- System will be used from next month
- MICR, barcode in new cheque books
- Expedited transactions
Central Bank Maldives Monetary Authority (MMA) says the manual cheque clearing system in place will be replaced by an automated system from next month onward.
A video released by the Authority says that with the automated system will allow faster cheque clearance. With this change, the cheques will become standardized and use the MICR and barcode cheques.
Key points to note in writing cheques
- Do not write on top of barcode, microprint
- Do not sign on top of barcode, microprint
- Do not stamp on top of barcode, microprint
- Do not fold cheques
- Do not staple cheques
