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Regulation of means of payment
The cheque
The cheque is a means of sight payment which goes through a bank or a financial institution intermediary. It is a written document through which an individual (the drawer : the person writing the cheque) gives an order to a banker (drawee) to remit either for him or for a third party, a certain amount to deduct from his account. In Tunisia, the cheque is governed by provisions of the code of commerce (article 346 to 412 ), as modified by subsequent texts and notably by the law n°2007-37 of 4 June 2007 and resumed by circular to loan establishments n°2007-18 of 25 July 2007 as modified by cirulars to loan establishments n° 2011-05 of 05 May 2011 and circular n°2011-09 of 09 September 2011.
The cheque which is issued and payable in Tunisia must be presented for payment within 8 days. The deadline is brought up to 60 days if the cheque is issued outside the Tunisian territory. The starting point of these deadlines is the day mentioned on the cheque as an issuing date.
Worth of note that presenting the cheque to a clearing house or by electronic means of data exchange that spares physical presentation, means presenting it for payment (modified by the law n°2000-61 of 20 June 2000).
The transfer
In Tunisia, the transfer is governed by provisions of the code of commerce (articles 678 to 688). The transfer order is the banking operation through which the account of the principal is debited, on the latter's written order, with an amount to be credited to another account.
This transaction helps :
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Carry out transfer of funds between two distinct individuals holding their accounts either within the same bank or in two different banks ;
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Carry out transfer of funds between different accounts opened by the same individual at the same or at two different banks.
The transfer beneficiary becomes owner of the sum to be transferred when the bank debits the account of the principal.
The transfer is definitively carried out when accepted by the payee. Absence of claim by the latter, after reception of a credit advice or his account statement, is enough to presume acceptance.
Commercial papers
It is a representative loan note giving the right to payment of a due date sum (bill of exchange, promissory note).
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Promissory note (bill of exchange payable to order): a written document through which an individual called subscriber (debtor ; ie the customer) recognizes his debt and commits himself to payment of a certain amount over a determined period to another individual called beneficiary (creditor ; ie supplier or a third party designated by him). On his own initiative, the debtor writes his own promissory note through which he commits himself to pay his debts within a determined deadline.
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Bill of exchange : involves three individuals : the drawer, the drawee and the beneficiary.
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The drawer : issues the bill of exchange and invites therefore the drawee to pay.
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The drawee : must pay, on the due date, the indicated sum ; he must be indebted toward the drawer. This date constitutes the provision.
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The beneficiary : to whom the drawee must pay ; the beneficiary may be the drawer himself or a third party designated by him and to whom he owes the money (order clause).
Commercial papers are, in Tunisia, governed by provisions of the code of commerce (Articles 269 to 345) and the law n°96-28 of 3 April 1996.
Debit
This is a means of payment requiring prior authorisation by the bank customer and prior conclusion of a domiciliation contract established on the basis of an agreement between the debtor, the bank and the creditor. The debit allows for direct debt collection on a regular basis. It is an ideal means in payment of regularly-coming royalties (land telephone, electricity...).
Bank card
The development of monetics helped banks to set up a modern system of payment to their customers, saving them the trouble of manual processing of concrete forms of classic instrument of payment and ensuing long deadlines.
Payments by bank card are governed by law n°2005-51 of 27 June 2005.
Electronic transfer instrument is any means involved in carrying out through fully or partially electronic way one of the following transactions :
There are two types of cards : cards with a sole cash withdrawing function from cash machines and payment cards which, in addition to their withdrawing function, help to pay via electronic payment terminal network. Usage and operation of these two types of cards are governed by a contract signed by any holder of a bank card. Each card has a ceiling negociable with the issuing establishment.
The customer bears, up to the accomplishment of procedures to stop using the card, consequences led by loss or robbery for an amount of two hundred dinars. In case of carelessness (the confidential number figuring with the card at the moment of its loss or robbery, use of the card by a family member) or in case procedures to stop payment by the card go beyond the deadlines agreed upon, the customer will be fully responsible.
Electronic Commerce
E-commerce is a rapid means of payment, a major source of productivity gain and cost cutting down. In order to be up-to-date with respect to the technological evolution and to provide the Tunisian banking sector with a modern system of payment, the development of the infrastructure of means of payments and of the legal framework is considered a necessary step. In this respect, the legal framework needed to guarantee the rights of the different parties concerned by the manipulation of new technologies was set up. Use of these technologies is governed by the following laws :
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Law n°2000-57 of 13 June 2000 notifying and completing the code of obligations and contracts (article 453), then the law n°2000-83 of 9 August 2000 relating to trade and e-commerce.
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Law n°2001-1 of 15 January 2001 promulgating the code of telecommunications.
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Law n°2005-51 of 27 June 2005 relative to electronic transfer of funds.
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