We use cookies and similar technologies that are necessary to operate the website. Additional cookies are used to perform analysis of website usage. By continuing to use our website, you consent to our use of cookies. For more information, please read our Cookies Policy.

Closing this modal default settings will be saved.

Commercial Transactions Law Amended in UAE

Owner's Profile

Staff Writer, TLR

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

56

commercial transactions in the UAE, uae commercial transactions, cheque bounce, cheque bounce uae, check bounce, check bounce ua

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.

Comments