TDT | Manama The Daily Tribune - www.newsofbahrain.com After years of deliberation, Bahrain has approved a new law allowing partial payment of checks, effectively eliminating the possibility of imprisonment for bouncing checks. The new law, which was passed by the Bahraini govern
TDT | Manama
The Daily Tribune - www.newsofbahrain.com
After years of deliberation, Bahrain has approved a new law allowing partial payment of checks, effectively eliminating the possibility of imprisonment for bouncing checks.
The new law, which was passed by the Bahraini government and approved by the Central Bank of Bahrain, aims to streamline the process of check payments and ensure smoother financial transactions.
The law mandates that banks and financial institutions must provide technical infrastructure to facilitate the partial payment of checks. This includes establishing clear procedures to ensure that the partial payments are processed efficiently and transparently.
The new law also introduces a provision allowing for the installment of check payments. This will allow individuals and businesses to pay off outstanding balances over time, reducing the risk of defaulting on payments.
The Central Bank of Bahrain has been instrumental in developing this new law, working closely with financial institutions and stakeholders to ensure its effectiveness. The bank emphasises the importance of ensuring a smooth transition to the new system, with clear guidelines and support for all parties involved.
