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If the currency in question is run by the government, the demurrage fee can contribute to general tax revenue. In mutual credit systems all positive accounts, or those over a credit threshold, are debited the demurrage fee if there is no trading (purchasing) after a certain period (e.g. a month or year after the last purchase). Typically the ...
Demurrage" / d ɪ ˈ m ʌ r ɪ dʒ / [1] in vessel chartering is the period when the charterer remained in possession of the vessel after the period normally allowed to load and unload cargo . [2] By extension, demurrage refers to the charges that the charterer pays to the ship owner for its delayed operations of loading/unloading. [ 3 ]
The alternative to a commodity money system is fiat money which is defined by a central bank and government law as legal tender even if it has no intrinsic value. Originally fiat money was paper currency or base metal coinage, but in modern economies it mainly exists as data such as bank balances and records of credit or debit card purchases, [3] and the fraction that exists as notes and coins ...
Such an incorporation is valid and enforceable even without the issuance of a bill of lading. In the reverse case, if a carrier issues a third-party shipper with a bill of lading that incorporates charterparty terms, the shipper/cargo-owner would not be liable for fees such as demurrage, which are payable only by a charter.
A semi-presidential republic is a government system with power divided between a president as head of state and a prime minister as head of government, used in countries like France, Portugal, and Egypt. The president, elected by the people, symbolizes national unity and foreign policy while the prime minister is appointed by the president or ...
Checking account fees may be charged by banks when customers make certain transactions or fail to maintain a set minimum balance. These fees can add up, but fortunately many of them are also ...
The government implements economic policy through this budget and realizes its program priorities. Once the budget is approved, the use of funds from individual chapters is in the hands of government ministries and other institutions. Revenues of the state budget consist mainly of taxes, customs duties, fees, and other revenues.
In the Bretton Woods system put in place in 1944, U.S. dollars were convertible to gold between countries. In France, it was called "America's exorbitant privilege" [2] as it resulted in an "asymmetric financial system" where foreigners "see themselves supporting American living standards and subsidizing American multinationals".