Central Bank Of Oman Unveils Partial Payment Cheque System

The Central Bank of Oman has introduced the system of ‘partial payment of cheques’, aimed at making cheque settlements faster and more efficient. Now, if a cheque is deposited and the account doesn’t have enough money to cover it fully, the recipient can still get the amount that’s actually there instead of the cheque being rejected outright.

The rule is applicable to all cheques regardless of value, and it is mandatory for the cheque bearer to accept partial payment. At the same time, partially paid cheques may be re-presented to claim the remaining amount. The central bank said the move is meant to encourage better financial practices, help individuals and businesses manage cash flow more smoothly, and cut down on disputes that often arise when cheques bounce.