New law on post-dated cheques’
HH the Emir Sheikh Hamad bin Khalifa al-Thani issued yesterday Law No. 7 of 2010 amending some provisions of the commercial law issued by Law No. l27 of 2006. According to the new law, article 580 of the abovementioned commercial law shall be replaced by the following: Cheques shall be encashed immediately on presentation and any statement contravening this shall be deemed null and void. If a cheque is presented before its issuing date, the instrument shall be paid on its presentation date. In this case the bank may refuse to pay its value until the arrival of the day set as the issuing date. If the bank makes the encashment before that date it shall be deemed responsible for the harm resulting from such a move. The law is to be implemented and is to be published in the official gazette.
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can somebody tell me exactly what is the change brought in with this law...this seems to be a still confusing to me.
If not the bank will have to encash it immediately....
you can still give over post dated cheques. Three years of planning repealed one day after supposedly coming into force.
Farce
what are you looking for?