Regulatory Alerts2021-01-01
Instructions No. 14 of 2021 Regarding the Reimbursement of Returned Cheque Fees for Insufficient Funds
The Palestine Monetary Authority issued Instructions No. 14 of 2021 to repeal and replace previous regulations governing fees for returned cheques due to insufficient funds. The directive explicitly abolishes Instructions No. (26) and (28) of 2020, consolidating the regulatory framework for cheque return charges under a single updated mandate. All licensed banks operating in Palestine must comply with these provisions effective July 1, 2021.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Instructions No. (14) of 2021
Regarding the Reimbursement of Returned Cheque Fees for Insufficient Funds
Pursuant to the provisions of Decision-Law No. (9) of 2010 concerning Banks, particularly Article (72) thereof,
and after reviewing Instructions No. (7) of 2014 concerning Fees and Commissions, Instructions No. (26) of 2020 concerning Returned Cheques for Insufficient Funds, and Instructions No. (28) of 2020 concerning the Returned Cheque Fee for Insufficient Funds,
and based on what was approved by the Board of Directors of the Palestine Monetary Authority in its meeting No. (235) dated 03/06/2021,
and in accordance with the powers delegated to us,
and in pursuit of the public interest,
we have issued the following Instructions:
Article (1)
Scope of Application
The provisions of these Instructions shall apply to all banks licensed to operate in Palestine.
Article (2)
Returned Cheque Fee for Insufficient Funds
- Instructions No. (26) of 2020 concerning Returned Cheques for Insufficient Funds are hereby repealed.
- Instructions No. (28) of 2020 concerning the Returned Cheque Fee for Insufficient Funds are hereby repealed.
Article (3)
Repeal
All provisions conflicting with the provisions of these Instructions are hereby repealed.
Article (4)
Implementation and Enforcement
All competent authorities shall implement the provisions of these Instructions according to their respective jurisdictions, and they shall apply from 01/07/2021.
Issued in Ramallah on 15/06/2021 AD
Dr. Firas Malham
Governor
(Signature)
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 | Fax | Tel: +970 2 2415251 | Tel
Gaza - Palestine P.O. Box 4026
Gaza - Palestine PO Box 4026
Fax: +970 8 2844487: Fax | Tel: +970 8 2825713: Tel