Commercial bill rediscounting

Definition
«First Sino Bank» borrows funds from People’s Bank of China second time by transferring ownership of unmatured and discounted commercial bill.
Service Flow
1. Documentation submitted to PBOC for application, discounted but unmatured commercial bill fully completed, all vouchers prepared, bill endorsed at the back;
2. Once approved by PBOC, proceed discounting against those approved;
3. Set up books and ledgers for accounting and audit.
Price
Re-discounting (loan) amount: face amount of the bill less interest computed from the discounting date to one-day before the maturity date of the bill.