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.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Instructions No. (19) of 2024 Regarding the Amendment of Instructions No. (14) of 2024 Concerning Cash Deposits in Fuel Station Accounts
Pursuant to the provisions of Law No. (9) of 2010 Concerning Banks, particularly Articles (43 and 72) thereof, and after reviewing Instructions No. (14) of 2024 Concerning Cash Deposits in Fuel Station Accounts, and in accordance with the powers delegated to us, and in pursuit of the public interest, we have issued the following Instructions:
Article (1) Definitions
The following words and phrases shall have the meanings assigned to them below, unless the context indicates otherwise: The Original Instructions: Instructions No. (14) of 2024 Concerning Cash Deposits in Fuel Station Accounts.
Article (2)
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Amendment of Paragraph (1) of Article (2) of the Original Instructions to read as follows: "The Bank shall be obligated to accept cash deposits in fuel station accounts effective from 2025/01/01 until 2025/04/30, subject to the following conditions: a. Cash deposits in the station's account shall not exceed 65% cash, with the remainder being electronic sales. b. Cash deposits up to 65% of the purchase invoice value shall be exempt from fees and commissions, unless otherwise agreed upon between the Bank and fuel stations."
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Amendment of Paragraph (3) of Article (2) of the Original Instructions to read as follows: "The Bank may charge a commission on cash deposits exceeding the ratio specified by the Monetary Authority from the total purchase invoice from the General Petroleum Corporation, according to the following tiers:
1 www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Postal Code: P6160675 | Tel: 970+2 2415251 | Fax: 970+2 2415310 | info@pma.ps
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Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
a. A commission of (0.4%) on cash deposits up to 500,000 shekels that exceed 65%. b. A commission of (0.6%) on cash deposits exceeding 500,000 shekels up to one million shekels that exceed 65%. c. A commission of (0.8%) on cash deposits exceeding one million shekels that exceed 65%."
Article (3) Repeal of Conflicts
All provisions conflicting with these Instructions are hereby repealed.
Article (4) Implementation and Enforcement
The provisions of these Instructions shall take effect from 2025/01/01, and all competent authorities shall comply with them according to their respective jurisdictions.
Issued in the city of Ramallah, dated: 2024/12/26 AD
Dr. Firas Malhem Governor [Signature]
2 www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Postal Code: P6160675 | Tel: 970+2 2415251 | Fax: 970+2 2415310 | info@pma.ps