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Palestine Monetary Authority Warns against Exploiting the Emergency Circumstances by not Paying Cheques
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/ Categories: Banks, PMA, Warnings

Palestine Monetary Authority Warns against Exploiting the Emergency Circumstances by not Paying Cheques

Since the beginning of the health crisis and the declaration of a state of emergency, Palestine Monetary Authority has taken several measures aimed at maintaining financial stability, mitigating negative economic effects on citizens, arranging their financial obligations and preserving their rights to collect their money. 
However, we have received many complaints from some individuals, traders and companies about the exploitation of these conditions by some citizens, and they deliberately stopped paying the cheques despite the availability of financial resources. 
Accordingly, Palestine Monetary Authority warns this group, which exploits the circumstances and does not pay its obligations - many of them are known to us and are working to account for others through the systems of Palestine Monetary Authority and banks – that exceptional deterrent actions will be taken against them. 
It should be noted that banks have been instructed to organize a mechanism for dealing with returned cheques due to lack of balance. The instructions are aimed at regulating the mechanism of returning cheques during the emergency period, especially in light of the decision to ban movement, in order to ensure the preservation of citizens' rights to collect their money during and after the crisis, since cheques are a payment tool, and that the drawer is legally obliged to meet the value of the cheques on its date, especially if their financial resources are available and continuing. 
Palestine Monetary Authority has facilitated the payment of cheques through banks through internal transfers or through cash deposits through ATMs. It also urged direct collection between the drawer and the beneficiary.
Palestine Monetary Authority understands that most economic activities are suspended, and their cheques are likely to be returned as a result of the current circumstances, and some measures are taken to protect their businesses and give them some time to arrange their financial situation. 
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