Four bounced cheques make you appear on blacklist
Posted on: Thu 19-Jul-2012
Abu Dhabi: “Clients who issue four bounced cheques or more will be blacklisted,” a Central Bank official told the Gulf News.
“The banks have the right to close the customer’s accounts if they have exceeded the four bounced cheques within one year,” the source added.
“In case some of these banks have chosen to keep customers’ accounts, then they should comply with all resulted legal rules and obligations,” explained the source.
“The purpose of this new rule is to reduce court cases due to bounced cheques especially with small sums,” the source pointed out.
“It has been noted a large number of lawsuits filed in court in recent years due to bounced cheques as well as the disappearance of those who issued cheques without balances. So, the action was needed to control issuing cheques and ensure repeating such cases,” the source added.
In August 2011 the UAE Central Bank announced that any residents who issue four bounced cheques within one year will receive a 12-month ban, have their accounts suspended and be unable to open any new accounts for the blacklisted duration.
In 2011, the total number of the presented cheques were 28,499,858 million worth Dh1,219,003,518,373.00 which is Dh1.2 trillion, UAE Central Bank statistics showed.

The statistics
The returned cheques total number were 1,583,015 worth (Dh55,337,963,265.71). the percentage of returned cheques in 2011 was 5.55 per cent and the percentage of amount of returned cheques was 4.54 per cent.
According to UAE Central Bank figures, the presented cheques for January 2012 were 2,423,441 with an amount of Dh99,550,197,208.00 compared to 2,416,448 for the same period in 2011 worth Dh91,496,613.00.
According to the bank, the count of returned cheques of total cheques presented for January 2012 were 130,954 with an amount of Dh5,247,254,989.34.
“The percentage of returned cheques of the total cheques presented for January 2012 was 5.4 per cent and the percentage of the amount of returned cheques of the amount of total cheques presented was 5.27 per cent,” according to statistics of the Central Bank.

UAE circular
The Central Bank has issued a circular pertaining to three main issues: personal loans, auto loans and the overdraft.

The Central Bank’s circular ends the internal contracts used by banks.

A lawyer who declined to be named told Gulf News that these agreements or the so called “unified contracts” only serve banks which have the right to amend and terminate the contract while the clients or customers cannot.”

“Customers are penalised and if they have an issue against the bank they cannot penalise the bank,” added the lawyer.

He complained that the banks have been granted full authority to secure its rights even on the insured loans from insurance companies and the heirs.

The new rule was circulated in May and will be applied effectively starting from July 1.
(Gulf News)



Back

 

Welcome to First Gate Business Service

Abscond Reporting | Adding Partner & Removing Partner in LLC Lic | Additional Booklet | Address Change | Affidavit for Child's Passport | Affidavit for Maid Visa-Indian Consulate | Agreements | Annual Leave | Attestation | Ban-1Year | Bank Guarantee Refund | Birth in Dubai | Business Set-Up in Dubai | Branch of a Foreign Company | Cancellation | Certificate Attestation | Change of Address | Change of Name | Change of Spouse Name | Changing Employment & Family Visa without Exit | Cheque Bounce | Children sponsored by mother | Civil Company | Company law | Consulate Procedures for Maid Visa | Consulate Works-Ind | Contracting Lic-Renew | Credit Card Debt | Damaged Passport | Date of Birth Correction Death Cert. Attestation | Death Cases | Death Compensation | DED Fees | DED Services | Dependent sponsorship | Designations | Detach Child from Mother's Passport | DNRD Locations | DOHMS Fees | Driving License | Driving License AttestationECNR | Education Visa | Educational Institution | E-Gate | Ejari-Tenancy Contract Registration | Embassies & Consulates | Emergency Leave |Emirates ID | Emirates ID Lost | Employment ban | Employment Contract-Ind.Consulate | Employment Visa | Employment Visa during Ban | Employment Visa Renew | Employment Visa Stamping-new | Employment rules |E-Signature Card | FAQs-Visa | Family Visa Abu Dhabi | Family Visa-Ajman | Family Visa Cancellation | Family Visa-Dubai | Family Visa hold | Family Visa Renew | Family Visa Sharjah | Family Visa Stamping-After Entry | Fines | Freehold Property Visa | Free Zones | Fujairah Free Zone | General Trading | Gratuity | Housemaid Affidavit | Husband's Residence Visa | Immigration Clearance | Immigration Establishment Card | Immigration Card Renew | Immigration Card Amendment | Immigration Card Lost | Immigration Office | Immigration Services | Important Telephone Numbers | Import Code | Indian Maid- Change Visa inside UAE | India Tourist Visa | Industrial Projects | Inheritance | International Driving Permit | Investor Visa | Investor Visa Stamping | Investor Visa Renew | Investor/Partner Visa Cancellation | IVS Global | Jebel Ali Free Zone | Labour Card Renewal l Labour Contract | Labour Contract FAQs | Labour Contract-New (after entry) | Labour Dispute | Labour Establishment Card | Labour Establishment Card Amendment | Labour Law | Labour Services | Legalization at UAE Embassy | License Cancellation | License Modification at DM | License Renewal - Contracting | Limited Contract | LLC formation | Local Service Agent | Location Change (license) | Loss of Passport | Lost Labour Card | Lost Reporting | Maid from Nepal | Maid from Sri Lanka | Maid Visa-New | Maid Visa Stamping | Maid Visa Renewal | Map of Consulates | Maternity Leave | Marriage Solemnization at Consulate | Media License Medical Facility Licensing | Medical Treatment Visa | Medical Test | Mission Visa | Modify Contractor Regn.-Foreign Co.| MoH & DoH Exams | Multiple Entry Visa | Municipality Activities | Municipality Exam | Municipality Services | Newborn Baby's Passport | Newborn Baby's Visa | New Contracting Lic | NOC for issuance of Passport for Child | Notarization | Notice Period | NRI Certificate | Nursery | Occupational Disease | Occupational Health Card | OK to Board | Online Service | Out Pass | Overtime | Parents Visa-New | Parents Visa Stamping-After Entry | Parents Visa Renew Partnership Agreements | Partner Visa | Part-time Job | Passport in Maiden Name | Passport in Married Name | Passport Lost | Passport Renewal-Ind | Passport Additional Booklet | Passport Validity Extension | PCC Attestation-UAE Embassy Delhi | PCC Dubai | PCC-India | PCC Out of Country | Pharmacist Exam | Pharmacy License | Photo Change | Police Clearance Certificate-UAE | Police Related Services | Power of Attorney | Probation Period | PRO Card-DED | PRO Card -Immig | PRO Card-Labor | Profession Change | Professional Firm | Professional License | Professions | Real Estate License | Registration of Engineer-DM | Re-entry | Removing Partner & Adding Partner in LLC Lic | Residence Visa | Resignation | RTA Related Business Activities | RTA Related Services | Salary Certificate Attestation | Salary Increment | Saudi Visa | Servant Visa | Severance Pay | Sharjah Visa rules | Sole Establishment | Sponsorship Declaration | Spouse Name Endorsement | Status Change | Student Visa | Surrender of Indian Passport | Tas'heel Centers-MOL | Tas'heel Business Center-for DED Services | Tatkaal Passport | Tawasul Card new | Tawasul Card Renew | TC Attestation-Consulate | Teenager Visa | Termination of Contract | Thailand Visa | Theft Car | Tourist Visa | Trademark Registration | Transfer Visa from old Passport to new | Transit Visa | Trade License | Trade License Renewal | Translation | UAE Embassies World-wide | UAE Legal System | UK VisaCentre-Dubai | Umrah Visa | Undertaking for Studies | Unpaid Salary | Validation letter-Driving LicenseVisa Cancellation-Employment |  Visa Cancellation-Investor/Partner | Visa Change-Hatta | Visa for Step-child | Visa on Arrival-Dubai | Visa on Arrival-India | Visa on Arrival-Qatar | Visa Position Amendment | Visas of two countries | Visa Renew-son above 18 years old | Visa Transfer | Visa Transfer-Child | Visa Transfer-wife | Visit Affidavit for Family Member | Visit Visa | Will Attestation | Work in UAE | Work Permit | Work Permit for relative sponsored | more

 

First Gate Business Service, 5 BF, 5th Floor, Gate 4, Hamarain Centre, Muraqabat, Deira, Dubai, United Arab Emirates
Tel: +971-4-239 7363, Email: firstgateme@gmail.com