Qatar Chamber’s Banking and Investment Committee recently held a meeting to discuss the newly-issued instructions and controls by the Qatar Central Bank (QCB) to limit the cases of bounced cheques, as well as the expected effects of these instructions on economic activity.

During the meeting, which was presided over by Qatar Chamber board member Nasser Sulaiman al-Haidar, the committee members welcomed the procedures that aim to address the issue of bounced cheques.

The meeting also discussed preventing the issuance of new cheque books for individuals and companies that issued bounced cheques, as issuing new cheque books is related to the payment of bounced cheques in accordance with QCB’s instructions.

The discussion also touched on the effect of suspending the accounts of companies that issued bounced cheques, as well as the bank’s refusal to issue cheque books until the concerned party has settled the cheques.

The committee urged businessmen to be careful in signing cheques and not to issue any cheque until making sure that there is sufficient account balance.

The committee stressed that the QCB’s decision is “sound” and will serve the national economy, and that it prevents any problems between customers and businessmen in the future.

They added that it emphasises the need for considering the future economic and social impacts of these procedures on the business community.

The meeting also discussed the measures taken by banks to protect their customers in light of the increase of electronic payment, especially during the current implications of the Covid-19 pandemic.

The committee noted that banks have managed to take all necessary precautions to protect customers during electronic payment processes, while increasing ease of dealing and maintaining the confidentiality of customer data.