Collection


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collection

(at Oxford University) a college examination or an oral report by a tutor

Collection

 

a banking operation in which the bank on the request of its client collects money due on the basis of monetary, commercial, or clearing documents. In capitalist countries, the collection operation is a commercial service for which banks charge fees; these fees are determined by the nature of the operation and the way payment is received from the buyer. The banks in capitalist countries also accept stocks, bonds, and foreign exchange for collection.

In socialist countries, which have a planned economy, collection operations fulfill the important function of control over the marketability of payment documents, the timeliness of settlements, and the accuracy and punctuality of payments. This operation is one of the means of consolidation of cost accountability and ruble control over contractual and financial discipline in the economy. In the USSR, collection operations using the acceptance form are part of clearing operations for goods and services; collection is also used when the necessity arises to collect payments from a debtor on the basis of documents of execution or documents which are equivalent to them and which have been submitted by the creditor for collection. The bank agencies systematically carry out instructions of supplier enterprises to send their payments documents to the banks that serve the buyers to collect the money and transfer it to the supplier for deposit in his account at the bank.

When the collection system of payment documents was established (1935), uniform payment documents were introduced: a payment claim for settlement of accounts for nonlocal debtors and a payment instruction for local debtors. Each supplier after shipping goods submits to the bank agency which is serving him the payment claims accepted for collection, if not more than a month has elapsed from the date of shipping of goods or rendering of services. In order to receive credit on the basis of payment documents for goods in transit, the documents have to be submitted not later than three working days after the date of shipping. The collection operations are performed by Gosbank (State Bank) and Stroibank (Construction Investment Bank); the conditions and payment terms are subject to the rules and instructions of the bank. During the collection operations, the bank follows the movement of the mass of commodities within the circulation sphere and watches over the timely payments and over the entry of money into the accounts of the suppliers, as well as over the safety of freight if payment has been declined by the payer.

The collection operations in the USSR are also used in international clearing operations. In socialist countries in 1955 a system of collection was introduced using immediate payment. For making collections in clearing operations with capitalist countries, Gosbank and Vneshtorgbank (Foreign Trade Bank) charge a certain commission for services; accounts between Soviet organizations and socialist countries are settled between banks free of charge, by mutual agreement.

M. M. TARASOV


Collection

 

a publication containing a number of works by a single author, works by several authors, or official, scientific, scholarly, or informational materials with a specific theme. Depending on the dates of issue, collections may be nonperiodical, periodical, or continuing.

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