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Decriminalisation Of Bounced Cheques...
The UAE government has formulated certain amendments to the commercial transactions law that decriminalizes bounced cheque cases, wherein the drawee will not have to undergo the inconvenience of first filing a Criminal Case against the drawer and then filing a Civil Case to avail the funds, from now...
- By, Nivedita Shukla
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Analysis of the virtual asset...
Emirate of Dubai Law No. 4 of 2022 on the Regulation of Virtual Assets established the Dubai Virtual Assets Regulatory Authority ("VARA") ("VAL"). This groundbreaking law demonstrates Dubai's ambition to become one of the leading jurisdictions for entrepreneurs and investors in blockchain technology...
- By, Vamsi Mohana
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An introduction to the UAE Corporate...
Corporate tax is a tax on the profit of the business not on the sale value. The UAE Corporate tax regime will become effective for financial years starting on or after 1 June 2023. For example, if your financial year is January to December, you will come under tax purview from January 2024. What...
- By, Naseer Mohammed
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UAE: Cryptocurrencies and virtual...
Trying to make sense of the upcoming cryptocurrency laws in the UAE? First of all, you’re not alone in your confusion. These laws are complicated, and the name Virtual Asset Regulatory Authority doesn’t exactly roll off the tongue easily. Here’s everything you need to know about VARA...
- By, Wilvia Dsouza
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Debt Recovery Made Easy In UAE:...
“Debt is the money borrowed by one party from another to serve a financial need that otherwise cannot be met outright. Many organizations use debt to procure goods and services that they can’t manage to pay for with cash.” The parties involved in the debt process are known as debtors...
- By, Tanisha Bharwada
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UAE to Regulate Virtual Assets...
The Securities and Commodities Authority (SCA) of the UAE announced that it is getting closer to adopting regulations on virtual asset investments. A survey on the sector's money laundering and terrorist financing risks was also assessed by the SCA. As regional economic competition intensifies, the...
- By, Rajath R
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Debt Recovery Laws In UAE : All...
A debt is a financial responsibility incurred by a person or organisation in exchange for a service, a product, a loan, or any other liability with a monetary value. Unless there is a dispute, it is not a negative thing to have debt. Missing a committed payment, bouncing a check, failing to repay loans...
- By, Sunil Ambalavelil
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Next-generation banking platform...
A new digital banking platform that is considered as the next generation financial facility, has been granted in-principle approval by the Central Bank of the UAE. The platform called “Wio” is being launched by ADQ, an Abu Dhabi-based investment and holding company and will enhance the capital's...
- By, Sunil Ambalavelil
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New general terms and conditions...
The Central Bank of the UAE (CBUAE) will introduce new general terms and conditions for its standing credit and liquidity insurance facilities, where licensed financial institutions in the UAE can access CBUAE reserves on an overnight or term basis by posting eligible collateral. This has been proposed...
- By, Sunil Ambalavelil
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UAE Central Bank Extends Economic...
The UAE Central Bank has announced the extension of measures taken for the recovery of the economy during the pandemic. Several of the measures included in the comprehensive economic support plan has been extended to help the national economy. As per the announcement released by the UAE Central Bank,...
- By, Sunil Ambalavelil
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Ras al Khaimah Economic Zone Signs...
A strategic partnership will be launched between the Ras al Khaimah’s Economic Zone and the Commercial Bank of Dubai to provide several banking services. The cooperation agreement signed between the two entities will enable the Free Zone customers with various banking products and services to...
- By, Sunil Ambalavelil
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New Loan Repayment Scheme Approved...
In a bid to ease the adverse economic effects of COVID-19 pandemic, Egypt’s Central Bank has approved a new loan repayment scheme. Several businesses will be benefitted with the new scheme as the banks in Egypt should restructure credit facilities. According to sources, loan periods will be extended...
- By, Sunil Ambalavelil
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Ajman Government Fees Can be Paid...
In a recent development, Ajman’s Financial Department has signed 12 agreements with various banks to allow easy payment service. This service provides for fees to be paid in instalments for services provided to Ajman Government customers. The customers can avail this offer if they pay with credit...
- By, Sunil Ambalavelil
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New 50 Dirham Banknote Launched...
The new 50 Dirham banknote was launched as a part of the UAE’s 50th National Day. The Dh50 banknote features the Father of the Nation, Sheikh Zayed along with the founding fathers of the UAE. Several monuments of national and historic importance is also featured on the banknote. According to the...
- By, Sunil Ambalavelil
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Kuwait's Ministry of Finance Suggests...
Kuwait's Ministry of Finance Suggests Revision of Expat Gratuity The Constitutional Court of Kuwait has issued its verdict in an end-of-service gratuity case after expats complained that they wouldn’t receive their gratuity amount. The case involved an appeal against a Civil Service Commission...
- By, Sunil Ambalavelil
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Qatar's General Tax Authority...
Qatar's General Tax Authority Introduce New Services The General Tax Authority of Qatar intends to ease the process of taxpaying, with faster and more accessible systems for the taxpayers. The Authority has announced new services under the mission to achieve Qatar 2030 vision through which tax procedures...
- By, Sunil Ambalavelil
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