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UAE authorities execute alterations to law decriminalizing really take a look at ricochet

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Central Bank, the Ministry of Economy and the Ministry of Justice carry out changes.

The law regarding decriminalization of cheques, and alterations identifying with incomplete installment of the cheque, and harden authoritative punishments for giving cheques without assets will happen from November 2, 2021, as indicated by the Central Bank of UAE.

“New changes to the Commercial Transactions Law, as per Decree Federal Law No (14) of 2020 are in accordance with the public authority’s drives to construct and support a feasible public economy dependent on best worldwide practice.

“The Central Bank’s essential drives and plans to update banking laws and guidelines persistently to follow advancements in the monetary area, to fill any lawful holes and inadequacies, and to convey the CBUAE’s vision to follow best practice universally in this regard,” said Khaled Mohamed Balama, Governor of the Central Bank of the UAE.

“These revisions would help with working with business and banking exchanges, smoothing out methodology for gathering the really look at’s worth, and utilizing checks more adaptable.”

The new alterations are pointed toward lessening the negative viewpoints uncovered by down to earth insight of managing checks, contrasted with the best and best global practices.

The new alterations would likewise solidify the standards of equity by finding some kind of harmony between the interests of the really take a look at recipient or conveyor in satisfying their freedoms as quickly as time permits, and the cabinet’s advantage in eliminating any criminal case petitioned for non-installment of the check.

Thin degree for criminalisation

Under these corrections, the degree for criminalisation of returned checks because of inadequate assets has been limited, and bound to instances of dishonesty and other really look at violations. This would convey the ideal objectives of supplanting decriminalization with preventive measures, combined with obstruction elective punishments to decrease the abuse of checks.

These changes are additionally pointed toward getting the privileges of really take a look at conveyors and recipients, and would likewise facilitate assortment of the actually take a look at esteem in a more successful way (dictated by the Central Bank), while likewise reassuring the general population to utilize present day innovation and advanced means, rather than conventional paper checks.

Halfway installments

As indicated by these alterations, halfway installment of the check has likewise become obligatory. If the sum accessible for installment is not exactly the actually take a look at esteem, the drawee bank should pay the sum to some extent, except if the carrier rejects halfway installment.

“Changing Certain Provisions of the Commercial Transactions Law, is a fundamental stage in creating and upgrading the adaptability of enactment directing financial, business, exchange and venture exercises the UAE,” said Abdullah Bin Touq Al Marri, Minister of Economy

Changes to the law would support the standards of equity, reasonableness and equivalent freedoms in business exchanges and the business climate in the nation, and add to empowering sound business rehearses at both individual and institutional levels.

“Criminalisation has been bound to really look at fashioning and their illicit use, purposely composing or marking checks such that render them unpayable, the criminalisation alluded to in the Penal Code on giving checks without reserves, or the peculiarity referred to regularly as returned or “bobbed” checks, was dropped, like embraced practice in an enormous number of wards, like France and the United States of Ameria,” said Abdullah Sultan Bin Awad Al Nuaimi, Minister of Justice.

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UAE ranks second most hardworking country in the world

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The UAE is the world’s second hardest working country, according to a report by communications agency duke+mir. Residents in the Emirates work an average 50.9 hours per week, but they also have fun, with 97% going out for entertainment every month. The study, which included a poll of more than 1,000 residents, also found that seven in 10 people in the UAE dine out every single week.

The duke+mir study included a commissioned survey of UAE residents and global statistics from the International Labour Organization (ILO). The ILO data showed that the UAE was only behind Bhutan for average hours worked per week. Lesotho, Congo and Qatar completed the top five.

Mir Murtaza Khurshid, Partner at duke+mir discussed the report’s findings, “This study highlights that the UAE is proudly one of the most hard-working countries in the world. Emirati nationals and expatriate workers are contributing to the UAE’s rapid growth and success, but also finding time to have fun and enjoy themselves. With some of the world’s most exciting entertainment options, it’s clear that the UAE is the global capital of ‘work-hard, play-hard’ culture.”

In line with the UAE’s vision for a healthy nation, the research also found encouraging participation in sports, with two-thirds (66%) of people playing sport every week, with that figure rising to 75% among young adults (18-24 years old).

In addition, the poll found that every week 37% of UAE residents go out to watch live sports, 24% go to the cinema and 23% go to a live performance (such as a concert, gig or theatre event).

The report also covers at-home activities. Every week, more than eight in 10 people (83%) watch movies and nearly seven in 10 (68%) tune in to live sports from the comfort of their home. The data also uncovered that much of that viewing comes from subscriptions – 81% of UAE residents have one or more paid subscriptions. However, nearly a third of people in the UAE have subscriptions that they rarely use and would like to cancel, potentially equating to millions of dirhams in dormant accounts.

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UAE President arrives in Republic of Korea on state visit

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President His Highness Sheikh Mohamed bin Zayed Al Nahyan arrived today in Seoul on a two-day state visit to the Republic of Korea.

This visit follows an invitation from His Excellency Yoon Suk Yeol, President of the Republic of Korea.

As His Highness the President’s aircraft entered Korean airspace, it was escorted by military aircraft in a gesture of respect and welcome.

Accompanying His Highness on the visit is a delegation that includes H.H. Sheikh Hamed bin Zayed Al Nahyan; H.H. Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan; Sheikh Mohammed bin Hamad bin Tahnoun Al Nahyan, Advisor for Special Affairs at the Presidential Court; Ali bin Hammad Al Shamsi, Secretary-General of the Supreme Council for National Security; Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure; Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology; Mohamed Hassan Alsuwaidi, Minister of Investment; Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Sheikh Abdulla bin Mohammed Al Hamed, Chairman of the National Media Office (NMO); Khaldoon Khalifa Al Mubarak, Chairman of the Executive Affairs Authority and Member of the Executive Council; Jassim Mohammed Bu Ataba Al Zaabi, Chairman of the Department of Finance – Abu Dhabi; Mohamed Ali Al Shorafa, Chairman of the Department of Municipalities and Transport and Member of the Executive Council; Faisal Al Bannai, Advisor to the UAE President for Strategic Research and Advanced Technology Affairs; Staff Brigadier Musallam Al Rashidi, Director of the Office of the Supreme Commander of the Armed Forces; Mohamed Ibrahim Al Hammadi, Managing Director and Chief Executive Officer of Emirates Nuclear Energy Corporation; Tareq Al Hosani, Secretary-General of the Tawazun Council; Muammar Abushehab, CEO of Tawazun Council; and Abdulla Saif Al Nuaimi, UAE Ambassador to the Republic of Korea.

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UAE prepares for heavy rain and thunder this week

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The National Center for Meteorology (NCM) forecast the UAE will see partly cloudy weather with formation of cumulonimbus clouds that bring rain to eastern areas and some inland areas starting Monday, April 29. The weather agency posted videos of rain and confirmed light rain across parts of Dubai, Ras al Khaimah, Sharjah and Fujairah.

As the week progresses, a low pressure system will bring inclement weather from the west by Wednesday night, said the NCM. The weather system is expected to extend over most areas of the country on Thursday, May 2.

The surface low pressure from the Red Sea will impact the country, forecast the NCM.

The NCM said the extension of low-pressure system from the north is also expected which will see cloud migration from Saudi Arabia towards the UAE.

The unstable weather conditions expected late Wednesday night will see convective cloud formations, resulting in moderate to heavy rainfall across the country.

Abu Dhabi will experience moderate to heavy rain showers and thunderstorms on Thursday followed by Dubai and Sharjah as the weather system progresses northwards.

The weather agency issued warnings to motorists to exercise caution when driving on roads and highways during inclement weather.

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