Regulatory Alerts2024-01-01
Instructions No. 19 of 2024 Regarding the Amendment of Instructions No. 14 of 2024 Concerning Cash Deposits in Fuel Station Accounts
The Palestine Monetary Authority issued Instructions No. 19 of 2024 to amend the cash deposit framework for fuel station accounts, mandating that banks accept deposits between January 1 and April 30, 2025, with cash portions capped at 65% of the purchase invoice. The amendment exempts deposits up to this 65% threshold from fees and commissions, while introducing a tiered commission structure for amounts exceeding the limit: 0.4% for deposits up to 500,000 shekels, 0.6% for those between 500,000 and one million shekels, and 0.8% for amounts exceeding one million shekels. These provisions take effect on January 1, 2025, and repeal any conflicting prior regulations to ensure uniform compliance across all relevant authorities.
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