Qatar Central Bank Issues ‘Controls’ to Limit Bounced Cheques
The Banking and Investment Committee of Qatar Chamber recently held a meeting to discuss the new instructions and controls by Qatar Central Bank (QCB) to limit the phenomenon of bounced cheques, as well as the expected impacts on economic activity.
Presided by Qatar Chamber board member Nasser Sulaiman Al Haidar, the committee members welcomed the procedures, which aim to fight the phenomenon of bounced cheques.
The meeting discussed the issuance of new chequebooks for individuals and companies with records for issuing bounced cheques, as new chequebooks are usually related to bounced cheques cases, in accordance with QCB instructions; and of suspending company accounts issuing bounced cheques, to refuse them chequebooks until their bounced cheque issues are resolved.
The committee also urged and warned businessmen to be careful when signing cheques and not to issue any cheques until they are sure there is sufficient balance.
The QCB’s decision is sound and will serve the national economy, according to the committe, as well as prevent any future problems between customers and businessmen. It emphasized the need for considering the future economic and social impacts of these procedures on the business community.
The meeting also dealt with measures taken by banks to protect their customers in light of the increase of electronic payment, especially during the pandemic. Banks are taking all necessary precautions to protect customers during the electronic payment processes while increasing ease of dealing and maintaining the confidentiality of customer data.
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