"The issuer of the bounced cheque
may think all that he needs to do is pay a fine if he can't settle the case.
The value of individual cheque
per transaction continue to fell as value of cheques
transactions fell by a higher quantum than the number of cheques
He concludes: "It seems apparent now that you can squiggle anything on a cheque
and if there are funds in the account, it will be honoured."
By 1st September 2020 only cheques
that conform to the new standard shall be allowed in the automated cheque
He added: "There are two types of cheques
, namely ordinary and certified.
"It was my first time to issue a cheque
," she said, adding that she was able to fill out the second cheque
with the correct details.
Lawyer Ashraf Abdul Razak, who was had been a partner at the firm from 1996 to 2017, said the cheque
dated February 2, 2015, was given to him by Habibul Rahman Kadir Shah, a known corporate figure.
Of the total registered cases of cheque
The post UAE Banks Federation turns to tech to combat cheque
fraud appeared first on TahawulTech.com.
Commenting on the decision by UBF members to embrace this innovative new technology, Abdul Aziz Al Ghurair, chairman of Mashreq Bank, said, "We are committed to enhancing the security of the UAE financial system and today's announcement is further evidence of our collective desire to tackle the issue of cheque
The amount one can pay using a single cheque
has also been capped to sh1 million.Cheques are used for tax purposes and for business payments.