro enterprises, and meeting certain conditions, the tax department should recognize them when collecting various taxes and fees to alleviate the pressure on small, medium and micro enterprises.
In 2020, National People’s Congress representative Ma Yushan suggested: Stop issuing new acceptance bills and hold existing circulating bills until they expire and no longer issue them and other methods to gradually eliminate the use and circulation of acceptance bills.
In 2019, Liu Xuemin, a representative of the National People’s Congress: It is recommended to completely cancel acceptance bills, including bank acceptance bills and commercial acceptance bills.
The circulation of acceptance itself has limitations!
Many business owners admit frankly that the most painful thing about electronic acceptance is the blood-sucking. It is really very blood-sucking. It is obviously more blood-sucking for our small and micro enterprises than paper-based acceptance. Since I came into contact with electronic acceptance, I don’t have more than tens of thousands of cash on hand, and I live in a frightening world every day.
The “circulation” of acceptance is limited. And you can’t get discounts at the bank if you want – small acceptances below 2 million won’t get discounts, non-state-owned banks won’t get discounts, and those with alterations and financial certificates won’t get discounts… There are various regulations! Then look for Private financial institutions can offer discounts, yes! 3 points per month, if less than one month, one month will be deducted!
The above is still a “bank acceptance bill”. No matter what, payment at maturity is relatively guaranteed. There is another magical existence – “commercial acceptance bill” – the acceptor is a company. If there is a problem with the accepting company, haha… “negotiable IOU” will become “IOU”.
Unable to redeem! The acceptance bill becomes an invalid IOU!
In recent years, many companies have been deceived by acceptance bills! Some companies failed to pay their acceptance bills on time, and some companies were implicated in the outflow of false acceptances due to the leakage of official seals.
Not being able to cash the money order received is tantamount to murder for a company! In 2018, the acceptance bill incident of Baota Petrochemical is still fresh in our minds. Baota Petrochemical plans to go through bankruptcy proceedings, many subsidiaries have been canceled, industrial assets have been frozen, and bills payable are as high as 16.4 billion yuan! How many ticket holders are unable to recover their accounts and are crying without tears.
In addition to being used for “illegal financing”, there are also many fake acceptance issues flowing out. Previously, China Railway Wuhan Electrification Bureau Group Co., Ltd. issued a statement saying that recently, criminals were suspected of forging their certificates and licenses, opening bank accounts in their names, and issuing false commercial acceptance bills. Its statement reminds financial institutions and market operators to��. After receiving the commercial acceptance bill issued in its name on January 19, 2020 (inclusive), the public should pay attention to careful identification and check the authenticity in a timely manner. To avoid false commercial acceptance losses.
According to incomplete statistics, since 2019, Anshan Iron and Steel, China Construction, China Railway, China Hydropower, and China Large enterprises such as China Securities Regulatory Commission and other large-scale enterprises have experienced false acceptance incidents, involving amounts of tens of billions of yuan.
The State Council and the Central Bank take action together!
After repeated appeals, the State Council and the Central Bank have also made further regulations on transactions related to acceptance bills.
According to the “Regulations on Guaranteeing the Payment of Small and Medium-Sized Enterprises” issued by the State Council, starting from September 1, 2020, agencies, institutions and large enterprises shall not force small and medium-sized enterprises to pay Non-cash payment methods such as commercial bills are accepted, and non-cash payment methods such as commercial bills are not allowed to be used to extend the payment deadline in disguise.
In addition, according to the “Regulations”, when government agencies and institutions purchase goods, projects, services, etc. from small and medium-sized enterprises, the payment time must not exceed 60 days! Overdue payments will require corresponding overdue interest!
The People’s Bank of China issued [2020] Announcement No. 19 to clarify matters related to the disclosure of commercial acceptance bill information; The acceptor shall disclose acceptance credit information within the first 10 days of each month, including the cumulative acceptance amount, acceptance balance, cumulative overdue amount, overdue balance, etc.
Announcement requirements, The acceptor is responsible for the authenticity, accuracy, timeliness and completeness of the disclosed information. This announcement will be effective from August 1, 2021.
Problems with acceptance bills occur frequently! Where to go? !
In recent years, the issue of acceptance bills has been criticized by people in the industry.
Although acceptance bills are known as a nightmare for many small and medium-sized enterprises, and deputies to the National People’s Congress have repeatedly suggested canceling acceptance bills, the bill market is still expanding day by day.
In this complex background, it is particularly important to establish a sound, efficient and low-cost bill market. Before the acceptance bill is actually cancelled, I hope that all companies will pay more attention to related business and avoid pitfalls!
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