Money, money circulation and credit - стр. 21

There are also the following statutes and regulations in respect to the banknotes issue, circulation and withdrawal: the management decree of the National Bank of the Republic of Kazakhstan from December 12, 2005 № 163 «About the adoption of regulations of sale and purchase of national currency banknotes and coins by the National Bank of RK»; the management decree of NB RK from December 26, 2003 № 477 «About the adoption of regulations of the national currency of RK banknotes and coins fitness for use determination)).

Bill of credit. The bills and cheques are the earliest forms of non-cash money invented by bankers. The archeologists discovered the evidences of the fact that the prototypes of such monetary documents were used by merchants and bankers of the Ancient Babylon, i.e. 20 centuries B.C.

However the true story of bill is linked with the capitalistic relations development. Thus the country of a transfer bill’s origin is considered Italy where in the XII-XIII^>th centuries in the most prevailing conditions of the economical, political and geographical factors the capitalism and trade ties with other countries developed. It is a necessity of trade turnover and market trade development that brought into the world the bill of credit.

The bill of credit is a debitor’s written absolute commitment to pay a definite sum when and where due. An absoluteness of the bill differences it fundamentally from an ordinary receipt where usually the reasons and terms of the future payment are denoted. But the bill doesn’t denote the factors according to which a person who draws out a bill (a bill drawer) is obliged to pay the denoted sum to the bill holder.

Moreover unlike the bill of debt the law allows the bill holder not to wait for maturity in order to use it as a mean of payment to a third person, i.e. as one of a money kind.

The standards harmonization of an international drawing right happened only in 1930 in Geneva where the uniform Bills of Exchange Act (BEA) was adopted. Enshrined in the BEA main features and types of the bills and the mechanism of their circulation are currently remain basic for the modern world bills of credit market.

In the USSR the bills were used in the domestic circulation till 1917, later from 1922 till 1930. From 1930 till 1990 the bills of credit were not used in the domestic circulation of the whole USSR territory. From 1991 the usage of bills became possible in Kazakhstan because of the first national law adoption «About the paper holdings circulation and stock-markets in the Kazakh SSR» № 650-XII where a bill of credit was classified as a paper holding.