Taxes on Resources of Banks, Receipts of Insurance Companies,  and Receipts of Corporations Paying Franchise Tax S ECTION  1654 . Tax on Capital, Deposits, and Circulation of Banks . — Subject to the exemptions herein made there shall be collected from banks the following taxes on capital, deposits, and circulation: "Bank" as herein used, includes every incorporated or other bank, and every person, association, or company having a place of business where credits are opened by the deposit or collection of money or currency subject to be paid or remitted upon draft, che ck, or order, or where money is advanced or loaned on stocks, bonds, bullion, bills of exchange, or promissory notes are received for discount or for sale. "Capital employed" does not include money borrowed or received from time to time in the usual course of business from any person not a partner of or interested in such bank; and no tax shall be imposed on the capital employed by any person whose sole busin ess is lending money on real-estate security. [2339-73.] S ECTION  1655 . Time for Payment of Tax — Increase of Tax in Case of Delinquency . — These taxes shall be due at intervals of six months, namely, on the first of January, and July for the respective preceding half-year periods; and if any such tax remains unp aid for four months thereafter, the amount of the tax shall be Copyright 2012 CD Technologies Asia, Inc. and Accesslaw, Inc. Philippine Law Encyclopedia 2011 499 ( a ) Upon the capital employed by the bank, for each month, one twenty-fourth of one per centum. ( b ) Upon the average amount of deposits of money, subject to payment by check or draft, or represented by certificates of deposit, or otherwise, whether payable on demand or at some future day, for each month, one-eighteenth of one per centum. cTDECH ( c ) Upon the average amount of circulation issued by the bank, including as circulation all notes and other obligations calculated or intended to circulate or be used as money, but not including such as may be retained in the vault of the bank or redeemed  and on deposit for said bank, for each month, one-twelfth of one per centum. ( d ) Upon the average amount of such circulation issued as above, being beyond the amount of the paid-in capital of the bank, for each month, and as an additional tax, one per centum.