Regulatory Alerts2018-11-09
Instruction No. 003-DDI/2018 amending certain provisions of Instruction No. 001-DCR/2010 of 8 November 2010 on the procedures for reporting, processing, and exploiting information regarding cheque payment incidents
The Central Bank of Madagascar issued Instruction No. 003-DDI/2018 to amend its 2010 directive on cheque payment incident reporting by introducing a formal cancellation mechanism. The amendment establishes that the drawee bank may request cancellation within fifteen days solely for internal bank errors or unattributable loss of funds, under penalty of inadmissibility. All other provisions of the original instruction remain fully valid and the new rules take effect immediately upon notification to the Professional Association of Banks.
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