UAE banks seeking amendments on bounced cheques law
- United Arab Emirates: Thursday, February 14 - 2013 at 03:25
The Emirates Banks Association has said lenders operating in the UAE plan to make recommendations to the central bank on replacing current laws which treat bounced cheques as a criminal offence, Khaleej Times has reported. The EBA is preparing a paper on the subject and will present it to the government, said EBA chairman, Abdul Aziz Al Ghurair. The cheque system "today is serving us well, and without a holistic system in place it will be a catastrophe for business," said Al Ghurair. If you move away from cheques as a security "everybody will move to cash and the whole trade will change from a semi-secure payment mode to cash," he said.
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