Central Bank Releases New Instructions on Issuing Cheque BooksSource: www.export-egypt.com 12/10/2018, Location: Middle East |
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Central Bank of the UAE, CBUAE, has issued a circular to banks regarding the issuance of cheque books as part of its ongoing efforts to improve responsible lending practices by banks.
Before issuing customers with cheque books, banks are now required to carry out checks with the Al Etihad Credit Bureau, AECB, to ensure the creditworthiness of their customers. For any new customers, banks shall issue a cheque book containing a maximum of 10 individual cheques to their customers. After a period of six months and providing no cheques are returned (unpaid), further cheque books may be issued to customers, as per the approved procedures. Banks should advise their customers that returned cheques due to insufficient funds on the account will be recorded with the AECB and will negatively affect the creditworthiness of customers. Banks have been also encouraged to advise their customers to minimise the use of cheques and consider other payment methods such as direct debits and bank transfers where possible. This announcement is in reference to Circular No. 14/93 regarding ‘Returned Unpaid Cheques, Current Accounts, Savings and Call Accounts’ and the subsequent amendments contained in Notice No. 223/93 |
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