According to the International Exhibition of Iranian Stone, the check is the main trading tool that allows economic agents to buy long-term loans in commercial transactions. In Iran, a large volume of financial transactions are done through checks, which shows its importance as the cheapest tool. It is a long-term transaction in the economic system.

The need to streamline the check and enjoy its unique benefits in economic exchanges has resulted in seven amendments and revisions of the Czech law at various times. However, due to the lack of an approach commensurate with the actual and current function of the check in amending the law before 1397, many problems had arisen for economic actors.

Accordingly, the "Law on Amendment of the Law on Issuance of Checks" was amended and revised by the members of the Islamic Consultative Assembly on November 4, 2016. The institution that guides and supervises the banking activities of the country has provided the necessary infrastructure by creating the necessary infrastructure to become the main basis and legal framework governing the processes related to the issuance, circulation and collection of various types of checks from December this year.

In this regard, Akbar Komijani, Deputy Governor of the Central Bank, referring to the main problems in the Czech field, said: lack of organization and strengthening the credit and confidence in the check and increasing the risk of transactions and creating insecurity in the business environment, reviewing checks in check cases and imposing high costs on economic actors. Also, the lack of supervision and control over the check issuance process and relying only on the paper carcass of the check were the most important problems and issues that led to the revision and amendment of the check issuance law.

According to him, these conditions led to the new Czech law, entitled "Law on Amendment of the Check Issuance Law", after conducting a wide range of expert examinations and detailed pathology of the critical status of unsecured checks, as well as benefiting from successful experiences of other countries in the field of Czech law. To be approved by a decisive vote of the esteemed members of parliament.

Komijani added: "The amendment to the Czech law is so progressive that many economists, banking activists and economic experts consider it a fundamental leap in reforming the banking system."

Referring to the speedy action of the Central Bank in implementing part of the provisions of the new Czech law, the Deputy Governor said: "Considering the developed infrastructure in the Central Bank, the implementation of part of the amendments stipulated in the law" Amending the Check Issuance Law "immediately after the law is announced." It was possible and did not require the creation of a special technical infrastructure. Therefore, after the promulgation of the law on November 14, 2016, part of the duties set forth in the law were implemented by the Judiciary, the Central Bank and the banks with a short interval.

He added: launching the fishing system and organizing the issuance of checks, establishing relative symmetry of information at the time of issuing the check for the recipient by launching the SMS inquiry system of returned check records and creating a new process of requesting checks by issuing court enforcement against the issuer of returned checks. Less than 20 days has been one of the first and most important steps taken to implement the new Czech law.

"According to Article 8 of the law, the central bank is obliged to create facilities so that the issuance of each check requires registration of the identity of the recipient, amount and date," said Komijani, referring to the fact that the check is subject to registration of its information in the Central Bank's integrated system. The maturity of the check for the unique ID of the check by the issuer is in the integrated system of the Central Bank.

He added: "For this reason, the possibility of transferring the check to another person by the holder before settlement will be possible only by registering a new recipient for the same unique ID of the check in that system. The system will be such that if there is a returned check No effect on the issuer's record, he will not be allowed to issue a new check.

The deputy governor of the Central Bank explained: "Bad people with accounts and scammers will not be able to get a checkbook, because the inquiry of records, non-prohibition and issuance of checklists will be done in a centralized way by the central bank system and based on credit." On the other hand, assigning a unique code to each check sheet allows you to establish information symmetry and increase the validity of the check.

He added: "The implementation of this law will not rely only on paper carcasses, and by backing up and registering the information contained in the check in the centralized central bank system, the credit of the check will increase and there will be concerns about its disappearance in events such as floods, earthquakes and ..... will not exist and the occurrence of crimes such as forgery and theft of checks will be significantly reduced and sometimes will not even be relevant. On the other hand, due to the fact that the issuance of a check is subject to the registration of its information in the system, it is possible for the Central Bank to monitor the moment of issuance of the check and control high-risk individuals.

Komijani said that the need to move the check, lower cost, ease of informing the check transfer to the check holder and more security and the impossibility of stealing and missing the check are among the advantages of the electronic check and added: From launching the central electronic check system (Chekad), preparing and communicating the requirements for issuing and processing electronic checks to the country's banking network, rewriting the new version of Sayad system in order to enable the issuance of electronic checks, rewriting the new version of the Chekavok system in order to enable digital check processing The technical documents have been communicated to the banks by the Central Bank, and other necessary measures are required by the banks to make technical changes in the work relationship between the hunter and the hunter.

The Deputy Governor of the Central Bank stated that now the systems of Sayad (integrated electronic issuance of checks), Chekavk (check image transfer system) and Pichkak (check exchange tracking system) are used in providing services to the people. Registration of foreign nationals and obtaining information about the beneficiaries of returned checks, technical documentation of the new system of returned checks (Sama Check: centralized electronic system of returned checks) were on the agenda of this bank and the information formats of the system for use in a circular in July this year. Banks have been sent, according to which sending information in the form of a web service to the mentioned operational system and the possibility of accessing the information of the check holder in the form of a system is created for the banks.

Emphasizing that the full implementation of the provisions of the law amending the law on issuing checks requires the participation and cooperation of other institutions, including the judiciary, he added: "Considering that the law is system-oriented and needs to change the banking network infrastructure and also Its full implementation requires the online exchange of information between the banking system and the judiciary, it may take time to set up the systems.

The Deputy Governor of the Central Bank said: "It should be noted that the implementation of the legal duties of the Central Bank depends on informing the bank to receive information about the final verdicts of the courts, and in this regard, several expert meetings were held and a memorandum of information exchange between the Central Bank and The judiciary has been prepared and sent to the esteemed head of the judiciary for final approval.

Komijani, stating that with the implementation of these parts of the new check law, its significant impact on the number of returned checks can be seen, said: In this regard, and according to statistics published by the Central Bank, at the end of 2017, the year before the law Check, the ratio of the number of returned checks to the exchange was 15.4%, which reached 9.2% at the end of September 2016. This means that the reduction of 6.2 percentage points on the other hand, the ratio of the amount of returned checks to exchanges decreased by 11.4 percentage points, from 21.5 percent at the end of 2017 to 10.1 percent at the end of September 2016. These numbers show that we are on the right track and with the implementation of other parts of this law, the problems of the check will be minimized.

According to IRNA, considering that the law on issuing checks after its approval on August 7, 1976 has been subject to change in different periods and in several stages and the mentioned reforms have been based on economic conditions and requirements of that period, in recent years the parliament The Islamic Council, with the participation of the relevant bodies, again made changes with the approach of reducing the number of returned checks and increasing the validity of the check.

* IRNA