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.
BANKY FOIBEN'I MADAGASIKARA
INSTRUCTION NO. 0003-DDI/2018
amending certain provisions of Instruction No. 001-DCR/2010 of 8 November 2010 on the procedures for declaring, processing, and utilizing information regarding payment incidents on cheques
The Governor of the Central Bank of Madagascar,
Having regard to Law No. 95-030 of 22 February 1996 on the activity and supervision of credit institutions, as amended, known as the "banking law",
Having regard to Law No. 2004-045 of 14 January 2005 on the prevention and prosecution of cheque-related offences,
Having regard to Law No. 2016-004 of 29 July 2016, supplemented by Law No. 2016-057 of 2 February 2017 on the statutes of the Central Bank of Madagascar,
Having regard to Law No. 2017-018 of 19 December 2017 governing the Integrated Information System of the Central Bank of Madagascar,
Having regard to Decree No. 2006-281 of 25 April 2006 setting the implementation procedures for certain provisions of Law No. 2004-045 of 14 January 2005 on the prevention and prosecution of cheque-related offences,
Having regard to Decree No. 2014-1684 of 29 October 2014 appointing the Governor of the Central Bank of Madagascar,
Having regard to Instruction No. 001-DCR/2010 of 8 November 2010 on the procedures for declaring, processing, and utilizing information regarding payment incidents on cheques.
DECIDES:
Article 1. – The provisions of Article 7 of Instruction No. 001-DCR/2010 of 8 November 2010 on the procedures for declaring, processing, and utilizing information regarding payment incidents on cheques are amended as follows:
Article 7 (new): Cancellation of payment incident declaration
7.1. Upon request by the drawee bank, BFM shall cancel the payment incident declaration solely for the following reasons:
- error by the drawee bank's services,
- disappearance of funds resulting from an event not attributable to any of the persons authorized to draw cheques on the account.
Subject to inadmissibility, this request submitted by the drawee bank must reach BFM within fifteen (15) days following the date of issuance of the related payment incident declaration.
The remainder remains unchanged.
Article 2. – The other provisions of Instruction No. 001-DCR/2010 of 8 November 2010 on the procedures for declaring, processing, and utilizing information regarding payment incidents on cheques remain fully valid.
Article 3. – Final Provision This Instruction shall enter into force upon its notification to the Professional Association of Banks.
Done in Antananarivo, on 09 NOV. 2018
THE GOVERNOR ALAIN H. RASOLOFONDRAIBE