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Is it illegal to discount acceptance bills?
It is illegal to discount acceptance bills privately. It is a crime of illegal business operation.

According to the Criminal Code of People's Republic of China (PRC):

Article 225 Whoever, in violation of State regulations, commits one of the following illegal business operations and disrupts the market order, if the circumstances are serious, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also, or shall only, be fined not less than one time but not more than five times the illegal income; If the circumstances are especially serious, he shall be sentenced to fixed-term imprisonment of not less than five years, and shall also be fined not less than one time but not more than five times for illegal gains or confiscation of property:

(a) operating a franchise or monopoly commodity or other commodities whose operation is restricted by laws and administrative regulations without permission;

(2) buying and selling import and export licenses, import and export certificates of origin and other business licenses or approval documents stipulated by laws and administrative regulations;

(three) without the approval of the relevant competent departments of the state, illegally engaged in securities, futures, insurance business, or illegally engaged in fund payment and settlement business;

(four) other illegal business activities that seriously disrupt the market order.

Extended data:

According to the bill management implementation measures:

Article 10

A holder of a commercial bill who applies to a bank for discounting bills must meet the following conditions:

(1) Opening a deposit account in a bank;

(2) It has a true trading relationship and creditor-debtor relationship with the drawer and its prior parties.

Article 11

The drawer of a cheque is an enterprise, other organization or individual that has opened a cheque deposit account in a bank, urban credit cooperative or rural credit cooperative that has been approved by the People's Bank of China to handle cheque deposit business.

Article 12

The guarantor mentioned in the bill law refers to a legal person, other organization or individual who has the ability to pay off bill debts on his behalf.

Branches and functional departments of state organs, institutions, social organizations and enterprise legal persons shall not act as guarantors; However, unless otherwise provided by law.

Article 13

The signature of the drawer on the bank draft and the signature of the bank accepting the commercial draft shall be the special seal for the bank draft plus the signature or seal of its legal representative or its authorized agent.

The drawer's signature on the cashier's check is the special seal for cashier's check plus the signature or seal of its legal representative or its authorized agent. Special seals for bank drafts and cashier's checks are recognized by the People's Bank of China.

Article 14

The signature and seal of the drawer on a commercial bill shall be the special financial seal or official seal of the unit plus the signature or seal of its legal representative or its authorized agent.

Article 15

Signature of the drawer on the cheque. If the drawer is a company, it shall be a special financial seal or official seal consistent with the signature reserved by the company in the bank plus the signature or seal of its legal representative or its authorized agent; If the drawer is an individual, the signature or seal shall be consistent with the signature reserved by the individual in the bank.

Baidu Encyclopedia-People's Republic of China (PRC) and China Criminal Law