NewsWhore
04-29-2010, 01:10 PM
The Central Bank has authorized a four-month extension to the application of a Monetary Board resolution on new check standards.
Central Bank Governor Hector Valdez Albizu announced the decision yesterday after meeting with representatives of the banks.
The old format checks will still be valid through 18 August 2010.
The financial sector agreed on the new format in September 2009, and it was originally intended to come into effect on 30 April 2010. Nonetheless, business sector representatives complained that the new checks are an expensive burden for companies that still have their stocks of old checks and are hard-pressed to afford the upwards of RD$20,000 for minimum printing orders. The Association of Banks also requested the postponement. Those in favor of the postponement argued that implementing the order would cause havoc for businesses that had not ordered the new checks in time.
The Central Bank said that both formats would be valid for the next four months.
More... (http://www.dr1.com/index.html#1)
Central Bank Governor Hector Valdez Albizu announced the decision yesterday after meeting with representatives of the banks.
The old format checks will still be valid through 18 August 2010.
The financial sector agreed on the new format in September 2009, and it was originally intended to come into effect on 30 April 2010. Nonetheless, business sector representatives complained that the new checks are an expensive burden for companies that still have their stocks of old checks and are hard-pressed to afford the upwards of RD$20,000 for minimum printing orders. The Association of Banks also requested the postponement. Those in favor of the postponement argued that implementing the order would cause havoc for businesses that had not ordered the new checks in time.
The Central Bank said that both formats would be valid for the next four months.
More... (http://www.dr1.com/index.html#1)