Central Bank of Iran Again Tightens Check Rules

The Central Bank of Iran has implemented new rules to help reduce the number of bounced checks. 
Based on the new rules, if a check is rejected due to insufficient funds, the amount will be deducted from defaulters' accounts in other banks in the country, said Mehran Moharramian, the CBI deputy for innovative technologies. 
"In the past banks could take money from defaulters' accounts only in the same bank…However, as of Saturday, the amount(s) will be taken from accounts owned by the check writer in other banks," the CBI website quoted him as saying.