Dr. Lal Bhatia Indians in UAE can heave a shigh of relief as the UAE authorities have decided to change laws pertaining to economic offences and commercial transactions such as cheque bouncing cases.
Laws have been changed in as much as punishment for a bounced cheque has now shifted from the Penal Code to Commercial Transaction law. This means that instead of automatically treating the issuer of a bounced cheque as a criminal and sending them to jail, the focus is now on ensuring that the creditors get their rightful due,” says His Highness Sheikh Sultan Bin Rashid Bin Humaid Al Nuaimi, a member of the Royal family of UAE.
The UAE is a nation that respects tradition and holds its legal framework in the highest regard. Its laws and regulations have been established not only to maintain the order and security of the nation but also to reflect the values it cherishes. Historically, if one couldn’t meet their financial obligations, they faced incarceration, a deterrent designed to uphold the sanctity of commitment. But as times evolve, so must UAE’s approach to justice is adapting, he opined.
In today’s dynamic and interconnected world, financial complications can arise due to myriad reasons. Sometimes, unforeseen circumstances, global events, or even personal tragedies can lead individuals to default on their commitments. Is incarceration the best answer for someone who might simply be going through a temporary rough patch?, he asked.
There are an estimated 1611 Indians in UAE prisons, according to a written reply of the Minister of External Affairs S Jaishankar in Lok Sabha. Also, there are 8330 Indian prisoners languishing in prisons all over the world, the Minister’s reply said.
“Under the new laws, UAE has taken a significant leap forward. Punishment for a bounced cheque has now shifted from the Penal Code to the Commercial Transaction Law. This construes that instead of automatically treating the issuer as a criminal, the focus is now on ensuring the creditor gets their rightful due. Creditors can now directly approach the execution court to claim the unpaid value, initiating enforcement procedures against the issuer after meeting application requirements,” his Highness Sheikh Sultan Bin Rashid BIn Humaid Al Nuaimi said in a release here.
This change is not only logical but also humane. It strikes a balance between the rights of creditors and the hardships faced by debtors, His Highness added.
Significantly, UAE STRAT: 2071, a philanthropic organization, created by Highness Sheikh Sultan Bin Rashid BIn Humaid Al Nuaimi, chaired by Dr Lal Bhatia, has been recognizing the complexities surrounding financial obligations. It is now actively collaborating with banks and the governmentall involved to find win-win solutions that are beneficial for all parties involved.
Rather than seeing defaulters as mere culprits, the focus of UAE’s amended laws has shifted to viewing them as fellow citizens in need of guidance and rehabilitation. They are now offered a bridge of understanding, not a cell of isolation. This would entail providing financial counselling, facilitating discussions between debtors and creditors, and perhaps even assisting with restructuring financial obligations. The end goal is clear: help defaulting debtors citizens stand back on their feet while ensuring creditors receive their dues.
About His Highness Sheikh Sultan: His Highness Sheikh Sultan Bin Rashed Bin Humaid Al-Nuaumi, a prominent scion of Ajman’s (UAE) esteemed Royal family, has etched an enduring legacy through his exceptional contributions to both the real estate industry and public welfare. With unwavering dedication, he has spearheaded transformative initiatives spanning crucial sectors like healthcare, education, and law enforcement, reaffirming his commitment to the prosperity and well-being of his people. Demonstrating a visionary approach, Sheikh Sultan’s strategic leadership has propelled the growth of UAE’s economy, as evidenced by the construction of renowned hotels and state-of-the-art ports. His indomitable spirit as a driving force for progress and social upliftment continues to resonate powerfully within UAE’s Royalty, leaving an undeniable imprint on the emirate’s journey of advancement.
Related Posts
A Sunday Spectacle of Spirited Voters and the Anticipated Political Renaissance
Janmasthami – offering our love to God of love
The inner meaning of Janmasthami