Business And Markets

New Check Law Comes Into Effect on Nov. 21

New Check Law Comes Into Effect on Nov. 21 New Check Law Comes Into Effect on Nov. 21

The Central Bank of Iran is ready to implement amendments to the Check Issuance Law passed by the Majlis in Nov. 2018. The new law will be enforced from the next Iranian calendar month starting Nov. 21, according to a CBI press release.
In that year parliament gave the CBI, as the body in charge of enforcing check laws, two years to prepare the infrastructure and implement the law. 
So far the CBI has implemented those aspects of the law that were feasible without needing for new, costly and time-consuming infrastructure, the CBI vice governor Akbar Komijani said.   
A key aspect of the new law is launching electronic checks and removing physical checks from business transactions. The groundwork and technical infrastructure for this is in place, he said on Sunday. 
As per provisions of the law dubbed "Amendment to Check Issuance Law", those who issue bad checks face heavier penalties and a bank is allowed to close all their accounts in other banks across the country. Defaulters are also banned from opening new bank accounts. 


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