Regulatory Alerts2020-12-29
Instruction No. 0003-DDI/2018 Amending Certain Provisions of Instruction No. 001-DCR/2010 of 08/11/10 on the Procedures for Declaring, Processing, and Exploiting Information Regarding Payment Incidents on Cheques
The Central Bank of Madagascar issued Instruction No. 0003-DDI/2018 to amend Article 7 of its 2010 directive on cheque payment incident reporting. The amendment restricts the cancellation of payment incident declarations to only two specific grounds: errors by the drawee bank's services or the disappearance of funds due to events beyond the control of authorized account signatories. To be admissible, such cancellation requests must be submitted by the drawee bank to the Central Bank within fifteen days of the original incident declaration.
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