Dubai: The UAE has said that check cases are no longer criminal offenses in the UAE. Central Bank. The Central Bank announced the new amendments yesterday. If the check is returned because there is no money in the account, it does not fall under the category of criminal offenses. Banks are required to inform the Central Bank of the details of the return of the check. Companies and individuals who regularly return checks will not receive a checkbook again.
The names of the fraudsters and companies will be published in the newspapers. Illegal actions, including forged signatures, will be brought under the purview of the criminal offense and action will be taken. The central bank said the new amendment would take effect on January 2. The UAE has said the amendment is to revise banking rules and regulations. Central Bank Governor Khalid Mohammad Balama clarified.
As per the revised rules, the available amount will be paid even if the money is not in the account equal to the amount of the check submitted to the bank. The remaining amount will be recorded in the bank check. It can proceed with proceedings in civil court to recover this. If the money is not paid as per the civil case, action will be taken to freeze the bank account and confiscate the assets. Failure to do both will result in imprisonment. Legal circles suggest that those who give a check, even if it is removed from the list of criminal offenses, will receive a more severe punishment.
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