RegAlertRule · PMA · 15 Sep 2021
Instructions No. (9) of 2021 Regarding Cash Deposit Right
The Palestine Monetary Authority issued Instructions No. (9) of 2021 to mandate that licensed banks in Palestine credit cash deposits to customers' current accounts on the same day without charging interest. The directive explicitly permits banks to negotiate separate cash deposit agreements exclusively with large enterprises, defined as entities employing at least 50 staff or generating annual sales of $2,000,000 or more. These provisions take effect on September 15, 2021, and supersede any conflicting regulations while enforcing penalties for non-compliance under Decision-Law No. (9) of 2010.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Instructions No. (9) of 2021
Regarding Cash Deposit Right
Pursuant to the provisions of Decision-Law No. (9) of 2010 Concerning Banks, particularly Articles (43) and (72) thereof, and in accordance with the authorities delegated to us, and to serve the public interest, we have issued the following Instructions:
Article (1)
Definitions
The words and phrases contained in these Instructions shall have the meanings assigned to them below, unless the context indicates otherwise:
Large Enterprise: An economic entity that has (50) employees or more, or whose annual sales volume is (2,000,000) US dollars or more.
Article (2)
Scope of Application
The provisions of these Instructions shall apply to all banks licensed to operate in Palestine.
Article (3)
Effective Date of Cash Deposit Right
-
The bank must accept and credit cash deposits in customers' current accounts on the same day as the deposit, and no interest shall be charged in this case.
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As an exception to the provisions of paragraph (1) of this Article, the bank may enter into special agreements to regulate cash deposit rights in current accounts exclusively with large enterprises.
Article (4)
Penalties
Anyone who violates the provisions of these Instructions shall be penalized in accordance with the provisions of Decision-Law No. (9) of 2010 Concerning Banks.
Article (5)
Repeal of Conflicting Provisions
All provisions conflicting with these Instructions are hereby repealed.
Article (6)
Implementation and Enforcement
All competent authorities shall implement the provisions of these Instructions according to their respective jurisdictions, and they shall apply from September 15, 2021.
Issued in Ramallah on September 15, 2021.
Dr. Firas Malham
Governor
Note:
The text in the image contains a handwritten signature and the Palestine Monetary Authority logo, in addition to contact information at the bottom of the page:
- Ramallah and Al-Bireh - Palestine: P.O. Box 452, Phone: +970 2 2415251, Fax: +970 2 2415310, info@pma.ps
- Gaza - Palestine: P.O. Box 4026, Phone: +970 8 2825713, Fax: +970 8 2844487
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The links and the sentences they come from (1)
- Issued under
- Decision Law No. 9 of 2010Not in RegAlert
“Pursuant to the provisions of Decision-Law No. (9) of 2010 Concerning Banks, particularly Articles (43) and (72) thereof”
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