Regulatory Alerts2013-08-27
National Bank of Rwanda Regulation No. 04/2013 on Cheque Truncation
The National Bank of Rwanda issued Regulation No. 04/2013 to establish a standardized framework for cheque truncation, replacing physical instrument movement with electronic images and MICR data. The regulation defines the rights and obligations of presenting and paying banks, sets quality and retention standards for electronic images, establishes value limits, and mandates the use of dedicated secure networks by recognized clearing houses. It repeals conflicting provisions, outlines arbitration procedures for disputes, and specifies the conditions for presenting Image Return Documents upon dishonor.
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