QC’s panel reviews controls to limit the phenomenon of bounced cheques

Qatar Chamber’s Banking and Investment Committee held a meeting to discuss the newly issued instructions and controls by Qatar Central Bank (QCB) to limit the phenomenon of bounced cheques, as well as the expected impacts of these instructions on the economic activity.

During the meeting, which was presided over by QC board member Nasser Sulaiman Al Haidar, the committee members welcomed these procedures which aim to fight the phenomenon of bounced cheques.

The meeting also discussed preventing the issuance of new chequebooks for individuals and companies that issued bounced cheques, as issuing new chequebooks is related to the payment of bounced cheques in accordance with QCB’s instructions.

It also touched on the effect of suspending the company’s accounts which issued bounced cheques and the bank’s refusal to issue a chequebooks until it settled these cheques.

The committee urged businessmen to be careful on signing cheques and not to issue any cheque until making sure that there is sufficient balance.

The committee stressed that the QCB’s decision is sound and will serve the national economy, as well as prevent any future problems between customers and businessmen.

It emphasized the need for considering the future economic and social impacts of these procedures on the business community.

The meeting also dealt with the measures taken by banks to protect their customers in light of the increase of electronic payment, especially during the current implications of the Covid-19 pandemic.

The committee noted that banks have managed to take all necessary precautions to protect customers during electronic payment processes while increasing ease of dealing and maintaining the confidentiality of customer data.

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