QCB to allow grace period for ‘expired Qatar ID holders’ to do bank transactions
There is some cheering news from for residents whose Qatar ID has expired and is under process for renewal.
The Qatar Central Bank (QCB) has relaxed an earlier rule which stopped people with expired IDs from conducting bank transactions and have now given them a 90-day grace period, reported Gulf Times.
It means that residents with expired Qatar IDs can continue to transact business with financial institutions in Qatar for up to 90 days. The new QCB policy will apply to all banks and exchange houses in Qatar, and institutions licensed by the QCB to transact exchange works, money transfer and related activities.
The move is expected to ease banking transactions for expatriates in the country and guarantee sound financial dealings.
Exchange houses in Qatar welcomed the new policy.
“It’s a good move,” a senior manager of an exchange house told Gulf Times.
“We’ve to follow these instructions. Earlier, we were doing it on an individual basis, especially if it’s a genuine case and if we’re convinced that the company is already processing the renewal of the person’s residence permit.
“About two months ago, we received a circular saying that all transactions with expired IDs should be stopped, so we complied with the rule, but perhaps they may have reviewed some policies and hence, the new circular. It’s a good move because it give more time to all parties involved,” the manager said.
Yes, indeed a very good move by QCB.
It is a common practice in many companies not to renew the Qatar ID's of employees before its expiry. Renewals are done during the grace period. The employees suffer when they are unable to send money home or carry out bank transactions for no fault of theirs.
Thank you QCB!