In the 19 December 2009 dated and numbered 27437 Official Gazette, the announcement about “Making a Change on the Announcement about International Bank Account Numbers” was published. According to this announcement, for money transfers made to accounts in countries which are present in the European Economic Area it has become mandatory that the claimers IBAN is verified and used. However for procedures between banks and establishments which make cross boarder payments abroad which are made in their own names and accounts, and also for procedures where although a request was made to the client, the client expresses that the IBAN of the client shall not be notified then this necessity is not looked for.
For money transfers made to an account by the EFT system, not including the procedures where the client expresses that he will not notify the claimers IBAN. It is mandatory that the claimer’s IBAN is verified and used. This announcement will become effective from the date of 1.1.2010.
THE INTEREST RATE WHICH SHALL BE APPLIED TO REDISCOUNT AND ADVANCE PAYMENTS HAS BEEN LOWERED.
In the 22 December 2009 dated and 27440 numbered Official Gazette with the announcement which was made by Central Bank of the Turkish Republic the interest rate which will be applied to rediscount and advance payment procedures has been lowered. According to this announcement it has been detected that; on rediscount procedures which will be made in return for vouchers which are still not due for at least 3 months, the discount interest rate is a yearly 12% whereas the interest rate applied for advance payments is a yearly 16 %.
THE LAW ON CHECKS (CHECK LAW) HAS BEEN PUBLISHED
In the 20 December 2009 dated and 27438 numbered Official Gazette the “Check Law” has been published. This law intends to define, the contents of check books, how checks will be drawn up, used, and how the check holders will be protected and also the principles on how to contribute to the precautions for keeping the off record economy in check. Along with these it also tends to intends to define the sanctions which will be applied if the check bounces and in circumstances where the other obligations are violated. The Banks check to see if the person who wants to open a check account is banned or not and they must show the necessary discretion and care while defining the persons economic and social status.
The check account may not be opened until the related persons, their attorneys or their legal representatives have signed for it. A check book may not be given to a legal entity if the real person who is on duty at the management body, who is the representative of the company or has the authority to sign in the name of the company, is banned from arranging checks and opening check accounts. The checks which will be given to traders or to people who are not involved with trade and the checks which will be arranged as to the bearer are printed in a way which will openly make a distinction between them. The check account may only be closed by a written request from the owner or their legal representatives or also if the time period of the account or the shares fund has ended.
The check which is not a dud (does not bounce) is paid by any one of the acceptor Banks branches when given and after the Tax number of the bearer (if they have a tax number) is verified. The dud procedure is made only for the amount of the check which is left outside the acceptor banks legal obligation to pay the bearer. For every single check which is a dud the bank will only pay the amount which they are obligated to pay if the bearer who has given the check requests that it is paid. According to this, the Bank will pay the bearer 600 lira if the check amount is 600 lira or above and if the check is below this amount then the whole price of the check shall be paid by the bank. If the check is only partially a dud then the Bank will pay the bearer the amount which covers the part which cannot be paid of the check which is at the amount of 600 or less but may not give the bearer more than the check amount and if the amount of the check is above 600 lira then an additional 600 may be paid by the bank but no more.
On the bearers request the dud procedure is made by, writing the date in which the check was given to the bank, the status of the account, the amount which the bank has paid in the frame of their obligations and the real persons’ name and surname who presented the check, and also by being signed by the bank authority. Including the amount which the addressed bank is obligated to pay when the partial payments are not accepted by the bearer the dud procedure is still made. When the bank delays payment in return for a check where there is enough money in the account and when they delay payment in which they are legally obligated to pay to the bearer the bank must pay a penalty fee of three to a thousand for every day to the bearer. In the case when the check is submitted in the legal submission time, on complaint by the bearer the person who is responsible for the dud procedure to be applied to the check is sentenced to pay a judicial fine of up to a thousand and five hundred days. The judicial fine may not be lower than the amount of the part of the check which was dishonoured.
The court also decides to forbid the person to arrange checks and open a check account. These cases are opened at the court which is found at the place of the bank in which the check was submitted to or the place the bank’s branch is found in which the check account was opened or also the place of residence of the owner of the account or the place of residence of the complainer. The owner of the check account is the person who is obligated to have the checks counterpart in the relevant bank account. The real person who is the check accounts owner may not appoint another person as a representative or attorney to arrange checks in his own name. The person who is banned from arranging checks and opening check accounts is obligated to submit all of the check pages they have in their hands to the bank they belong to. This person may not reopen a check account again.
The forbidden person must give the addressed bank a list of the checks which were arranged within 10 days after the decision was announced(posted) by showing the dates of arrangement, the amounts and if there are beneficiaries then them as well.
For the person who has paid the amount of the check which did not have a counterpart at the bank with the interest of commercial default which has been applied from the legal submission dates according to the time of arrangement the decision that there is no reason for enquiry or prosecution, or the decision that the case which is at prosecution should be dropped, or the decision that after being convicted the judgements consequences will be removed completely by the court will be given. In the case where the complainer decides to withdraw their complaint the same procedure will be applied. In the businesses relating the trader’s commercial business if a check is arranged or if a check is made to be arranged by using a check book which belongs to a person who is not involved with trade then this person will be punished to a sentence to prison of 6 months to two years. A bank personnel who has given a check book of a trader to a person who is not involved with trade is sentenced to judicial fine from up to fifty days to a hundred and fifty days. According to the law which brings obligations to bank officials, when the bank officials do not fulfil their obligations, they will be punished in various ways. Until the time the law has come into effect for cases which have been opened for, the crime of checks which have no counterpart, the duty of the criminal court of first instance will continue.
