Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Instructions No. (16) of 2024

Regarding the Regulation of Cash Deposits in Tobacco Companies' Accounts

Based on the provisions of Decision-Law No. (9) of 2010 concerning Banks, particularly Articles (43, 72) thereof, and Instructions No. (2023/04) concerning Banking Fees and Commissions, and Instructions No. (1) of 2022 concerning Membership in the National Key 194 System, and in accordance with the powers vested in us, and in pursuit of the public interest, we have issued the following Instructions:

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Article (1)

Objective and Scope of Application

1. These Instructions aim to regulate the process of cash deposits in tobacco companies' accounts.
2. The provisions of these Instructions apply to all banks licensed by the Palestine Monetary Authority to conduct banking business in Palestine.

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Article (2)

Permitted Cash Deposit Ceiling

The bank is obligated to accept cash deposits in tobacco companies' accounts from its date of issuance, subject to the following conditions:

1. Deposits up to 70% of the total value of tobacco purchase invoices from suppliers and the amount of remittances issued from their account to clear tobacco goods customs, in cash, and with a commission rate of (0.4)%.
2. Deposits exceeding 70% may incur a commission higher than the rate specified in Item (1), and it is permissible to agree otherwise with the company.
3. The cash deposit process must be conducted in the same account through which the company's financial remittances are executed and issued.

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Article (3)

General Provisions

1. The provisions of these Instructions apply to cash deposits exclusively designated for the purpose of executing financial remittances to settle tobacco purchase prices or to clear tobacco goods customs.
2. The bank may continue to operate under special agreements signed between the bank and the tobacco company.
3. The provisions of Instructions No. (2023/04) apply to other cash deposits in the accounts of tobacco companies and traders.

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Article (4)

Penalties

Anyone who violates the provisions of these Instructions shall be punished in accordance with the provisions of Decision-Law No. (9) of 2010 concerning Banks.

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Article (5)

Cancellation of Conflicts

Everything that conflicts with the provisions of these Instructions is hereby cancelled.

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Article (6)

Implementation and Enforcement

The provisions of these Instructions are effective from the date of their issuance, and all competent authorities must comply with what is contained therein, each within their respective jurisdiction.

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Issued in Ramallah, on the date: 18/11/2024

Dr. Firas Malham
Governor

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www.pma.ps

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Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Phone: +970 2 2415251 | Postal Code: P6160675