NEW PostDatedCheques RULE
Is anyone aware of this new Post dated cheque rule. I am not sure if it is a hoax or true. Can this be validated by someone working in a bank? Find below short exerpt from the link:
http://newsweaver.ie/altamimi/e_article001340487.cfm?x=bf6wV5k,bbvGnHct,w
This is important information for those who pay rent or pay vehicle loans using Post dated cheques (if it indeed is true)
""Warning!
Cheques made payable at a future date could land you in prison
Overview
As from 13th May 2010, in Qatar, cheques which are post dated may be presented for payment earlier than the date specified on the cheque.
This change will have important and far-reaching consequences in Qatar. Drawers of cheques will no longer be able to rely on their cheques being “cashed” from a future date.
They will be able to be presented for payment anytime after they are handed to the payee. The banks will be required to pay the cheques on presentment.
As a consequence, we expect that banks will need to consider implementing more widely other payment techniques and the government, further changes to the laws.............................""
Does any one else have any other information regarding this "supposed" new law? Looking to hear from some legal and banking professionals.
I think what it says is that if credit is not available in your account you can go to prison.
unless they are re-writing all together the rules of banking business :(
i would only believe then... if this context would be from the CIRCULARS issued by the QATAR CENTRAL BANK ...
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This is from a Dubai-based law firm... I don't believe them...
On the case of presented before date and if credit not available in account, account holder will have to face the consequence, advice what happens in this case.
The change: As from 13th May 2010 cheques, even though post dated, will be payable on presentation.
>>>13months more to go ahead... through this change meaning cheque payment is seemingly being discouraged...
hope every corner of the city is publicly aware before the date come...
Central bank must quickly be up for information dissimination of circulars through all entire financial institutions....
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