Last Wednesday, 06.06.2018, the House of Representatives agreed with the Bill that provides about the electronic duplicate. The project is one of the main bets of the Central Bank of Brazil to allow the credit area in Brazil to modernize.
The trade note is a credit instrument based on an obligation arising from the purchase and sale of goods or provision of services and, as it is a formal instrument, it must meet the requirements set forth by Law.
With the approval of the proposal, trade bills will be issued in electronic form (book-entry) and registered in an electronic system that will be controlled and inspected by entities authorized by the Central Bank of Brazil. The main objective of this Bill is to considerably reduce the issuance of irregular trade bills - the so-called "duplicatas frias" -, which are those unduly issued since they do not correspond to actual transactions of goods or services.
This is because, currently, trade bills are not centralized and/or controlled by an agency or agent. If approved, the Law will regulate that, mandatorily, trade bills must be registered in a system and supervised by the Central Bank of Brazil, avoiding frauds.
Now, the Bill will be directed to the Senate for analysis and, if approved, will become Law.
Barcellos Tucunduva Advogados law firm is available to clarify any doubts related to the matter.
