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Commercial Draft Discount by Proxy

Commercial draft discount by proxy refers to the service that the holder (principal) of commercial draft entrusts its proxy to handle draft discount formalities on his behalf with ABC and ABC pays discounted funds to the holder after discounting the commercial draft according to relevant regulations, which includes banker’s acceptance discount by proxy and commercial acceptance discount by proxy.
It reduces the expenses on inter-city transfer of drafts and avoids loss of drafts.
1. Customer submits an application and documents required by ABC;
2. ABC, the proxy and the principal sign an cooperative agreement; and
3. The following documents should be provided to handle draft discount by proxy:
(1) Articles of association of the principal and the proxy, business license or corporate certificate of institution which have passed annual check-up, organization code certificate, original copy of loan card, identification paper of or power of attorney for legal representative, and ID card of proxy authorized by legal representative;
(2) Application for commercial draft discount;
(3) Undue banker's acceptance or commercial acceptance with complete formal content, of which, commercial acceptance should not be endorsed;
(4) Original copy of commodity trading contract or labour service contract, or other written certificate that can prove the authenticity of commodity trading or labour service relations;
(5) Original copy of VAT invoice with the drawer of draft (or the latest former holder);
(6) Other required documents as considered by ABC.

Note: Please contact your local branch for detailed information about the service.

Customer Service Center : 95599


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