Types of Securities & Bilyet Giro Advantages

Types of Securities 1) Cheque A document in the form of an order from a customer to his bank signed by the customer concerned as the drawer, to pay unconditionally a certain amount of money to a certain person/party or appointed by him, or to the bearer. Article 214 paragraph 2 of KUHD states that there are 2 types of crossed cheques, namely: - General Crossed Cheque (General Crossing/Algemene kruising) - Special crossed cheque (Special Crossing/Bijzondere kruising) 2) Bilyet Giro A method of money disbursement and payment that applies to current accounts. 3) Wesel a warrant made by the creditor addressed to the debtor to pay a certain amount of money on a certain date as stated in the wesel. 4 kinds of bills of exchange that have different payment days, namely: 1) Wesel that must be paid at the time it is shown (wesel unjuk or sight draft); 2) Money orders payable at some time after its presentation (wesel after unjuk or after draft. There are some banks that issue money orders with the provisions of "one day a after sight); 3) Money orders that must be paid at a time calculated from the date of withdrawal; 4) Money orders that must be paid on a certain day stated in the money order. 4) Promissory note unconditional letter of intent signed by the party / person who issued the letter, to pay a certain amount of money to a person / party or person / other party appointed by him, on the day specified in the letter. • Function of Securities The main function of a securities is as a means of payment, whose position replaces money. besides that securities also have functions: - as proof of collection rights - means of transferring the right of collection - means of payment - bearer of rights - as a means of transferring receivable rights (traded easily and simply) Deposit Is a deposit of public money in a bank whose funds are withdrawn at a certain period of time. Current Account Is a deposit of money from the public whose funds can be withdrawn at any time and can be in the form of cheques and blue checks. • Advantages of bilyet biro compared to cheque 1) Bilyet-ggiro can be cancelled at any time as long as the letter has not fallen on the effective date or the mandate has not been carried out by the paying bank. 2) Bilyet-giro can be post-dated. This means that as long as the effective date has not arrived, the letter cannot be disbursed by the holder 3) As is known, that on the bilyet-giro in addition to the withdrawal date there is also an effective date, namely the date of entry into force of the order contained in the warrant. Bilmana effective date is not included, then the date of withdrawal applies as an effective date. Conversely, if the date of withdrawal is not included, then the effective date is considered as the date of withdrawal of the warrant. 4) Because the bilyet-giro form has been standardised by Bank Indonesia so that at first glance it looks like a cheque (there are even laymen calling it a "giro cheque"), as a result the business world in general can accept the letter as a means of payment.