Regulatory Alerts2023-01-01
Instructions No. 17 of 2023 Regarding the Reversal of Returned Check Fees for Insufficient Funds
The Palestine Monetary Authority issued Instructions No. 17 of 2023 to mitigate the economic impact of the ongoing war by mandating banks to reverse collected fees on returned checks for insufficient funds. The refund applies from November 1, 2023, to December 31, 2023, covering public sector employees, affected private sector workers, artisans, self-employed professionals, and micro-enterprises. Banks must ensure the refunded check amounts align with either the beneficiaries' monthly net income or their historical account activity averages, depending on the category.
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