Repair of the system of payroll payment mechanism (cash withdrawal devices)

[6ly410]

Repair of the system of payroll payment mechanism (cash withdrawal devices)

 

 

 November 13, 2022

Central Bank of Iraq | Repair of the system of payroll payment mechanism (cash withdrawal devices) (cbi.iq)

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In view of the requirements of the Labor Department and for the purpose of maintaining the integrity and stability of the Iraqi payments system and the salary localization project, it was decided to oblige the banks participating in the salary localization project and the providers of electronic payment services (collectors) to:

 

1. The programs of the salary localization project are not integrated with the cash withdrawal service and are not included in any of the offers provided by the banks participating in the salary localization project and electronic payment service providers (collectors).

2. The commission for cash withdrawal through cash withdrawal devices (POC) shall be fixed at the amount of (6) per thousand and a minimum of (2,000) Iraqi dinars deducted from the cardholder at the moment of making the cash withdrawal and shall be visible in the customer's bar.

 

The above is adhered to and implemented as of 1/1/2023 with the need to educate customers about this.

[6ly410]

 

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Reform of the system of the mechanism of payment of salaries (Salary Localization Project)

November 13, 2022

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 Central Bank of Iraq | Reform of the system of the mechanism of payment of salaries (Salary Localization Project) (cbi.iq)

In order to regulate electronic payments and for the purpose of supporting the salary localization project and ensuring the provision of the best banking services at the most appropriate prices and not to prejudice the rights of the beneficiaries of the above project, it was decided to oblige the banks participating in the salary localization project to:

1. The validity period of the electronic payment card that will be issued for the benefit of customers benefiting from the salary localization project (3) shall be a minimum of three years.
2. The text messaging service (SMS) is optional and the spending entities are notified of the amount and time of deduction, provided that the last beneficiary's written consent (employee/retiree) to benefit from the service is obtained.
3. The commissions imposed on all customers benefiting from the salary localization project shall be as indicated below:
   
   a- The commission for the management of the account and the commission for raising the salary combined with a maximum of (2,000) dinars (two thousand Iraqi dinars) per month.
   (b) The commission for issuing an electronic payment card (first issued for the first time) with a maximum limit of (15,000) Iraqi dinars (fifteen thousand Iraqi dinars).
   (c) The commission for re-issuing the card (damaged or lost) with a maximum of (25,000) dinars (twenty-five thousand Iraqi dinars).
   (d) The commission for renewing the issuance of the electronic payment card after its expiry with a maximum limit of (15,000) dinars (fifteen thousand Iraqi dinars).

The above shall be adhered to and implemented as of 1/1/2023, provided that all expenditure entities are notified of this.

[ronscarpa]

Thanks 6ly410 ... interesting..! 

[nannab]

 Special ATM's?