14 - 20 June 2001
Issue No.538
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Al-Ahram Weekly Online 14 - 20 June 2001 Issue No.538 |
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| Published in Cairo by AL-AHRAM established in 1875 | Current issue | Previous issue | Site map | ||
The view from within
Not the right time
Recently, the cabinet agreed in principle to postpone for the second time the implementation of the suspended articles regarding cheques included in the New Commerce Law No 17 of 1999. Implementation was originally set for October this year and has now been postponed to October 2003. Parliamentary approval, which is needed for this second postponement just as it was for the first, is expected to be forthcoming during the current session of the People's Assembly.
Mahmoud Fahmi is an attorney-at-law and former head of the Capital Market Authority
Since the new articles require that once a cheque is written, it becomes immediately payable, which is contrary to current practice, the successive deferments have been attributed to the market's need to prepare itself for the changes. Under the provisions of the old commercial law, in effect since 1883, cheque payments are made effective the date written on them.
The decision for delay came in response to a request by the Federation of Chambers of Commerce, which argued that the requirement of immediate payment would make things difficult for businessmen during the current economic conditions.
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