Regulatory Alerts2021-01-01
Instructions No. (9) of 2021 Regarding Cash Deposit Right
The Palestine Monetary Authority issued Instructions No. (9) of 2021 to mandate that licensed banks in Palestine credit cash deposits to customers' current accounts on the same day without charging interest. The directive explicitly permits banks to negotiate separate cash deposit agreements exclusively with large enterprises, defined as entities employing at least 50 staff or generating annual sales of $2,000,000 or more. These provisions take effect on September 15, 2021, and supersede any conflicting regulations while enforcing penalties for non-compliance under Decision-Law No. (9) of 2010.
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