Bouncing cheques in the Emirates is a serious business. Many expatriates in the UAE will have had the embarrassing experience (especially in the age when bills were paid by cheques rather than by credit cards, phone and Internet banking) of writing a cheque and then finding that you (or was it your bank?) did not have the funds in your account when the cheque was cashed. Banks usually have a standard fee that they charge for such a misdemeanour.
The UAE will introduce a new initiative in relation to bounced cheques in the next few weeks, the deputy director of Dubai’s Department of Economic Development said on Monday.“You will hear very soon a new initiative regarding that in the next two to three weeks,” Ali Ibrahim, deputy director of Dubai’s Department of Economic Development and managing director of emcredit, Dubai’s official credit information company, said at a media roundtable in Dubai.
“The bounced cheque is an issue with the federal and the emirates, it is not only Dubai. We are working on that issue and we have had discussion,” he added.In March, it was reported that Dubai was planning to introduce an online system allowing banks to file cases of bounced cheques.
Major General Khamis Mattar al Mazeina, deputy chief of Dubai Police, said that the system could eventually be brought in across the UAE.The online system will cut police paperwork and speed up the collection of information, the paper reports. But, it will not replace investigation work which will continue to be carried out by police officers.
According to the report the number of bounced cheque cases rose between January and May last year to about one in 18 of the 9.75 million issued.
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Nowadays, credit cards are widely used by a large number of people across the globe. Dubai is a country which is considered as one of the richest countries in the world. According to a study, the per capita income in Dubai is very high as compared to various other countries. Because of the number of rich people there, the credit card holders are also in high numbers.
The major advantage with credit cards in dubai is the convenience as they can be used anywhere including pubs, restaurants, hotels, and retail shops etc. You don’t need to carry cash with you every time. This is a kind of plastic money.
There are numerous banks in Dubai that offer different types of credit cards. Diners credit card is one of the most popular financial instruments that are used in Dubai. It holds a special place for a number of credit card users in Dubai. One major feature associated with is that it is approved by ATO. Therefore, you can also use your account statement of this card as tax invoice.
There is no pre-specified limit attached to this credit card. Moreover, it is pretty much easy to apply for a diners credit card in Dubai. Even you can apply it online. You can also renew your card through Internet.
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