Oman Central Bank Decision No. BM/57/9/2023
On the Issuance of the Regulation for the System of Direct Debit and Bounced Cheques
Based on the Banking Law issued by Oman Sultani Decree No. 114/2000;
The Law on National Payment Systems promulgated by Oman Sultani Decree No. 8/2018;
Oman Central Bank Decision No. BM/51/11/2007 on the system of bounced cheques;
Based on the approval of the Board of Governors of the Central Bank of Oman; and
Based on the public interest requirements,
The following has been decided:
The Regulation for the System of Direct Debit and Bounced Cheques
Article 1
In the application of the provisions of this Regulation, the terms and expressions that appear herein shall have the same meaning stipulated in the Banking Law and the Law on the National Payment Systems, and the following terms and expressions shall have the meaning assigned against each unless the context requires otherwise:
System:
A technical system or any other method applied by the Central Bank or the hosting entity for the management of direct debit and bounced cheques.
Hosting Entity:
The entity that is appointed by the Central Bank to host, manage and operate the System.
Returned Instrument: