The government allows grace period for imposition of cheques drawn on post office account

The Algerian government has allowed a grace period until March 31st 2011 to all public institutions and enterprises across the country before imposing the issuance of certified cheques for all money deposits or payments exceeding 5 hundred thousand dinars.

• This will concern the sale or purchase of new housing units, plots of land or new vehicles with a formal ban on cash payments over 5 hundred thousand dinars for all transactions involving citizens or companies across the national territory starting from March 31st 2011.
• In keeping with executive decree 05.01 of February 6th 2005 and overhauled lately, those who make cash payments exceeding 5 hundred thousand dinars instead of doing it through a certified cheque drawn on a post office account could face fines ranging between 5 and 50 million dinars.
• This drastic measure is obviously meant to stamp out bribery, corruption, financial malpractice and money laundering and other money-related shady practices.