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What are acceptance and cash exchange?
1. Acceptance refers to the record that the holder requires the drawee to pay the bill before it expires. Unique bill of exchange system. The payer usually signs the bill on the front.

The relationship between the drawer and the drawee is entrusted, and the issuance of bills by the drawer does not mean that the drawee must pay. In order to make the bill payable at maturity, the holder must present it to the drawee for acceptance. The payer shall bear the legal responsibility for bill payment only after signing and accepting the bill.

2. Cash refers to various payment vouchers expressed in foreign currency, which can be circulated and transferred in the international market and can be freely converted into other countries' currencies. Such as US dollar, British pound, Swiss franc, German mark and other currencies of major western countries.

Extended data:

Acceptance procedures:

1, acceptance prompt

The act of the payee (holder) presenting the bill to the drawee and asking him to express acceptance or non-acceptance is called acceptance presentation. Tips can be mailed or delivered by courier;

2. Prompt period

The payee must present the acceptance of the bill to the acceptor before payment, and give the other party sufficient presentation period according to whether the acceptance place is in a different place or in the same city. Prompt that the payment term is 10 days from the bill maturity date;

3. Acceptance operation

When accepting a bill of exchange, the drawee shall record the word "acceptance" and the date of acceptance on the front of the bill, and pay the money to the holder after signing;

Step 4 refuse to accept

The drawee shall accept or refuse to accept the bill within three days from the date of receipt of the presentment for acceptance. If you refuse to accept, you must issue an acceptance certificate. The law of negotiable instruments stipulates that the drawee shall unconditionally accept the bill of exchange; Conditional acceptance shall be deemed as refusal to accept.

Cash exchange conditions:

According to Article 8 of the Agreement of the International Monetary Fund, as a general obligation of member countries, a country's currency must meet three conditions before it can become a cash exchange:

1. There are no restrictions on the current account (trade and non-trade payments) and capital transfer in China's balance of payments.

2. Don't take discriminatory monetary measures or multi-currency exchange rates.

3. At the request of another member state, it is obliged to buy back the remaining domestic currency in the current account of the other party at any time.

A freely convertible currency is widely used in international exchange settlement, freely traded in the international financial market, and freely convertible into the currencies of other countries. In international trade, the import and export trade settled in these freely convertible currencies is called spot trade.

Baidu Encyclopedia-Acceptance

Baidu encyclopedia-cash exchange