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QCB Allows Grace Period For Qatar ID Holders’ Bank Transactions

Qatar Central Bank (QCB) will be permitting the residents with expired Qatar IDs to transact business with financial institutions in Qatar for 90 days after the expiry date of their residence permits.

The policy will be applicable to all banks and exchange houses in Qatar, and institutions licensed by the QCB to transact exchange works, money transfer and related activities.

The new policy aims to ease the transactions of expatriates in the country and guarantee sound financial dealings. Also, QCB affirmed that the 90-day period from the expiry date of an expatriate’s Qatari ID is the period determined by the Ministry of Interior’s Passports Department.

The policy has been welcomed by the exchange houses, “It is a good move,” a senior manager of an exchange house told.

The senior manager said most exchange houses in Qatar have already received a copy of the QCB policy last week.

“We have to follow these instructions…earlier, we were doing it on an individual basis, especially if it’s a genuine case and if we are convinced that the company is already processing the renewal of the person’s residence permit.

“About two months ago, we received a circular saying that all transactions with expired IDs should be stopped, so we complied with the rule, but perhaps they may have reviewed some policies and hence, the new circular. And it’s a good move because it give more time to all parties involved,” the manager pointed out.

Meanwhile, it was stressed by the QCB that all banks, including Islamic banks, in the country need to co-operate with companies regarding the Wage Protection System (WPS), and should abide by the standards and regulations of the WPS.

A bank should specify a date in case it is unable to immediately open an account for a company’s workers.

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