A bounced cheque is considered a crime in UAE and as per new rules instead of jail term there will be fines issued considering bounced cheque as a misdemeanor on the following basis,
– There is no date mentioned
– It is not signed by the drawer
– Does not clearly state the word “cheque”
– Does not specify the amount issued
– If it does not mention drawer and the beneficiary name
The new rule states that a bounced cheque of upto 50,000 will be given a fine of aed 2,000, for cheque between 50,000 to 100,000 will be given a fine of aed 5,000 and lastly for cheque between 100,000 to 200,000 will be given aed 10,000 fine.
A postdated cheque is not considered a crime. However, the cheque will be invalid if the date is not incorporated on the cheque or it contains fake duplicate signature or any sort of mark.
Please note that a bounced cheque crime may not be intentional but still the offence takes place once the cheque has been presented.
If you have received a bounced cheque and want to have your investment back, our debt collection lawyers are available to assist you in recovering your funds/assets.