Glossary entry (derived from question below)
English term or phrase:
current on interest due
English answer:
the amount of interest owed is not in arrears, it is up to date
Added to glossary by
Michael Powers (PhD)
- The asker opted for community grading. The question was closed on 2009-06-17 09:54:25 based on peer agreement (or, if there were too few peer comments, asker preference.)
Jun 13, 2009 17:54
14 yrs ago
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English term
Italy
Your financial translation expert
Native in: Italian 
Works in: English to Italian, French to Italian, Italian
current on interest due
English
Social Sciences
Economics
Macroeconomics - Monetary policy
Dear all,
can someone please explain the meaning of the expression above? Context below:
As regards proposal (2), taxing the holding of money balances, the key issue is, if the desired interest rate on currency is negative, to get the holder (bearer) to come forward to pay the interest due (the tax) to the central bank. If currency notes have an issue date on them, as most do, it would be very easy to announce an expiry date for currency as legal tender. The holder of the currency note would have to come forward to pay the interest due to the central bank before the expiry date. The currency would be stamped or marked in some way, to show it is **current on interest due**.
[Full article: http://www.voxeu.org/index.php?q=node/3626]
Does it mean that the currency note has legal tender status since interest has been paid? Or does it mean that it has legal tender status provided interest are paid (even if they have not actually being paid yet?)
Thank you for any suggestions.
Adele
can someone please explain the meaning of the expression above? Context below:
As regards proposal (2), taxing the holding of money balances, the key issue is, if the desired interest rate on currency is negative, to get the holder (bearer) to come forward to pay the interest due (the tax) to the central bank. If currency notes have an issue date on them, as most do, it would be very easy to announce an expiry date for currency as legal tender. The holder of the currency note would have to come forward to pay the interest due to the central bank before the expiry date. The currency would be stamped or marked in some way, to show it is **current on interest due**.
[Full article: http://www.voxeu.org/index.php?q=node/3626]
Does it mean that the currency note has legal tender status since interest has been paid? Or does it mean that it has legal tender status provided interest are paid (even if they have not actually being paid yet?)
Thank you for any suggestions.
Adele
Change log
Jun 17, 2009 09:57: Michael Powers (PhD) changed "Edited KOG entry" from "<a href="/profile/0">'s</a> old entry - "current on interest due"" to ""the amount of interest owed is not in arrears, it is up to date""
Responses
+9
11 mins
Michael Powers (PhD)
United States
United States
Native in English
&
English
Works in field
United States
US Court Cert. 1980 Ph.D. 1981
Native in: English
Works in: Spanish to English, Portuguese to English, English to Spanish, and 2 more.
Related KudoZ points
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12
Selected
the amount of interest owed is not in arrears, it is up to date
Mike :)
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Note added at 3 days16 hrs (2009-06-17 09:57:22 GMT) Post-grading
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You're welcome, Adele. I am glad the suggestion was helpful. Mike :)
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Note added at 3 days16 hrs (2009-06-17 09:57:22 GMT) Post-grading
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You're welcome, Adele. I am glad the suggestion was helpful. Mike :)
Note from asker:
| of course! that makes sense :-) Thank you, Mike. |
4 KudoZ points awarded for this answer.
Comment: "Thank you Milke, that was indeed very helpful :-) I am sure the community will have no problems in awrding you the points!"
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