(c) ensure that the quantum of amount proposed to be raised through issuance of the Commercial Paper is within the limit as prescribed in Regulations 5 above;
(e) verify all the documents submitted by the issuer i.e. copy of Board's resolution, signatures of authorized executants (if Commercial Paper is in physical form) etc. and have in custody certified copies of the original document and issue a certificate that documents are in order;
(6) The issuer shall intimate in writing to all initial subscribers and all financial institutions, who have provided working capital limits to it, about the amount and tenure of the issue of Commercial Paper and copies of such intimation shall also be provided to the Issuing and Paying Agent.
11. Issue of Commercial Paper under Shelf Registration.—Where the issue of Commercial Paper is under Shelf Registration following conditions shall be fulfilled, namely,—
(5) Where the issue of Commercial Paper is through private placement, the initial subscribers of Commercial Paper shall pay through the Issuing and Paying Agent the discounted value of the Commercial Paper by means of crossed cheque or any other mode acceptable to the Issuing and Paying Agent, to the account of the issuer.
The above point of view is mainly held by Islamic finance practitioners and fuqaha in the Arabian region. In East Asian countries, some institutions are already in the business of trading commercial papers. A product dubbed “Islamic commercial paper” (ICP) is issued (for maturities ranging from 1 month to 12 months) and traded in the interbank market and may either be sold or purchased at a discount, at par or premium to the face value. Prices depend mainly on the credit-worthiness of the issuer. ICPs have their own credit rating assigned by rating agencies.
Notwithstanding, shari’a doesn’t permit trading in debts on the basis that it amounts to and as such it is feared it would fling the door open to the explicit payment or receipt of riba. In essence, discounting commercial papers is, per se, not permissible because it involves the sale of debt to a third party for a price lower than its face value. Likewise, a commercial paper can’t be sold on a murabaha basis.
French Income Tax: Income tax is not taken out of your paycheck like in the US (only health insurance is). But assistants do not make enough money to have to pay taxes in France, so don't worry about filing if you don't want to. But if you want to, you can go to your local tax center (Hôtel des Impôts) in April and fill out a form to declare your wages from the previous year (October through December). You should receive the in January stating how much money you earned in the previous year. Compared to other paperwork in France, the form is relatively simple to fill out. If you are a renewing assistant, you will make enough money to be eligible for the prime pour l'emploi. This "refund" is paid out in July or August, so make sure to keep your bank account open long enough to receive it.
Commercial Papers are short-term debt financing securities (no longer than 270 days in tenor) consisting of unsecured and discounted promissory notes issued by large corporations with good credit ratings, which can be readily traded. Due to their relatively short maturity period, commercial papers are referred to as low-risk investments, offering competitive returns to investors in compensation for the issuer’s credit risk. Commercial Papers quoted on FMDQ’s platform are quoted on FMDQ and traded on the FMDQ-Bloomberg E-Bond Trading and Surveillance System.
(p) "Shelf Registration" means the process through which an issuer raises the total amount of an issue of a Commercial Paper in tranches over a maximum period of one year; and
3. Conditions for issue of Commercial Paper.—Any company or body corporate can issue Commercial Paper if it fulfills the following conditions, namely:—
4. Period of Commercial Paper.—(1) The Commercial Paper shall be issued for maturities between minimum of 30 days and maximum of one year and the date of maturity shall be reckoned from the first day of subscription:
A is a tradable certificate representing pecuniary rights whereby the issuer is under obligation to pay at sight or after a short notice. Basically, it is an instrument of payment (means of exchange) and serves as a substitute for cash in commercial transactions. These papers, being debts receivable, cannot be sold or purchased below or above par. Any commercial paper entitles the holder to receive a specified amount of money from the issuer, but it cannot be negotiated from a shari'a perspective. The only way it can be traded is to transfer it at face value (i.e., without discounting). At a corporate level, commercial papers are issued by corporations to finance their working capital requirements on a short-term, rollover basis. Shari’a permits using commercial papers in transactions on the condition that they don’t end up with any contravention of shari’a principles and percepts.