By Adv Mehb Nawas
Yab Legal Group
With the change in the law on January 2 next year, check bounce cases due to insufficient funds in accounts will no longer be a criminal offense. Under the current law, the rule that check bounce is within the scope of the law is being amended. But knowingly committing fraud can lead to criminal charges. The UAE sees this as a major change. It hopes to reduce the burden of pending court cases and thereby make economic progress. Dubai Attorney General Issam Al
Humaidan said that a good percentage of check cases have been settled this year without going to court. Therefore, this change is good for all sectors, including banking. Major changes include penalties for violating the law withdraw the check book from the offender,Deny the right to accept new check books for a maximum of five years,Suspend professional or commercial activities,Administrative penalties for issuing checks without cash have also been tightened.The other change is deduction of existing money from the account,If there is no money in the account equivalent to the amount of the check issued in the bank, the amount in the account can be deducted. The remaining amount can be approached to the Civil Court.
Through this legal change the uae expecting the outcomes in Modernization of banking rules and regulations in the financial sector, Make checks more accessible and encourage the public to use digital means instead of traditional paper checks and balancing between the interests of the cheque beneficiary or bearer in fulfilling their rights as soon as possible, and the drawer’s interest in removing any criminal case filed for non-payment of the cheque.
The UAE Central Bank has announced that the new changes to the Commercial Transaction Act will take effect on January 2, 2022. The changes in Labour law is a historical change both in public and private sectors.The remarkable changes including the employees may undertake full-time, part time, temporary or flexible work models.Increased weekly holidays and decreased working hours may increase the creativity of employees and decrease the work pressures.And overtime will be capped at 144 hours in every three- week period and calculated on the basis of basic salary.
Under the new law employees in both sectors will get similar leaves and end of service benefits.Hopely with the amendments in labour market could improve by striking a better balance between flexibility,workers rights and womens participation,which would allow for a better valuation of human capital.
Uae hopes to hit a hike in the global competitiveness index, a flagship publication of The World Economic Forum.Uae was ranked 1 st in the arab region and 25 th globally.The new ammendments hoped to contribute in raising the countries ranking in Global Competitiveness Index.The Expo 2020 will also add some points to the GCI.By the expo the investment will flow to dubai from different parts of the world and it will boost the economic condition of the country.The Uae financial system is well-developed and it may offer further opportunities to invest in equities and insurance products. Uae is also a good model in treating coronavirus among the world,Improvements in education and skills should be accompanied by better general health conditions.Boosting the human capital and upgrading the economic policies will lead the country to rise its position in Global Competitiveness Index to become the most powerful economy in the