Regulatory Alerts2021-01-01
Instructions No. 6 of 2021 Regarding the Cash Deposit Commission on the Israeli Shekel Currency
The Palestine Monetary Authority issued Instructions No. 6 of 2021 to amend the permissible fee structure for cash deposits in Israeli Shekels. The directive authorizes licensed Palestinian banks to charge a maximum commission of 0.2% on daily Israeli Shekel deposits exceeding 100,000 shekels and on total monthly deposits surpassing 300,000 shekels, explicitly prohibiting the double-counting of fees already applied within the daily threshold. These provisions take immediate effect upon issuance and repeal any conflicting prior regulations.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Instructions No. (6) of 2021
Regarding the Cash Deposit Commission on the Israeli Shekel Currency
Pursuant to the provisions of Decision-Law No. (9) of 2010 Concerning Banks, particularly Article (40) thereof, and after reviewing Instructions No. (7) of 2014 Concerning Fees and Commissions, and in accordance with the powers delegated to us, and in pursuit of the public interest, we have issued the following Instructions:
Article (1)
Definitions
Original Instructions: Instructions No. (7) of 2014 Concerning Fees and Commissions.
Article (2)
Scope of Application
The provisions of these Instructions shall apply to all banks licensed by the Palestine Monetary Authority to conduct banking business in Palestine.
Article (3)
Amendment of Article (3) Provisions
The text of Item Eleven, Paragraph (15) of Article (3) of the Original Instructions shall be replaced with the following:
| Commission Type | Maximum Permitted Rate | Clarifications |
|---|---|---|
| Cash Deposit in Israeli Shekel Currency | 0.2% | 1. The bank may collect the commission on daily Israeli Shekel deposits for amounts exceeding 100,000 shekels.<br>2. Banks may collect the commission on the total monthly deposits exceeding 300,000 shekels, provided that deposits already subject to a commission are not counted again within the daily ceiling. |
Article (4)
Repeal
All provisions conflicting with the terms of these Instructions are hereby repealed.
Article (5)
Implementation and Enforcement
All competent authorities shall implement the provisions of these Instructions within their respective jurisdictions, and these Instructions shall take effect from the date of their issuance.
Issued in Ramallah on 2021/03/24
Dr. Fares Malham Governor
Note: The image contains the Palestine Monetary Authority logo, page number "1" at the bottom, and contact information at the lower section (Ramallah and Al-Bireh office, and Gaza office).
Second Page Note:
Note: The image contains the Palestine Monetary Authority logo, page number "2" at the bottom, and contact information at the lower section (Ramallah and Al-Bireh office, and Gaza office).