Oman Central Bank Circular No. BM1030/2007
Cheque Return System
To: All Licensed Banks & Finance Companies Operating in the Sultanate
Sub: Cheque Return System
Please find attached a copy of Regulation BM/REG/51/11/2007 on Cheque Return System issued in the Official Gazette on 11/11/2007. Licensed Institutions are, accordingly, required to implement the Regulation.
Best regards,
Hamood Sangour Al Zadjali
The Executive President
BM/REG/51/11/2007 - Cheque Return System
Pursuant to the provisions of the Banking Law issued by Oman Sultani Decree No.114/2000 and the Resolution No. BOG/1982/137/3/07/10 of the Board of Governors of the Central Bank of Oman, adopted at its meeting held on 2the March 2007, the following have been decided.
Article 1
Licensed banks shall implement the provisions of this system to monitor and disseminate information on cheques returned for non availability or insufficiency of funds or for any other reason indicating intention of non-payment.