RegAlert

Rule · PMA · 1 Feb 2003

Circular No. 20: Compliance with the Phrase 'Payable to the First Beneficiary'

payments

The Palestine Monetary Authority issued Circular No. 20 on February 1, 2003, mandating that all banks operating in Palestine must strictly preserve the "Payable to the First Beneficiary" phrase on checks issued by the Ministry of Finance, government ministries, official institutions, or any other entity. Banks are explicitly prohibited from crossing out or altering this phrase, as doing so violates established check circulation rules and principles. Any bank that disregards this requirement will assume full liability for disbursing funds to unauthorized parties instead of the designated first beneficiary.

PalestinePalestine Monetary Authority

Palestine National Authority

Palestine Monetary Authority

Palestine

Palestinian National Authority
Palestine Monetary Authority
Palestine

Circular No. (20)
To all banks operating in Palestine
Date: 2003/2/1

Subject: Compliance with the Phrase "Payable to the First Beneficiary"

Pursuant to the provisions of Article (233) of Commercial Law No. (12) of 1966 and at the request of the Ministry of Finance, all banks operating in Palestine are required to comply with the phrase "Payable to the First Beneficiary" appearing on checks issued by the Ministry of Finance, all ministries and official institutions, or any other entity. Striking out the aforementioned phrase is prohibited, as it violates the principles and rules governing check circulation. The bank that does so shall bear responsibility for paying any check to anyone other than the first beneficiary.

Please accept the highest assurances of respect,

Dr. Amin Mohammad Haddad
Governor

Copy: The Minister of Finance, may God preserve him

Palestine, Gaza Governorate - P.O.Box: (4026) - Tel: (08-2825713) Fax: (08-2824599) / Ramallah - Al Bireh Governorate - P.O.Box: (452) Tel: (02-2980131) Fax: (02-2959922) Palestine: GAZA - P.O.Box (4026) Tel. (08-2825713) Fax: (08-2824599) / Ramallah - Al Bireh - P.O.Box (452) Tel. (02-2980131) Fax (02-2959922)

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Commercial Law No. (12) of 1966Not in RegAlertCommercial Law No. (12) of 1966 — Not in RegAlertCircular No. 20: Compliancewith the Phrase 'Payable to t…2003-02-01 · this documentCircular No. 20: Compliance with the Phrase 'Payable to the First Beneficiary' (2003-02-01)
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The links and the sentences they come from (1)
Issued under
  • Commercial Law No. (12) of 1966Not in RegAlert

    “Pursuant to the provisions of Article (233) of Commercial Law No. (12) of 1966”

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Source: Palestine Monetary Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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