Arab Today, arab today saudi mulls new law on bad checks
Last Updated : GMT 07:50:25
Arab Today, arab today
Arab Today, arab today

Saudi mulls new law on bad checks

Arab Today, arab today

Arab Today, arab today Saudi mulls new law on bad checks

Jeddah - Arabstoday

Officials from the ministries of Interior, Justice, Commerce, Finance and the Bureau of Investigation and Prosecution (BIP) are studying new proposals related to checks that bounce for insufficient funds. The proposals include obliging banks, via executive judges at general courts currently or commercial courts in the future, to impound the funds of the drawer if the amounts in his bank account do not cover the check. The impounded money would then be disbursed to the check holder and the outstanding amount treated as due to him. These proposals come after the finance section at the BIP and the Ministry of Commerce and Industry’s committees on commercial paper disputes noticed a rise in the number of such cases. A bounced check drawer is punished by immediate detention according to regulations. In many recent cases, holders of bounced checks requested banks to disburse whatever funds the account holder had after they found that the fund does not cover the check they received. But banks do not have the authority to do so, sources were quoted as saying by an Arabic newspaper. Recently a check for SR 300,000 was issued to someone who found the man who issued the check had only SR 270,000 in his account. The bank refused to give him the money despite the fact the check holder was ready to accept the lesser amount. The reason he was ready to forgo SR 30,000 was he knew it would take a long time to pursue the case. Moreover, he was interested in getting his dues more than having the bad check drawer arrested. The proposed regulation may give executive judges at general courts the power to have the check’s amount seized from the account in the bank the check is drawn on and from and any other bank account of the drawer and paid to the holder. Ministry of Commerce and Industry’s official lawyer, Saad bin Misfer Al-Malki, said there is need for amending the commercial paper regulation for punishment against those who issue bad checks. Failing to pay the amount has to be sanctioned with imprisonment or fines or both. Al-Malki estimated the total value of bounced checks in the country in the past five years at SR 10 billion. Sources at Jeddah court said the cases of bounced checks being processed constitute 30 to 40 percent of commercial dispute cases. Arab news

arabstoday
arabstoday

GMT 21:04 2017 Monday ,18 September

Dollar exchange rate stable at major banks

GMT 19:07 2017 Monday ,18 September

Inflation slump to hit in early 2018: ECB

GMT 20:35 2017 Sunday ,17 September

Dollar exchange rate stable at major banks

GMT 05:53 2017 Saturday ,16 September

ECB fines rescued Italian bank 11.2 mln euros

GMT 11:43 2017 Tuesday ,12 September

US sues ex-Deutsche Bank exec for securities fraud

GMT 12:03 2017 Sunday ,10 September

Bahrain introduces mandatory IESCA

GMT 11:55 2017 Sunday ,10 September

CBB hosts SWIFT users security workshop
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saudi mulls new law on bad checks Arab Today, arab today saudi mulls new law on bad checks

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saudi mulls new law on bad checks Arab Today, arab today saudi mulls new law on bad checks

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today France opens door to post-2025 talks

GMT 05:16 2017 Wednesday ,20 September

France opens door to post-2025 talks
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday