New regulations about operations with checks, bills of exchange and promissory notes

Dear Customers,

Further to the Emergency Ordinance no. 38/2008 on amending and supplementing the Law no. 59/1934 on the checks, as well as to the Emergency Ordinance no. 39/2008 on changing and completing the Law no. 58/1934 on the bills of exchange and promissory notes, as of May 11th, 2008 the provided changes allow both manual processing and the possibility of automated processing of the debit instruments.  More specific, it has been regulated the truncation, meaning the electronic presentation for collection of the checks, bills of exchange and promissory notes. The project of electronic presentation and settlement of these debit instruments will be implemented in the Romanian banking system as of October 10th, 2008.

Among the changes brought by the two emergency ordinances, we mention: new layouts of checks, bills of exchange and promissory notes where all information appear only on the front page of the debit instruments, the elimination of the post-dated checks a.s.o. It is very important to know that after October 10th, 2008, the debit instruments presented under the old format will no longer be settled through the system of the NBR clearing houses and neither through the SENT system of TRANSFOND, as they shall be settled bilaterally between banks or by their presentation for collection, by the holder, directly to the counters of the drawee's credit institution.