Tunisia Introduces Major Reforms to Cheque Management and Regulation
The Official Journal of the Tunisian Republic, issue 94, dated August 2, 2024, has published a law amending articles 410 and subsequent articles of the Commercial Code. Presented by the Minister of Justice, Leila Jaffel, and approved by the Assembly of the People's Representatives, this law introduces significant changes to the management and regulation of cheques in Tunisia.
Key Changes
The first change concerns the global ceiling and validity period for each cheque book, which will be established by banks based on the account holder's financial situation. Each cheque issued will have an individual ceiling that cannot exceed 30,000 dinars. Additionally, the validity period of each cheque, set by the bank, must be directly inscribed on the cheque, with a minimum duration of six months.
Encouraging Alternative Payment Methods
Banks are now required to encourage their clients to prefer other payment methods, such as card payments, electronic cheques, or bank transfers.
National Cheque Management Platform
Banks must connect to a national cheque management platform, which will provide clients with free access to track the status of their issued cheques, verify blocked amounts, and consult the status of received cheques.
Notification and Payment Process
The beneficiary of a cheque will be notified by the platform of the availability of funds, and the bank will ensure payment upon receipt of the notification. In case of insufficient funds, the drawer will have a seven-day period to regularize the situation. If this is not done, the bank will issue a non-payment certificate, automatically resulting in a ban on cheque issuance for the drawer.
Strengthened Sanctions
The law has also strengthened sanctions for non-payment of cheques exceeding 5,000 dinars. Drawers of cheques without provision may be sentenced to two years in prison and a fine equivalent to 20% of the cheque value. Cheques with a value of 5,000 dinars or less will no longer be subject to criminal prosecution.
Implementation Timeline
These new provisions will come into effect on February 2, 2025, providing banks and businesses with a transition period to adapt to the new rules and implement the necessary systems to ensure compliance with this reform.
