New Year brings with it splendid new opportunitiesJanuary 4, 2016 10:46
UAE’s dead deadlines
As the latest cutoff for old cheques is extended indefinitely, Kipp wonders why the UAE has such a tough time sticking to its deadlines.
January 6, 2011 2:34 by Eva Fernandes
Exhibit C: January 1st 2011, the final final deadline for customers who held cheques without security features to be able to deposit such cheques. The deadline came after talks about the measures had been around for over a year. The aim was fair enough: To mitigate the likelihood of forgery and embezzlement. But then earlier this week, Gulf News announced that the deadline for compliance with the new security features on the cheques has been “indefinatley postponed.”
To be specific, a circular from the Central Bank said: “From 1st January 2011, customers who were holding cheques without security features were denied the ability to deposit such items at the counter of various collecting banks. This has led to problems in various quarters. A revised cut-off date for handling cheques without security features will be released in the near future. Until then, banks should revert to accepting all cheques presented to them.”
As the latest deadline drifts into the unforeseeable future, Kipp thinks the UAE should be more thorough with its decisions on deadlines – it should ensure, for example, it has or can have the proper logistical and administrative infrastructure set up to support the next deadline before announcing it.
The alternative is that their threats ahead of each major cutoff date will be treated no better than the cries of that little boy who spied a wolf. And if no one takes the deadlines seriously, nothing will ever change.
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