Central Bank’s Notice No. CBUAE/BSD/N/2021/5257 of 2021

Notice No: CBUAE/BSD/N/2021/5257  

Date: 16 November 2021 

To: All Banks & Finance Companies 

Subject: Partial Payment of Cheque

After greetings, ، Further to Central Bank’s Notice No. CBUAE/BSD/N/2021/5014 dated 01/11/2021, Central Bank’s Notice No. CBUAE/BSD/N/2021/5014 regarding the above subject.

Attached please find the implementation  mechanism of the amendments to the Commercial Transactions Law relating to the partial

payment of cheque. 

Yours faithfully,

Ahmed Saeed Al Qamzi  

Assistant Governor for Banking and Insurance Supervision  

Encl.

Implementation mechanism of the amendments to the Commercial Transactions Law relating to the partial payment of cheque 

Annex to the Notice 5257/2021 dated 16/11/2021 

In the objective of ensuring the readiness of the entire ecosystem by January 2, 2022 (date of entry into effect of the instructions of the

above-mentioned Notice), the Central Bank, after completing the necessary consultation, has decided that the processing of partial payment of cheques will follow the below temporary procedure: 

•  Cheques have to be first processed as per the existing channels depending...