Regulatory Alerts2021-01-01
Instructions No. 11 Regarding the Amendment of Instructions No. 1 of 2021 Concerning Electronic Cheque Clearing
The Palestine Monetary Authority issued Instructions No. 1 of 2021 to amend the original electronic cheque clearing regulations by reorganizing the cheque collection period and updating the clearing system's operational hours. The directive mandates that cheques be cleared within a maximum of one working day (T+1), repeals specific conflicting provisions, and replaces the previous operational annex with a detailed daily schedule governing system opening, cut-off times, settlement sessions, and closing procedures. These amendments take effect on 01/07/2021 and apply to all members of the clearing system to standardize electronic cheque processing and cash settlement workflows.
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