Regulatory Alerts2024-01-01
Instructions No. 16 of 2024 Regarding the Regulation of Cash Deposits in Tobacco Companies' Accounts
The Palestine Monetary Authority issued Instructions No. 16 of 2024 to regulate cash deposits in tobacco companies' accounts, requiring licensed banks to accept such deposits under specific conditions. The regulations permit cash deposits up to 70% of the total value of tobacco purchase invoices and customs clearance remittances, subject to a 0.4% commission. Banks must ensure these deposits are made into the same account used for executing financial remittances, while retaining the ability to maintain existing private agreements and applying other regulatory instructions to non-specified deposits.
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