The following instruments payable otherwise than at sight or on demand are included among taxable drafts and checks: 1. Trade and bankers’ acceptances. 2. Post-dated checks expressly payable after their date. 3. Time drafts drawn against the proceeds of drafts exempt under (4) below. 4. Drafts stating no time for payment which are accepted for payment at a certain future date. 5. Time drafts drawn on a domestic bank for the purpose of securing money to purchase goods to be exported. 6. Time drafts, not covering exports, drawn and delivered or accepted in the United States and payable in foreign countries. 7. Time drafts covering articles shipped from the United States, Hawaii and Alaska to the Canal Zone, if such drafts are delivered within the United States, Hawaii or Alaska. 8. Time drafts drawn against shipments from the Virgin Islands, the Philippines and Porto Rico into the United States, if delivery or acceptance of such drafts first takes place within the United States, Alaska or Hawaii. The following checks and drafts are exempt from tax: 1. Demand checks. 2. Post-dated checks not expressly payable after their date. 3. Time drafts covering shipments to the Virgin Islands, the Philippines and Porto Rico. 4. Time drafts directly covering exports to a foreign country, and constituting an inherent, necessary and bona fide part of the actual process of exportation. 5. Time drafts drawn on domestic banks against export shipments delivered to the first carrier for transportation, covering the period of transit from the interior point to the seaboard. 6. Drafts drawn abroad on a foreign drawee with a foreign payee, passing through a bank in the United States in the course of collection unless delivered by an agent of the drawer to an agent of the payee within the United States. _Promissory Notes_ The following promissory notes and renewals of the same are included among instruments taxable: 1. Notes given for security only. 2. Notes payable on demand or after date. 3. Promissory notes accompanying mortgages of joint-stock land banks. 4. Promissory notes secured by bonds of the War Finance Corporation. 5. Promissory notes executed and mailed in the United States to a payee in Canada. 6. Extensions or renewals of promissory notes brought about by extension of mortgages by which such notes are secured. 7. Instruments in the form of promissory notes, representing the interest upon promissory notes, not included under (6) below, and either separate from or prepared in a form and for the purpose of being separated from the principal note.