The subject of check laws will be announced to all banks in the country in a new way from Saturday, December 13th, and these changes have been injected into the market with the aim of making check transactions more practical.
Therefore, transactions in the field of checks and in a way, market-building transactions will enter a new phase, and based on that, not only is the issuance of checks in the name of the bearer prohibited, but also bankrupts are not allowed to receive bills and the life of checks will be three years. In this regard, we will discuss some of the margins of the new legislation regarding check laws. Please be with Artan Press.
Unfortunately, more than a decade has passed since the growth of the challenges of barter exchanges in the Iranian economy, and as this issue dragged on, the challenges became more and more. The Iranian economy was in a situation where the check was practically a weakness for the recipient. It was considered, and this greatly increased the risk of the recipient of the check.
*** Inefficiency in check rules
In addition to the inefficiency of the market delivery system, unfortunately, the transactions provided to governments by the merchants for taxes have been executed for cash, which has caused dissatisfaction. The bills that the guilds have drawn without knowing about the impending closures, the overdue taxes and thousands of other problems such as paying water, electricity, gas and telephone bills have caused difficult times for the guilds and businesses. Jobs are closed.
The issue of checks is important because some businesses have paid their taxes to the government in the form of checks, and the government in the current situation in Corona had considered an opportunity for these businesses, which seems to have not been realized. Unfortunately, despite the fact that the government has set a tax deferral for two weeks, it seems that no one owes money and each organization works according to its own rules.
*** Two levers of financial legislation in check laws
The two levers of financial legislation in the country, namely the central bank and the parliament, have long been thinking of a solution to the problem of misplaced bills, and during long and continuous meetings, achieved results that are a major change in the country’s banking system. The Central Bank, together with the parliament, has created new mechanisms for check laws. Using the new check law, the problem of not being able to identify and validate the check issuer will be solved.
With the reopening of Group 2 jobs this week, many financial, banking and insurance jobs will return to business, and businesses that have paid for some of their taxes are likely to suffer. Meanwhile, the coronary restrictions have been in place for two weeks in Iran, especially in the big cities and the red situation, where all banks, financial centers, tax and insurance centers continue to operate, and this has caused many problems in addition to the cessation of revenues. Many guild units, update.
*** Check execution rules
Check enforcement law has created problems for active traders who were waiting for the opportunity to repay their debts. In addition to the loss of many businesses in the current market conditions, their borrowing from the bank has been hoping for more opportunities. Therefore, all these problems go hand in hand so that some guilds are forced to continue their work in the guild units and bear the burden of possible fines by the inspectors, or others are secretly selling with low shutters.
But with many analysts talking about the early implementation of check laws, some believe that this could lead to sweeping changes in banking and check problems in the near future. If this law is implemented, many lawsuits and conflicts, such as losing a check, theft of a check, forgery of a check, and scams that can be done with a check, will be significantly reduced. Under the check law amendment, strict rules were enacted for holders of returned checks that made it difficult for them to continue operating.
*** New rules for the issuance of checks
One of the issues that has been strongly considered in the new law on the issuance of checks is the issue of issuing checks and the conditions for qualifying a person to receive a category of checks. It is inferred that the issuance of the check will be more strict in the new months than in the past, and the applicant must have good reasons and conditions for receiving the check. Also, in the new conditions, we will no longer have a check on the carrier’s behalf, and the transfer of the check will no longer be on the bearer’s behalf, and it must be registered in the system.
In the past, returning the check may not have been a big issue. But in the current situation, the risk of not passing the check to the decedent is very high. Many of the vital arteries of banking will be lost to the wrongdoer and the person will be in a situation where he will have to pass his check. As soon as the person’s check is returned, the person will be deprived of receiving bank facilities, opening a new bank account, receiving a bank card, receiving foreign exchange services and a bank guarantee.
*** Conditions created by the new check rules
As explained, in order to receive a check, the person applying for the check must eliminate the qualification lists for receiving the check, and this alone eliminates a large part of the challenges of providing unsecured checks. Individuals will find out how much credit they have for issuing a check when they receive a batch. With the implementation of the new rules, the amount approved by the Central Bank will soon be written on the check sheets.
Of course, for the new law, check Provisions have been made whose effectiveness is in a haze of ambiguity. Holders of checks with a maturity from the beginning of March 98 to the end of May 99, if the check is returned, will not be subject to deprivation of the check issuance law.
On the other hand, handing over the check to the second person is not easy under the previous conditions, and this does not reduce the responsibility of the decedent. In the past years, we have witnessed the offering of checks in the market, in which no credit was obtained by the person giving the checks, and the checks were presented from one person to another, and the market was severely disturbed. Due to the conditions created by the new check rules, if the check is transferred to another person, it will be necessary to register this transfer in the system.
*** Change in bank fees
Changes in bank fees were another issue that has undergone changes in the country’s financial legislation. According to the Central Bank, the fee rate for banking services will change from December. Bank service fees have been stable for several years. Given that all services are subject to high inflation and also include the cost of banking services, it is necessary to increase the cost of these services in line with inflation for banks.
Returned checks, in addition to incurring high costs for the recipient, were unfortunately also costly for the banking system. By reducing the rate of returned checks, the cost of wasting resources in banks will be greatly reduced.
Since we have witnessed heavy inflation in all economic sectors, the banking system has also decided to increase wage rates and has set figures for this issue, which will be implemented from the end of December this year. According to the implementation of this bank’s decree on the 3rd of October, the fee for card-to-card operations as one of the most widely used banking services was increased from 500 to 600 Tomans per million Tomans, and if each million Tomans is increased in the card-to-card process, it is equivalent. 240 Tomans will be added to this amount
*** Increase the cost of issuing a check
The issue of raising fee tariffs has also entered other e-banking services. For example, the cost of the card balance announcement fee and the invoice for the last 10 rounds will be equal to 240 Tomans, and also the card balance announcement fee fee through ATMs will be 120 Tomans.
The cost of issuing bills of exchange along with mobile banking services has witnessed an increase in tariffs, which has been notified to all banks in the new instructions for issuing and presenting bills by the Central Bank. Bank customers must pay a fee of 200 Tomans per card for issuing a batch of checks from December, which is calculated in addition to the stamp fee.
It is true that the check law must be changed, but the implementation schedule is another important issue that must be accompanied by expert opinions.
*** Curb market inflammation due to changes in check rules
Because the current situation is not a good situation to impose sanctions on the victims of the corona. Although these strict laws have normally increased the transparency of the issuers of the check and increased the security of transactions, but during the corona outbreak, these strict laws have become problematic.
In order to control the situation caused by market inflammations due to changes in the check law, the Central Bank has decided to create facilities in this direction. Accordingly, the Central Bank has issued a temporary facility directive for the holders of returned checks.
. With the aim of assisting and supporting business owners (both real and legal), especially migratory businesses, which due to the conditions caused by the outbreak of coronavirus, have not been able to fulfill their obligations due to the issuance of checks and the expiration of checks. They were issued in the period of March 1, 98 to May 20, 99 and were returned and resulted in the issuance of a certificate of non-payment. These facilities have been provided.
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