The amount that the drawee banks are obligated to pay to the cheque bearers has been revised by the Communiqué numbered 2022/3 (the "Amending Communiqué") which was published in the Official Gazette on 22 January 2022.
According the Amending Communiqué,
- In case no payment can be made for the cheque, the drawee bank
shall pay:
- One thousand six hundred Turkish Liras for the cheques if the cheque amount is or more than three thousand six hundred Turkish Liras
- The entire cheque amount if the cheque amount is less than three thousand six hundred Turkish Liras
- In case partial payment can be made for the cheque, the drawee
bank shall pay:
- The balance provided that it does not exceed the cheque amount if the cheque amount is or less than three thousand six hundred Turkish Liras
- Three thousand six hundred Turkish Liras in addition to the partial amount provided that it does not exceed the cheque amount if the cheque amount is more than three thousand six hundred Turkish Liras
The Amending Communiqué will enter into force on 28 January 2022 and be implemented by the Head of Central Bank of the Republic of Turkey.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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