Muscat: The Central Financial institution of Oman (CBO) has offered the Device of Partial Cost of Cheques, efficient from December 15, 2025, in keeping with new regulatory directions aimed toward improving flexibility and potency in cheque settlements.
Below the brand new device, cheque beneficiaries can be allowed to obtain to be had finances from a buyer’s checking account although the account stability is not up to the cheque quantity. This marks a vital shift from the sooner follow the place cheques had been returned unpaid in instances of inadequate finances.
The CBO stated the initiative goals to toughen monetary self-discipline inside the banking sector, beef up money glide for people and companies, and cut back the possibility of prison disputes bobbing up from cheque returns.
The device applies to all cheques without reference to worth and makes it obligatory for the cheque bearer to just accept partial fee. Partly paid cheques could also be re-presented to assert the rest quantity, whilst beneficiaries will proceed to retain their prison rights for the exceptional stability in line with the Business Legislation and related provisions of the Penal Code.
Cheques eligible for partial fee come with crossed or account payee cheques, bearer or order cheques, in addition to money, bearer or order cheques offered over-the-counter at banks.
