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Commercial Transactions Law Amended in UAE

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Staff Writer, TLR

Published on July 14, 2023, 17:41:00


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Amendments in the Commercial Transactions Law announced by the UAE Central Bank will decriminalize cheques issued without balance from 2 January, 2022.

The amendments have been made under the Federal Decree Law No 14/2020 that was issued on August 27, 2020.

As per the new amendments, administrative sanctions will be increased against issuing cheques without balance.

The statement made by the Central Bank mentioned that the new law includes nine new articles to aid commercial transactions.