Check Law to Be Amended

While 14 years have passed since the last time the law on checks was reformed in Iran, the head of Central Bank of Iran’s Information Technology Department announced that the law is to be amended again following negotiations with parliamentarians. “The reason behind the reform is to remove legal barriers in the way of implementing electronic checks and removing physical checks from business transactions,” Nasser Hakimi also told IRNA.”The technical infrastructures required to bring into play the electronic check in the banking system, including CBI and other banks, is ready.”Karimi noted that legal prerequisites must also be set in place.