According to the Iran International Stone Exhibition, in the symposium of the new Czech law, which was attended by senior managers of the Central Bank and a group of board members and managers of banks and credit institutions in the Central Bank, Akbar Komijani while emphasizing cooperation between the banking system for Improving the implementation of the new Czech law, he added: "Due to the widespread use of checks in the country's trade, information is a key issue in the implementation of the Czech law, and if the information is not done properly, we will face many consequences and problems."

Referring to several stages of amendments to the Czech law, he stressed the need to amend the previous law and said: "The weaknesses and legal gaps that existed in the previous Czech law, created a good platform for the misuse of this payment instrument and legal problems and issues." And it created a lot of punishment and was always visible in the economic and commercial scene of the country.

Komijani added: "Check problems were one of the main obstacles to expanding business in the country, but in the previous Czech laws, we always had a backward approach in enforcing the law, which prevented the effective resolution of problems related to the issuance of checks." In contrast, the new law seeks to take a new approach, through appropriate systems and mechanisms such as validation, to check the validity of a check before issuing it. In addition, the new law allows all check transactions to be registered in related systems, thus making all check transfers transparent.

The senior banking official of Iran continued: The special position of checks in the country's exchanges and the problems caused by its legal problems, caused this law to be amended in several stages. The last amendment to the Czech law was reviewed and amended in 1397 by the Parliamentary Judiciary and Legal Commission in cooperation with the representatives of the country's banking network, and was finally approved on November 4 of the same year.

He pointed to the implementation of the new Czech law and specified: After the promulgation of the law in December 1397, to implement this law, a special working group in the Central Bank consisting of representatives of the Islamic Consultative Assembly, the Judiciary, the Ministry of Economic Affairs and Finance And other related institutions were formed. In addition, the current account instructions were revised to comply with the new Czech law.

Komijani added: "Part of the new law has been implemented and another part of it will be implemented gradually according to the current situation." According to the latest statistics of the Central Bank, at the end of 2017, the ratio of the number of returned checks to total checks was estimated at 15.4 percent, which has recently decreased to 8.3 percent with the implementation of parts of the new law. In terms of amount, the ratio of the amount of returned checks to the total amount of checks has increased from 21.5% in 2017, to 9.9% with the implementation of part of the new law. This reduction shows that proper implementation of the new Czech law can have positive effects on the country's economy.

The Deputy Governor of the Central Bank considered setting an expiration date for the check category as a deterrent and added: "One of the changes in the check law is determining the expiration date for the check." Under the new law, if individuals meet the conditions for receiving a checklist and their eligibility is proven and they are eligible to receive a checklist, they are required to use their checklist within three years.

He continued: The process of transferring checks will be done only through Sayad system. In this way, the new batches can not be exported on the carrier and will have the ability to be endorsed systematically.

Referring to the repeated Article 5 of the Check Issuance Law, Komijani enumerated the deprivations of holders of unsecured checks and specified: in addition to increasing the deprivations of returned check holders, the macroeconomic conditions of the country have also been taken into account. Pursuant to Note 1 of Article 5 of the Law and the Rules of Procedure of the Council of Ministers, enterprises that have returned checks may, with the approval of the Provincial Security Council, suspend the deprivations resulting from their returned checks for one year.

He added: "After the implementation of this part of the law in 24 provinces so far, a total of 307 businesses have been exempted from deprivations due to returned checks."

The Deputy Governor of the Central Bank pointed to the law's strong emphasis on the accreditation of applicants and added: to implement this part of the law and determine the "authorized credit ceiling", accreditation reports and credit ratings will be used. Thus, a credit limit will be set for check applicants based on their economic and financial performance, and their credit limit will be reduced each time the check issuer uses his check. Of course, this issue is still being studied in the specialized committees of the Central Bank, and how it will work will be informed in due course.

At the end of his speech, Komijani emphasized the system-oriented nature of this law and said: "The new Czech law relies heavily on systems, and therefore its implementation depends on the launch or development of these systems." Fortunately, to date, all the systems in question have been implemented or have been implemented in the Central Bank.

According to this report; The "Law Amending the Law on Issuance of Checks" was approved by the Islamic Consultative Assembly in November 2016, and after being approved by the Guardian Council, it was notified to the country's banking network on December 4, 2017, by Circular No. 320465.97.

* IRNA