All you need to know about new UAE law on bounced cheques ...United Arab Emirates

Dubai: The latest changes to the UAE’s Commercial Transactions Law will enhance the force of cheques as a payment instrument and cut time on beneficiary’s claim. Last September, the UAE Cabinet amended certain provisions of Federal Law No 18 of 1993, the Commercial Transactions Law, including those related to bounced cheques. The new law will create a mechanism that will ensure the collection of payments through cheques, such as obliging banks to partially pay the amount after deducting the total amount available to the beneficiary. A giant leap Wageh Amin Abdelaziz Wageh Amin Abdelaziz, senior legal adviser at World Center Advocates and Legal Consultants, told Gulf New

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All you need to know about new UAE law on bounced cheques ...United Arab Emirates

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