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Use of promissory notes banned
June 25, 2015, 10:44 am

An official decision has been issued to cancel the use of promissory notes and impose a fine of KD 500 on those who continue to use such promissory notes for transactions, based on recommendations sent by Ministry of Commerce and Industry to the concerned ministerial authorities, reports Al-Nahar daily quoting informed sources.

Meanwhile, Al-Anba daily reported that Ministry of Commerce and Industry is seeking a draft law for ending the use of promissory notes particularly on blank sheets due to increasing number of legal cases, reliable sources say.

They revealed that an alternative official system, which will replace the use of promissory notes and ensure the rights of creditor and debtor, will be judicially accredited during the coming phase, adding that this new system will be submitted to the Ministry of Justice to verify its legality.

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