Bounced cheques in the UAE: What the amended law says ...United Arab Emirates

Dubai: The amendment to the UAE’s Commercial Transaction Law has introduced several penalties to narrow the scope of writing bad cheques by individuals and corporates. In the UAE, a country which aspires to be a global trade hub with a fast-growing economy, cheque is one of the common forms of payment — whether people paying rent, buying a car or any form of purchases and transactions, as it is used as a form of security. In a step to boost the power of cheques, the UAE Cabinet has amended certain provisions of Federal Law No 18 of 1993, the Commercial Transactions Law, including those related to bounced cheques. As part of reducing time and effort of cheque beneficiary and issuing penalt

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Bounced cheques in the UAE: What the amended law says ...United Arab Emirates

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