Post-dated cheques’ number’s up
Cheques will be encashed immediately on presentation at a bank irrespective of its issuing date, according to the relevant provisions of Qatar’s Commercial Law, which takes effect on May 13, 2010.
If a cheque bounces for lack of funds when presented at a bank, the drawer will be liable for its value and he/she may be prosecuted, convicted of a penal offence, fined or imprisoned, sources said yesterday.
It is the drawer’s responsibility to ensure he/she has sufficient funds before issuing a cheque. If funds are not available at the time the cheque is presented, the drawer “may be prosecuted” for a criminal offence, it is learnt.
“The drawer may be prosecuted, convicted of a penal offence, fined between QR3,000 and QR10,000 or imprisoned for a period ranging between three months and three years,” a source said.
I guess we will also go the dubai way pay rent for the whole 12 months in advance. Will certainly bite the wallet.
rgds,
J.J
progression....when I issue PDC's I am responsible for its encashment when its due and I can very well plan that.....but allowing the person to whom the PDc's are issued to encash them at once is just not correct... it contradicts the very term "Post Dated Cheque"...
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One life to live, live it to the fullest.
never issue PDC's!
"I'm back, simple as that"
Which means to say that the 12 months post dated cheques that you have given for rent, the agent can now cash all of it on the 1st month, if you dont have the money in the bank.. you go to jail .... whoah baby, scary...
no matter how inconvenient it will be, the end result teaches responsible money handling.
progress
Another classic ammendment to the Finacial instituation in Qatar, will only benefit one group.
What made me laugh was the last part of the post in Gulf Times reading something like "the interest of the customer will be protected" right?
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"HE WHO DARES WINS"
Derek Edward Trotter