The Central Bank said that “as of the date of January 2, 2022, banks will apply the new amendments to the commercial transactions law related to issued checks.
The Central Bank said that “as of the date of January 2, 2022, banks will apply the new amendments to the commercial transactions law related to issued checks, which provides for the possibility of partial payment of the value of the check.”
The Central Bank clarified in circular No. 5014/2021 that it was sent today to all banks and finance companies, which "Emirates Today" obtained a copy of, "that partial fulfillment means fulfilling part of the value of the check according to the amount available in the account."
And the Central Chapter “that the bank, if the balance available in the account is less than the amount of the check, must make partial payment to the extent that it has, unless the bearer of the check refuses to do so.
The Central Bank asked the banks to inform it of the account holder’s data in the following cases:
- If the check does not have a sufficient amount of payment in place and is withdrawable on its due date.
If the drawer, after issuing the check, redeems each in return for its fulfillment, so that it cannot be cashed.
If the bank partially fulfills the check.