Bounce Cheques To Be Discrimanlised In UAE Starting from January 2.

Bounce Cheques To Be Discrimanlised In UAE Starting from January 2. The Central Bank of the UAE has stated that the new amendments on cheque provisions shall be that, the law, 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 Central Bank of UAE 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.

These amendment is here to promote peace and smooth flow of transactions for international development.