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The Central Bank of the United Arab Emirates (CBUAE) has stated that the new amendments on cheque provisions shall take effect from January 2, 2022.

The Central Bank of the United Arab Emirates (CBUAE) has stated that the new amendments on cheque provisions shall take effect from January 2, 2022.

The clarification issued by the CBUAE aims to raise cheque users’ awareness on the decriminalisation of issuing a cheque without sufficient fund; raise cheque users’ awareness on the criminalisation of refraining from partial payment of the cheque’s amount; and boost cheque users’ awareness on tougher administrative penalties for issuing a cheque without sufficient fund.

ABU DHABI, 27th December, 2021 (WAM) -- The Central Bank of the United Arab Emirates has stated that the new amendments on cheque provisions shall take effect from 2nd January 2022. On this score, the apex bank issued a detailed statement on these new amendments that come under the Federal Decree-Law No. 14 of 2020 dated 9/27/2020, whereby some provisions of Federal Law No. 18 of 1993 promulgating Commercial Transactions Law (the Law) shall be amended. The clarification issued by the CBUAE aims to raise...

Central Bank issues clarification to raise awareness on decriminalisation of bounced cheques and penalties