Region

Jurisdiction

Regulator

2018-07-09

Regulation (NAP) - Check Processing

The Central Bank of São Tomé and Príncipe extends the collection deadline for checks bearing the "nDb" designation from 30 September 2018 to 31 December 2018. This Permanent Application Norm applies to all domestic banking financial institutions and covers both newly issued and previously stamped checks held by clients during the co-circulation period. The regulation mandates timely public dissemination of these procedures and takes effect upon publication, ensuring continued validity for affected instruments.

Sao Tome and Principe

Banco Central de Sao Tome e Principe

NAP PERMANENT APPLICATION NORM (NAP) S.I.F. 09 PROPOSER(S) | ENTRY INTO FORCE | ISSUE DATE | DOC NO. | P 1/2 B.O.D.

Subject: Check Processing

Whereas NAP No. 18/2017 of November 10 established a transitional regime for the processing of accounting documents and checks during the co-circulation period, as provided in Decree-Law No. 15/2017 of October 3. Furthermore, considering that after the end of said period, aspects requiring regulation remain, namely the extension of the deadline for collecting checks with the "nDb" designation defined as 30.09.2018; Having confirmed the existence of a high number of checks with the "nDb" designation in the possession of clients and users; In these terms, under the powers established by paragraph 1 of Article 56 of Law No. 8/92 of August 3, supplemented by Article 8 and paragraph 4 of Article 9 of Decree-Law No. 15/2017, the Board of Directors of the Central Bank of São Tomé and Príncipe resolves as follows:

Article 1. (Subject and Scope) 1- This NAP aims to extend the deadline for collecting checks, defined as 30.09.2018. 2- This NAP applies to all banking financial institutions operating within national territory.

Article 2. (Extension of the deadline for collecting checks) 1- The deadline for collecting checks with the "nDb" designation is extended to 31.12.2018. 2- Checks with the "nDb" designation include new checks made available by banks and already printed ones, stamped during the co-circulation period. 3- For all purposes, the date stamped on checks with the designation "Payable until 30.09.2018" is considered payable until 31.12.2018, after which they lose validity.

Reviewed/Revocation Data: 09/07/2018 | 09/07/2018 | 10/2018

Article 3. (Publicity) The procedures mentioned in this NAP shall be disseminated through the most appropriate communication and dissemination channels.

Article 4. (Entry into force) This NAP enters into force on the date of its publication.

Central Bank of São Tomé and Príncipe, on the 9th day of July 2018 Reviewed/Revocation Data: