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UAE to stop cash deposit and withdrawal on Saturdays

UAE to stop cash deposit and withdrawal

The Central Bank of the UAE has announced that starting September 5, all banks and exchange houses will stop providing cash deposit and withdrawal service to banks and exchange houses on Saturday of each week.

“This service, however, shall continue throughout the rest of the weekdays from Sunday to Thursday. This decision has been made after coordination with the UAE Banks Federation,” the Central Bank was quoted as saying by WAM.

The apex bank reportedly urged all banks and exchange houses operating in the UAE to take, on Thursday, the stock of cash they need to cover their needs for Friday and Saturday.

It added that the arrangements previously established for provision of this service during Eid and other public holidays shall continue, and banks and exchange houses shall be notified, in due course, via a special notice.

The Central Bank reportedly said that services relating to payment systems such as the Image Check Clearing System (ICCS), UAE Funds Transfer System (UAEFTS), UAES WITCH, Direct Debit System (DDS), and Wage Protection System (WPS) will remain available, as they currently are, from Saturday to Thursday.

UAE laws on VAT, corporate taxes to be ready soon

In an attempt to increase state revenues, the UAE is likely to complete the drafting of laws introducing corporate tax and value-added tax in the third quarter of this year, a senior Ministry of Finance official has said.

“The blueprint of the corporate tax law and the value-added tax law has been discussed with local and federal governments,” Younis Haji Al Khouri, undersecretary at the ministry, was quoted as saying by Gulf News.

He added that authorities were still evaluating the social and economic impact of the laws, but drafting was expected to be finished “very soon, within the third quarter of this year”. Read More

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